<SEC-DOCUMENT>0000929638-19-000357.txt : 20190308
<SEC-HEADER>0000929638-19-000357.hdr.sgml : 20190308
<ACCEPTANCE-DATETIME>20190308111435
ACCESSION NUMBER:		0000929638-19-000357
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		8
CONFORMED PERIOD OF REPORT:	20190307
FILED AS OF DATE:		20190308
DATE AS OF CHANGE:		20190308

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:		19668071

	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 March 2019</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: 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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              <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
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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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      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 Press Release issued March 6, 2019 is furnished herewith as Exhibit 99.1.</div>
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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">&#160;The attached Annual Report to Shareholders for the year ended January 31, 2019 is furnished herewith as
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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
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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; March 7, 2019<br>
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    <div style="TEXT-ALIGN: left; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">&#160;</div>
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            <td style="font-size: 10pt; font-family: times new roman; width: 15%; color: rgb(0, 0, 0);" align="left" valign="top"><a href="exhibit99-1.htm">99.1</a></td>
            <td style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; WIDTH: 85%" align="left" valign="top"><font style="color: rgb(0, 0, 0);"><a href="exhibit99-1.htm">Press Release issued
                  March 6, 2019</a><br>
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            <td rowspan="1" style="font-size: 10pt; font-family: times new roman; width: 15%; color: rgb(0, 0, 0);" align="left" valign="top"><a href="exhibit99-2.htm">99.2</a></td>
            <td rowspan="1" style="font-size: 10pt; font-family: times new roman; width: 85%; color: rgb(0, 0, 0);" align="left" valign="top"><a href="exhibit99-2.htm"><font style="font-family:
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                  word-spacing: 0px; background-color: rgb(255, 255, 255); text-decoration-style: initial; text-decoration-color: initial; display: inline ! important; float: none;">Annual Report to Shareholders for the year ended January 31, 2019</font></a></td>
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      &#160;</div>
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<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>exhibit99-1.htm
<DESCRIPTION>PRESS RELEASE ISSUED MARCH 6, 2019
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  <div style="text-align: right;">Exhibit 99.1<br>
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      <div style="text-align: center; color: rgb(0, 0, 0); font-family: Verdana,Geneva,sans-serif; font-size: 16pt; font-weight: normal;">DESCARTES ANNOUNCES FISCAL 2019 FOURTH QUARTER AND ANNUAL FINANCIAL RESULTS</div>
      <div style="text-align: center; font-size: 12pt; color: rgb(0, 0, 0); font-family: Verdana,Geneva,&quot;sans-serif&quot;;">Global Logistics Network Drives Record Revenues</div>
      <font style="font-family: Verdana,Geneva,&quot;sans-serif&quot;;"> <br>
      </font>
      <div style="text-align: justify; color: rgb(0, 0, 0);"><font style="font-family: Verdana,Geneva,&quot;sans-serif&quot;;"> </font>
        <div style="text-align: justify; font-family: Verdana, Geneva, sans-serif; font-size: 10pt;"><font style="font-size: 10pt; font-family: Verdana,Geneva,&quot;sans-serif&quot;; font-weight: bold;">WATERLOO, Ontario &#8212; March 6, 2019 </font><font style="font-family: Verdana,Geneva,&quot;sans-serif&quot;;">&#8212; The Descartes Systems Group Inc. (TSX:DSG) (Nasdaq:DSGX) announced</font> its financial results for its fiscal 2019 fourth quarter (<font style="font-size: 10pt; font-family:
            Verdana, Geneva, sans-serif; font-weight: bold;">Q4FY19</font>) and year (<font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; font-weight: bold;">FY19</font>) ended January 31, 2019. 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 style="text-align: justify;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">&#8220;The Global Logistics Network continues to grow with new customers joining the community and existing customers increasing their use of our
            expanding solution set,&#8221; said Edward J. Ryan, Descartes&#8217; CEO. &#8220;We believe our focus on providing one place for shippers, carriers, logistics intermediaries and government agencies to collaborate and manage the complete lifecycle of shipments is
            contributing to this growth. We&#8217;re excited about the numerous opportunities we have to expand the value we bring to the global logistics community by continuing to make focused investments in organic and inorganic growth.&#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;">FY19 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; FY19 included:</font></div>
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          <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z53bb2ee4e6354dcda38b2cd4569ec548" cellpadding="0" cellspacing="0">

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                <td style="width: 36pt; vertical-align: top; text-align: center;"><font style="font-family: Times New Roman;">&#9679;</font></td>
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                  <div style="text-align: justify;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">Revenues of $275.2 million, up 16% from $237.4 million in the same period a year ago (<font style="font-size: 10pt; font-family:
                        Verdana, Geneva, sans-serif; font-weight: bold;">FY18</font>);</font></div>
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                <td style="width: 36pt; vertical-align: top; text-align: center;"><font style="font-family: Times New Roman;">&#9679;</font></td>
                <td style="width: auto; vertical-align: top;">
                  <div style="text-align: justify;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">Revenues were comprised of services revenues of $241.5 million (88% of total revenues), professional services and other revenues of
                      $27.8 million (10% of total revenues) and license revenues of $5.9 million (2% of total revenues). Services revenues were up 18% from $204.4 million in FY18;</font></div>
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          <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zfe2f6420b1a24b569da4f62216df5697" cellpadding="0" cellspacing="0">

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                <td style="width: 36pt; vertical-align: top; text-align: center;"><font style="font-family: Times New Roman;">&#9679;</font></td>
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                  <div style="text-align: justify;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">Cash provided by operating activities of $78.1 million, up 8% from $72.1 million in FY18;</font></div>
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          <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z04dc2058b42e4cb794649bfb58dfdae0" cellpadding="0" cellspacing="0">

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                <td style="width: 36pt; vertical-align: top; text-align: center;"><font style="font-family: Times New Roman;">&#9679;</font></td>
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                  <div style="text-align: justify;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">Income from operations of $41.4 million, up 15% from $35.9 million in FY18;</font></div>
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          <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z66ae686d944642bfa94f6a13e6ed75d3" cellpadding="0" cellspacing="0">

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                <td style="width: 35.7pt; vertical-align: top; text-align: center;"><font style="font-family: Times New Roman;">&#9679;</font></td>
                <td style="width: auto; vertical-align: top;">
                  <div style="text-align: justify; text-indent: 0.3pt;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">Net income of $31.3 million, up 16% from $26.9 million in FY18. Net income as a percentage of revenues was 11%,
                      compared to 11% in FY18;</font></div>
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          <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zd35476a1f3434925b6c951eb6d6a7402" cellpadding="0" cellspacing="0">

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                <td style="width: 35.7pt; vertical-align: top; text-align: center;"><font style="font-family: Times New Roman;">&#9679;</font></td>
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                  <div style="text-align: justify; text-indent: 0.3pt;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">Earnings per share on a diluted basis of $0.40, up 14% from $0.35 in FY18; and</font></div>
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          <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zcd58a857087649e59457383d5e0337cd" cellpadding="0" cellspacing="0">

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                <td style="width: 36pt; vertical-align: top; text-align: center;"><font style="font-family: Times New Roman;">&#9679;</font></td>
                <td style="width: auto; vertical-align: top;">
                  <div style="text-align: justify;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">Adjusted EBITDA of $93.9 million, up 16% from $80.8 million in FY18. Adjusted EBITDA as a percentage of revenues was 34%, compared
                      to 34% in FY18.</font></div>
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          </table>
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        <div style="background-color: #FFFFFF;">
          <div style="text-align: justify;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">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.</font></div>
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          <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-family: Verdana, Geneva, 'sans-serif'; font-size: 10pt; font-weight: normal; font-style: normal;">1</font></div>
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        <div style="text-align: justify;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">The following table summarizes Descartes&#8217; results in the categories specified below over FY19 and FY18 (dollar amounts in millions):</font></div>
        <div><br>
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        <table style="border-collapse: collapse; width: 60%; font-family: 'Times New Roman', Times, serif; font-size: 10pt;" id="zfeafb884a0ff4e8285f5b5689e5c4b48" align="center" border="0" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 64%; vertical-align: top;">&#160;</td>
              <td style="width: 17.57%; vertical-align: top; border-top: #000000 1px solid; border-bottom: #000000 1px solid;">
                <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: 17.57%; vertical-align: top; border-top: #000000 1px solid; border-bottom: #000000 1px solid;">
                <div style="text-align: right;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">FY18</font></div>
              </td>
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              <td style="width: 64%; 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: 17.57%; vertical-align: top; border-top: #000000 1px solid;">
                <div style="text-align: right;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; font-weight: bold;">275.2</font></div>
              </td>
              <td style="width: 17.57%; vertical-align: top; border-top: #000000 1px solid;">
                <div style="text-align: right;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">237.4</font></div>
              </td>
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              <td style="width: 64%; 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: 17.57%; vertical-align: top;">
                <div style="text-align: right;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; font-weight: bold;">241.5</font></div>
              </td>
              <td style="width: 17.57%; vertical-align: top;">
                <div style="text-align: right;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">204.4</font></div>
              </td>
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              <td style="width: 64%; 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: 17.57%; 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: 17.57%; vertical-align: top;">
                <div style="text-align: right;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">73%</font></div>
              </td>
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              <td style="width: 64%; 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: 17.57%; vertical-align: top;">
                <div style="text-align: right;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; font-weight: bold;">78.1</font></div>
              </td>
              <td style="width: 17.57%; vertical-align: top;">
                <div style="text-align: right;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">72.1</font></div>
              </td>
            </tr>
            <tr>
              <td style="width: 64%; 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: 17.57%; vertical-align: top;">
                <div style="text-align: right;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; font-weight: bold;">41.4</font></div>
              </td>
              <td style="width: 17.57%; vertical-align: top;">
                <div style="text-align: right;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">35.9</font></div>
              </td>
            </tr>
            <tr>
              <td style="width: 64%; 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: 17.57%; vertical-align: top;">
                <div style="text-align: right;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; font-weight: bold;">31.3</font></div>
              </td>
              <td style="width: 17.57%; vertical-align: top;">
                <div style="text-align: right;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">26.9</font></div>
              </td>
            </tr>
            <tr>
              <td style="width: 64%; 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: 17.57%; 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: 17.57%; vertical-align: top;">
                <div style="text-align: right;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">11%</font></div>
              </td>
            </tr>
            <tr>
              <td style="width: 64%; 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: 17.57%; vertical-align: top;">
                <div style="text-align: right;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; font-weight: bold;">0.40</font></div>
              </td>
              <td style="width: 17.57%; vertical-align: top;">
                <div style="text-align: right;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">0.35</font></div>
              </td>
            </tr>
            <tr>
              <td style="width: 64%; 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: 17.57%; vertical-align: top;">
                <div style="text-align: right;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; font-weight: bold;">93.9</font></div>
              </td>
              <td style="width: 17.57%; vertical-align: top;">
                <div style="text-align: right;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">80.8</font></div>
              </td>
            </tr>
            <tr>
              <td style="width: 64%; 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: 17.57%; 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: 17.57%; vertical-align: top;">
                <div style="text-align: right;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">34%</font></div>
              </td>
            </tr>

        </table>
        <div><br>
        </div>
        <div style="text-align: justify;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; font-weight: bold;">Q4FY19 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; Q4FY19 included:</font></div>
        <div>
          <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z8e1804496cfa4c96aa511e9f13134004" cellpadding="0" cellspacing="0">

              <tr>
                <td style="width: 36pt; vertical-align: top; align: right;">
                  <div style="text-align: left; margin-left: 18pt;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">&#8226;</font></div>
                </td>
                <td style="width: auto; vertical-align: top;">
                  <div style="text-align: left;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">Revenues of $71.0 million, up 12% from $63.6 million in the fourth quarter of fiscal 2019 (<font style="font-size: 10pt; font-family:
                        Verdana, Geneva, sans-serif; font-weight: bold;">Q4FY18</font>) and up 1% from $70.0 million in the previous quarter (<font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; font-weight: bold;">Q3FY19</font>);</font></div>
                </td>
              </tr>

          </table>
        </div>
        <div>
          <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zccb386a1018845f6af533dbd222ce3d2" cellpadding="0" cellspacing="0">

              <tr>
                <td style="width: 36pt; vertical-align: top; align: right;">
                  <div style="text-align: left; margin-left: 18pt;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">&#8226;</font></div>
                </td>
                <td style="width: auto; vertical-align: top;">
                  <div style="text-align: left;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">Revenues were comprised of services revenues of $62.9 million (89% of total revenues), professional services and other revenues of
                      $7.0 million (10% of total revenues) and license revenues of $1.1 million (1% of total revenues). Services revenues were up 14% from $55.0 million in Q4FY18 and up 3% from $61.1 million in Q3FY19;</font></div>
                </td>
              </tr>

          </table>
        </div>
        <div>
          <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z3354d61d7a334ddf9a88c6c095bb5d32" cellpadding="0" cellspacing="0">

              <tr>
                <td style="width: 36pt; vertical-align: top; align: right;">
                  <div style="text-align: left; margin-left: 18pt;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">&#8226;</font></div>
                </td>
                <td style="width: auto; vertical-align: top;">
                  <div style="text-align: left;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">Cash provided by operating activities of $21.8 million, up 11% from $19.6 million in Q4FY18 and up 14% from $19.2 million in Q3FY19;</font></div>
                </td>
              </tr>

          </table>
        </div>
        <div>
          <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z672085455e0f443fa941ce456e90d556" cellpadding="0" cellspacing="0">

              <tr>
                <td style="width: 36pt; vertical-align: top; align: right;">
                  <div style="text-align: left; margin-left: 18pt;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">&#8226;</font></div>
                </td>
                <td style="width: auto; vertical-align: top;">
                  <div style="text-align: left;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">Income from operations of $10.6 million, up 19% from $8.9 million in Q4FY18 and compared to $10.8 million in Q3FY19;</font></div>
                </td>
              </tr>

          </table>
        </div>
        <div>
          <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z09937d0e077e46f787ca624e60509fae" cellpadding="0" cellspacing="0">

              <tr>
                <td style="width: 36pt; vertical-align: top; align: right;">
                  <div style="text-align: left; margin-left: 18pt;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">&#8226;</font></div>
                </td>
                <td style="width: auto; vertical-align: top;">
                  <div style="text-align: left;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">Net income of $7.9 million, up 18% from $6.7 million in Q4FY18 and compared to $7.9 million in Q3FY19. Net income as a percentage of
                      revenues was 11%, compared to 11% in Q4FY18 and 11% in Q3FY19;</font></div>
                </td>
              </tr>

          </table>
        </div>
        <div>
          <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z719e392467c849ca97799a360f861a14" cellpadding="0" cellspacing="0">

              <tr>
                <td style="width: 36pt; vertical-align: top; align: right;">
                  <div style="text-align: left; margin-left: 18pt;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">&#8226;</font></div>
                </td>
                <td style="width: auto; vertical-align: top;">
                  <div style="text-align: left;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">Earnings per share on a diluted basis of $0.10, up 11% from $0.09 in Q4FY18 and compared to $0.10 in Q3FY19; and</font></div>
                </td>
              </tr>

          </table>
        </div>
        <div>
          <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z6994391a790a48d1ace360423ecb2711" cellpadding="0" cellspacing="0">

              <tr>
                <td style="width: 36pt; vertical-align: top; align: right;">
                  <div style="text-align: left; margin-left: 18pt;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">&#8226;</font></div>
                </td>
                <td style="width: auto; vertical-align: top;">
                  <div style="text-align: left;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">Adjusted EBITDA of $25.0 million, up 17% from $21.4 million in Q4FY18 and up 4% from $24.0 million in Q3FY19. Adjusted EBITDA as a
                      percentage of revenues was 35%, compared to 34% in Q4FY18 and 34% in Q3FY19.</font></div>
                </td>
              </tr>

          </table>
        </div>
        <div><br>
        </div>
        <div><br>
        </div>
        <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, Geneva, 'sans-serif'; font-size: 10pt; font-weight: normal; font-style: normal;">2</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 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="z4bfd9de5fb174e1e989902d9a0c4ce6c" border="0" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 40%; vertical-align: top;">&#160;</td>
              <td style="width: 11.84%; vertical-align: top; border-top: #000000 1px solid; border-bottom: #000000 1px solid;">
                <div style="text-align: right;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; font-weight: bold;">Q4</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: 11.84%; vertical-align: top; border-top: #000000 1px solid; border-bottom: #000000 1px solid;">
                <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;">FY19</font></div>
              </td>
              <td style="width: 11.84%; vertical-align: top; border-top: #000000 1px solid; border-bottom: #000000 1px solid;">
                <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: 11.97%; vertical-align: top; border-top: #000000 1px solid; border-bottom: #000000 1px solid;">
                <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: 11.97%; vertical-align: top; border-top: #000000 1px solid; border-bottom: #000000 1px solid;">
                <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>
            </tr>
            <tr>
              <td style="width: 40%; 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: 11.84%; vertical-align: top; border-top: #000000 1px solid;">
                <div style="text-align: right;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; font-weight: bold;">71.0</font></div>
              </td>
              <td style="width: 11.84%; vertical-align: top; border-top: #000000 1px solid;">
                <div style="text-align: right;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">70.0</font></div>
              </td>
              <td style="width: 11.84%; vertical-align: top; border-top: #000000 1px solid;">
                <div style="text-align: right;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">67.1</font></div>
              </td>
              <td style="width: 11.97%; vertical-align: top; border-top: #000000 1px solid;">
                <div style="text-align: right;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">67.0</font></div>
              </td>
              <td style="width: 11.97%; vertical-align: top; border-top: #000000 1px solid;">
                <div style="text-align: right;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">63.6</font></div>
              </td>
            </tr>
            <tr>
              <td style="width: 40%; 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: 11.84%; vertical-align: top;">
                <div style="text-align: right;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; font-weight: bold;">62.9</font></div>
              </td>
              <td style="width: 11.84%; vertical-align: top;">
                <div style="text-align: right;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">61.1</font></div>
              </td>
              <td style="width: 11.84%; 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: 11.97%; 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: 11.97%; vertical-align: top;">
                <div style="text-align: right;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">55.0</font></div>
              </td>
            </tr>
            <tr>
              <td style="width: 40%; 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: 11.84%; 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: 11.84%; 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: 11.84%; 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: 11.97%; 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: 11.97%; 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: 40%; 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: 11.84%; vertical-align: top;">
                <div style="text-align: right;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; font-weight: bold;">21.8</font></div>
              </td>
              <td style="width: 11.84%; vertical-align: top;">
                <div style="text-align: right;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">19.2</font></div>
              </td>
              <td style="width: 11.84%; 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: 11.97%; 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: 11.97%; vertical-align: top;">
                <div style="text-align: right;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">19.6</font></div>
              </td>
            </tr>
            <tr>
              <td style="width: 40%; 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: 11.84%; vertical-align: top;">
                <div style="text-align: right;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; font-weight: bold;">10.6</font></div>
              </td>
              <td style="width: 11.84%; vertical-align: top;">
                <div style="text-align: right;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">10.8</font></div>
              </td>
              <td style="width: 11.84%; 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: 11.97%; 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: 11.97%; vertical-align: top;">
                <div style="text-align: right;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">8.9</font></div>
              </td>
            </tr>
            <tr>
              <td style="width: 40%; 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: 11.84%; 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: 11.84%; vertical-align: top;">
                <div style="text-align: right;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">7.9</font></div>
              </td>
              <td style="width: 11.84%; 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: 11.97%; 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: 11.97%; vertical-align: top;">
                <div style="text-align: right;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">6.7</font></div>
              </td>
            </tr>
            <tr>
              <td style="width: 40%; 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: 11.84%; 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: 11.84%; 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: 11.84%; 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: 11.97%; 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: 11.97%; vertical-align: top;">
                <div style="text-align: right;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">11%</font></div>
              </td>
            </tr>
            <tr>
              <td style="width: 40%; 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: 11.84%; 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: 11.84%; vertical-align: top;">
                <div style="text-align: right;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">0.10</font></div>
              </td>
              <td style="width: 11.84%; 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: 11.97%; 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: 11.97%; vertical-align: top;">
                <div style="text-align: right;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">0.09</font></div>
              </td>
            </tr>
            <tr>
              <td style="width: 40%; 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: 11.84%; vertical-align: top;">
                <div style="text-align: right;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; font-weight: bold;">25.0</font></div>
              </td>
              <td style="width: 11.84%; vertical-align: top;">
                <div style="text-align: right;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">24.0</font></div>
              </td>
              <td style="width: 11.84%; 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: 11.97%; 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: 11.97%; vertical-align: top;">
                <div style="text-align: right;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">21.4</font></div>
              </td>
            </tr>
            <tr>
              <td style="width: 40%; 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: 11.84%; vertical-align: top;">
                <div style="text-align: right;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; font-weight: bold;">35%</font></div>
              </td>
              <td style="width: 11.84%; 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: 11.84%; 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: 11.97%; 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: 11.97%; vertical-align: top;">
                <div style="text-align: right;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">34%</font></div>
              </td>
            </tr>

        </table>
        <div><br>
        </div>
        <div><br>
        </div>
        <div style="text-align: left;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; font-weight: bold; color: #000000;">Cash Position</font></div>
        <div style="text-align: justify;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">At January 31, 2019, Descartes had $27.3 million in cash. Cash decreased $7.8 million in Q4FY19 and $5.5 million in FY19 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 Q4FY19 and FY19 in millions of dollars:</font></div>
        <div><br>
        </div>
        <table id="zfe2c1e98711d4d88a2df580d07030c78" style="font-family: &quot;Times New Roman&quot;,Times,serif; font-size: 10pt; width: 100%;" border="0" cellpadding="0" cellspacing="0">

            <tr>
              <td style="vertical-align: top; padding: 0px 0px 1px; width: 74%;">&#160;</td>
              <td colspan="1" style="border-bottom: 1px solid rgb(0, 0, 0); border-top: 1px solid; vertical-align: bottom; padding-top: 0px; padding-right: 0px; padding-left: 0px; width: 1%;">&#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;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; font-weight: bold;"> Q4FY19</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; padding-top: 0px; padding-right: 0px; padding-left: 0px; text-align: left; width: 1%;">&#160;</td>
              <td colspan="1" style="border-bottom: 1px solid rgb(0, 0, 0); border-top: 1px solid; vertical-align: bottom; padding-top: 0px; padding-right: 0px; padding-left: 0px; width: 1%;">&#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;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; font-weight: bold;">FY19</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; padding-top: 0px; padding-right: 0px; padding-left: 0px; text-align: left; width: 1%;">&#160;</td>
            </tr>
            <tr>
              <td style="vertical-align: top; width: 74%;" valign="bottom">
                <div style="text-align: left; text-indent: -7.5pt; margin-left: 7.5pt;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">Cash provided by operating activities</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: 10%;" valign="bottom">
                <div><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; font-weight: bold;">21.8</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="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
              <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
              <td colspan="1" style="vertical-align: bottom; text-align: right; width: 10%;" valign="bottom">
                <div><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; font-weight: bold;">78.1</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: 74%;" valign="bottom">
                <div style="text-align: left; text-indent: -7.5pt; margin-left: 7.5pt;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">Additions to property and equipment</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: 10%;" valign="bottom">
                <div><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; font-weight: bold;">(2.2</font></div>
              </td>
              <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>
              </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: 10%;" valign="bottom">
                <div><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; font-weight: bold;">(5.2</font></div>
              </td>
              <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>
              </td>
            </tr>
            <tr>
              <td style="vertical-align: top; width: 74%;" valign="bottom">
                <div style="text-align: left; text-indent: -7.5pt; margin-left: 7.5pt;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">Acquisitions of subsidiaries, net of cash acquired</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: 10%;" valign="bottom">
                <div><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; font-weight: bold;">-</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: 10%;" valign="bottom">
                <div><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; font-weight: bold;">(67.9</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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            </tr>
            <tr>
              <td style="vertical-align: top; width: 74%;" valign="bottom">
                <div style="text-align: left; text-indent: -7.5pt; margin-left: 7.5pt;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">Proceeds from borrowing on 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>
              <td colspan="1" style="vertical-align: bottom; text-align: right; width: 10%;" 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%;" 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: 10%;" valign="bottom">
                <div><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; 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>
            </tr>
            <tr>
              <td style="vertical-align: top; width: 74%;" valign="bottom">
                <div style="text-align: left; text-indent: -7.5pt; margin-left: 7.5pt;"><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>
              <td colspan="1" style="vertical-align: bottom; text-align: right; width: 10%;" valign="bottom">
                <div><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; font-weight: bold;">(25.2</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: 10%;" valign="bottom">
                <div><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; font-weight: bold;">(78.7</font></div>
              </td>
              <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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            </tr>
            <tr>
              <td style="vertical-align: top; width: 74%;" valign="bottom">
                <div style="text-align: left; text-indent: -7.5pt; margin-left: 7.5pt;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">Issuances of common shares, net of issuance costs</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;">-</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: 10%;" valign="bottom">
                <div><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; font-weight: bold;">0.3</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: 74%;" valign="bottom">
                <div style="text-align: left; text-indent: -7.5pt; margin-left: 7.5pt;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">Payment of contingent consideration</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: 10%;" 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%;" 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: 10%;" valign="bottom">
                <div><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; font-weight: bold;">(1.5</font></div>
              </td>
              <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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            </tr>
            <tr>
              <td style="vertical-align: top; width: 74%; padding: 0px 0px 1px;">
                <div style="text-align: left; text-indent: -7.5pt; margin-left: 7.5pt;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">Effect of foreign exchange rate on cash</font></div>
              </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: 10%; border-bottom: 1px solid rgb(0, 0, 0);">
                <div><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; font-weight: bold;">0.1</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: 10%; border-bottom: 1px solid rgb(0, 0, 0);">
                <div><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; font-weight: bold;">(1.4</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;">
                <div><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; font-weight: bold;">)</font></div>
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            </tr>
            <tr>
              <td style="vertical-align: top; width: 74%;" valign="bottom">
                <div style="text-align: left; text-indent: -7.5pt; margin-left: 7.5pt;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">Net change in cash</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: 10%;" valign="bottom">
                <div><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; font-weight: bold;">(5.5</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-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: 10%;" valign="bottom">
                <div><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; font-weight: bold;">(7.8</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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            <tr>
              <td style="vertical-align: top; width: 74%; padding: 0px 0px 1px;">
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              </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: 10%; border-bottom: 1px solid rgb(0, 0, 0);">
                <div><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; font-weight: bold;">32.8</font></div>
              </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>
              <td colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; border-bottom: 1px solid rgb(0, 0, 0);">
                <div><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; font-weight: bold;">35.1</font></div>
              </td>
              <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 style="vertical-align: top; width: 74%; padding: 0px 0px 3px;">
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              <td colspan="1" style="border-bottom: 3px 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="border-bottom: 3px double rgb(0, 0, 0); vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
              <td colspan="1" style="border-bottom: 3px double rgb(0, 0, 0); vertical-align: bottom; width: 10%; text-align: right;">
                <div><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; font-weight: bold;">27.3</font></div>
              </td>
              <td colspan="1" style="border-bottom: 3px 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: 3px 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="border-bottom: 3px double rgb(0, 0, 0); vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
              <td colspan="1" style="border-bottom: 3px double rgb(0, 0, 0); vertical-align: bottom; width: 10%; text-align: right;">
                <div><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; font-weight: bold;">27.3</font></div>
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            </tr>

        </table>
        <div><br>
        </div>
        <div style="text-align: justify;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; font-weight: bold; color: #000000;">Amendment to Credit Facility</font></div>
        <div style="text-align: justify;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">On January 25, 2019, we amended and increased our existing $150.0 million senior secured revolving credit facility. The newly amended and
            increased facility is now a $350.0 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 $500.0 million. The credit facility has a five-year maturity with no fixed repayment dates prior to the end of the five-year term ending in January 2024. Borrowings under the credit facility are
            secured by a first charge over substantially all of Descartes&#8217; assets. The credit facility contains certain customary representations, warranties and guarantees, and covenants.</font></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, Geneva, 'sans-serif'; font-size: 10pt; font-weight: normal; font-style: normal;">3</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 style="text-align: justify;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; font-weight: bold; color: #000000;">Acquisition of Visual Compliance</font></div>
        <div style="text-align: justify;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">On February 12, 2019, Descartes acquired substantially all of the assets of the businesses run by the Management Systems Resources Inc. group
            of companies (collectively, &#8220;Visual Compliance&#8221;), a provider of software solutions and services to automate customs, trade and fiscal compliance processes including denied and restricted party screening processes and export licensing. The
            purchase price for the acquisition was approximately $250 million at February 12, 2019 (approximate CAD $330 million purchase price), net of cash acquired, which was funded from a combination of drawing on Descartes&#8217; existing credit facility
            and issuing to the sellers 0.3 million Descartes common shares from treasury.</font></div>
        <div><br>
        </div>
        <div style="text-align: justify;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; font-weight: bold; color: #000000;">Descartes Evolution &#8212; 2019 User Group Conference</font></div>
        <div style="text-align: justify;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">Descartes will be hosting Descartes Evolution at the Naples Grande Beach Resort from March 26-28, 2019. Descartes Evolution is Descartes&#8217;
            pinnacle event where customers and partners from around the world get together to network with other Descartes users, meet the Descartes product management team, provide input on Descartes' product development plans, and learn more about
            Descartes solutions and how to improve their operations. Information on the event is available at the following site:</font></div>
        <div style="text-align: justify;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;"><font style="color: rgb(0, 176, 240);"><u><font style="font-size: 10pt; font-family: Verdana,Geneva,sans-serif;">https://www.descartes.com/usergroup</font></u></font>.</font></div>
        <div><br>
        </div>
        <div style="text-align: justify;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; font-weight: bold; color: #000000;">Conference Call</font></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, March 6. Designated numbers are +1 888 465-5079 for North America and +1 416 216-4169 for international, using Passcode 9573430#.</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, 176, 240);"><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 March 13, 2019, by dialing +1 888 843-7419
            or +1 630 652-3042 followed by Passcode 9573430#. An archived replay of the webcast will be available at <font style="color: rgb(0, 176, 240);"><u><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">www.descartes.com/descartes/investor-relations</font></u></font>.</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;<font style="color: rgb(0, 176, 240);"><u><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">www.descartes.com</font></u></font>,
            and connect with us on&#160;<font style="color: rgb(0, 176, 240);"><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><font style="color: rgb(0, 176, 240);"><u><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">Twitter</font></u></font><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</font></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, Geneva, 'sans-serif'; font-size: 10pt; font-weight: normal; font-style: normal;">4</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 style="text-align: justify;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">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 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.</font></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</font></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, Geneva, 'sans-serif'; font-size: 10pt; font-weight: normal; font-style: normal;">5</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 style="text-align: justify;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">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 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></div>
        <div style="text-align: justify;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;"> </font><br>
        </div>
        <div style="text-align: justify;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">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 Q4FY19, Q3FY19, Q2FY19, Q1FY19 and Q4FY18, which we believe is the most directly comparable GAAP measure.</font></div>
        <div><br>
        </div>
        <table id="zf114889ad4ad46eebeb76272cc9c4822" style="font-family: &quot;Times New Roman&quot;,Times,serif; font-size: 10pt; width: 100%;" cellpadding="0" cellspacing="0">

            <tr>
              <td style="vertical-align: top; padding: 0px 0px 1px;">
                <div style="text-align: justify; margin-left: 7.2pt;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; font-weight: bold;">(US dollars in millions)</font></div>
              </td>
              <td colspan="1" style="vertical-align: bottom; padding: 0px 0px 1px;">&#160;</td>
              <td colspan="2" style="border-bottom: 1px solid rgb(0, 0, 0); border-top: 1px solid rgb(0, 0, 0); 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;">Q4FY19</font></div>
              </td>
              <td colspan="1" style="border-bottom: 1px solid rgb(0, 0, 0); border-top: 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>
              <td colspan="1" style="border-bottom: 1px solid rgb(0, 0, 0); border-top: 1px solid rgb(0, 0, 0); vertical-align: bottom; padding-top: 0px; padding-right: 0px; padding-left: 0px;">&#160;</td>
              <td colspan="2" style="border-bottom: 1px solid rgb(0, 0, 0); border-top: 1px solid rgb(0, 0, 0); vertical-align: top;">
                <div style="text-align: right; text-indent: 7pt;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">Q3FY19</font></div>
              </td>
              <td colspan="1" style="border-bottom: 1px solid rgb(0, 0, 0); border-top: 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>
              <td colspan="1" style="border-bottom: 1px solid rgb(0, 0, 0); border-top: 1px solid rgb(0, 0, 0); vertical-align: bottom; padding-top: 0px; padding-right: 0px; padding-left: 0px;">&#160;</td>
              <td colspan="2" style="border-bottom: 1px solid rgb(0, 0, 0); border-top: 1px solid rgb(0, 0, 0); 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 rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; 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); border-top: 1px solid rgb(0, 0, 0); vertical-align: bottom; padding-top: 0px; padding-right: 0px; padding-left: 0px;">&#160;</td>
              <td colspan="2" style="border-bottom: 1px solid rgb(0, 0, 0); border-top: 1px solid rgb(0, 0, 0); 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 rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; 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); border-top: 1px solid rgb(0, 0, 0); vertical-align: bottom; padding-top: 0px; padding-right: 0px; padding-left: 0px;">&#160;</td>
              <td colspan="2" style="border-bottom: 1px solid rgb(0, 0, 0); border-top: 1px solid rgb(0, 0, 0); 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 rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; padding-top: 0px; padding-right: 0px; padding-left: 0px; 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;">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>
            </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;">Adjustments to reconcile to Adjusted EBITDA:</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>
              <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
              <td colspan="1" style="text-align: 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: 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>
              <td colspan="1" style="text-align: 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;">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="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
              <td colspan="1" style="text-align: 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;">0.6</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;">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="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
              <td colspan="1" style="text-align: 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;">0.6</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;">0.4</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%;" valign="bottom">
                <div style="text-align: left; margin-left: 9pt;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">Investment 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-size: 10pt; font-family: Verdana, Geneva, sans-serif; font-weight: bold;">(0.1</font></div>
              </td>
              <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>
              </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></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;">-</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;">(0.1</font></div>
              </td>
              <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>
              </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;">(0.1</font></div>
              </td>
              <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>
              </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;">Income tax expense</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;">2.4</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="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
              <td colspan="1" style="text-align: 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;">2.3</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;">1.2</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="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
              <td colspan="1" style="text-align: 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>
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            <tr>
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              <td colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td colspan="1" style="vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
              <td colspan="1" style="vertical-align: bottom; width: 9%; text-align: right;">
                <div><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; font-weight: bold;">1.5</font></div>
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              <td colspan="1" style="vertical-align: bottom; white-space: nowrap; width: 1%; text-align: left;">&#160;</td>
              <td colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td colspan="1" style="vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
              <td colspan="1" style="vertical-align: bottom; width: 9%; text-align: right;">
                <div><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">1.1</font></div>
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              <td colspan="1" style="vertical-align: bottom; white-space: nowrap; width: 1%; text-align: left;">&#160;</td>
              <td colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td colspan="1" style="vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
              <td colspan="1" style="vertical-align: bottom; width: 9%; text-align: right;">
                <div><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">1.0</font></div>
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              <td colspan="1" style="vertical-align: bottom; white-space: nowrap; width: 1%; text-align: left;">&#160;</td>
              <td colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td colspan="1" style="vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
              <td colspan="1" style="vertical-align: bottom; width: 9%; text-align: right;">
                <div><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">0.9</font></div>
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              <td colspan="1" style="vertical-align: bottom; white-space: nowrap; width: 1%; text-align: left;">&#160;</td>
              <td colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td colspan="1" style="vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
              <td colspan="1" style="vertical-align: bottom; width: 9%; text-align: right;">
                <div><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">1.3</font></div>
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              <td colspan="1" style="vertical-align: bottom; white-space: nowrap; width: 1%; text-align: left;">&#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-size: 10pt; font-family: Verdana, Geneva, sans-serif; font-weight: bold;">10.3</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;">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>
              <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;">10.0</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;">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">
                <div><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">9.1</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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            <tr>
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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%;" valign="bottom">&#160;</td>
              <td colspan="1" style="text-align: 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;">1.0</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;">1.2</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="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
              <td colspan="1" style="text-align: 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;">0.8</font></div>
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              <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">&#160;</td>
              <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
              <td colspan="1" style="text-align: 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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            <tr>
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                <div style="text-align: justify; margin-left: 9pt;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">Other charges</font></div>
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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;">1.5</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>
              <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;">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>
              <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;">0.6</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;">1.1</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;">1.0</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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                <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="vertical-align: bottom; width: 1%; padding: 0px 0px 3px;">&#160;</td>
              <td colspan="1" style="border-bottom: 3px double rgb(0, 0, 0); vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
              <td colspan="1" style="border-bottom: 3px double 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;">25.0</font></div>
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              <td colspan="1" style="border-bottom: 3px 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: 3px 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="border-bottom: 3px double rgb(0, 0, 0); vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
              <td colspan="1" style="border-bottom: 3px double rgb(0, 0, 0); vertical-align: bottom; width: 9%; text-align: right;">
                <div><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">24.0</font></div>
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              <td colspan="1" style="border-bottom: 3px 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: 3px 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="border-bottom: 3px double rgb(0, 0, 0); vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
              <td colspan="1" style="border-bottom: 3px double rgb(0, 0, 0); vertical-align: bottom; width: 9%; text-align: right;">
                <div><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">22.8</font></div>
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              <td colspan="1" style="border-bottom: 3px 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: 3px 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="border-bottom: 3px double rgb(0, 0, 0); vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
              <td colspan="1" style="border-bottom: 3px double rgb(0, 0, 0); vertical-align: bottom; width: 9%; text-align: right;">
                <div><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">22.1</font></div>
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              <td colspan="1" style="border-bottom: 3px 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: 3px 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="border-bottom: 3px double rgb(0, 0, 0); vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
              <td colspan="1" style="border-bottom: 3px double rgb(0, 0, 0); vertical-align: bottom; width: 9%; text-align: right;">
                <div><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">21.4</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>
              <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%;" 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-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%;" 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;">67.0</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">
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                <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;">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>
              </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;">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>
              </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;">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>
              </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;">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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            </tr>
            <tr>
              <td style="vertical-align: top; width: 40%; padding: 0px 0px 3px;">
                <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>
              </td>
              <td colspan="1" style="vertical-align: bottom; width: 1%; padding: 0px 0px 3px;">&#160;</td>
              <td colspan="1" style="border-bottom: 3px double rgb(0, 0, 0); vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
              <td colspan="1" style="border-bottom: 3px double 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;">35</font></div>
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              <td colspan="1" style="border-bottom: 3px 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="border-bottom: 3px 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="border-bottom: 3px double rgb(0, 0, 0); vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
              <td colspan="1" style="border-bottom: 3px double rgb(0, 0, 0); vertical-align: bottom; width: 9%; text-align: right;">
                <div><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">34</font></div>
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              <td colspan="1" style="border-bottom: 3px 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="border-bottom: 3px 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="border-bottom: 3px double rgb(0, 0, 0); vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
              <td colspan="1" style="border-bottom: 3px double rgb(0, 0, 0); vertical-align: bottom; width: 9%; text-align: right;">
                <div><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">34</font></div>
              </td>
              <td colspan="1" style="border-bottom: 3px 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="border-bottom: 3px 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="border-bottom: 3px double rgb(0, 0, 0); vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
              <td colspan="1" style="border-bottom: 3px double rgb(0, 0, 0); vertical-align: bottom; width: 9%; text-align: right;">
                <div><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">33</font></div>
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              <td colspan="1" style="border-bottom: 3px 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>
              </td>
              <td colspan="1" style="border-bottom: 3px 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="border-bottom: 3px double rgb(0, 0, 0); vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
              <td colspan="1" style="border-bottom: 3px double rgb(0, 0, 0); vertical-align: bottom; width: 9%; text-align: right;">
                <div><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">34</font></div>
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              <td colspan="1" style="border-bottom: 3px 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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            </tr>
            <tr>
              <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>
              <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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        </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, Geneva, 'sans-serif'; font-size: 10pt; font-weight: normal; font-style: normal;">6</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 style="text-align: justify;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">The table below reconciles Adjusted EBITDA and Adjusted EBITDA as a percentage of revenues to net income reported in our audited Consolidated
            Statements of Operations for FY19 and FY18, which we believe is the most directly comparable GAAP measure.</font></div>
        <div><br>
        </div>
        <table id="z1906155ff1d34fdbbedb16218887e0be" style="font-family: &quot;Times New Roman&quot;,Times,serif; font-size: 10pt; width: 100%;" cellpadding="0" cellspacing="0">

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                <div style="text-align: justify; margin-left: 7.2pt;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; font-weight: bold;">(US dollars in millions)</font></div>
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              <td colspan="1" style="border-bottom: 1px solid rgb(0, 0, 0); border-top: 1px solid rgb(0, 0, 0); vertical-align: bottom; padding-top: 0px; padding-right: 0px; padding-left: 0px;">&#160;</td>
              <td colspan="2" style="border-bottom: 1px solid rgb(0, 0, 0); border-top: 1px solid rgb(0, 0, 0); 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;">FY19</font></div>
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              <td colspan="1" style="border-bottom: 1px solid rgb(0, 0, 0); border-top: 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>
              <td colspan="1" style="border-bottom: 1px solid rgb(0, 0, 0); border-top: 1px solid rgb(0, 0, 0); vertical-align: bottom; padding-top: 0px; padding-right: 0px; padding-left: 0px;">&#160;</td>
              <td colspan="2" style="border-bottom: 1px solid rgb(0, 0, 0); border-top: 1px solid rgb(0, 0, 0); vertical-align: top;">
                <div style="text-align: right; text-indent: 7pt;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">FY18</font></div>
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              <td colspan="1" style="border-bottom: 1px solid rgb(0, 0, 0); border-top: 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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            <tr>
              <td style="vertical-align: top; width: 76%;" 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>
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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;">31.3</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;">26.9</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: 76%;" 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%;" valign="bottom">&#160;</td>
              <td colspan="1" style="text-align: 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: 76%;" 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>
              <td colspan="1" style="text-align: 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;">2.1</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="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
              <td colspan="1" style="text-align: 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;">1.2</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: 76%;" valign="bottom">
                <div style="text-align: left; margin-left: 9pt;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">Investment 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-size: 10pt; font-family: Verdana, Geneva, sans-serif; font-weight: bold;">(0.2</font></div>
              </td>
              <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>
              </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;">(0.2</font></div>
              </td>
              <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>
              </td>
            </tr>
            <tr>
              <td style="vertical-align: top; width: 76%;" valign="bottom">
                <div style="text-align: left; margin-left: 9pt;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">Income tax expense</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;">8.2</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="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
              <td colspan="1" style="text-align: 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;">7.9</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: 76%;" valign="bottom">
                <div style="text-align: justify; margin-left: 9pt;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">Depreciation expense</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;">4.5</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;">4.1</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: 76%;" valign="bottom">
                <div style="text-align: justify; margin-left: 9pt;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">Amortization of intangible assets</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;">40.2</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="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
              <td colspan="1" style="text-align: 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;">33.5</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: 76%;" valign="bottom">
                <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>
              </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;">4.0</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;">3.4</font></div>
              </td>
              <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">&#160;</td>
            </tr>
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              <td style="vertical-align: top; width: 76%; padding-bottom: 1px;">
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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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              <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; 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: 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="border-bottom: 3px 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="border-bottom: 3px double 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; font-weight: bold;">%</font></div>
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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><br>
        </div>
        <div><br>
        </div>
        <div><br>
        </div>
        <div><br>
        </div>
        <div><br>
        </div>
        <div><br>
        </div>
        <div><br>
        </div>
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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="text-align: left;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; font-weight: bold; font-variant: small-caps;">The Descartes Systems Group Inc.</font></div>
        <div style="text-align: left;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; font-weight: bold; font-variant: small-caps;">Condensed Consolidated Balance Sheets</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: 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="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
              <td colspan="1" style="text-align: 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;">35,145</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;">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="vertical-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; font-weight: bold;">4,331</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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                <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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                <div><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; font-weight: bold;">9,027</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;">7,621</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;">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>
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                <div><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; font-weight: bold;">95</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;">123</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%;" 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>
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                <div><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; font-weight: bold;">12,612</font></div>
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              <td colspan="1" style="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;">DEFERRED INCOME TAXES</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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                <div style="text-align: left;"><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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              <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="vertical-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;">176,192</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;">178,001</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;">378,178</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;">350,148</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%; padding: 0px 0px 3px;">&#160;</td>
              <td colspan="1" style="border-bottom: 3px 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="border-bottom: 3px double rgb(0, 0, 0); vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
              <td colspan="1" style="border-bottom: 3px double 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;">653,334</font></div>
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              <td colspan="1" style="border-bottom: 3px 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="border-bottom: 3px double 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;">624,878</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;">LIABILITIES AND 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;"><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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              <td colspan="1" style="vertical-align: top; padding-left: 2%; width: 76%;" valign="bottom">
                <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;">5,147</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;">7,897</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;">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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                <div><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; font-weight: bold;">29,392</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;">25,538</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; padding-left: 2%; width: 76%;" valign="bottom">
                <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="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
              <td colspan="1" style="text-align: 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;">1,592</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;">3,270</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%; 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>
              <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>
              <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;">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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            <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>
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                <div><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; font-weight: bold;">70,367</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;">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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              <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;">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;">25,464</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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              <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;">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;">855</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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              <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%;" 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="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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                <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 76,864,866
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              <td colspan="1" style="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;">274,536</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;">454,722</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;">451,151</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">
                <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">
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              <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>
              <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="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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              <td colspan="1" style="border-bottom: 3px 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="border-bottom: 3px double 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; font-weight: bold;">533,507</font></div>
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              <td colspan="1" style="border-bottom: 3px 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: 3px 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="border-bottom: 3px double 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;">498,812</font></div>
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              <td colspan="1" style="border-bottom: 3px 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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              <td colspan="1" style="vertical-align: top; width: 76%; padding: 0px 0px 3px;">&#160;</td>
              <td colspan="1" style="border-bottom: 3px 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="border-bottom: 3px double rgb(0, 0, 0); vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
              <td colspan="1" style="border-bottom: 3px double 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;">653,334</font></div>
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              <td colspan="1" style="border-bottom: 3px 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: 3px 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="border-bottom: 3px double 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;">624,878</font></div>
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              <td colspan="1" style="border-bottom: 3px 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; font-variant: small-caps;">The Descartes Systems Group Inc.</font></div>
        <div style="text-align: left;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; font-weight: bold; font-variant: small-caps;">Consolidated Statements of Operations</font></div>
        <div style="text-align: left;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; font-variant: small-caps;">(US dollars in thousands, except per share and weighted average share amounts; US GAAP)</font>
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                <div style="text-align: right; font-family: Verdana,Geneva,&quot;sans-serif&quot;;"><font style="font-size: 10pt;">January 31,</font></div>
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              <td colspan="1" style="text-align: left; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); font-family: Verdana,Geneva,&quot;sans-serif&quot;;" nowrap="nowrap" valign="bottom">&#160;</td>
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              <td colspan="1" style="text-align: left; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); font-family: Verdana,Geneva,&quot;sans-serif&quot;;" nowrap="nowrap" valign="bottom">&#160;</td>
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              <td colspan="2" style="vertical-align: top; font-family: Verdana,Geneva,&quot;sans-serif&quot;;" valign="bottom">&#160;</td>
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              <td colspan="1" style="vertical-align: bottom; font-family: Verdana,Geneva,&quot;sans-serif&quot;;" valign="bottom">&#160;</td>
              <td colspan="2" style="vertical-align: top; font-family: Verdana,Geneva,&quot;sans-serif&quot;;" valign="bottom">&#160;</td>
              <td colspan="1" style="text-align: left; vertical-align: bottom; font-family: Verdana,Geneva,&quot;sans-serif&quot;;" nowrap="nowrap" valign="bottom">&#160;</td>
              <td colspan="1" style="vertical-align: bottom; font-family: Verdana,Geneva,&quot;sans-serif&quot;;" valign="bottom">&#160;</td>
              <td colspan="2" style="vertical-align: top; font-family: Verdana,Geneva,&quot;sans-serif&quot;;" valign="bottom">&#160;</td>
              <td colspan="1" style="text-align: left; vertical-align: bottom; font-family: Verdana,Geneva,&quot;sans-serif&quot;;" nowrap="nowrap" valign="bottom">&#160;</td>
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            <tr>
              <td style="vertical-align: top; width: 64%;" valign="bottom"><font style="font-weight: bold; font-family: Verdana,Geneva,&quot;sans-serif&quot;;">REVENUES</font><font style="font-family: Verdana,Geneva,&quot;sans-serif&quot;;"><br>
                </font> </td>
              <td colspan="1" style="vertical-align: bottom; width: 1%; font-family: Verdana,Geneva,&quot;sans-serif&quot;;" valign="bottom">&#160;</td>
              <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; font-family: Verdana,Geneva,&quot;sans-serif&quot;;" valign="bottom">&#160;</td>
              <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
                <div style="font-family: Verdana,Geneva,&quot;sans-serif&quot;;"><font style="font-size: 10pt; font-weight: bold;">275,171</font></div>
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              <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; font-family: Verdana,Geneva,&quot;sans-serif&quot;;" nowrap="nowrap" valign="bottom">&#160;</td>
              <td colspan="1" style="vertical-align: bottom; width: 1%; font-family: Verdana,Geneva,&quot;sans-serif&quot;;" valign="bottom">&#160;</td>
              <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; font-family: Verdana,Geneva,&quot;sans-serif&quot;;" valign="bottom">&#160;</td>
              <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
                <div style="font-family: Verdana,Geneva,&quot;sans-serif&quot;;"><font style="font-size: 10pt;">237,439</font></div>
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              <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; font-family: Verdana,Geneva,&quot;sans-serif&quot;;" nowrap="nowrap" valign="bottom">&#160;</td>
              <td colspan="1" style="vertical-align: bottom; width: 1%; font-family: Verdana,Geneva,&quot;sans-serif&quot;;" valign="bottom">&#160;</td>
              <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; font-family: Verdana,Geneva,&quot;sans-serif&quot;;" valign="bottom">&#160;</td>
              <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
                <div style="font-family: Verdana,Geneva,&quot;sans-serif&quot;;"><font style="font-size: 10pt;">203,779</font></div>
              </td>
              <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; font-family: Verdana,Geneva,&quot;sans-serif&quot;;" nowrap="nowrap" valign="bottom">&#160;</td>
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            <tr>
              <td style="vertical-align: top; width: 64%; padding: 0px 0px 1px; font-weight: bold;">
                <div style="font-family: Verdana,Geneva,&quot;sans-serif&quot;;"><font style="font-size: 10pt;">COST OF REVENUES</font></div>
              </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; font-family: Verdana,Geneva,&quot;sans-serif&quot;;">&#160;</td>
              <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 1px solid rgb(0, 0, 0); font-family: Verdana,Geneva,&quot;sans-serif&quot;;">&#160;</td>
              <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 1px solid rgb(0, 0, 0);">
                <div style="font-family: Verdana,Geneva,&quot;sans-serif&quot;;"><font style="font-size: 10pt; font-weight: bold;">74,994</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; font-family:
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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; font-family: Verdana,Geneva,&quot;sans-serif&quot;;">&#160;</td>
              <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 1px solid rgb(0, 0, 0); font-family: Verdana,Geneva,&quot;sans-serif&quot;;">&#160;</td>
              <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 1px solid rgb(0, 0, 0);">
                <div style="font-family: Verdana,Geneva,&quot;sans-serif&quot;;"><font style="font-size: 10pt;">63,704</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; font-family:
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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; font-family: Verdana,Geneva,&quot;sans-serif&quot;;">&#160;</td>
              <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 1px solid rgb(0, 0, 0); font-family: Verdana,Geneva,&quot;sans-serif&quot;;">&#160;</td>
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                <div style="font-family: Verdana,Geneva,&quot;sans-serif&quot;;"><font style="font-size: 10pt;">56,051</font></div>
              </td>
              <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; font-family:
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            <tr>
              <td style="vertical-align: top; width: 64%; padding: 0px 0px 1px; font-weight: bold;">
                <div style="font-family: Verdana,Geneva,&quot;sans-serif&quot;;"><font style="font-size: 10pt;">GROSS MARGIN</font></div>
              </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; font-family: Verdana,Geneva,&quot;sans-serif&quot;;">&#160;</td>
              <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 1px solid rgb(0, 0, 0); font-family: Verdana,Geneva,&quot;sans-serif&quot;;">&#160;</td>
              <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 1px solid rgb(0, 0, 0);">
                <div style="font-family: Verdana,Geneva,&quot;sans-serif&quot;;"><font style="font-size: 10pt; font-weight: bold;">200,177</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; font-family:
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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; font-family: Verdana,Geneva,&quot;sans-serif&quot;;">&#160;</td>
              <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 1px solid rgb(0, 0, 0); font-family: Verdana,Geneva,&quot;sans-serif&quot;;">&#160;</td>
              <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 1px solid rgb(0, 0, 0);">
                <div style="font-family: Verdana,Geneva,&quot;sans-serif&quot;;"><font style="font-size: 10pt;">173,735</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; font-family:
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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; font-family: Verdana,Geneva,&quot;sans-serif&quot;;">&#160;</td>
              <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 1px solid rgb(0, 0, 0); font-family: Verdana,Geneva,&quot;sans-serif&quot;;">&#160;</td>
              <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 1px solid rgb(0, 0, 0);">
                <div style="font-family: Verdana,Geneva,&quot;sans-serif&quot;;"><font style="font-size: 10pt;">147,728</font></div>
              </td>
              <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; font-family:
                Verdana,Geneva,&quot;sans-serif&quot;;">&#160;</td>
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            <tr>
              <td style="vertical-align: top; width: 64%;" valign="bottom">
                <div style="text-align: left; font-family: Verdana,Geneva,&quot;sans-serif&quot;;"><font style="font-size: 10pt; font-weight: bold;">EXPENSES</font></div>
              </td>
              <td colspan="1" style="vertical-align: bottom; width: 1%; font-family: Verdana,Geneva,&quot;sans-serif&quot;;" valign="bottom">&#160;</td>
              <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; font-family: Verdana,Geneva,&quot;sans-serif&quot;;" valign="bottom">&#160;</td>
              <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; font-family: Verdana,Geneva,&quot;sans-serif&quot;;" valign="bottom">&#160;</td>
              <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; font-family: Verdana,Geneva,&quot;sans-serif&quot;;" nowrap="nowrap" valign="bottom">&#160;</td>
              <td colspan="1" style="vertical-align: bottom; width: 1%; font-family: Verdana,Geneva,&quot;sans-serif&quot;;" valign="bottom">&#160;</td>
              <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; font-family: Verdana,Geneva,&quot;sans-serif&quot;;" valign="bottom">&#160;</td>
              <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; font-family: Verdana,Geneva,&quot;sans-serif&quot;;" valign="bottom">&#160;</td>
              <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; font-family: Verdana,Geneva,&quot;sans-serif&quot;;" nowrap="nowrap" valign="bottom">&#160;</td>
              <td colspan="1" style="vertical-align: bottom; width: 1%; font-family: Verdana,Geneva,&quot;sans-serif&quot;;" valign="bottom">&#160;</td>
              <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; font-family: Verdana,Geneva,&quot;sans-serif&quot;;" valign="bottom">&#160;</td>
              <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; font-family: Verdana,Geneva,&quot;sans-serif&quot;;" valign="bottom">&#160;</td>
              <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; font-family: Verdana,Geneva,&quot;sans-serif&quot;;" nowrap="nowrap" valign="bottom">&#160;</td>
            </tr>
            <tr>
              <td style="vertical-align: top; width: 64%;" valign="bottom">
                <div style="text-align: left; margin-left: 13.5pt; font-family: Verdana,Geneva,&quot;sans-serif&quot;;"><font style="font-size: 10pt;">Sales and marketing</font></div>
              </td>
              <td colspan="1" style="vertical-align: bottom; width: 1%; font-family: Verdana,Geneva,&quot;sans-serif&quot;;" valign="bottom">&#160;</td>
              <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; font-family: Verdana,Geneva,&quot;sans-serif&quot;;" valign="bottom">&#160;</td>
              <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
                <div style="font-family: Verdana,Geneva,&quot;sans-serif&quot;;"><font style="font-size: 10pt; font-weight: bold;">36,873</font></div>
              </td>
              <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; font-family: Verdana,Geneva,&quot;sans-serif&quot;;" nowrap="nowrap" valign="bottom">&#160;</td>
              <td colspan="1" style="vertical-align: bottom; width: 1%; font-family: Verdana,Geneva,&quot;sans-serif&quot;;" valign="bottom">&#160;</td>
              <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; font-family: Verdana,Geneva,&quot;sans-serif&quot;;" valign="bottom">&#160;</td>
              <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
                <div style="font-family: Verdana,Geneva,&quot;sans-serif&quot;;"><font style="font-size: 10pt;">33,128</font></div>
              </td>
              <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; font-family: Verdana,Geneva,&quot;sans-serif&quot;;" nowrap="nowrap" valign="bottom">&#160;</td>
              <td colspan="1" style="vertical-align: bottom; width: 1%; font-family: Verdana,Geneva,&quot;sans-serif&quot;;" valign="bottom">&#160;</td>
              <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; font-family: Verdana,Geneva,&quot;sans-serif&quot;;" valign="bottom">&#160;</td>
              <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
                <div style="font-family: Verdana,Geneva,&quot;sans-serif&quot;;"><font style="font-size: 10pt;">24,943</font></div>
              </td>
              <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; font-family: Verdana,Geneva,&quot;sans-serif&quot;;" nowrap="nowrap" valign="bottom">&#160;</td>
            </tr>
            <tr>
              <td style="vertical-align: top; width: 64%;" valign="bottom">
                <div style="text-align: left; margin-left: 13.5pt; font-family: Verdana,Geneva,&quot;sans-serif&quot;;"><font style="font-size: 10pt;">Research and development</font></div>
              </td>
              <td colspan="1" style="vertical-align: bottom; width: 1%; font-family: Verdana,Geneva,&quot;sans-serif&quot;;" valign="bottom">&#160;</td>
              <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; font-family: Verdana,Geneva,&quot;sans-serif&quot;;" valign="bottom">&#160;</td>
              <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
                <div style="font-family: Verdana,Geneva,&quot;sans-serif&quot;;"><font style="font-size: 10pt; font-weight: bold;">47,872</font></div>
              </td>
              <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; font-family: Verdana,Geneva,&quot;sans-serif&quot;;" nowrap="nowrap" valign="bottom">&#160;</td>
              <td colspan="1" style="vertical-align: bottom; width: 1%; font-family: Verdana,Geneva,&quot;sans-serif&quot;;" valign="bottom">&#160;</td>
              <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; font-family: Verdana,Geneva,&quot;sans-serif&quot;;" valign="bottom">&#160;</td>
              <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
                <div style="font-family: Verdana,Geneva,&quot;sans-serif&quot;;"><font style="font-size: 10pt;">41,804</font></div>
              </td>
              <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; font-family: Verdana,Geneva,&quot;sans-serif&quot;;" nowrap="nowrap" valign="bottom">&#160;</td>
              <td colspan="1" style="vertical-align: bottom; width: 1%; font-family: Verdana,Geneva,&quot;sans-serif&quot;;" valign="bottom">&#160;</td>
              <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; font-family: Verdana,Geneva,&quot;sans-serif&quot;;" valign="bottom">&#160;</td>
              <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
                <div style="font-family: Verdana,Geneva,&quot;sans-serif&quot;;"><font style="font-size: 10pt;">35,556</font></div>
              </td>
              <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; font-family: Verdana,Geneva,&quot;sans-serif&quot;;" nowrap="nowrap" valign="bottom">&#160;</td>
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            <tr>
              <td style="vertical-align: top; width: 64%;" valign="bottom">
                <div style="text-align: left; margin-left: 13.5pt; font-family: Verdana,Geneva,&quot;sans-serif&quot;;"><font style="font-size: 10pt;">General and administrative</font></div>
              </td>
              <td colspan="1" style="vertical-align: bottom; width: 1%; font-family: Verdana,Geneva,&quot;sans-serif&quot;;" valign="bottom">&#160;</td>
              <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; font-family: Verdana,Geneva,&quot;sans-serif&quot;;" valign="bottom">&#160;</td>
              <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
                <div style="font-family: Verdana,Geneva,&quot;sans-serif&quot;;"><font style="font-size: 10pt; font-weight: bold;">30,012</font></div>
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              <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; font-family: Verdana,Geneva,&quot;sans-serif&quot;;" nowrap="nowrap" valign="bottom">&#160;</td>
              <td colspan="1" style="vertical-align: bottom; width: 1%; font-family: Verdana,Geneva,&quot;sans-serif&quot;;" valign="bottom">&#160;</td>
              <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; font-family: Verdana,Geneva,&quot;sans-serif&quot;;" valign="bottom">&#160;</td>
              <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
                <div style="font-family: Verdana,Geneva,&quot;sans-serif&quot;;"><font style="font-size: 10pt;">25,448</font></div>
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              <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; font-family: Verdana,Geneva,&quot;sans-serif&quot;;" nowrap="nowrap" valign="bottom">&#160;</td>
              <td colspan="1" style="vertical-align: bottom; width: 1%; font-family: Verdana,Geneva,&quot;sans-serif&quot;;" valign="bottom">&#160;</td>
              <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; font-family: Verdana,Geneva,&quot;sans-serif&quot;;" valign="bottom">&#160;</td>
              <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
                <div style="font-family: Verdana,Geneva,&quot;sans-serif&quot;;"><font style="font-size: 10pt;">23,077</font></div>
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              <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; font-family: Verdana,Geneva,&quot;sans-serif&quot;;" nowrap="nowrap" valign="bottom">&#160;</td>
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            <tr>
              <td style="vertical-align: top; width: 64%;" valign="bottom">
                <div style="text-align: left; margin-left: 13.5pt;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">Other charges</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;">3,798</font></div>
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              <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">&#160;</td>
              <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
              <td colspan="1" style="text-align: 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;">3,994</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;">3,455</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: 64%; padding-bottom: 1px;">
                <div style="text-align: left; margin-left: 13.5pt;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">Amortization of intangible assets</font></div>
              </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; font-weight: bold;">40,179</font></div>
              </td>
              <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;">33,477</font></div>
              </td>
              <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>
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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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              <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;">137,851</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; white-space: nowrap; width: 1%; 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;">INCOME FROM OPERATIONS</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;">41,443</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>
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                <div><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">35,884</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;">30,696</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 style="vertical-align: top; width: 64%;" valign="bottom">
                <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>
              <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;">(2,128</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;">(1,297</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;">(611</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 style="vertical-align: top; width: 64%; padding: 0px 0px 1px;">
                <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>
              <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;">195</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;">161</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;">1,415</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>
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                <div><font style="font-size: 10pt; font-family: Verdana,Geneva,sans-serif;">INCOME BEFORE INCOME TAXES</font></div>
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              <td colspan="1" rowspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
              <td colspan="1" rowspan="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;">39,510</font></div>
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              <td colspan="1" rowspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">&#160;</td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
              <td colspan="1" rowspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
                <div><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">34,748</font></div>
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              <td colspan="1" rowspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">&#160;</td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
              <td colspan="1" rowspan="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;">31,500</font></div>
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              <td colspan="1" rowspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">&#160;</td>
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              <td style="vertical-align: top; width: 64%;" 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;">INCOME TAX EXPENSE</font>\</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>
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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>
              <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;">6,042</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;">6,572</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;">4,022</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 style="vertical-align: top; width: 64%; padding-bottom: 1px;">
                <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%;">&#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;">2,191</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;">1,297</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;">3,640</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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            <tr>
              <td style="vertical-align: top; width: 64%; 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;">8,233</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;">7,869</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;">7,662</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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              <td style="vertical-align: top; width: 64%; padding: 0px 0px 3px;">
                <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: 3px 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="border-bottom: 3px double rgb(0, 0, 0); vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
              <td colspan="1" style="border-bottom: 3px double 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;">31,277</font></div>
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              <td colspan="1" style="border-bottom: 3px 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: 3px 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="border-bottom: 3px double rgb(0, 0, 0); vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
              <td colspan="1" style="border-bottom: 3px double rgb(0, 0, 0); vertical-align: bottom; width: 9%; text-align: right;">
                <div><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">26,879</font></div>
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              <td colspan="1" style="border-bottom: 3px 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: 3px 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="border-bottom: 3px double rgb(0, 0, 0); vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
              <td colspan="1" style="border-bottom: 3px double rgb(0, 0, 0); vertical-align: bottom; width: 9%; text-align: right;">
                <div><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">23,838</font></div>
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              <td colspan="1" style="border-bottom: 3px 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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              <td style="vertical-align: top; width: 64%;" valign="bottom">
                <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>
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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>
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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>
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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="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
              <td colspan="1" style="text-align: 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;">76,832</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; 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="border-bottom: 3px 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="border-bottom: 3px double rgb(0, 0, 0); vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
              <td colspan="1" style="border-bottom: 3px double 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;">77,791</font></div>
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              <td colspan="1" style="border-bottom: 3px double 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;">77,112</font></div>
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                <div><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">76,515</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; font-variant: small-caps;">The Descartes Systems Group Inc.</font></div>
        <div style="text-align: left;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; font-weight: bold; font-variant: small-caps;">Condensed Consolidated Statements of Cash Flows</font></div>
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                  <div style="text-align: left; margin-right: 12pt; font-family: Verdana, Geneva, sans-serif; font-size: 10pt; font-style: italic;">Year Ended</div>
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                <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>
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                <td colspan="1" style="text-align: left; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0);" nowrap="nowrap" valign="bottom">&#160;</td>
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                <td style="vertical-align: top; padding: 0px 0px 1px;">&#160;</td>
                <td colspan="1" style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: bottom; 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; 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; 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; 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; 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; padding-top: 0px; padding-right: 0px; padding-left: 0px; text-align: left;">&#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>
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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>
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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>
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              <tr>
                <td style="vertical-align: top; width: 64%;" valign="bottom">
                  <div style="text-align: left; margin-left: 13.5pt;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">Depreciation</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;">4,544</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;">4,101</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">
                  <div><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">3,628</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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                <td colspan="1" style="vertical-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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              <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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                <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-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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                <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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                <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: 64%;" 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-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">
                  <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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              </tr>
              <tr>
                <td style="vertical-align: top; width: 64%;" valign="bottom">
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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>
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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>
              </tr>
              <tr>
                <td style="vertical-align: top; width: 64%;" 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-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">
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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">&#160;</td>
              </tr>
              <tr>
                <td style="vertical-align: top; width: 64%;" valign="bottom">
                  <div style="text-align: left; margin-left: 27pt;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">&#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-size: 10pt; font-family: Verdana, Geneva, sans-serif; font-weight: bold;">(451</font></div>
                </td>
                <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;">16</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>
                <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 style="vertical-align: top; width: 64%;" 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-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">
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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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                <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>
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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;Inventory</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">&#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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                <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: 64%;" valign="bottom">
                  <div style="text-align: left; margin-left: 13.5pt;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">&#160;&#160;&#160;Accounts payable</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>
                <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">
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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">
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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%;" 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="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">
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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>
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              <tr>
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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="vertical-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">
                  <div><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">)</font></div>
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              <tr>
                <td style="vertical-align: top; width: 64%; padding-bottom: 1px;">
                  <div style="text-align: left; margin-left: 13.5pt;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">Acquisition of subsidiaries, net of cash acquired</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;">
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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 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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              <tr>
                <td style="vertical-align: top; width: 64%; 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>
                <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>
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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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                <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>
                <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">&#160;</td>
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              <tr>
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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>
                <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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                  <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="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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                <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: 64%;" valign="bottom">
                  <div style="text-align: left; margin-left: 13.5pt;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">Payment of debt issuance costs</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>
                <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="text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">
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              <tr>
                <td style="vertical-align: top; width: 64%;" 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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                  <div><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; font-weight: bold;">345</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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              <tr>
                <td style="vertical-align: top; width: 64%; padding-bottom: 1px;">
                  <div style="text-align: left; margin-left: 13.5pt;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">Payment of contingent consideration</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; font-weight: bold;">(1,531</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;">
                  <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="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></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></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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              <tr>
                <td style="vertical-align: top; width: 64%; padding: 0px 0px 1px;">
                  <div style="text-align: left;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">Cash (used in) provided by financing 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>
                <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;">
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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);">
                  <div><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">38,003</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;">(211</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;">
                  <div><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">)</font></div>
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              <tr>
                <td style="vertical-align: top; width: 64%; padding: 0px 0px 1px;">
                  <div style="text-align: left;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">Effect of foreign exchange rate changes on cash</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;">
                  <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="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;">3,817</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="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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              <tr>
                <td style="vertical-align: top; width: 64%;" valign="bottom">
                  <div style="text-align: left;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; font-weight: bold;">(Decrease) increase 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>
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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">
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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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                <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: 64%; padding: 0px 0px 1px;">
                  <div style="text-align: left;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; font-weight: bold;">Cash, beginning of year</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>
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                  <div><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">38,135</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;">37,213</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: 64%; padding: 0px 0px 3px;">
                  <div style="text-align: left;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; font-weight: bold;">Cash, end of year</font></div>
                </td>
                <td colspan="1" style="border-bottom: 3px 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="border-bottom: 3px double rgb(0, 0, 0); vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
                <td colspan="1" style="border-bottom: 3px double 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;">27,298</font></div>
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                <td colspan="1" style="border-bottom: 3px 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: 3px 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="border-bottom: 3px double rgb(0, 0, 0); vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
                <td colspan="1" style="border-bottom: 3px double rgb(0, 0, 0); vertical-align: bottom; width: 9%; text-align: right;">
                  <div><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">35,145</font></div>
                </td>
                <td colspan="1" style="border-bottom: 3px 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: 3px 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="border-bottom: 3px double rgb(0, 0, 0); vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
                <td colspan="1" style="border-bottom: 3px double rgb(0, 0, 0); vertical-align: bottom; width: 9%; text-align: right;">
                  <div><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">38,135</font></div>
                </td>
                <td colspan="1" style="border-bottom: 3px 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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      <br>
      <font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; font-weight: bold;"></font><br>
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<DOCUMENT>
<TYPE>EX-99.2
<SEQUENCE>3
<FILENAME>exhibit99-2.htm
<DESCRIPTION>ANNUAL REPORT TO SHAREHOLDERS FOR THE YEAR ENDED JANUARY 31, 2019
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  <div style="text-align: right;">Exhibit 99.2<br>
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        <div style="text-align: right; font-family: Verdana, Geneva, sans-serif; font-size: 10pt; font-variant: small-caps; font-weight: bold;">US GAAP Financial Results for 2019 Fiscal Year</div>
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        <div style="text-align: left; font-family: Verdana,Geneva,sans-serif; font-size: 11pt; font-variant: small-caps; font-weight: bold;">Table of Contents</div>
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        <table style="font-family: &quot;Times New Roman&quot;,Times,serif; font-size: 10pt; width: 100%; border-collapse: collapse;" id="zfe265dc7c4f249599fdc8d172c985318" border="0" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 95%; vertical-align: top;">
                <div style="text-align: left;"><font style="color: #000000; font-family: Verdana, Geneva, sans-serif; font-size: 10pt;">Management&#8217;s Discussion and Analysis of Financial Condition and Results of Operations</font></div>
              </td>
              <td style="width: 5%; vertical-align: top;">
                <div style="text-align: right;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; color: #000000;">3</font></div>
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              <td style="width: 95%; vertical-align: top;">
                <div style="text-align: left;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; color: #000000;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">Overview</font></font></div>
              </td>
              <td style="width: 5%; vertical-align: top;">
                <div style="text-align: right;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; color: #000000;">5</font></div>
              </td>
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              <td style="width: 95%; vertical-align: top;">
                <div style="text-align: left;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; color: #000000;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">Consolidated Operations</font></font></div>
              </td>
              <td style="width: 5%; vertical-align: top;">
                <div style="text-align: right;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; color: #000000;">9</font></div>
              </td>
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              <td style="width: 95%; vertical-align: top;">
                <div style="text-align: left;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; color: #000000;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">Quarterly Operating Results</font></font></div>
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                <div style="text-align: right;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; color: #000000;">16</font></div>
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              <td style="width: 95%; vertical-align: top;">
                <div style="text-align: left;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; color: #000000;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">Liquidity and Capital Resources</font></font></div>
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                <div style="text-align: right;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; color: #000000;">19</font></div>
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              <td style="width: 95%; vertical-align: top;">
                <div style="text-align: left;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; color: #000000;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">Commitments, Contingencies and Guarantees</font></font></div>
              </td>
              <td style="width: 5%; vertical-align: top;">
                <div style="text-align: right;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; color: #000000;">22</font></div>
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              <td style="width: 95%; vertical-align: top;">
                <div style="text-align: left;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; color: #000000;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">Outstanding Share Data</font></font></div>
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                <div style="text-align: right;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; color: #000000;">23</font></div>
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                <div style="text-align: left;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; color: #000000;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">Application of Critical Accounting Policies</font></font></div>
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                <div style="text-align: right;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; color: #000000;">24</font></div>
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                <div style="text-align: left;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; color: #000000;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">Change In / Initial Adoption of Accounting
                      Policies</font></font></div>
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                <div style="text-align: right;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; color: #000000;">28</font></div>
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                <div style="text-align: left;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; color: #000000;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">Controls and Procedures</font></font></div>
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                <div style="text-align: right;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; color: #000000;">30</font></div>
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                <div style="text-align: left;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; color: #000000;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">Trends / Business Outlook</font></font></div>
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                <div style="text-align: right;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; color: #000000;">31</font></div>
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                <div style="text-align: left;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; color: #000000;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">Certain Factors That May Affect Future Results</font></font></div>
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                <div style="text-align: right;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; color: #000000;">34</font></div>
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              <td style="width: 95%; vertical-align: top;">
                <div style="text-align: left;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; color: #000000;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">Management&#8217;s Report on Financial Statements and
                      Internal Control Over Financial Reporting</font></font></div>
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                <div style="text-align: right;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; color: #000000;">46</font></div>
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                <div style="text-align: left;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; color: #000000;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">Consolidated Balance Sheets</font></font></div>
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                <div style="text-align: right;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; color: #000000;">51</font></div>
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                <div style="text-align: left;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; color: #000000;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">Consolidated Statements of Operations</font></font></div>
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                <div style="text-align: right;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; color: #000000;">52</font></div>
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                <div style="text-align: left;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; color: #000000;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">Consolidated Statements of Comprehensive Income</font></font></div>
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                <div style="text-align: right;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; color: #000000;">53</font></div>
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                <div style="text-align: left;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; color: #000000;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">Consolidated Statements of Shareholders&#8217; Equity</font></font></div>
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                <div style="text-align: right;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; color: #000000;">54</font></div>
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                <div style="text-align: left;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; color: #000000;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">Consolidated Statements of Cash Flows</font></font></div>
              </td>
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                <div style="text-align: right;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; color: #000000;">55</font></div>
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                <div style="text-align: left;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; color: #000000;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">Notes to Consolidated Financial Statements</font></font></div>
              </td>
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                <div style="text-align: right;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; color: #000000;">56</font></div>
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              <td style="width: 95%; vertical-align: top;">
                <div style="text-align: left;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; color: #000000;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">Corporate Information</font></font></div>
              </td>
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                <div style="text-align: right;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; color: #000000;">90</font></div>
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        <div style="margin: 0px 50% 0px 0px; font-family: Verdana, Geneva, 'sans-serif'; font-variant: small-caps; font-weight: bold; text-align: left;">Management&#8217;s Discussion and Analysis of Financial Condition and Results of Operations</div>
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        <div style="text-align: justify; font-family: Verdana, Geneva, sans-serif; font-size: 10pt;">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.</div>
        <div><br>
        </div>
        <div style="text-align: justify;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">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 fiscal year that we&#8217;re reporting on in this MD&amp;A, which ended
            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-size: 10pt; font-family: Verdana, Geneva, sans-serif;">This MD&amp;A, which is prepared as of March 6, 2019, covers our year ended January 31, 2019, as compared to years ended January 31, 2018 and
            2017. You should read the MD&amp;A in conjunction with our audited consolidated financial statements for 2019 that appear elsewhere in this Annual Report to Shareholders.</font></div>
        <div><br>
        </div>
        <div style="text-align: justify;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">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-size: 10pt; font-family: Verdana, Geneva, sans-serif;">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.</font></div>
        <div><br>
        </div>
        <div style="text-align: justify;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">Additional information about us, including copies of our continuous disclosure materials such as our annual information form, is available on
            our website at <u><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">http://www.descartes.com</font></u>, through the EDGAR website at <u><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">http://www.sec.gov</font></u>
            or through the SEDAR website at <u><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">http://www.sedar.com</font></u>.</font></div>
        <div><br>
        </div>
        <div style="text-align: justify;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">Certain statements made in this Annual 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 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</font></div>
        <div style="text-align: justify;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;"> <br>
          </font></div>
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        <div style="text-align: justify;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">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-family: Verdana,Geneva,sans-serif; font-size: 11pt; font-variant: small-caps; font-weight: bold;">Overview</div>
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            <div style="text-align: justify; font-family: Verdana,Geneva,sans-serif; font-size: 10pt; font-weight: normal; font-variant: normal;">We use technology and networks to simplify complex business processes. We&#8217;re 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>
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            <div style="text-align: justify; font-weight: bold;"><font style="font-size: 10pt; font-family: Verdana,Geneva,sans-serif; font-style: italic;">The Market</font></div>
            <div style="text-align: justify; font-weight: normal; font-variant: normal;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">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>
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            <div style="text-align: left; font-weight: normal; font-variant: normal;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">We believe logistics-intensive organizations are seeking to reduce operating costs, differentiate</font></div>
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        <div style="text-align: justify; font-family: Verdana, Geneva, sans-serif; font-size: 10pt;">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.</div>
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        <div style="text-align: justify;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">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></div>
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        <div style="text-align: justify;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">The rise of e-commerce has heightened these challenges for many suppliers with end-customers increasingly 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></div>
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        <div style="text-align: justify;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">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></div>
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        <div style="text-align: left;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">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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    <div style="text-align: justify; font-family: Verdana, Geneva, sans-serif; font-size: 10pt;">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.</div>
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    <div style="text-align: justify;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">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-size: 10pt; font-family: Verdana, Geneva, sans-serif;">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. 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-size: 10pt; font-family: Verdana, Geneva, sans-serif; font-weight: bold; font-style: italic;">Solutions</font></div>
    <div style="text-align: justify;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">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.</font></div>
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    <div style="text-align: justify;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">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 management solutions. Designed to help accelerate time-to-value and increase productivity and performance for businesses of all sizes, the</font></div>
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    <div style="text-align: justify;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">Logistics Technology Platform leverages the GLN&#8217;s multimodal logistics community to enable companies to quickly and cost-effectively connect and
        collaborate.</font></div>
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    <div style="text-align: justify;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">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-size: 10pt; font-family: Verdana, Geneva, sans-serif;">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-size: 10pt; font-family: Verdana, Geneva, sans-serif;">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-size: 10pt; font-family: Verdana, Geneva, sans-serif;">Routing, Mobile and Telematics;</font></div>
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                <div><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">Customs &amp; Regulatory Compliance;</font></div>
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                <div><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">Broker &amp; Forwarder Enterprise Systems.</font></div>
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    <div style="text-align: justify;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">The Descartes applications forming part of the Logistics Technology Platform are modular and</font></div>
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    <div style="text-align: justify;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">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.</font></div>
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    <div style="text-align: justify;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">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-size: 10pt; font-family: Verdana, Geneva, sans-serif;">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-size: 10pt; font-family: Verdana, Geneva, sans-serif; font-weight: bold; font-style: italic;">Sales and Distribution</font></div>
    <div style="text-align: justify;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">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 America and Europe, we promote our products
        primarily through direct sales efforts aimed at existing and potential users of our products. In the</font></div>
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    <div style="text-align: justify;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">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.</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; font-style: italic;">United by Design</font></div>
    <div style="text-align: justify;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">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>
    <div><br>
    </div>
    <div style="text-align: justify;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">&#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>
    <div><br>
    </div>
    <div style="text-align: justify;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">Descartes has partnering relationships with multiple parties across the following three categories:</font></div>
    <div style="text-align: justify;">
      <div>
        <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 18pt;"><br>
              </td>
              <td style="width: 18pt; vertical-align: top; align: right;">&#8226;</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">Technology Partners &#8211; Complementary hardware, software, network, and embedded technology providers that extend the functional breadth of Descartes&#8217; solution
                    capabilities;</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" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 18pt;"><br>
              </td>
              <td style="width: 18pt; vertical-align: top; align: right;">&#8226;</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">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>
              </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" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 18pt;"><br>
              </td>
              <td style="width: 18pt; vertical-align: top; align: right;">&#8226;</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">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-size: 10pt; font-family: Verdana, Geneva, sans-serif;">&#160;</font><br>
    </div>
    <div style="text-align: justify;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; font-weight: bold; font-style: italic;">Marketing</font></div>
    <div style="text-align: justify;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">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 delivered through integrated initiatives designed to reach our target customer and prospect groups. These programs include digital and online</font></div>
  </div>
  <div style="text-align: justify; font-family: Verdana, Geneva, sans-serif; font-size: 10pt;"> <br>
  </div>
  <div style="text-align: justify; font-family: Verdana, Geneva, sans-serif; font-size: 10pt;"> <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, Geneva, 'sans-serif'; font-size: 10pt; 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>
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  <div style="text-align: justify; font-family: Verdana, Geneva, sans-serif; font-size: 10pt;"> <br>
  </div>
  <div id="EFPFTCL" style="float: left; width: 48%;">
    <div style="text-align: justify;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">marketing, trade shows and user group events, partner-focused campaigns, proactive media relations, and direct corporate marketing efforts.</font></div>
    <div><br>
    </div>
    <div style="text-align: justify;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; font-weight: bold; font-style: italic;">Fiscal 2019 Highlights</font></div>
    <div style="text-align: justify;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">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-size: 10pt; font-family: Verdana, Geneva, sans-serif; color: #000000;">On June 6, 2018, we filed a 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-size: 10pt; font-family: Verdana, Geneva, sans-serif; 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 style="text-align: justify;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; 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</font></div>
  </div>
  <div id="EFPFTCR" style="float: right; width: 48%;">
    <div style="text-align: justify;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; color: #000000;">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.</font></div>
    <div><br>
    </div>
    <div style="text-align: justify;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">On January 25, 2019, we amended and increased our existing $150.0 million senior secured revolving credit facility. The newly amended and
        increased facility is now a $350.0 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 $500.0 million. The credit facility has a five-year maturity with no fixed repayment dates prior to the end of the five-year term ending January 2024. Borrowings under the credit facility are secured by a
        first charge over substantially all of Descartes&#8217; assets. 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-size: 10pt; font-family: Verdana, Geneva, sans-serif; font-weight: bold; font-style: italic;">Events Subsequent to Fiscal 2019</font></div>
    <div style="text-align: justify;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; color: #000000;">On February 12, 2019, Descartes acquired substantially
          all of the assets of the businesses run by the Management Systems Resources Inc. group of companies (collectively, &#8220;Visual Compliance&#8221;), a provider of software solutions and services to automate customs, trade and fiscal compliance processes
          including denied and restricted party screening processes and export licensing. </font>The purchase price for the acquisition was approximately $250 million at February 12, 2019 (approximate CAD $330 million purchase price), net of cash
        acquired, which was funded from a combination of drawing on Descartes&#8217; existing credit facility and issuing to the sellers 0.3 million Descartes common shares from treasury.</font></div>
  </div>
  <div style="text-align: justify; font-family: Verdana, Geneva, sans-serif; font-size: 10pt;"> <br>
  </div>
  <div style="text-align: justify; font-family: Verdana, Geneva, sans-serif; font-size: 10pt;"> <br>
  </div>
  <div style="text-align: justify; font-family: Verdana, Geneva, sans-serif; font-size: 10pt;"> <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, Geneva, 'sans-serif'; font-size: 10pt; 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>
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    <div>
      <div>
        <hr style="height: 1px; width: 50%; color: #000000; background-color: #000000; text-align: left; margin-left: 0px; margin-right: auto; border: none;" align="left" noshade="noshade"></div>
    </div>
    <div style="text-align: left; font-family: Verdana,Geneva,sans-serif; font-size: 11pt; font-variant: small-caps; font-weight: bold;">Consolidated Operations</div>
    <div>
      <div>
        <hr style="height: 1px; width: 50%; color: #000000; background-color: #000000; text-align: left; margin-left: 0px; margin-right: auto; border: none;" align="left" noshade="noshade"></div>
    </div>
    <div><br>
    </div>
    <div style="text-align: justify;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">The following table shows, for the fiscal years indicated, our results of operations in millions of dollars (except per share and weighted
        average share amounts):</font></div>
    <div><br>
    </div>
    <table id="z9e6f266d5c6041b387b0d40a43280782" style="font-family: &quot;Times New Roman&quot;,Times,serif; font-size: 10pt; width: 100%;" cellpadding="0" cellspacing="0">

        <tr>
          <td style="vertical-align: top;" valign="bottom">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; font-style: italic;">Year ended</font></div>
          </td>
          <td colspan="1" style="vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0);" valign="bottom">&#160;</td>
          <td colspan="2" style="vertical-align: top; border-top: 1px solid rgb(0, 0, 0);" valign="bottom">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; font-weight: bold;">January 31,</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="2" style="vertical-align: top; border-top: 1px solid rgb(0, 0, 0);" valign="bottom">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">January 31,</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="2" style="vertical-align: top; border-top: 1px solid rgb(0, 0, 0);" valign="bottom">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">January 31,</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: 0px 0px 1px;">&#160;</td>
          <td colspan="1" style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: bottom; padding-top: 0px; padding-right: 0px; padding-left: 0px;">&#160;</td>
          <td colspan="2" style="vertical-align: top; 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;"> 2019</font></div>
          </td>
          <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>
          <td colspan="1" style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: bottom; padding-top: 0px; padding-right: 0px; padding-left: 0px;">&#160;</td>
          <td colspan="2" style="vertical-align: top; border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">2018</font></div>
          </td>
          <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>
          <td colspan="1" style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: bottom; padding-top: 0px; padding-right: 0px; padding-left: 0px;">&#160;</td>
          <td colspan="2" style="vertical-align: top; border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">2017</font></div>
          </td>
          <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>
        </tr>
        <tr>
          <td style="vertical-align: top; width: 64%;" valign="bottom">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">Total revenues</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;">275.2</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="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
          <td colspan="1" style="text-align: 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;">237.4</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="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
          <td colspan="1" style="text-align: 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;">203.8</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: 64%; padding: 0px 0px 1px;">
            <div style="text-align: left; margin-left: 9pt;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">Cost of revenues</font></div>
          </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;">75.0</font></div>
          </td>
          <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;">63.7</font></div>
          </td>
          <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;">56.1</font></div>
          </td>
          <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>
        </tr>
        <tr>
          <td style="vertical-align: top; width: 64%;" valign="bottom">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">Gross margin</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;">200.2</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="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
          <td colspan="1" style="text-align: 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;">173.7</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;">147.7</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: 64%;" valign="bottom">
            <div style="text-align: left; margin-left: 9pt;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">Operating expenses</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;">114.8</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="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
          <td colspan="1" style="text-align: 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;">100.3</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;">83.6</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: 64%;" 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><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; font-weight: bold;">3.8</font></div>
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          <td colspan="1" style="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;">4.0</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>
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            <div><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">3.5</font></div>
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          <td style="vertical-align: top; width: 64%; padding-bottom: 1px;">
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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; font-weight: bold;">40.2</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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        <tr>
          <td style="vertical-align: top; width: 64%;" 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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            <div><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; font-weight: bold;">41.4</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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            <div><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">35.9</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>
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            <div><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">30.6</font></div>
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          <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">&#160;</td>
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        <tr>
          <td style="vertical-align: top; width: 64%;" valign="bottom">
            <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%;" valign="bottom">&#160;</td>
          <td colspan="1" style="text-align: 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;">0.2</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="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
          <td colspan="1" style="text-align: 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;">0.2</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="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
          <td colspan="1" style="text-align: 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;">1.4</font></div>
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          <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">&#160;</td>
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        <tr>
          <td style="vertical-align: top; width: 64%; padding: 0px 0px 1px;">
            <div style="text-align: left; margin-left: 9pt;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">Interest expense</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);">
            <div><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; font-weight: bold;">(2.1</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;">
            <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="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;">(1.3</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;">
            <div><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">)</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);">
            <div><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">(0.6</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;">
            <div><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">)</font></div>
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        <tr>
          <td style="vertical-align: top; width: 64%;" valign="bottom">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">Income before 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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            <div><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; font-weight: bold;">39.5</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>
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            <div><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">34.8</font></div>
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          <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">&#160;</td>
          <td colspan="1" style="vertical-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;">31.4</font></div>
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          <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">&#160;</td>
        </tr>
        <tr>
          <td style="vertical-align: top; width: 64%;" valign="bottom">
            <div style="text-align: left;"><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">&#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 style="vertical-align: top; width: 64%;" valign="bottom">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">&#160;&#160;&#160;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>
          <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;">6.0</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>
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            <div><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">6.6</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="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
          <td colspan="1" style="text-align: 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;">4.0</font></div>
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          <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">&#160;</td>
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          <td style="vertical-align: top; width: 64%; padding: 0px 0px 1px;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">&#160;&#160;&#160;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);">
            <div><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; font-weight: bold;">2.2</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;">1.3</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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            <div><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">3.6</font></div>
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            <div style="text-align: left;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">Net income</font></div>
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          <td colspan="1" style="border-bottom: 3px 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="border-bottom: 3px double rgb(0, 0, 0); vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
          <td colspan="1" style="border-bottom: 3px double 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;">31.3</font></div>
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          <td colspan="1" style="border-bottom: 3px 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="border-bottom: 3px double 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;">26.9</font></div>
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          <td colspan="1" style="border-bottom: 3px 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="border-bottom: 3px double rgb(0, 0, 0); vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
          <td colspan="1" style="border-bottom: 3px double rgb(0, 0, 0); vertical-align: bottom; width: 9%; text-align: right;">
            <div><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">23.8</font></div>
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          <td style="vertical-align: top; width: 64%;" 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: left;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">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>
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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;">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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            <div style="text-align: left; margin-left: 9pt;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">DILUTED</font></div>
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          <td colspan="1" style="border-bottom: 3px 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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          <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
          <td colspan="1" style="text-align: 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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            <div style="text-align: left; margin-left: 9pt;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">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>
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            <div><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; font-weight: bold;">76,832</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="border-bottom: 3px 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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          <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
          <td colspan="1" style="text-align: 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>
          <td colspan="1" style="text-align: 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>
          <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;">653.3</font></div>
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          <td colspan="1" style="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;">624.9</font></div>
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          <td colspan="1" style="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;">500.5</font></div>
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          <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">&#160;</td>
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          <td style="vertical-align: top; width: 64%; padding: 0px 0px 3px;">
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          <td colspan="1" style="border-bottom: 3px 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="border-bottom: 3px double 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;">37.0</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 style="text-align: justify;"><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;">Total revenues </font>consist of <font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; font-weight: bold; font-style: italic;">license revenues, services revenues </font>and <font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; font-weight: bold;
          font-style: italic;">professional services and other revenues</font>. 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>
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    </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, Geneva, 'sans-serif'; font-size: 10pt; font-weight: normal; font-style: normal;">9</font></div>
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    </div>
    <div style="text-align: justify;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">The following table provides additional analysis of our revenues by type (in millions of dollars and as a percentage of total revenues) generated
        over each of 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="zdf4fefccf725479986c3be652074bf17" cellpadding="0" cellspacing="0">

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          <td style="width: 59.37%; vertical-align: top;">
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          <td style="width: 14.18%; vertical-align: top; border-top: #000000 1px solid;">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; font-weight: bold;">January 31,</font></div>
          </td>
          <td style="width: 13.23%; vertical-align: top; border-top: #000000 1px solid;">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">January 31,</font></div>
          </td>
          <td style="width: 13.23%; vertical-align: top; border-top: #000000 1px solid;">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">January 31,</font></div>
          </td>
        </tr>
        <tr>
          <td style="width: 59.37%; vertical-align: top;">&#160;</td>
          <td style="width: 14.18%; vertical-align: top; border-bottom: #000000 1px solid;">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; font-weight: bold;">2019</font></div>
          </td>
          <td style="width: 13.23%; vertical-align: top; border-bottom: #000000 1px solid;">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">2018</font></div>
          </td>
          <td style="width: 13.23%; vertical-align: top; border-bottom: #000000 1px solid;">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">2017</font></div>
          </td>
        </tr>
        <tr>
          <td style="width: 59.37%; vertical-align: top;">&#160;</td>
          <td style="width: 14.18%; vertical-align: top;">&#160;</td>
          <td style="width: 13.23%; vertical-align: top;">&#160;</td>
          <td style="width: 13.23%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 59.37%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">License revenues</font></div>
          </td>
          <td style="width: 14.18%; vertical-align: top;">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; font-weight: bold;">5.9</font></div>
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          <td style="width: 13.23%; vertical-align: top;">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">8.1</font></div>
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            <div style="text-align: right;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">6.9</font></div>
          </td>
        </tr>
        <tr>
          <td style="width: 59.37%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; font-style: italic;">Percentage of total revenues</font></div>
          </td>
          <td style="width: 14.18%; vertical-align: top;">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; font-weight: bold; font-style: italic;">2%</font></div>
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          <td style="width: 13.23%; vertical-align: top;">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; font-style: italic;">3%</font></div>
          </td>
          <td style="width: 13.23%; vertical-align: top;">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; font-style: italic;">3%</font></div>
          </td>
        </tr>
        <tr>
          <td style="width: 59.37%; vertical-align: top;">&#160;</td>
          <td style="width: 14.18%; vertical-align: top;">&#160;</td>
          <td style="width: 13.23%; vertical-align: top;">&#160;</td>
          <td style="width: 13.23%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 59.37%; 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: 14.18%; vertical-align: top;">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; font-weight: bold;">241.5</font></div>
          </td>
          <td style="width: 13.23%; vertical-align: top;">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">204.4</font></div>
          </td>
          <td style="width: 13.23%; vertical-align: top;">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">173.0</font></div>
          </td>
        </tr>
        <tr>
          <td style="width: 59.37%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; font-style: italic;">Percentage of total revenues</font></div>
          </td>
          <td style="width: 14.18%; vertical-align: top;">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; font-weight: bold; font-style: italic;">88%</font></div>
          </td>
          <td style="width: 13.23%; vertical-align: top;">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; font-style: italic;">86%</font></div>
          </td>
          <td style="width: 13.23%; vertical-align: top;">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; font-style: italic;">85%</font></div>
          </td>
        </tr>
        <tr>
          <td style="width: 59.37%; vertical-align: top;">&#160;</td>
          <td style="width: 14.18%; vertical-align: top;">&#160;</td>
          <td style="width: 13.23%; vertical-align: top;">&#160;</td>
          <td style="width: 13.23%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 59.37%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">Professional services and other</font></div>
          </td>
          <td style="width: 14.18%; vertical-align: top;">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; font-weight: bold;">27.8</font></div>
          </td>
          <td style="width: 13.23%; vertical-align: top;">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">24.9</font></div>
          </td>
          <td style="width: 13.23%; vertical-align: top;">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">23.9</font></div>
          </td>
        </tr>
        <tr>
          <td style="width: 59.37%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; font-style: italic;">Percentage of total revenues</font></div>
          </td>
          <td style="width: 14.18%; vertical-align: top; border-bottom: #000000 1px solid;">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; font-weight: bold; font-style: italic;">10%</font></div>
          </td>
          <td style="width: 13.23%; vertical-align: top; border-bottom: #000000 1px solid;">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; font-style: italic;">11%</font></div>
          </td>
          <td style="width: 13.23%; vertical-align: top; border-bottom: #000000 1px solid;">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; font-style: italic;">12%</font></div>
          </td>
        </tr>
        <tr>
          <td style="vertical-align: top; width: 59.37%; padding-bottom: 3px;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">Total revenues</font></div>
          </td>
          <td style="border-bottom: 3px double rgb(0, 0, 0); border-top: 1px none; vertical-align: top; width: 14.18%;">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; font-weight: bold;">275.2</font></div>
          </td>
          <td style="border-bottom: 3px double rgb(0, 0, 0); border-top: 1px none; vertical-align: top; width: 13.23%;">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">237.4</font></div>
          </td>
          <td style="border-bottom: 3px double rgb(0, 0, 0); border-top: 1px none; vertical-align: top; width: 13.23%;">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">203.8</font></div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <div style="text-align: justify;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">Our <font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; font-weight: bold; font-style: italic;">license revenues</font> were
        $5.9 million, $8.1 million and $6.9 million in 2019, 2018 and 2017, respectively, representing 2%, 3% and 3% of total revenues in 2019, 2018 and 2017, 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-size: 10pt; font-family: Verdana, Geneva, sans-serif;">Our <font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; font-weight: bold; font-style: italic;">services revenues</font>
        were $241.5 million, $204.4 million and $173.0 million in 2019, 2018 and 2017, respectively, representing 88%, 86% and 85% of total revenues in 2019, 2018 and 2017, respectively. The increase in 2019 compared to 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 2019 were also positively impacted by the growth in sales of transactional and subscription products. Service revenues in 2019 as compared to 2018 were also 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-size: 10pt; font-family: Verdana, Geneva, sans-serif;">The increase in services revenues in 2018 compared to 2017 was primarily due to the inclusion of a full period of services revenues from the
        fiscal 2017 acquisitions of pixi* Software GmbH (&#8220;Pixi&#8221;), Appterra LLC (&#8220;Appterra&#8221;), 4Solutions Information Technology Pty Ltd. (&#8220;4Solutions&#8221;) and Datamyne Inc. (&#8220;Datamyne&#8221;) as well as additional services revenues from the fiscal 2018 acquisitions
        of ShipRush, PCSTrac and MacroPoint. Services revenues in 2018 were also positively impacted by the growth in revenue from new and existing customers in both transactional and subscription products. Services revenues in 2018 as compared to 2017
        were also positively impacted by the strengthening of the euro and Canadian dollar compared to the US dollar. This positive impact was partially offset by the weakening of the British pound sterling compared to the US dollar.</font></div>
    <div><br>
    </div>
    <div style="text-align: justify;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">Our <font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; font-weight: bold; font-style: italic;">professional services and
          other</font> revenues were $27.8 million, $24.9 million and $23.9 million in 2019, 2018 and 2017, respectively, representing 10%, 11% and 12% of total revenues in 2019, 2018 and 2017, respectively. The increase in professional services revenue in
        2019 compared to 2018 was primarily due to increased professional services activity in the United States and Europe as well as the</font></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, Geneva, 'sans-serif'; font-size: 10pt; font-weight: normal; font-style: normal;">10</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 style="text-align: justify;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">fiscal 2019 acquisition of Aljex. Professional services and other revenues in 2019 compared to 2018 were also 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-size: 10pt; font-family: Verdana, Geneva, sans-serif;">The increase in professional services revenues in 2018 compared to 2017 was primarily due to the inclusion of a full period of professional
        services revenues from the fiscal 2017 acquisitions of Pixi, Appterra and Datamyne.</font></div>
    <div><br>
    </div>
    <div style="text-align: justify;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">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-size: 10pt; font-family: Verdana, Geneva, sans-serif; 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="zfd8d0a6b5efc4c43a7397a2efd87ee6d" border="0" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 64%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; font-style: italic;">Year Ended</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-size: 10pt; font-family: Verdana, Geneva, sans-serif; font-weight: bold;">January 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-size: 10pt; font-family: Verdana, Geneva, sans-serif;">January 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-size: 10pt; font-family: Verdana, Geneva, sans-serif;">January 31,</font></div>
          </td>
        </tr>
        <tr>
          <td style="width: 64%; vertical-align: top;">&#160;</td>
          <td style="width: 12%; vertical-align: top; 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;">2019</font></div>
          </td>
          <td style="width: 12.5%; vertical-align: top; border-bottom: #000000 1px solid;">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">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-size: 10pt; font-family: Verdana, Geneva, sans-serif;">2017</font></div>
          </td>
        </tr>
        <tr>
          <td style="width: 64%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">United States</font></div>
          </td>
          <td style="width: 12%; vertical-align: top;">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; font-weight: bold;">165.1</font></div>
          </td>
          <td style="width: 12.5%; vertical-align: top;">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">133.3</font></div>
          </td>
          <td style="width: 12.5%; vertical-align: top;">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">106.7</font></div>
          </td>
        </tr>
        <tr>
          <td style="width: 64%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; font-style: italic;">Percentage of total revenues</font></div>
          </td>
          <td style="width: 12%; vertical-align: top;">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; font-weight: bold; font-style: italic;">60%</font></div>
          </td>
          <td style="width: 12.5%; vertical-align: top;">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; font-style: italic;">56%</font></div>
          </td>
          <td style="width: 12.5%; vertical-align: top;">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; font-style: italic;">52%</font></div>
          </td>
        </tr>
        <tr>
          <td style="width: 64%; vertical-align: top;">&#160;</td>
          <td style="width: 12%; vertical-align: top;">&#160;</td>
          <td style="width: 12.5%; vertical-align: top;">&#160;</td>
          <td style="width: 12.5%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 64%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">Europe, Middle-East and Africa (&#8220;EMEA&#8221;)</font></div>
          </td>
          <td style="width: 12%; vertical-align: top;">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; font-weight: bold;">80.1</font></div>
          </td>
          <td style="width: 12.5%; vertical-align: top;">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">77.6</font></div>
          </td>
          <td style="width: 12.5%; vertical-align: top;">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">75.2</font></div>
          </td>
        </tr>
        <tr>
          <td style="width: 64%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; font-style: italic;">Percentage of total revenues</font></div>
          </td>
          <td style="width: 12%; vertical-align: top;">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; font-weight: bold; font-style: italic;">29%</font></div>
          </td>
          <td style="width: 12.5%; vertical-align: top;">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; font-style: italic;">33%</font></div>
          </td>
          <td style="width: 12.5%; vertical-align: top;">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; font-style: italic;">37%</font></div>
          </td>
        </tr>
        <tr>
          <td style="width: 64%; vertical-align: top;">&#160;</td>
          <td style="width: 12%; vertical-align: top;">&#160;</td>
          <td style="width: 12.5%; vertical-align: top;">&#160;</td>
          <td style="width: 12.5%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 64%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">Canada</font></div>
          </td>
          <td style="width: 12%; vertical-align: top;">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; font-weight: bold;">18.2</font></div>
          </td>
          <td style="width: 12.5%; vertical-align: top;">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">15.6</font></div>
          </td>
          <td style="width: 12.5%; vertical-align: top;">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">13.2</font></div>
          </td>
        </tr>
        <tr>
          <td style="width: 64%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; font-style: italic;">Percentage of total revenues</font></div>
          </td>
          <td style="width: 12%; vertical-align: top;">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; font-weight: bold; font-style: italic;">7%</font></div>
          </td>
          <td style="width: 12.5%; vertical-align: top;">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; font-style: italic;">6%</font></div>
          </td>
          <td style="width: 12.5%; vertical-align: top;">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; font-style: italic;">7%</font></div>
          </td>
        </tr>
        <tr>
          <td style="width: 64%; vertical-align: top;">&#160;</td>
          <td style="width: 12%; vertical-align: top;">&#160;</td>
          <td style="width: 12.5%; vertical-align: top;">&#160;</td>
          <td style="width: 12.5%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 64%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">Asia Pacific</font></div>
          </td>
          <td style="width: 12%; vertical-align: top;">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; font-weight: bold;">11.8</font></div>
          </td>
          <td style="width: 12.5%; vertical-align: top;">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">10.9</font></div>
          </td>
          <td style="width: 12.5%; vertical-align: top;">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">8.7</font></div>
          </td>
        </tr>
        <tr>
          <td style="width: 64%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; font-style: italic;">Percentage of total revenues</font></div>
          </td>
          <td style="width: 12%; vertical-align: top;">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; font-weight: bold; font-style: italic;">4%</font></div>
          </td>
          <td style="width: 12.5%; vertical-align: top;">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; font-style: italic;">5%</font></div>
          </td>
          <td style="width: 12.5%; vertical-align: top;">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; font-style: italic;">4%</font></div>
          </td>
        </tr>
        <tr>
          <td style="width: 64%; vertical-align: top;">&#160;</td>
          <td style="width: 12%; vertical-align: top;">&#160;</td>
          <td style="width: 12.5%; vertical-align: top;">&#160;</td>
          <td style="width: 12.5%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 64%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">Total revenues</font></div>
          </td>
          <td style="width: 12%; vertical-align: top; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px double rgb(0, 0, 0);">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; font-weight: bold;">275.2</font></div>
          </td>
          <td style="width: 12.5%; vertical-align: top; border-top: #000000 1px solid; border-bottom: #000000 1px double;">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">237.4</font></div>
          </td>
          <td style="width: 12.5%; vertical-align: top; border-top: #000000 1px solid; border-bottom: #000000 1px double;">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">203.8</font></div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <div style="text-align: justify;"><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; font-style: italic;">Revenues from the United States </font>were



        $165.1 million, $133.3 million and $106.7 million in 2019, 2018 and 2017, respectively. The increase in 2019 compared to 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 a partial period of revenues from the 2019 acquisitions of Aljex and Velocity Mail. Revenues in the United States in 2019 were also positively impacted by the growth in sales of transactional and subscription products to both
        new and existing customers in the United States.</font></div>
    <div><br>
    </div>
    <div style="text-align: justify;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">The increase in 2018 compared to 2017 was primarily a result of the inclusion of a full period of revenues from the fiscal 2017 acquisitions of
        Appterra and Datamyne as well as a partial period of revenues from the fiscal 2018 acquisitions of ShipRush, PCSTrac and MacroPoint. Revenues in 2018 were also positively impacted by the growth in sales of transactional, subscription and license
        products.</font></div>
    <div><br>
    </div>
    <div style="text-align: justify;"><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; font-style: italic;">Revenues from the EMEA region</font>
        were $80.1 million, $77.6 million and $75.2 million in 2019, 2018 and 2017, respectively. The increase in 2019 compared to 2018 was primarily a result of growth in sales of transactional, subscription and professional services products. The
        increase in revenues in the EMEA region 2019 as compared to 2018 was also 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-size: 10pt; font-family: Verdana, Geneva, sans-serif;">The increase in revenues in the EMEA region in 2018 as compared to 2017 was primarily a result of the inclusion of a full period of revenue from
        the fiscal 2017 acquisition of Pixi. Revenues in 2018 compared to 2017 were also positively impacted by the strengthening of the euro compared to the US dollar partially offset by the weakening of the British pound sterling compared to the US
        dollar.</font></div>
    <div><br>
    </div>
    <div style="text-align: justify;"><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; font-style: italic;">Revenues from Canada</font> were
        $18.2 million, $15.6 million and $13.2 million in 2019, 2018 and 2017, respectively. The increase in 2019 compared to 2018 was primarily a result of the inclusion of a partial period of revenues from the 2019 acquisition of PinPoint as well as
        growth in sales of transactional, subscription and professional services products.</font></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, Geneva, 'sans-serif'; font-size: 10pt; font-weight: normal; font-style: normal;">11</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 style="text-align: justify;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">The increase in revenues in Canada in 2018 compared to 2017 was primarily a result of growth in sales of transactional, subscription and
        professional services products in Canada. Revenues in Canada were also positively impacted in 2018 as compared to 2017 by the strengthening of the Canadian dollar compared to the US dollar.</font></div>
    <div><br>
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    <div style="text-align: justify;"><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; font-style: italic;">Revenues from the Asia Pacific
          region</font> were $11.8 million, $10.9 million and $8.7 million in 2019, 2018 and 2017, respectively. The increase in 2019 compared to 2018 was primarily a result of increased transactional revenues.</font></div>
    <div><br>
    </div>
    <div style="text-align: justify;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">The increase in revenues in the Asia Pacific region in 2018 compared to 2017 was primarily a result of the inclusion of a full period of revenue
        from the fiscal 2017 acquisition of 4Solutions as well as growth in sales of transactional and subscription products in the region.</font></div>
    <div><br>
    </div>
    <div style="text-align: justify;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">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 id="z1b13a2b10cba452e99d7ca1a45477ec5" style="font-family: &quot;Times New Roman&quot;,Times,serif; font-size: 10pt; width: 100%;" cellpadding="0" cellspacing="0">

        <tr>
          <td style="vertical-align: top;" valign="bottom">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; font-style: italic;">Year ended</font></div>
          </td>
          <td colspan="1" style="vertical-align: bottom; border-top: 1px double rgb(0, 0, 0);" valign="bottom">&#160;</td>
          <td colspan="2" style="vertical-align: top; border-top: 1px double rgb(0, 0, 0);" valign="bottom">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; font-weight: bold;">January 31,</font></div>
          </td>
          <td colspan="1" style="text-align: left; vertical-align: bottom; border-top: 1px double rgb(0, 0, 0);" nowrap="nowrap" valign="bottom">&#160;</td>
          <td colspan="1" style="vertical-align: bottom; border-top: 1px double rgb(0, 0, 0);" valign="bottom">&#160;</td>
          <td colspan="2" style="vertical-align: top; border-top: 1px double rgb(0, 0, 0);" valign="bottom">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">January 31,</font></div>
          </td>
          <td colspan="1" style="text-align: left; vertical-align: bottom; border-top: 1px double rgb(0, 0, 0);" nowrap="nowrap" valign="bottom">&#160;</td>
          <td colspan="1" style="vertical-align: bottom; border-top: 1px double rgb(0, 0, 0);" valign="bottom">&#160;</td>
          <td colspan="2" style="vertical-align: top; border-top: 1px double rgb(0, 0, 0);" valign="bottom">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">January 31,</font></div>
          </td>
          <td colspan="1" style="text-align: left; vertical-align: bottom; border-top: 1px double rgb(0, 0, 0);" nowrap="nowrap" valign="bottom">&#160;</td>
        </tr>
        <tr>
          <td style="vertical-align: top; padding: 0px 0px 1px;">&#160;</td>
          <td colspan="1" style="vertical-align: bottom; padding-top: 0px; padding-right: 0px; padding-left: 0px; border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td colspan="2" style="vertical-align: top; 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;"> 2019</font></div>
          </td>
          <td colspan="1" style="vertical-align: bottom; white-space: nowrap; padding-top: 0px; padding-right: 0px; padding-left: 0px; text-align: left; border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td colspan="1" style="vertical-align: bottom; padding-top: 0px; padding-right: 0px; padding-left: 0px; border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td colspan="2" style="vertical-align: top; border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">2018</font></div>
          </td>
          <td colspan="1" style="vertical-align: bottom; white-space: nowrap; padding-top: 0px; padding-right: 0px; padding-left: 0px; text-align: left; border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td colspan="1" style="vertical-align: bottom; padding-top: 0px; padding-right: 0px; padding-left: 0px; border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td colspan="2" style="vertical-align: top; border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">2017</font></div>
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          <td colspan="1" style="vertical-align: bottom; white-space: nowrap; padding-top: 0px; padding-right: 0px; padding-left: 0px; text-align: left; border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
        </tr>
        <tr>
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            <div style="text-align: left;"><u><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">License</font></font></u></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>
          <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>
        </tr>
        <tr>
          <td style="vertical-align: top; width: 64%;" valign="bottom">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">License revenues</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;">5.9</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;">8.1</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="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
          <td colspan="1" style="text-align: 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;">6.9</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: 64%; padding: 0px 0px 1px;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">Cost of license revenues</font></div>
          </td>
          <td colspan="1" style="vertical-align: bottom; width: 1%; padding-top: 0px; padding-right: 0px; padding-left: 0px; border-bottom: 1px solid rgb(0, 0, 0);">&#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;">1.0</font></div>
          </td>
          <td colspan="1" style="vertical-align: bottom; white-space: nowrap; width: 1%; padding-top: 0px; padding-right: 0px; padding-left: 0px; text-align: left; border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td colspan="1" style="vertical-align: bottom; width: 1%; padding-top: 0px; padding-right: 0px; padding-left: 0px; border-bottom: 1px solid rgb(0, 0, 0);">&#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;">0.7</font></div>
          </td>
          <td colspan="1" style="vertical-align: bottom; white-space: nowrap; width: 1%; padding-top: 0px; padding-right: 0px; padding-left: 0px; text-align: left; border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td colspan="1" style="vertical-align: bottom; width: 1%; padding-top: 0px; padding-right: 0px; padding-left: 0px; border-bottom: 1px solid rgb(0, 0, 0);">&#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;">1.1</font></div>
          </td>
          <td colspan="1" style="vertical-align: bottom; white-space: nowrap; width: 1%; padding-top: 0px; padding-right: 0px; padding-left: 0px; text-align: left; border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
        </tr>
        <tr>
          <td style="vertical-align: top; width: 64%; padding: 0px 0px 3px;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">Gross margin</font></div>
          </td>
          <td colspan="1" style="vertical-align: bottom; width: 1%; padding-top: 0px; padding-right: 0px; padding-left: 0px; border-bottom: 3px double rgb(0, 0, 0);">&#160;</td>
          <td colspan="1" style="vertical-align: bottom; width: 1%; text-align: left; border-bottom: 3px double rgb(0, 0, 0);">&#160;</td>
          <td colspan="1" style="vertical-align: bottom; width: 9%; text-align: right; border-bottom: 3px double rgb(0, 0, 0);">
            <div><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; font-weight: bold;">4.9</font></div>
          </td>
          <td colspan="1" style="vertical-align: bottom; white-space: nowrap; width: 1%; padding-top: 0px; padding-right: 0px; padding-left: 0px; text-align: left; border-bottom: 3px double rgb(0, 0, 0);">&#160;</td>
          <td colspan="1" style="vertical-align: bottom; width: 1%; padding-top: 0px; padding-right: 0px; padding-left: 0px; border-bottom: 3px double rgb(0, 0, 0);">&#160;</td>
          <td colspan="1" style="vertical-align: bottom; width: 1%; text-align: left; border-bottom: 3px double rgb(0, 0, 0);">&#160;</td>
          <td colspan="1" style="vertical-align: bottom; width: 9%; text-align: right; border-bottom: 3px double rgb(0, 0, 0);">
            <div><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">7.4</font></div>
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          <td colspan="1" style="vertical-align: bottom; white-space: nowrap; width: 1%; padding-top: 0px; padding-right: 0px; padding-left: 0px; text-align: left; border-bottom: 3px double rgb(0, 0, 0);">&#160;</td>
          <td colspan="1" style="vertical-align: bottom; width: 1%; padding-top: 0px; padding-right: 0px; padding-left: 0px; border-bottom: 3px double rgb(0, 0, 0);">&#160;</td>
          <td colspan="1" style="vertical-align: bottom; width: 1%; text-align: left; border-bottom: 3px double rgb(0, 0, 0);">&#160;</td>
          <td colspan="1" style="vertical-align: bottom; width: 9%; text-align: right; border-bottom: 3px double rgb(0, 0, 0);">
            <div><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">5.8</font></div>
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          <td colspan="1" style="vertical-align: bottom; white-space: nowrap; width: 1%; padding-top: 0px; padding-right: 0px; padding-left: 0px; text-align: left; border-bottom: 3px double rgb(0, 0, 0);">&#160;</td>
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        <tr>
          <td style="vertical-align: top; width: 64%;" valign="bottom">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; font-style: italic;">Gross margin percentage</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; font-style: italic;">83</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-style: italic;">%</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-style: italic;">91</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-style: italic;">%</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-style: italic;">84</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-style: italic;">%</font></div>
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        <tr>
          <td style="vertical-align: top; width: 64%;" 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 style="vertical-align: top; width: 64%;" valign="bottom">
            <div style="text-align: left;"><u><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">Services</font></font></u></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>
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          <td style="vertical-align: top; width: 64%;" valign="bottom">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">Services revenues</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;">241.5</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">
            <div><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">204.4</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>
          <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;">173.0</font></div>
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          <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">&#160;</td>
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          <td style="vertical-align: top; width: 64%; padding: 0px 0px 1px;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">Cost of services revenues</font></div>
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          <td colspan="1" style="vertical-align: bottom; width: 1%; padding-top: 0px; padding-right: 0px; padding-left: 0px; border-bottom: 1px solid rgb(0, 0, 0);">&#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;">57.6</font></div>
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          <td colspan="1" style="vertical-align: bottom; white-space: nowrap; width: 1%; padding-top: 0px; padding-right: 0px; padding-left: 0px; text-align: left; border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td colspan="1" style="vertical-align: bottom; width: 1%; padding-top: 0px; padding-right: 0px; padding-left: 0px; border-bottom: 1px solid rgb(0, 0, 0);">&#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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            <div style="text-align: left;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">Gross margin</font></div>
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          <td colspan="1" style="vertical-align: bottom; width: 1%; padding-top: 0px; padding-right: 0px; padding-left: 0px; border-bottom: 3px double rgb(0, 0, 0);">&#160;</td>
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          <td colspan="1" style="vertical-align: bottom; width: 9%; text-align: right; border-bottom: 3px double rgb(0, 0, 0);">
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          <td colspan="1" style="vertical-align: bottom; width: 1%; padding-top: 0px; padding-right: 0px; padding-left: 0px; border-bottom: 3px double rgb(0, 0, 0);">&#160;</td>
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            <div><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">155.5</font></div>
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          <td colspan="1" style="vertical-align: bottom; white-space: nowrap; width: 1%; padding-top: 0px; padding-right: 0px; padding-left: 0px; text-align: left; border-bottom: 3px double rgb(0, 0, 0);">&#160;</td>
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            <div><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">131.0</font></div>
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          <td colspan="1" style="vertical-align: bottom; white-space: nowrap; width: 1%; padding-top: 0px; padding-right: 0px; padding-left: 0px; text-align: left; border-bottom: 3px double rgb(0, 0, 0);">&#160;</td>
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        <tr>
          <td style="vertical-align: top; width: 64%;" valign="bottom">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; font-style: italic;">Gross margin percentage</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; font-style: italic;">76</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-style: italic;">%</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-style: italic;">76</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-style: italic;">%</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-style: italic;">76</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-style: italic;">%</font></div>
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        </tr>
        <tr>
          <td style="vertical-align: top; width: 64%;" 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: 64%;" 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;">Professional services and other</font></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>
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        <tr>
          <td style="vertical-align: top; width: 64%;" valign="bottom">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">Professional services and other 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;">27.8</font></div>
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          <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">&#160;</td>
          <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
          <td colspan="1" style="text-align: 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;">24.9</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;">23.9</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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        <tr>
          <td style="vertical-align: top; width: 64%; padding: 0px 0px 1px;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">Cost of professional services and other 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>
          <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;">16.4</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;">14.1</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;">13.0</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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          <td style="vertical-align: top; width: 64%; padding: 0px 0px 3px;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">Gross margin</font></div>
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          <td colspan="1" style="border-bottom: 3px 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="border-bottom: 3px double rgb(0, 0, 0); vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
          <td colspan="1" style="border-bottom: 3px double 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;">11.4</font></div>
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          <td colspan="1" style="border-bottom: 3px 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: 3px 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="border-bottom: 3px double rgb(0, 0, 0); vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
          <td colspan="1" style="border-bottom: 3px double rgb(0, 0, 0); vertical-align: bottom; width: 9%; text-align: right;">
            <div><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">10.8</font></div>
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          <td colspan="1" style="border-bottom: 3px 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: 3px 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="border-bottom: 3px double rgb(0, 0, 0); vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
          <td colspan="1" style="border-bottom: 3px double rgb(0, 0, 0); vertical-align: bottom; width: 9%; text-align: right;">
            <div><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">10.9</font></div>
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          <td colspan="1" style="border-bottom: 3px 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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          <td style="vertical-align: top; width: 64%;" valign="bottom">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; font-style: italic;">Gross margin percentage</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; font-style: italic;">41</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-style: italic;">%</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-style: italic;">43</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-style: italic;">%</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-style: italic;">46</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-style: italic;">%</font></div>
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          <td rowspan="1" style="vertical-align: top; width: 64%;" valign="bottom">&#160;</td>
          <td rowspan="1" colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
          <td rowspan="1" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
          <td rowspan="1" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">&#160;</td>
          <td rowspan="1" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">&#160;</td>
          <td rowspan="1" colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
          <td rowspan="1" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
          <td rowspan="1" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">&#160;</td>
          <td rowspan="1" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">&#160;</td>
          <td rowspan="1" colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
          <td rowspan="1" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
          <td rowspan="1" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">&#160;</td>
          <td rowspan="1" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">&#160;</td>
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          <td style="vertical-align: top; width: 64%;" valign="bottom">
            <div style="text-align: left;"><u><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">Total</font></font></u></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>
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            <div style="text-align: left;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">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;">275.2</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="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
          <td colspan="1" style="text-align: 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;">237.4</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>
          <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;">203.8</font></div>
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          <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">&#160;</td>
        </tr>
        <tr>
          <td style="vertical-align: top; width: 64%; padding: 0px 0px 1px;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">Cost of revenues</font></div>
          </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%; 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;">75.0</font></div>
          </td>
          <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%; 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;">63.7</font></div>
          </td>
          <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%; 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;">56.1</font></div>
          </td>
          <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>
        </tr>
        <tr>
          <td style="vertical-align: top; width: 64%; padding: 0px 0px 3px;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">Gross margin</font></div>
          </td>
          <td colspan="1" style="border-bottom: 3px 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="border-bottom: 3px double rgb(0, 0, 0); vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
          <td colspan="1" style="border-bottom: 3px double 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;">200.2</font></div>
          </td>
          <td colspan="1" style="border-bottom: 3px 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: 3px 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="border-bottom: 3px double rgb(0, 0, 0); vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
          <td colspan="1" style="border-bottom: 3px double rgb(0, 0, 0); vertical-align: bottom; width: 9%; text-align: right;">
            <div><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">173.7</font></div>
          </td>
          <td colspan="1" style="border-bottom: 3px 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: 3px 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="border-bottom: 3px double rgb(0, 0, 0); vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
          <td colspan="1" style="border-bottom: 3px double rgb(0, 0, 0); vertical-align: bottom; width: 9%; text-align: right;">
            <div><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">147.7</font></div>
          </td>
          <td colspan="1" style="border-bottom: 3px 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>
        </tr>
        <tr>
          <td style="vertical-align: top; width: 64%;" valign="bottom">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; font-style: italic;">Gross margin percentage</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; font-style: italic;">73</font></div>
          </td>
          <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-style: italic;">%</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-style: italic;">73</font></div>
          </td>
          <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-style: italic;">%</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-style: italic;">72</font></div>
          </td>
          <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-style: italic;">%</font></div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <div style="text-align: justify;"><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; 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-size: 10pt; font-family: Verdana, Geneva, sans-serif;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; font-weight: bold; font-style: italic;">Gross margin percentage for
          license revenues </font>was 83%, 91% and 84% in 2019, 2018 and 2017, respectively. Our gross margin on license revenues is dependent on the proportion of our license revenues that involve third-party technology. The margin in 2019 as compared to
        2018 was negatively impacted by a higher proportion of our license revenues in 2019 that involved third-party technology.</font></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, Geneva, 'sans-serif'; font-size: 10pt; font-weight: normal; font-style: normal;">12</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 style="text-align: justify;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">The margin in 2018 as compared to 2017 was positively impacted by a lower proportion of our license revenues in 2018 that involved third-party
        technology.</font></div>
    <div><br>
    </div>
    <div style="text-align: justify;"><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; 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-size: 10pt; font-family: Verdana, Geneva, sans-serif;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; font-weight: bold; font-style: italic;">Gross margin percentage for
          services revenues </font>was 76%, 76% and 76% in 2019, 2018 and 2017, respectively. Overall, the margin in 2019 as compared to 2018 and 2018 compared to 2017 was consistent.</font></div>
    <div><br>
    </div>
    <div style="text-align: justify;"><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; 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-size: 10pt; font-family: Verdana, Geneva, sans-serif;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; font-weight: bold; font-style: italic;">Gross margin percentage for
          professional services and other revenues</font><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; font-style: italic;">&#160;</font>was 41%, 43% and 46% for 2019, 2018 and 2017, respectively. The margin in 2019 compared to 2018
        was negatively impacted by an increased proportion of hardware and hardware installation revenues, which generally have lower gross margins, and increased telematics hardware costs. Hardware installation 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.</font></div>
    <div><br>
    </div>
    <div style="text-align: justify;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">The margin in 2018 as compared to 2017 was negatively impacted by an increased proportion of hardware revenues and hardware installation
        revenues.</font></div>
    <div><br>
    </div>
    <div style="text-align: justify;"><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; font-style: italic;">Operating expenses,</font>
        consisting of sales and marketing, research and development and general and administrative expenses, were $114.8 million, $100.3 million and $83.6 million for 2019, 2018 and 2017, respectively. The increase in operating expenses in 2019 compared to
        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 2019 compared to 2018
        were also negatively 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-size: 10pt; font-family: Verdana, Geneva, sans-serif;">The increase in operating expenses in 2018 as compared to 2017 was primarily due to increased operating expenses from the fiscal 2017 of Pixi,
        Appterra, 4Solutions, Datamyne as well as the fiscal 2018 acquisitions of ShipRush, PCSTrac and MacroPoint. Operating expenses in 2018 compared to 2017 were also negatively impacted by the impact of the strengthening of the euro and Canadian dollar
        compared to the US dollar.</font></div>
    <div><br>
    </div>
    <div><br>
    </div>
    <div><br>
    </div>
    <div><br>
    </div>
    <div><br>
    </div>
    <div><br>
    </div>
    <div><br>
    </div>
    <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, Geneva, 'sans-serif'; font-size: 10pt; font-weight: normal; font-style: normal;">13</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 style="text-align: justify;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">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="za8343d4eb2594daba308ec60c0663757" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 61.72%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; font-style: italic;">Year ended</font></div>
          </td>
          <td style="width: 13.35%; vertical-align: top; border-top: #000000 1px solid;">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; font-weight: bold;">January 31,</font></div>
          </td>
          <td style="width: 12.46%; vertical-align: top; border-top: #000000 1px solid;">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">January 31,</font></div>
          </td>
          <td style="width: 12.46%; vertical-align: top; border-top: #000000 1px solid;">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">January 31,</font></div>
          </td>
        </tr>
        <tr>
          <td style="width: 61.72%; vertical-align: top;">&#160;</td>
          <td style="width: 13.35%; vertical-align: top; border-bottom: #000000 1px solid;">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; font-weight: bold;">2019</font></div>
          </td>
          <td style="width: 12.46%; vertical-align: top; border-bottom: #000000 1px solid;">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">2018</font></div>
          </td>
          <td style="width: 12.46%; vertical-align: top; border-bottom: #000000 1px solid;">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">2017</font></div>
          </td>
        </tr>
        <tr>
          <td style="width: 61.72%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">Total revenues</font></div>
          </td>
          <td style="width: 13.35%; vertical-align: top; border-top: #000000 1px solid; border-bottom: #000000 1px solid;">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; font-weight: bold;">275.2</font></div>
          </td>
          <td style="width: 12.46%; vertical-align: top; border-top: #000000 1px solid; border-bottom: #000000 1px solid;">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">237.4</font></div>
          </td>
          <td style="width: 12.46%; vertical-align: top; border-top: #000000 1px solid; border-bottom: #000000 1px solid;">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">203.8</font></div>
          </td>
        </tr>
        <tr>
          <td style="width: 61.72%; vertical-align: top;">&#160;</td>
          <td style="width: 13.35%; vertical-align: top; border-top: #000000 1px solid;">&#160;</td>
          <td style="width: 12.46%; vertical-align: top; border-top: #000000 1px solid;">&#160;</td>
          <td style="width: 12.46%; vertical-align: top; border-top: #000000 1px solid;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 61.72%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">Sales and marketing expenses</font></div>
          </td>
          <td style="width: 13.35%; vertical-align: top;">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; font-weight: bold;">36.9</font></div>
          </td>
          <td style="width: 12.46%; vertical-align: top;">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">33.1</font></div>
          </td>
          <td style="width: 12.46%; vertical-align: top;">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">24.9</font></div>
          </td>
        </tr>
        <tr>
          <td style="width: 61.72%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; font-style: italic;">Percentage of total revenues</font></div>
          </td>
          <td style="width: 13.35%; vertical-align: top;">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; font-weight: bold; font-style: italic;">13%</font></div>
          </td>
          <td style="width: 12.46%; vertical-align: top;">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; font-style: italic;">14%</font></div>
          </td>
          <td style="width: 12.46%; vertical-align: top;">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; font-style: italic;">12%</font></div>
          </td>
        </tr>
        <tr>
          <td style="width: 61.72%; vertical-align: top;">&#160;</td>
          <td style="width: 13.35%; vertical-align: top;">&#160;</td>
          <td style="width: 12.46%; vertical-align: top;">&#160;</td>
          <td style="width: 12.46%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 61.72%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">Research and development expenses</font></div>
          </td>
          <td style="width: 13.35%; vertical-align: top;">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; font-weight: bold;">47.9</font></div>
          </td>
          <td style="width: 12.46%; vertical-align: top;">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">41.8</font></div>
          </td>
          <td style="width: 12.46%; vertical-align: top;">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">35.6</font></div>
          </td>
        </tr>
        <tr>
          <td style="width: 61.72%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; font-style: italic;">Percentage of total revenues</font></div>
          </td>
          <td style="width: 13.35%; vertical-align: top;">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; font-weight: bold; font-style: italic;">17%</font></div>
          </td>
          <td style="width: 12.46%; vertical-align: top;">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; font-style: italic;">18%</font></div>
          </td>
          <td style="width: 12.46%; vertical-align: top;">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; font-style: italic;">17%</font></div>
          </td>
        </tr>
        <tr>
          <td style="width: 61.72%; vertical-align: top;">&#160;</td>
          <td style="width: 13.35%; vertical-align: top;">&#160;</td>
          <td style="width: 12.46%; vertical-align: top;">&#160;</td>
          <td style="width: 12.46%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 61.72%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">General and administrative expenses</font></div>
          </td>
          <td style="width: 13.35%; vertical-align: top;">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; font-weight: bold;">30.0</font></div>
          </td>
          <td style="width: 12.46%; vertical-align: top;">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">25.4</font></div>
          </td>
          <td style="width: 12.46%; vertical-align: top;">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">23.1</font></div>
          </td>
        </tr>
        <tr>
          <td style="width: 61.72%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; font-style: italic;">Percentage of total revenues</font></div>
          </td>
          <td style="width: 13.35%; vertical-align: top;">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; font-weight: bold; font-style: italic;">11%</font></div>
          </td>
          <td style="width: 12.46%; vertical-align: top;">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; font-style: italic;">11%</font></div>
          </td>
          <td style="width: 12.46%; vertical-align: top;">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; font-style: italic;">11%</font></div>
          </td>
        </tr>
        <tr>
          <td style="width: 61.72%; vertical-align: top;">&#160;</td>
          <td style="width: 13.35%; vertical-align: top;">&#160;</td>
          <td style="width: 12.46%; vertical-align: top;">&#160;</td>
          <td style="width: 12.46%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 61.72%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">Total operating expenses</font></div>
          </td>
          <td style="width: 13.35%; vertical-align: top; border-top: #000000 1px solid;">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; font-weight: bold;">114.8</font></div>
          </td>
          <td style="width: 12.46%; vertical-align: top; border-top: #000000 1px solid;">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">100.3</font></div>
          </td>
          <td style="width: 12.46%; vertical-align: top; border-top: #000000 1px solid;">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">83.6</font></div>
          </td>
        </tr>
        <tr>
          <td style="width: 61.72%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; font-style: italic;">Percentage of total revenues</font></div>
          </td>
          <td style="width: 13.35%; vertical-align: top; border-bottom: #000000 1px double;">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; font-weight: bold; font-style: italic;">42%</font></div>
          </td>
          <td style="width: 12.46%; vertical-align: top; border-bottom: #000000 1px double;">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; font-style: italic;">42%</font></div>
          </td>
          <td style="width: 12.46%; vertical-align: top; border-bottom: #000000 1px double;">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; font-style: italic;">41%</font></div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <div style="text-align: justify;"><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; font-style: italic;">Sales and marketing</font>&#160;<font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; 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 $36.9 million, $33.1 million and $24.9 million in 2019, 2018 and 2017,
        respectively. Sales and marketing expenses as a percentage of total revenues were 13% in 2019, 14% in 2018 and 12% in 2017.&#160; The increase in sales and marketing expenses in 2019 compared to 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 2019 compared to 2018 were also negatively 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-size: 10pt; font-family: Verdana, Geneva, sans-serif;">The increase in sales and marketing expenses in 2018 as compared to 2017 was primarily due to the inclusion of sales and marketing expenses from
        the fiscal 2017 acquisition of Datamyne and fiscal 2018 acquisition of MacroPoint. These acquisitions also drove the increase in sales and marketing expense as a percentage of total revenues in 2018. Sales and marketing expenses in 2018 compared to
        2017 were also negatively impacted by the strengthening of the euro and Canadian dollar compared to the US dollar.</font></div>
    <div><br>
    </div>
    <div style="text-align: justify;"><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; font-style: italic;">Research and development</font>&#160;<font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; 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, 2018 and 2017. Research and development
        expenses were $47.9 million, $41.8 million and $35.6 million in 2019, 2018 and 2017, respectively. Research and development expenses as a percentage of total revenues were 17% in 2019, 18% in 2018 and 17% in 2017. The increase in research and
        development expenses in 2019 compared to 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 acquisitions of Aljex and Velocity
        Mail. Research and development expenses in 2019 as compared to 2018 were also negatively 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-size: 10pt; font-family: Verdana, Geneva, sans-serif;">The increase in research and development expenses in 2018 compared to 2017 was primarily attributable to increased payroll and related costs from
        the fiscal 2017 acquisitions of Appterra, Datamyne and the fiscal 2018 acquisitions of ShipRush, PCSTrac and MacroPoint. Research and development expenses in 2018 compared to 2017 were also negatively impacted by the strengthening of the Canadian
        dollar and euro compared to the US dollar.</font></div>
    <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, Geneva, 'sans-serif'; font-size: 10pt; font-weight: normal; font-style: normal;">14</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 style="text-align: justify;"><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; font-style: italic;">General and administrative</font>&#160;<font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; 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 administrative expenses. General and administrative costs were $30.0 million, $25.4 million and $23.1 million in 2019, 2018 and 2017, respectively. General and administrative expenses as a percentage of total
        revenues were 11%, 11% and 11% in 2019, 2018 and 2017, respectively. The increase in general and administrative expenses in 2019 compared to 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 2019 as compared to 2018 were also negatively 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-size: 10pt; font-family: Verdana, Geneva, sans-serif;">The increase in general and administrative expenses in 2018 compared to 2017 was primarily attributable to the inclusion of general and
        administrative expenses from the fiscal 2017 acquisitions of Appterra, Datamyne and the fiscal 2018 acquisitions of ShipRush and MacroPoint. General and administrative expenses in 2018 compared to 2017 were also negatively impacted by the
        strengthening of the Canadian dollar and euro compared to the US dollar.</font></div>
    <div><br>
    </div>
    <div style="text-align: justify;"><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; 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 $3.8 million, $4.0 million and $3.5 million in 2019,
        2018 and 2017, respectively. Other charges included acquisition-related costs of $3.8 million, $3.5 million and $3.0 million in 2019, 2018 and 2017, respectively.</font></div>
    <div><br>
    </div>
    <div style="text-align: justify;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">The increase in other charges in 2018 compared to 2017 was primarily a result of additional acquisition-related costs.</font></div>
    <div><br>
    </div>
    <div style="text-align: justify;"><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; 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 $40.2 million, $33.5 million and $30.0 million in 2019, 2018 and 2017, respectively. The increase in amortization over those three years primarily arose due to amortization expense from the acquisitions of
        Pixi, Appterra, 4Solutions, Datamyne, ShipRush, PCSTrac, MacroPoint, Aljex, Velocity Mail and PinPoint. As at January 31, 2019, the unamortized portion of all intangible assets amounted to $176.2 million.</font></div>
    <div><br>
    </div>
    <div style="text-align: justify;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">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 or asset groups 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 asset or
        asset groups is determined by discounting the expected related cash flows. No finite life intangible asset or asset group 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-size: 10pt; font-family: Verdana, Geneva, sans-serif;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; font-weight: bold; font-style: italic;">Investment income</font> was $0.2
        million, $0.2 million and $1.4 million in 2019, 2018 and 2017, respectively. Investment income in 2019 was consistent with 2018. The decrease in investment income in 2018 compared to 2017 was primarily attributable to the sale of marketable
        securities during 2017.</font></div>
    <div><br>
    </div>
    <div style="text-align: justify;"><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; font-style: italic;">Interest expense</font> was $2.1
        million, $1.3 million and $0.6 million in 2019, 2018 and 2017, respectively. Interest expense is primarily comprised of interest expense on the amount borrowed and outstanding on our revolving debt facility, debt standby charges as well as the
        amortization of deferred financing charges. Interest expense increased in 2019 compared to 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</font></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, Geneva, 'sans-serif'; font-size: 10pt; font-weight: normal; font-style: normal;">15</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 style="text-align: justify;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">Mail and PinPoint. The increase in interest expense in 2018 compared to 2017 was a result of higher debt balance due to additional debt facility
        borrowings to fund the acquisition of Pixi and MacroPoint.</font></div>
    <div><br>
    </div>
    <div style="text-align: justify;"><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; font-style: italic;">Income tax expense</font><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; font-weight: bold;">&#160;</font>is comprised of current and deferred income tax expense. Income tax expense for 2019, 2018 and 2017 was 21%, 23% and 24% of income before income taxes,
        respectively, with current income tax expense being 15%, 19% and 13% 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 2019.</font></div>
    <div><br>
    </div>
    <div style="text-align: justify;"><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; font-style: italic;">Income tax expense &#8211; current</font>
        was $6.0 million, $6.6 million and $4.0 million in 2019, 2018 and 2017, respectively. Current income taxes arise primarily from income that is not fully sheltered by loss carry-forwards or other tax attributes. Current income tax expense decreased
        in 2019 compared to 2018 primarily related to a net favorable outcome on the conclusion of certain tax audits partially offset by higher current income tax expense as a result of the higher pre-tax income generated in 2019.</font></div>
    <div><br>
    </div>
    <div style="text-align: justify;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">Current tax expense increased in 2018 compared to 2017 primarily due to a charge of $1.5 million attributable to changes in the estimate of our
        uncertain tax positions, $0.8 million in Canada as a result of less income being sheltered by loss carry-forwards and other attributes and $0.3 million in adjustments in respect to income tax of previous periods.</font></div>
    <div><br>
    </div>
    <div style="text-align: justify;"><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; font-style: italic;">Income tax expense &#8211; deferred</font>
        was $2.2 million, $1.3 million and $3.6 million in 2019, 2018 and 2017, respectively. Deferred income tax expense increased in 2019 compared to 2018 primarily due to the adoption of Accounting Standards Update 2016-16.</font></div>
    <div><br>
    </div>
    <div style="text-align: justify;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">Deferred income tax expense decreased in 2018 compared to 2017 primarily due to $1.1 million in reductions to corporate income tax rates in the
        US and EMEA and a $0.7 million reduction in deferred tax charges and recognition of deferred tax assets related to stock compensation.</font></div>
    <div><br>
    </div>
    <div style="text-align: justify;"><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; font-style: italic;">Net income</font> was $31.3
        million, $26.9 million and $23.8 million in 2019, 2018 and 2017, respectively.</font></div>
    <div style="text-align: justify;"><br>
    </div>
    <div>
      <div>
        <hr style="height: 1px; width: 50%; color: #000000; background-color: #000000; text-align: left; margin-left: 0px; margin-right: auto; border: none;" align="left" noshade="noshade"></div>
    </div>
    <div style="text-align: left; font-size: 11pt;"><font style="font-family: Verdana,Geneva,sans-serif; font-weight: bold; font-variant: small-caps;">Quarterly Operating Results</font></div>
    <div>
      <div>
        <hr style="height: 1px; width: 50%; color: #000000; background-color: #000000; text-align: left; margin-left: 0px; margin-right: auto; border: none;" align="left" noshade="noshade"></div>
    </div>
    <div><br>
    </div>
    <div style="text-align: justify;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">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="zba537bf8a3ca41e6a1c3231b10611e71" border="0" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 40%; vertical-align: top;">&#160;</td>
          <td style="width: 12%; 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;">April 30,</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-size: 10pt; font-family: Verdana, Geneva, sans-serif; font-weight: bold;">July 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-size: 10pt; font-family: Verdana, Geneva, sans-serif; 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-size: 10pt; font-family: Verdana, Geneva, sans-serif; font-weight: bold;">January 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-size: 10pt; font-family: Verdana, Geneva, sans-serif; font-weight: bold;">Total</font></div>
          </td>
        </tr>
        <tr>
          <td style="width: 40%; vertical-align: top;">&#160;</td>
          <td style="width: 12%; vertical-align: top; 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;">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-size: 10pt; font-family: Verdana, Geneva, sans-serif; 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-size: 10pt; font-family: Verdana, Geneva, sans-serif; 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-size: 10pt; font-family: Verdana, Geneva, sans-serif; font-weight: bold;">2019</font></div>
          </td>
          <td style="width: 12%; vertical-align: top; border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
        </tr>
        <tr>
          <td style="width: 40%; vertical-align: top;">
            <div style="text-align: left;"><u><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">2019</font></font></u></div>
          </td>
          <td style="width: 12%; vertical-align: top; border-top: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 12%; vertical-align: top; border-top: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 12%; vertical-align: top; border-top: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 12%; vertical-align: top; border-top: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 12%; vertical-align: top; border-top: 1px solid rgb(0, 0, 0);">&#160;</td>
        </tr>
        <tr>
          <td style="width: 40%; 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: 12%; vertical-align: top;">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">67,018</font></div>
          </td>
          <td style="width: 12%; vertical-align: top;">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">67,115</font></div>
          </td>
          <td style="width: 12%; vertical-align: top;">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">70,008</font></div>
          </td>
          <td style="width: 12%; vertical-align: top;">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">71,030</font></div>
          </td>
          <td style="width: 12%; vertical-align: top;">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">275,171</font></div>
          </td>
        </tr>
        <tr>
          <td style="width: 40%; 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: 12%; vertical-align: top;">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">48,434</font></div>
          </td>
          <td style="width: 12%; vertical-align: top;">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">49,154</font></div>
          </td>
          <td style="width: 12%; vertical-align: top;">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">50,858</font></div>
          </td>
          <td style="width: 12%; vertical-align: top;">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">51,731</font></div>
          </td>
          <td style="width: 12%; vertical-align: top;">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">200,177</font></div>
          </td>
        </tr>
        <tr>
          <td style="width: 40%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">Operating expenses</font></div>
          </td>
          <td style="width: 12%; vertical-align: top;">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">27,997</font></div>
          </td>
          <td style="width: 12%; vertical-align: top;">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">28,358</font></div>
          </td>
          <td style="width: 12%; vertical-align: top;">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">29,144</font></div>
          </td>
          <td style="width: 12%; vertical-align: top;">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">29,258</font></div>
          </td>
          <td style="width: 12%; vertical-align: top;">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">114,757</font></div>
          </td>
        </tr>
        <tr>
          <td style="width: 40%; 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: 12%; vertical-align: top;">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">6,986</font></div>
          </td>
          <td style="width: 12%; vertical-align: top;">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">8,498</font></div>
          </td>
          <td style="width: 12%; vertical-align: top;">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">7,901</font></div>
          </td>
          <td style="width: 12%; vertical-align: top;">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">7,892</font></div>
          </td>
          <td style="width: 12%; vertical-align: top;">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">31,277</font></div>
          </td>
        </tr>
        <tr>
          <td style="width: 40%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">Basic earnings per share</font></div>
          </td>
          <td style="width: 12%; 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: 12%; 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: 12%; vertical-align: top;">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">0.10</font></div>
          </td>
          <td style="width: 12%; vertical-align: top;">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">0.10</font></div>
          </td>
          <td style="width: 12%; vertical-align: top;">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">0.41</font></div>
          </td>
        </tr>
        <tr>
          <td style="width: 40%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">Diluted earnings per share</font></div>
          </td>
          <td style="width: 12%; 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: 12%; 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: 12%; vertical-align: top;">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">0.10</font></div>
          </td>
          <td style="width: 12%; vertical-align: top;">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">0.10</font></div>
          </td>
          <td style="width: 12%; vertical-align: top;">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">0.40</font></div>
          </td>
        </tr>
        <tr>
          <td style="width: 40%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">Weighted average shares outstanding (thousands):</font></div>
          </td>
          <td style="width: 12%; vertical-align: top;">&#160;</td>
          <td style="width: 12%; vertical-align: top;">&#160;</td>
          <td style="width: 12%; vertical-align: top;">&#160;</td>
          <td style="width: 12%; vertical-align: top;">&#160;</td>
          <td style="width: 12%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 40%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">&#160;&#160;Basic</font></div>
          </td>
          <td style="width: 12%; vertical-align: top;">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">76,793</font></div>
          </td>
          <td style="width: 12%; vertical-align: top;">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">76,816</font></div>
          </td>
          <td style="width: 12%; vertical-align: top;">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">76,854</font></div>
          </td>
          <td style="width: 12%; vertical-align: top;">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">76,865</font></div>
          </td>
          <td style="width: 12%; vertical-align: top;">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">76,832</font></div>
          </td>
        </tr>
        <tr>
          <td style="width: 40%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">&#160;&#160;Diluted</font></div>
          </td>
          <td style="width: 12%; vertical-align: top;">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">77,650</font></div>
          </td>
          <td style="width: 12%; vertical-align: top;">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">77,781</font></div>
          </td>
          <td style="width: 12%; vertical-align: top;">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">77,863</font></div>
          </td>
          <td style="width: 12%; vertical-align: top;">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">77,842</font></div>
          </td>
          <td style="width: 12%; vertical-align: top;">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">77,791</font></div>
          </td>
        </tr>

    </table>
    <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, Geneva, 'sans-serif'; font-size: 10pt; font-weight: normal; font-style: normal;">16</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>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse;" id="zf7ef6bfc79da433c8c946b3ddc90ff41" border="0" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 40%; vertical-align: top;">&#160;</td>
          <td style="width: 12%; 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;">April 30,</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-size: 10pt; font-family: Verdana, Geneva, sans-serif; font-weight: bold;">July 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-size: 10pt; font-family: Verdana, Geneva, sans-serif; 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-size: 10pt; font-family: Verdana, Geneva, sans-serif; font-weight: bold;">January 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-size: 10pt; font-family: Verdana, Geneva, sans-serif; font-weight: bold;">Total</font></div>
          </td>
        </tr>
        <tr>
          <td style="width: 40%; vertical-align: top;">&#160;</td>
          <td style="width: 12%; vertical-align: top; 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;">2017</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-size: 10pt; font-family: Verdana, Geneva, sans-serif; font-weight: bold;">2017</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-size: 10pt; font-family: Verdana, Geneva, sans-serif; font-weight: bold;">2017</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-size: 10pt; font-family: Verdana, Geneva, sans-serif; font-weight: bold;">2018</font></div>
          </td>
          <td style="width: 12%; vertical-align: top; border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
        </tr>
        <tr>
          <td style="width: 40%; vertical-align: top;">
            <div style="text-align: left;"><u><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">2018</font></font></u></div>
          </td>
          <td style="width: 12%; vertical-align: top; border-top: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 12%; vertical-align: top; border-top: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 12%; vertical-align: top; border-top: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 12%; vertical-align: top; border-top: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 12%; vertical-align: top; border-top: 1px solid rgb(0, 0, 0);">&#160;</td>
        </tr>
        <tr>
          <td style="width: 40%; 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: 12%; vertical-align: top;">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">54,514</font></div>
          </td>
          <td style="width: 12%; vertical-align: top;">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">57,293</font></div>
          </td>
          <td style="width: 12%; vertical-align: top;">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">62,001</font></div>
          </td>
          <td style="width: 12%; vertical-align: top;">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">63,631</font></div>
          </td>
          <td style="width: 12%; vertical-align: top;">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">237,439</font></div>
          </td>
        </tr>
        <tr>
          <td style="width: 40%; 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: 12%; vertical-align: top;">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">40,132</font></div>
          </td>
          <td style="width: 12%; vertical-align: top;">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">41,946</font></div>
          </td>
          <td style="width: 12%; vertical-align: top;">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">45,158</font></div>
          </td>
          <td style="width: 12%; vertical-align: top;">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">46,499</font></div>
          </td>
          <td style="width: 12%; vertical-align: top;">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">173,735</font></div>
          </td>
        </tr>
        <tr>
          <td style="width: 40%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">Operating expenses</font></div>
          </td>
          <td style="width: 12%; vertical-align: top;">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">22,505</font></div>
          </td>
          <td style="width: 12%; vertical-align: top;">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">23,942</font></div>
          </td>
          <td style="width: 12%; vertical-align: top;">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">26,450</font></div>
          </td>
          <td style="width: 12%; vertical-align: top;">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">27,483</font></div>
          </td>
          <td style="width: 12%; vertical-align: top;">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">100,380</font></div>
          </td>
        </tr>
        <tr>
          <td style="width: 40%; 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: 12%; vertical-align: top;">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">6,885</font></div>
          </td>
          <td style="width: 12%; vertical-align: top;">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">7,159</font></div>
          </td>
          <td style="width: 12%; vertical-align: top;">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">6,170</font></div>
          </td>
          <td style="width: 12%; vertical-align: top;">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">6,665</font></div>
          </td>
          <td style="width: 12%; vertical-align: top;">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">26,879</font></div>
          </td>
        </tr>
        <tr>
          <td style="width: 40%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">Basic earnings per share</font></div>
          </td>
          <td style="width: 12%; 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: 12%; 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: 12%; vertical-align: top;">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">0.08</font></div>
          </td>
          <td style="width: 12%; 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: 12%; vertical-align: top;">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">0.35</font></div>
          </td>
        </tr>
        <tr>
          <td style="width: 40%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">Diluted earnings per share</font></div>
          </td>
          <td style="width: 12%; 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: 12%; 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: 12%; vertical-align: top;">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">0.08</font></div>
          </td>
          <td style="width: 12%; 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: 12%; vertical-align: top;">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">0.35</font></div>
          </td>
        </tr>
        <tr>
          <td style="width: 40%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">Weighted average shares outstanding (thousands):</font></div>
          </td>
          <td style="width: 12%; vertical-align: top;">&#160;</td>
          <td style="width: 12%; vertical-align: top;">&#160;</td>
          <td style="width: 12%; vertical-align: top;">&#160;</td>
          <td style="width: 12%; vertical-align: top;">&#160;</td>
          <td style="width: 12%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 40%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">&#160;&#160;Basic</font></div>
          </td>
          <td style="width: 12%; vertical-align: top;">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">75,912</font></div>
          </td>
          <td style="width: 12%; vertical-align: top;">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">75,969</font></div>
          </td>
          <td style="width: 12%; vertical-align: top;">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">76,630</font></div>
          </td>
          <td style="width: 12%; vertical-align: top;">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">76,773</font></div>
          </td>
          <td style="width: 12%; vertical-align: top;">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">76,324</font></div>
          </td>
        </tr>
        <tr>
          <td style="width: 40%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">&#160;&#160;Diluted</font></div>
          </td>
          <td style="width: 12%; vertical-align: top;">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">76,648</font></div>
          </td>
          <td style="width: 12%; vertical-align: top;">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">76,739</font></div>
          </td>
          <td style="width: 12%; vertical-align: top;">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">77,442</font></div>
          </td>
          <td style="width: 12%; vertical-align: top;">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">77,616</font></div>
          </td>
          <td style="width: 12%; vertical-align: top;">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">77,112</font></div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <div style="text-align: justify;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">Revenues over the comparative periods have been positively impacted by the six<font style="font-size: 10pt; font-family: Verdana, Geneva,
          sans-serif; color: #FF0000;">&#160;</font>acquisitions that we completed from the beginning of fiscal 2018 through the end of fiscal 2019. 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-size: 10pt; font-family: Verdana, Geneva, sans-serif;">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-size: 10pt; font-family: Verdana, Geneva, sans-serif;">In the fourth quarter of 2019 revenues were positively impacted on a quarter to quarter basis by increased transactional, subscription and
        professional services revenues as well as a full quarter of operations from our acquisition of PinPoint. Revenues in the fourth quarter of 2019 were negatively impacted on a quarter to quarter basis 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 PinPoint. Operating expenses in the fourth quarter of 2019 were positively
        impacted on a quarter to quarter basis by the weakening of the euro, British pound sterling and Swedish krona compared to the US dollar.</font></div>
    <div><br>
    </div>
    <div style="text-align: justify;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">In the third quarter of 2019 revenues were positively impacted on a quarter to quarter basis 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 on a quarter to quarter basis by increased
        transactional, subscription and professional services revenues. Revenues in the third quarter of 2019 were negatively impacted on a quarter to quarter basis 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 on a quarter to quarter basis 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 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, Geneva, 'sans-serif'; font-size: 10pt; font-weight: normal; font-style: normal;">17</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 style="text-align: justify;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">In the second quarter of 2019 revenues were positively impacted on a quarter to quarter basis 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 on a quarter to quarter basis 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 on a
        quarter to quarter basis 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 on a quarter to quarter basis by the weakening of the euro and British pound sterling compared to the US dollar. 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-size: 10pt; font-family: Verdana, Geneva, sans-serif;">In the first quarter of 2019 revenues were positively impacted on a quarter to quarter basis 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 on a quarter to quarter basis 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 on a quarter to quarter basis 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-size: 10pt; font-family: Verdana, Geneva, sans-serif;">In the fourth quarter of 2018, revenues were positively impacted on a quarter to quarter basis 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 on a quarter to quarter basis by the strengthening of the euro and British pound sterling compared to the US dollar. Operating expenses in the
        fourth quarter were negatively impacted on a quarter to quarter basis 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-size: 10pt; font-family: Verdana, Geneva, sans-serif;">In the third quarter of 2018, revenues were positively impacted on a quarter to quarter basis 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 on a quarter to quarter basis 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 on a quarter to quarter basis 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-size: 10pt; font-family: Verdana, Geneva, sans-serif;">In the second quarter of 2018, revenues and gross margin were positively impacted on a quarter to quarter basis 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 on a quarter to quarter basis 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 on a
        quarter to quarter basis 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><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, Geneva, 'sans-serif'; font-size: 10pt; font-weight: normal; font-style: normal;">18</font></div>
      <div id="DSPFPageBreak" style="page-break-after: always;">
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    </div>
    <div style="text-align: justify;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">In the first quarter of 2018, revenues and gross margin were positively impacted on a quarter to quarter basis 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 on a quarter to quarter basis 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 on a quarter to quarter basis 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>
      <div>
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    </div>
    <div style="text-align: left; font-size: 11pt;"><font style="font-family: Verdana,Geneva,sans-serif; font-weight: bold; font-variant: small-caps;">Liquidity and Capital Resources</font></div>
    <div>
      <div>
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    </div>
    <div><br>
    </div>
    <div style="text-align: justify;"><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; font-style: italic;">Cash. </font>We had $27.3
        million and $35.1 million in cash as at January 31, 2019 and January 31, 2018, respectively. All cash was held in interest-bearing bank accounts, primarily with major Canadian, US and European banks. The cash balance decreased from January 31, 2018
        to January 31, 2019 by $7.8 million primarily due to cash used for acquisitions partially offset by net borrowings on the credit facility and cash generated from operations.</font></div>
    <div><br>
    </div>
    <div style="text-align: justify;"><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; font-style: italic;">Credit facility</font>. On
        January 25, 2019, we amended and increased our existing $150.0 million senior secured revolving credit facility. The newly amended and increased facility is now a $350.0 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 $500.0 million. The credit facility has a five-year maturity with no
        fixed repayment dates prior to the end of the five-year term ending January 2024. 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 250 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 40 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-size: 10pt; font-family: Verdana, Geneva, sans-serif;">As at January 31, 2019, $324.5 million of the revolving operating credit facility remained available for use and the outstanding balance of $25.5
        million was required to be repaid in February 2024. Subsequent to January 31, 2019, an additional $241.5 million was drawn on the credit facility to finance the acquisition of Visual Compliance on February 12, 2019. We were in compliance with the
        covenants of the credit facility as at January 31, 2019 and remain in compliance as of the date of this MD&amp;A.</font></div>
    <div><br>
    </div>
    <div style="text-align: justify;"><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; font-style: italic;">Short-form base shelf prospectus.</font><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; font-weight: bold; font-style: italic;">&#160;</font><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; color: #000000;">On June 6, 2018, we filed a 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-size: 10pt; font-family: Verdana, Geneva, sans-serif;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; font-weight: bold; font-style: italic;">Working capital.</font> As at
        January 31, 2019, our working capital (current assets less current liabilities) was $1.9 million. Current assets primarily include $27.3 million of cash, $31.5 million of current trade receivables and $9.0 million of prepaid expenses. Current
        liabilities primarily include $34.2 million of</font></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, Geneva, 'sans-serif'; font-size: 10pt; font-weight: normal; font-style: normal;">19</font></div>
      <div id="DSPFPageBreak" style="page-break-after: always;">
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    </div>
    <div style="text-align: justify;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">deferred revenue, $29.4 million of accrued liabilities and $5.1 million of accounts payable. Our working capital decreased from January 31, 2018
        to January 31, 2019 by $5.3 million, primarily due to cash used for acquisitions partially offset by borrowings on the credit facility and cash generated from operations during the period.</font></div>
    <div><br>
    </div>
    <div style="text-align: justify;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">Historically, we&#8217;ve 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 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 style="text-align: justify;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">With respect to earnings of our non-Canadian subsidiaries, our intention is that these earnings will be reinvested in each subsidiary
        indefinitely. Of the $27.3 million of cash as at January 31, 2019, $21.3 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><br>
    </div>
    <div style="text-align: justify;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">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="z70d7618b862a4758894ecd44f1d5d6eb" style="font-family: &quot;Times New Roman&quot;,Times,serif; font-size: 10pt; width: 100%;" cellpadding="0" cellspacing="0">

        <tr>
          <td style="vertical-align: top;" valign="bottom">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; font-style: italic;">Year ended</font></div>
          </td>
          <td colspan="1" style="vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0);" valign="bottom">&#160;</td>
          <td colspan="2" style="vertical-align: top; border-top: 1px solid rgb(0, 0, 0);" valign="bottom">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; font-weight: bold;">January 31,</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="2" style="vertical-align: top; border-top: 1px solid rgb(0, 0, 0);" valign="bottom">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">January 31,</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="2" style="vertical-align: top; border-top: 1px solid rgb(0, 0, 0);" valign="bottom">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">January 31,</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: 0px 0px 1px;">&#160;</td>
          <td colspan="1" style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: bottom; padding-top: 0px; padding-right: 0px; padding-left: 0px;">&#160;</td>
          <td colspan="2" style="vertical-align: top; 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;"> 2019</font></div>
          </td>
          <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>
          <td colspan="1" style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: bottom; padding-top: 0px; padding-right: 0px; padding-left: 0px;">&#160;</td>
          <td colspan="2" style="vertical-align: top; border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">2018</font></div>
          </td>
          <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>
          <td colspan="1" style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: bottom; padding-top: 0px; padding-right: 0px; padding-left: 0px;">&#160;</td>
          <td colspan="2" style="vertical-align: top; border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">2017</font></div>
          </td>
          <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>
        </tr>
        <tr>
          <td style="vertical-align: top; width: 64%;" valign="bottom">
            <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 colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
          <td colspan="1" style="text-align: 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;">78.1</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="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
          <td colspan="1" style="text-align: 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;">72.1</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="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
          <td colspan="1" style="text-align: 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;">72.6</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: 64%;" valign="bottom">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">Purchase of marketable securities</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;">-</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;">-</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;">(0.2</font></div>
          </td>
          <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>
          </td>
        </tr>
        <tr>
          <td style="vertical-align: top; width: 64%;" valign="bottom">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">Sale of marketable securities</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;">-</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;">-</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;">6.1</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: 64%;" valign="bottom">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">Additions to property and equipment</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;">(5.2</font></div>
          </td>
          <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>
          </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%;" 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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        </tr>
        <tr>
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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="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></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">
            <div><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">)</font></div>
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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;">Proceeds from borrowing on 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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          <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="vertical-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>
        <tr>
          <td style="vertical-align: top; width: 64%;" valign="bottom">
            <div style="text-align: left;"><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>
          <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></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-size: 10pt; font-family: Verdana, Geneva, sans-serif;">)</font></div>
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        <tr>
          <td style="vertical-align: top; width: 64%;" valign="bottom">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">Payment of debt issuance costs</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="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-size: 10pt; font-family: Verdana, Geneva, sans-serif;">)</font></div>
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          <td style="vertical-align: top; width: 64%;" valign="bottom">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">Issuance of common shares, net of issuance costs</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;">0.3</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;">1.0</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>
        </tr>
        <tr>
          <td style="vertical-align: top; width: 64%;" valign="bottom">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">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-size: 10pt; font-family: Verdana, Geneva, sans-serif; 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-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;">-</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;">-</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: 64%; padding-bottom: 1px;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">Effect of foreign exchange rate on cash</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;">(1.4</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;">
            <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="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;">3.9</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;">(1.1</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;">
            <div><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">)</font></div>
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        </tr>
        <tr>
          <td style="vertical-align: top; width: 64%;" valign="bottom">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">Net change in cash</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;">(7.8</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;">(3.0</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-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;">0.9</font></div>
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        <tr>
          <td style="vertical-align: top; width: 64%; padding: 0px 0px 1px;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">Cash, beginning of period</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);">
            <div><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; font-weight: bold;">35.1</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);">
            <div><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">38.1</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;">37.2</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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          <td style="vertical-align: top; width: 64%; padding: 0px 0px 3px;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">Cash, end of period</font></div>
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          <td colspan="1" style="border-bottom: 3px 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="border-bottom: 3px double rgb(0, 0, 0); vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
          <td colspan="1" style="border-bottom: 3px double 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;">27.3</font></div>
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          <td colspan="1" style="border-bottom: 3px 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="border-bottom: 3px double rgb(0, 0, 0); vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
          <td colspan="1" style="border-bottom: 3px double rgb(0, 0, 0); vertical-align: bottom; width: 9%; text-align: right;">
            <div><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">35.1</font></div>
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          <td colspan="1" style="border-bottom: 3px 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="border-bottom: 3px double rgb(0, 0, 0); vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
          <td colspan="1" style="border-bottom: 3px double rgb(0, 0, 0); vertical-align: bottom; width: 9%; text-align: right;">
            <div><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">38.1</font></div>
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    <div><br>
    </div>
    <div style="text-align: justify;"><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; font-style: italic;">Cash provided by operating
          activities</font> was $78.1 million, $72.1 million and $72.6 million for 2019, 2018 and 2017, respectively. For 2019, the $78.1 million of cash provided by operating activities resulted from $31.3 million of net income, plus adjustments for $50.6
        million of non-cash items included in net income and less $3.8 million of cash used in changes in our operating assets and liabilities. Cash provided</font></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, Geneva, 'sans-serif'; font-size: 10pt; font-weight: normal; font-style: normal;">20</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 style="text-align: justify;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">by operating activities increased in 2019 compared to 2018 primarily due to the increase in net income adjusted for non-cash items.</font></div>
    <div><br>
    </div>
    <div style="text-align: justify;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">For 2018, the $72.1 million of cash provided by operating activities resulted from $26.9 million of net income, plus adjustments for $40.8
        million of non-cash items included in net income and plus $4.4 million of cash provided from changes in our operating assets and liabilities. For 2017, the $72.6 million of cash provided by operating activities resulted from $23.8 million of net
        income, plus adjustments for $38.7 million of non-cash items included in net income and plus $10.1 million of cash provided from changes in our operating assets and liabilities. Cash provided by operating activities decreased in 2018 compared to
        2017 primarily due to cash used for payment of retention bonuses on the MK Data acquisition partially offset by growth in net income adjusted for non-cash items.</font></div>
    <div><br>
    </div>
    <div style="text-align: justify;"><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; font-style: italic;">Purchase of marketable securities</font>
        were nil, nil and $0.2 million for 2019, 2018 and 2017, respectively.</font></div>
    <div><br>
    </div>
    <div style="text-align: justify;"><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; font-style: italic;">Sale of marketable securities</font>
        were nil, nil and $6.1 million for 2019, 2018 and 2017, respectively.</font></div>
    <div><br>
    </div>
    <div style="text-align: justify;"><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; font-style: italic;">Additions to property and
          equipment</font> were $5.2 million, $5.1 million and $4.9 million in 2019, 2018 and 2017, respectively. Additions to property and equipment increased in 2019 compared to 2018 and in 2018 compared to 2017 as a result of additional investments in
        computing equipment and software to support our network and build out our security infrastructure.</font></div>
    <div><br>
    </div>
    <div style="text-align: justify;"><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; font-style: italic;">Acquisition of subsidiaries, net
          of cash acquired</font> were $67.9 million, $111.9 million and $71.3 million in 2019, 2018 and 2017, respectively. Acquisitions in 2019 related to Aljex, Velocity Mail and PinPoint. Acquisitions in 2018 related to ShipRush, PCSTrac and
        MacroPoint. Acquisitions in 2017 related to Pixi, Appterra, 4Solutions and Datamyne.</font></div>
    <div><br>
    </div>
    <div style="text-align: justify;"><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; font-style: italic;">Proceeds from borrowing on credit
          facility </font>were $68.5 million, $80.0 million and $10.8 million in 2019, 2018 and 2017, respectively. In 2019 the borrowings on our credit facility financed the acquisitions of Aljex, Velocity Mail and PinPoint. The borrowings on our credit
        facility in 2018 partially financed our acquisition of MacroPoint. The borrowings on our credit facility in 2017 financed our acquisition of Pixi.</font></div>
    <div><br>
    </div>
    <div style="text-align: justify;"><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; font-style: italic;">Credit facility repayments</font>
        were $78.7 million, $43.0 million and $10.2 million in 2019, 2018 and 2017, respectively.</font></div>
    <div><br>
    </div>
    <div style="text-align: justify;"><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; font-style: italic;">Payment of debt issuance costs</font><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; font-weight: bold;">&#160;</font>were nil, nil and $1.0 million in 2019, 2018 and 2017, respectively, and relate to costs paid in amending the terms of our credit facility agreement.</font></div>
    <div><br>
    </div>
    <div style="text-align: justify;"><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; font-style: italic;">Issuance of common shares, net of
          issuance costs </font>were $0.3 million, $1.0 million and $0.1 million in 2019, 2018 and 2017, respectively. The $0.3 million in 2019 was a result of the exercise of employee stock options partially offset by cash used to file the new short-form
        base shelf prospectus. The $1.0 million in 2018 was a result of the exercise of employee stock options. The $0.1 million in 2017 was a result of the exercise of employee stock options partially offset by costs paid to file the short-form base shelf
        prospectus.</font></div>
    <div><br>
    </div>
    <div style="text-align: justify;"><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; font-style: italic;">Payment of contingent
          consideration</font> was $1.5 million, nil and nil in 2019, 2018 and 2017.</font></div>
    <div><br>
    </div>
    <div><br>
    </div>
    <div><br>
    </div>
    <div><br>
    </div>
    <div><br>
    </div>
    <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, Geneva, 'sans-serif'; font-size: 10pt; font-weight: normal; font-style: normal;">21</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>
    <div style="text-align: left;">
      <hr style="height: 1px; width: 50%; color: #000000; background-color: #000000; text-align: left; margin-left: 0px; margin-right: auto; border: none;" align="left" noshade="noshade"></div>
    <div style="text-align: left; font-size: 11pt;"><font style="font-family: Verdana,Geneva,sans-serif; font-weight: bold; font-variant: small-caps;">Commitments, Contingencies and Guarantees</font></div>
    <div>
      <div>
        <hr style="height: 1px; width: 50%; color: #000000; background-color: #000000; text-align: left; margin-left: 0px; margin-right: auto; border: none;" align="left" noshade="noshade"><br>
      </div>
    </div>
    <div><br>
    </div>
    <div style="text-align: justify;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; font-weight: bold; font-style: italic;">Commitments</font></div>
    <div style="text-align: justify;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">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 January 31, 2019:</font></div>
    <div><br>
    </div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse;" id="z760baa7bb41c4289b46f0ba65b2887b0" border="0" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 40%; vertical-align: top;">&#160;</td>
          <td style="width: 11.98%; vertical-align: top; border-top: #000000 1px solid; border-bottom: #000000 1px solid;">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; font-weight: bold;">Less than</font></div>
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; font-weight: bold;">1 year</font></div>
          </td>
          <td style="width: 12%; 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;">1-3 years</font></div>
          </td>
          <td style="width: 12%; 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;">4-5 years</font></div>
          </td>
          <td style="width: 12.22%; vertical-align: top; border-top: #000000 1px solid; border-bottom: #000000 1px solid;">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; font-weight: bold;">More than</font></div>
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; font-weight: bold;">&#160;5 years</font></div>
          </td>
          <td style="width: 12%; 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;">Total</font></div>
          </td>
        </tr>
        <tr>
          <td style="width: 40%; vertical-align: top;">&#160;</td>
          <td style="width: 11.98%; vertical-align: top; border-top: #000000 1px solid;">&#160;</td>
          <td style="width: 12%; vertical-align: top; border-top: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 12%; vertical-align: top; border-top: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 12.22%; vertical-align: top; border-top: #000000 1px solid;">&#160;</td>
          <td style="width: 12%; vertical-align: top; border-top: 1px solid rgb(0, 0, 0);">&#160;</td>
        </tr>
        <tr>
          <td style="width: 40%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">Debt obligations</font></div>
          </td>
          <td style="width: 11.98%; vertical-align: top;">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">-</font></div>
          </td>
          <td style="width: 12%; vertical-align: top;">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">-</font></div>
          </td>
          <td style="width: 12%; vertical-align: top;">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">25.5</font></div>
          </td>
          <td style="width: 12.22%; vertical-align: top;">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">-</font></div>
          </td>
          <td style="width: 12%; vertical-align: top;">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; font-weight: bold;">25.5</font></div>
          </td>
        </tr>
        <tr>
          <td style="width: 40%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">Operating lease obligations</font></div>
          </td>
          <td style="width: 11.98%; vertical-align: top;">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">4.6</font></div>
          </td>
          <td style="width: 12%; vertical-align: top;">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">5.0</font></div>
          </td>
          <td style="width: 12%; vertical-align: top;">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">2.5</font></div>
          </td>
          <td style="width: 12.22%; vertical-align: top;">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">1.7</font></div>
          </td>
          <td style="width: 12%; vertical-align: top;">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; font-weight: bold;">13.8</font></div>
          </td>
        </tr>
        <tr>
          <td style="vertical-align: top; width: 40%; padding-bottom: 1px;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">Capital lease obligations</font></div>
          </td>
          <td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: top; width: 11.98%;">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">0.1</font></div>
          </td>
          <td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: top; width: 12%;">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">-</font></div>
          </td>
          <td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: top; width: 12%;">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">-</font></div>
          </td>
          <td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: top; width: 12.22%;">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">-</font></div>
          </td>
          <td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: top; width: 12%;">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; font-weight: bold;">0.1</font></div>
          </td>
        </tr>
        <tr>
          <td style="vertical-align: top; width: 40%; padding-bottom: 3px;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">Total</font></div>
          </td>
          <td style="border-bottom: 3px double rgb(0, 0, 0); border-top: 1px none; vertical-align: top; width: 11.98%;">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; font-weight: bold;">4.7</font></div>
          </td>
          <td style="border-bottom: 3px double rgb(0, 0, 0); border-top: 1px none; vertical-align: top; width: 12%;">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; font-weight: bold;">5.0</font></div>
          </td>
          <td style="border-bottom: 3px double rgb(0, 0, 0); border-top: 1px none; vertical-align: top; width: 12%;">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; font-weight: bold;">28.0</font></div>
          </td>
          <td style="border-bottom: 3px double rgb(0, 0, 0); border-top: 1px none; vertical-align: top; width: 12.22%;">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; font-weight: bold;">1.7</font></div>
          </td>
          <td style="border-bottom: 3px double rgb(0, 0, 0); border-top: 1px none; vertical-align: top; width: 12%;">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; font-weight: bold;">39.4</font></div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <div style="text-align: justify;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;"><u>Debt Obligations</u></font></font></div>
    <div style="text-align: justify;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">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="text-align: justify;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;"><u>Lease Obligations</u></font></font></div>
    <div style="text-align: justify;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">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-size: 10pt; font-family: Verdana, Geneva, sans-serif;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;"><u>Other Obligations</u></font></font></div>
    <div style="text-align: left;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; 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-size: 10pt; font-family: Verdana, Geneva, sans-serif;">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, 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 $0.8 million and nil, respectively, at January 31, 2019. 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 January 31, 2019, we had equity derivatives for 273,000 Descartes common shares and a DSU liability for <font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; color: #000000;">277,390 Descartes common shares,
          resulting in minimal net exposure</font>&#160;<font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; color: #000000;">resulting from changes to our share price</font>.</font></div>
    <div><br>
    </div>
    <div style="text-align: left;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; font-weight: bold; font-style: italic;">Contingencies</font></div>
    <div style="text-align: justify;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">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-size: 10pt; font-family: Verdana, Geneva, sans-serif;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;"><u>Product Warranties</u></font></font></div>
    <div style="text-align: justify;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">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><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, Geneva, 'sans-serif'; font-size: 10pt; font-weight: normal; font-style: normal;">22</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 style="text-align: justify;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;"><u>Business combination agreements</u></font></font></div>
    <div style="text-align: justify;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">In respect of our acquisitions of Appterra, ShipRush and PinPoint, up to $3.8 million in cash may become payable if certain revenue performance
        targets are met in the two years following the acquisition. A balance of $2.2 million is accrued related to the fair value of this contingent consideration as at January 31, 2019.</font></div>
    <div><br>
    </div>
    <div style="text-align: left;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; font-weight: bold; font-style: italic;">Guarantees</font></div>
    <div style="text-align: justify;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">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-size: 10pt; font-family: Verdana, Geneva, sans-serif;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;"><u>Intellectual property indemnification obligations</u></font></font></div>
    <div style="text-align: justify;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">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-size: 10pt; font-family: Verdana, Geneva, sans-serif;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;"><u>Other indemnification agreements</u></font></font></div>
    <div style="text-align: justify;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">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-size: 10pt; font-family: Verdana, Geneva, sans-serif;">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>
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    <div style="text-align: left; font-size: 11pt;"><font style="font-family: Verdana,Geneva,sans-serif; font-weight: bold; font-variant: small-caps;">Outstanding Share Data</font></div>
    <div>
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    <div><br>
    </div>
    <div style="text-align: justify;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">We have an unlimited number of common shares authorized for issuance. As of March 6, 2019, we had 77,161,346 common shares issued and
        outstanding.</font></div>
    <div><br>
    </div>
    <div style="text-align: justify;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">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 March 6, 2019, there were 879,338 options issued and outstanding, and 4,005,138 remaining available for grant under all stock option plans.</font></div>
    <div><br>
    </div>
    <div style="text-align: justify;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">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><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, Geneva, 'sans-serif'; font-size: 10pt; font-weight: normal; font-style: normal;">23</font></div>
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    <div style="text-align: justify;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">As of March 6, 2019, there were 576,145 performance share units (&#8220;PSUs&#8221;) and 337,066 restricted share units (&#8220;RSUs&#8221;) issued and outstanding, and
        1,419,461 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-size: 10pt; font-family: Verdana, Geneva, sans-serif;">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>
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    <div style="text-align: left; font-size: 11pt;"><font style="font-family: Verdana,Geneva,sans-serif; font-weight: bold; font-variant: small-caps;">Application of Critical Accounting Policies</font></div>
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    </div>
    <div style="text-align: justify;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">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 operations. Our significant
        accounting policies are discussed in Note 2 to the audited consolidated financial statements for 2019 included in our 2019 Annual Report.</font></div>
    <div><br>
    </div>
    <div style="text-align: justify;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">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-size: 10pt; font-family: Verdana, Geneva, sans-serif;">The following discusses the critical accounting estimates and assumptions that management has made under these policies and how they affect the
        amounts reported in the fiscal 2019 consolidated financial statements:</font></div>
    <div><br>
    </div>
    <div style="text-align: justify;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; font-weight: bold; font-style: italic;">Revenue recognition</font></div>
    <div style="text-align: justify;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">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-size: 10pt; font-family: Verdana, Geneva, sans-serif;">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-size: 10pt; font-family: Verdana, Geneva, sans-serif;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;"><u>License</u></font></font></div>
    <div style="text-align: justify;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">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</font></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, Geneva, 'sans-serif'; font-size: 10pt; font-weight: normal; font-style: normal;">24</font></div>
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    <div style="text-align: justify;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">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-size: 10pt; font-family: Verdana, Geneva, sans-serif;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;"><u>Services</u></font></font></div>
    <div style="text-align: justify;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">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-size: 10pt; font-family: Verdana, Geneva, sans-serif;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;"><u>Professional Services &amp; Other</u></font></font></div>
    <div style="text-align: justify;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">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-size: 10pt; font-family: Verdana, Geneva, sans-serif; font-weight: bold; font-style: italic;">Costs to Obtain a Contract with a Customer</font></div>
    <div style="text-align: justify;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">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 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-size: 10pt; font-family: Verdana, Geneva, sans-serif; font-weight: bold; font-style: italic;">Contract Assets and Liabilities</font></div>
    <div style="text-align: justify;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; 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-size: 10pt; font-family: Verdana, Geneva, sans-serif; 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>
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    </div>
    <div style="text-align: justify;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; font-weight: bold; font-style: italic;">Significant Judgments</font></div>
    <div style="text-align: justify;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">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</font></div>
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    </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, Geneva, 'sans-serif'; font-size: 10pt; font-weight: normal; font-style: normal;">25</font></div>
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    <div style="text-align: justify;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">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-size: 10pt; font-family: Verdana, Geneva, sans-serif;">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>
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    </div>
    <div style="text-align: justify;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; font-weight: bold; font-style: italic;">Impairment of long-lived assets</font></div>
    <div style="text-align: justify;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">We test long-lived assets or asset groups, such as property and equipment and finite life intangible assets, for recoverability when events or
        changes in circumstances indicate that there may be impairment. An impairment loss is recognized when the estimate of undiscounted future cash flows generated by such asset or asset groups is less than the carrying amount. Measurement of the
        impairment loss is based on the present value of the expected future cash flows. Our impairment analysis contains estimates due to the inherent uncertainty relating to forecasting long-term estimated cash flows and determining the ultimate useful
        lives of asset or asset groups. Actual results will differ, which could materially impact our impairment assessment.</font></div>
    <div><br>
    </div>
    <div style="text-align: justify;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; font-weight: bold; font-style: italic;">Goodwill</font></div>
    <div style="text-align: justify;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">We test for impairment of goodwill at least annually on October 31st of each year and at any other time if any event occurs or circumstances
        change that would more likely than not reduce our fair value below our carrying amount. Our operations are analyzed by management and our chief operating decision maker as being part of a single industry segment providing logistics technology
        solutions. Accordingly, our goodwill impairment assessment is based on the allocation of goodwill to a single reporting unit.</font></div>
    <div><br>
    </div>
    <div style="text-align: justify;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">We will perform further quarterly analysis of whether any event has occurred that would more likely than not reduce our fair value below our
        carrying amounts and, if so, we will perform a goodwill impairment test between the annual dates. Any future impairment adjustment will be recognized as an expense in the period that the adjustment is identified.</font></div>
    <div><br>
    </div>
    <div style="text-align: justify;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">Application of the goodwill impairment test requires judgment, including the identification of reporting units, assigning assets and liabilities
        to reporting units, assigning goodwill to reporting units, assessing qualitative factors and determining the fair value of each reporting unit. Significant judgments are required to estimate the fair value of reporting units and include estimating
        future cash flows, determining appropriate discount rates and other assumptions. Changes in these estimates and assumptions could materially affect the determination of fair value and/or goodwill impairment for each reporting unit.</font></div>
    <div><br>
    </div>
    <div style="text-align: justify;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; font-weight: bold; font-style: italic;">Stock-based compensation plans</font></div>
    <div style="text-align: justify;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; color: #000000;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;"><u>Stock Options</u></font></font></div>
    <div style="text-align: justify;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">We maintain stock option plans for non-employee directors, officers, employees and other service providers. Options to purchase our common shares
        are granted at an exercise price equal to the fair market value of our common shares as of the date of grant. This fair market value is determined using the closing price of our common shares on the TSX on the day immediately preceding the date of
        the grant.</font></div>
    <div><br>
    </div>
    <div style="text-align: justify;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">Employee stock options generally vest over a five-year period starting from the grant date and expire seven years from the grant date.
        Non-employee directors&#8217; and officers&#8217; stock options generally have quarterly vesting over a three to five-year period.</font></div>
    <div><br>
    </div>
    <div style="text-align: justify;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">The fair value of employee stock option grants that are ultimately expected to vest are amortized to expense in our consolidated statement of
        operations based on the straight-line attribution method. The fair value of stock option grants is calculated using the Black-Scholes Merton option-pricing model.</font></div>
    <div><br>
    </div>
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      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-family: Verdana, Geneva, 'sans-serif'; font-size: 10pt; font-weight: normal; font-style: normal;">26</font></div>
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    <div style="text-align: justify;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">Expected volatility is based on historical volatility of our common stock and other factors. The risk-free interest rates are based on Government
        of Canada average bond yields for a period consistent with the expected life of the option in effect at the time of the grant. The expected option life is based on the historical life of our granted options and other factors.</font></div>
    <div><br>
    </div>
    <div style="text-align: justify;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; color: #000000;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;"><u>Performance &amp; Restricted Share Units</u></font></font></div>
    <div style="text-align: justify;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">PSUs are measured at fair value estimated using a Monte Carlo Simulation approach and will be expensed to stock-based compensation expense over
        the vesting period. The ultimate number of PSUs that vest is based on the total shareholder return (&#8220;TSR&#8221;) of our Company relative to the TSR of companies comprising a peer index group. TSR is calculated based on the weighted-average closing price
        of shares for the five trading days preceding the beginning and end of the performance period. Expected volatility is based on historical volatility of our common stock and other factors. The risk-free interest rates are based on the Government of
        Canada average bond yields for a period consistent with the expected life of the PSUs at the time of the grant. The expected PSU life is based on the historical life of our stock options and other factors.</font></div>
    <div><br>
    </div>
    <div style="text-align: justify;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">RSUs vest annually over a three-year period starting from the grant date and expire ten years from the grant date. We issue new shares from
        treasury upon the redemption of an RSU. RSUs are measured at fair value based on the closing price of our common shares for the day preceding the date of the grant and will be expensed to stock-based compensation expense over the vesting period.</font></div>
    <div><br>
    </div>
    <div style="text-align: justify;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; color: #000000;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;"><u>Deferred Share Unit Plan</u></font></font></div>
    <div style="text-align: justify;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">Our board of directors adopted a deferred share unit plan effective as of June 28, 2004, pursuant to which non-employee directors are eligible to
        receive grants of deferred share units, each of which has an initial value equal to the weighted-average closing price of our common shares for the five trading days preceding the grant date. The plan allows each director to choose to receive, in
        the form of DSUs, all, none or a percentage of the eligible director&#8217;s fees which would otherwise be payable in cash. If a director has invested less than the minimum amount of equity in Descartes, as prescribed from time to time by the board of
        directors, then the director must take at least 50% of the base annual fee for serving as a director in the form of DSUs. Each DSU fully vests upon award but is distributed only when the director ceases to be a member of the board of directors.
        Vested units are settled in cash based on our common share price when conversion takes place. Fair value of the liability is based on the closing price of our common shares at the balance sheet date.</font></div>
    <div><br>
    </div>
    <div style="text-align: justify;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; color: #000000;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;"><u>Cash-Settled Restricted Share Unit Plan</u></font></font></div>
    <div style="text-align: justify;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">Our board of directors adopted a cash-settled restricted share unit plan effective as of May 23, 2007, pursuant to which certain of our employees
        and non-employee directors are eligible to receive grants of CRSUs, each of which has an initial value equal to the weighted-average closing price of our common shares for the five trading days preceding the date of the grant. The CRSUs generally
        vest based on continued employment and have annual vesting over three to five-year periods. Vested units are settled in cash based on our common share price when conversion takes place, which is within 30 days following a vesting date and in any
        event prior to December 31st of the calendar year in which a vesting date occurs. Fair value of the liability is based on the closing price of our common shares at the balance sheet date.</font></div>
    <div><br>
    </div>
    <div style="text-align: justify;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; font-weight: bold; font-style: italic; color: #000000;">Income Taxes</font></div>
    <div style="text-align: justify;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">We have provided for income taxes based on information that is currently available to us. Tax filings are subject to audits, which could
        materially change the amount of deferred income tax assets and liabilities. We record deferred tax assets on our consolidated balance sheet for tax benefits that we currently expect to realize in future periods. Over recent years, we have
        determined that there was sufficient positive evidence such that it was more likely than not that we would utilize all or a portion of deferred tax assets in certain jurisdictions, to offset taxable income in future periods.&#160;This positive evidence
        included that we have earned cumulative income, after permanent differences, in each of these jurisdictions in at least the current and two preceding tax years. As such, over recent years, we have reduced our valuation allowances by amounts which
        represent the amount of tax loss carry forwards that we project will be used</font></div>
    <div><br>
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      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-family: Verdana, Geneva, 'sans-serif'; font-size: 10pt; font-weight: normal; font-style: normal;">27</font></div>
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    <div style="text-align: justify;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">to offset taxable income in these jurisdictions over the foreseeable future. In making the projection for the period, we made certain
        assumptions, including the following: (i) that there will be continued customer migration from technology platforms owned by foreign jurisdictions to a technology platform owned by another entity in our corporate group; and (ii) that tax rates in
        these jurisdictions will be consistent over the period of projection. Any further change to increase or decrease the valuation allowance for the deferred tax assets would result in an income tax expense or income tax recovery, respectively, on the
        consolidated statements of operations.</font></div>
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    </div>
    <div style="text-align: justify;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; font-weight: bold; font-style: italic; color: #000000;">Business Combinations</font></div>
    <div style="text-align: justify;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">In connection with business acquisitions that we have completed, we identify and estimate the fair value of net assets acquired, including
        certain identifiable intangible assets (other than goodwill) and liabilities assumed in the acquisitions. Any excess of the purchase price over the estimated fair value of the net assets acquired is assigned to goodwill. Intangible assets include
        customer agreements and relationships, non-compete covenants, existing technologies and trade names. Our initial allocation of purchase price is generally preliminary in nature and may not be final for up to one year from the date of acquisition.
        Changes to the estimates and assumptions used in determining our purchase price allocation may result in material differences depending on the size of the acquisition completed.</font></div>
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    <div style="text-align: left; font-size: 11pt;"><font style="font-family: Verdana,Geneva,sans-serif; font-weight: bold; font-variant: small-caps;">Change In / Initial Adoption of Accounting Policies</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; font-style: italic; color: #000000;">Recently adopted accounting pronouncements</font></div>
    <div style="text-align: justify;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">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-size: 10pt; font-family: Verdana, Geneva, sans-serif;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;"><u>Term-based licenses</u></font></font></div>
    <div style="text-align: justify; margin-left: 36pt;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">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>
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    <div style="text-align: justify; text-indent: 36pt;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;"><u>Costs to obtain a contract</u></font></font></div>
    <div style="text-align: justify; margin-left: 36pt;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">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-size: 10pt; font-family: Verdana, Geneva, sans-serif;">The adoption of ASC 606 resulted in an increase to contract assets of $0.5 million, an increase to other</font></div>
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    <div style="text-align: justify;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">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-size: 10pt; font-family: Verdana, Geneva, sans-serif;">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-size: 10pt; font-family: Verdana, Geneva, sans-serif;">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-size: 10pt; font-family: Verdana, Geneva, sans-serif;">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-size: 10pt; font-family: Verdana, Geneva, sans-serif;">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-size: 10pt; font-family: Verdana, Geneva, sans-serif; font-weight: bold; font-style: italic;">Recently issued accounting pronouncements</font></div>
    <div style="text-align: justify;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">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 most leases previously
        classified as operating leases under ASC Topic 840. Leases will continue to be classified as either operating or finance. 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 a modified retrospective method approach in the first quarter of fiscal 2020 and will not restate comparative periods.</font></div>
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    <div style="text-align: justify;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">We have an established 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. The team has been responsible for 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 addition, this team is assisting in the</font></div>
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    <div style="text-align: justify;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">implementation of changes to our business processes, systems and controls in order to support recognition and disclosure under the new standard.</font></div>
    <div><br>
    </div>
    <div style="text-align: justify;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">As permitted under Topic 842, we will carry forward our current assessments of whether a contract contains a lease, lease classification,
        remaining lease terms and amounts capitalized as initial direct costs. While we are continuing to assess all potential impacts of the new standard, we anticipate that the initial application of the new standard will have a material impact on our
        consolidated balance sheet. We currently estimate that at February 1, 2019 we will recognize right-of-use assets and lease liabilities of approximately $10.5 to $11.5 million. Following transition, we anticipate that the standard will not have a
        material impact on either our consolidated statement of operations or our consolidated statement of cash flows.</font></div>
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    </div>
    <div style="text-align: justify;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">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>
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    </div>
    <div style="text-align: justify;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">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>
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    </div>
    <div style="text-align: justify;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">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 aligns 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-size: 10pt; font-family: Verdana, Geneva, sans-serif;">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>
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    <div style="text-align: left; font-size: 11pt;"><font style="font-family: Verdana,Geneva,sans-serif; font-weight: bold; font-variant: small-caps;">Controls and Procedures</font></div>
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    <div style="text-align: justify;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">Under the supervision and with the participation of our management, including our Chief Executive Officer and Chief Financial Officer, management
        evaluated our disclosure controls and procedures (as defined in National Instrument 52-109 Certification of Disclosure in Issuers&#8217; Annual and Interim Filings) as of January 31, 2019. Based upon that evaluation, our Chief Executive Officer and Chief
        Financial Officer concluded that our disclosure controls and procedures were effective.</font></div>
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    <div style="text-align: justify;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">Under the supervision and with the participation of our management, including our Chief Executive Officer and Chief Financial Officer, management
        assessed the effectiveness of our internal control over financial reporting (as defined in National Instrument 52-109 Certification of Disclosure in Issuers&#8217; Annual and Interim Filings) as of January 31, 2019, based on criteria established in
        &#8220;Internal Control &#8211; Integrated Framework&#8221; (2013), issued by the Committee of Sponsoring Organizations of the Treadway Commission. Based on the assessment, our Chief Executive Officer and Chief Financial Officer concluded that, as of January 31,
        2019, our internal control over financial reporting was effective.</font></div>
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    <div style="text-align: justify;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">During the period beginning on November 1, 2018 and ended on January 31, 2019, 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>
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    <div style="text-align: left; font-size: 11pt;"><font style="font-family: Verdana,Geneva,sans-serif; font-weight: bold; font-variant: small-caps;">Trends / Business Outlook</font></div>
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    <div style="text-align: justify;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">This section discusses our outlook for fiscal 2020 and in general as of the date of this MD&amp;A and contains forward-looking statements.</font></div>
    <div><br>
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    <div style="text-align: justify;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">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>
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    </div>
    <div style="text-align: justify;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">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-size: 10pt; font-family: Verdana, Geneva, sans-serif;">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 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>
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    <div style="text-align: justify;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">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>
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    <div style="text-align: justify;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">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 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 2020 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>
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    </div>
    <div style="text-align: justify;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">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 2020, 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-size: 10pt; font-family: Verdana, Geneva, sans-serif;">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-size: 10pt; font-family: Verdana, Geneva, sans-serif; color: #000000;">We define our &#8220;baseline revenues,&#8221; </font>a non-GAAP financial measure, <font style="font-size: 10pt;
          font-family: Verdana, Geneva, sans-serif; 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-size: 10pt; font-family: Verdana, Geneva,
          sans-serif; 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 be comparable to similarly-titled metrics used by other companies and are not a replacement or proxy for any GAAP measure. At February 12, 2019, using foreign exchange rates of $0.75 to
        CAD $1.00, $1.13 to EUR 1.00 and $1.34 to &#163;1.00, we estimated that our baseline revenues for the first quarter of 2020 are approximately $74.0 million and our baseline operating expenses are approximately $51.8 million. We consider this to be our
        baseline calibration of approximately $22.2 million for the first quarter of 2020, or approximately 30% of our baseline revenues as at February 12, 2019.</font></div>
    <div><br>
    </div>
    <div style="text-align: justify;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">We estimate that aggregate amortization expense for existing intangible assets will be $38.8 million for 2020, $35.3 million for 2021, $31.1
        million for 2022, $23.7 million for 2023, $12.3 million for 2024 and $35.0 million thereafter. Expected future amortization expense is based on the level of existing intangibles at January 31, 2019, 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 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, Geneva, 'sans-serif'; font-size: 10pt; font-weight: normal; font-style: normal;">32</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 style="text-align: justify;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">We anticipate that stock-based compensation expense for fiscal 2020 for grants outstanding as at January 31, 2019 will be approximately $2.8 to
        $3.0 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-size: 10pt; font-family: Verdana, Geneva, sans-serif; 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><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; 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-size: 10pt; font-family: Verdana, Geneva, sans-serif;">In fiscal 2019, capital expenditures were $5.2 million or 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 $6.0 to $8.0 million in capital expenditures in fiscal 2020 primarily related to investments in our network and security infrastructure.</font></div>
    <div><br>
    </div>
    <div style="text-align: justify;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; 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,
        69% of our revenues in the fourth quarter of fiscal 2019 were in US dollars, 15% in euro, 7% in Canadian dollars, 3% in British pound sterling, and the balance in mixed currencies, while 49% of our operating expenses were in US dollars, 17% in
        euro, 20% in Canadian dollars, 3% in British pound sterling, and the balance in mixed currencies.</font></div>
    <div><br>
    </div>
    <div style="text-align: justify;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">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 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-size: 10pt; font-family: Verdana, Geneva, sans-serif;">We anticipate that our effective tax rate will be approximately 23% to 26% in fiscal 2020.</font></div>
    <div><br>
    </div>
    <div style="text-align: justify;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">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-size:
          10pt; font-family: Verdana, Geneva, sans-serif; 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 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, Geneva, 'sans-serif'; font-size: 10pt; font-weight: normal; font-style: normal;">33</font></div>
      <div id="DSPFPageBreak" style="page-break-after: always;">
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    </div>
    <div style="text-align: justify;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">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>
      <div>
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    </div>
    <div style="text-align: left; font-size: 11pt;"><font style="font-family: Verdana,Geneva,sans-serif; font-weight: bold; font-variant: small-caps;">Certain Factors That May Affect Future Results</font></div>
    <div>
      <div>
        <hr style="height: 1px; width: 50%; color: #000000; background-color: #000000; text-align: left; margin-left: 0px; margin-right: auto; border: none;" align="left" noshade="noshade"></div>
    </div>
    <div><br>
    </div>
    <div style="text-align: justify;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; 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-size: 10pt; font-family: Verdana, Geneva, sans-serif; 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-size: 10pt; font-family: Verdana, Geneva, sans-serif; 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-size: 10pt; font-family: Verdana, Geneva, sans-serif;">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>
        <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z26792a46ab684f9c8c5189e6f1920ce5" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 18pt; vertical-align: top; align: right;">&#8226;</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">Challenges identifying suitable businesses to buy and negotiating the acquisition of those businesses on acceptable terms;</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="zfb6c7e76c00b4e1b984f2a50cef4ff42" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 18pt; vertical-align: top; align: right;">&#8226;</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">Challenges completing the acquisitions within our expected time frames and budgets;</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="z9f002a67135248959af8be08c78d0913" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 18pt; vertical-align: top; align: right;">&#8226;</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">Challenges in integrating acquired businesses with our business;</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="z3efab8cc991d4331824076fd29ff7ae5" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 18pt; vertical-align: top; align: right;">&#8226;</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">Loss of customers of the acquired business;</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="z8ea2f6afa8874022b7c2e12048b9f0bb" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 18pt; vertical-align: top; align: right;">&#8226;</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">Loss of key personnel from the acquired business, such as former executive officers or key technical personnel;</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="zea26a13a7d60422eb919888dfef93c47" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 18pt; vertical-align: top; align: right;">&#8226;</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">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="z6ab23d938acb4f278183fa33ca5b6218" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 18pt; vertical-align: top; align: right;">&#8226;</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">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>
            </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="z7702e47e682849c0b5daf7212bf54db0" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 18pt; vertical-align: top; align: right;">&#8226;</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">Difficulties in gaining necessary approvals in international markets to expand acquired businesses as contemplated;</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="zdd9b9c6d14244dba8a5fe1f8a7210371" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 18pt; vertical-align: top; align: right;">&#8226;</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">Our inability to obtain or maintain necessary security clearances to provide international shipment management services;</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="z6878eef6e6e14cada2a5d6089c35159f" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 18pt; vertical-align: top; align: right;">&#8226;</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">Our failure to make appropriate capital investments in infrastructure to facilitate growth; 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="z68940ec4340b4587a0ecb6271d3c02ae" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 18pt; vertical-align: top; align: right;">&#8226;</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">Other risk factors identified in this report.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div><br>
    </div>
    <div style="text-align: justify;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">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-size: 10pt; font-family: Verdana, Geneva, sans-serif; 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-size: 10pt; font-family: Verdana, Geneva, sans-serif;">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 2020 we acquired Visual Compliance. 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&#8217;re 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</font></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, Geneva, 'sans-serif'; font-size: 10pt; font-weight: normal; font-style: normal;">34</font></div>
      <div id="DSPFPageBreak" style="page-break-after: always;">
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    </div>
    <div style="text-align: justify;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">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-size: 10pt; font-family: Verdana, Geneva, sans-serif;">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-size: 10pt; font-family: Verdana, Geneva, sans-serif; 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-size: 10pt; font-family: Verdana, Geneva, sans-serif;">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 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>
        <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zf968aef9fe1a4384b61be3935cb22910" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 18pt;"><br>
              </td>
              <td style="width: 36pt; 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;">System or network failure;</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="z336a2ae251fd4bff93fc7d8c8ed00fec" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 18pt;"><br>
              </td>
              <td style="width: 36pt; 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;">Software errors, failures and crashes;</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="z0ec83972f72440788e1ffeebe49f11ee" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 18pt;"><br>
              </td>
              <td style="width: 36pt; 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;">Interruption in the supply of power;</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="z88661e5c26c9427f94fe72b8e488b6a3" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 18pt;"><br>
              </td>
              <td style="width: 36pt; 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;">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="z619c707a1a774bf890bd64825abaebdd" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 18pt;"><br>
              </td>
              <td style="width: 36pt; 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;">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="zf70b6cfcc779431ebeae4925d377a59d" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 18pt;"><br>
              </td>
              <td style="width: 36pt; 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;">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="z13caa86d8ece4f48b6856c3f59cd15b8" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 18pt;"><br>
              </td>
              <td style="width: 36pt; 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;">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="z99bb7b8b3653478eaba9b276792ddfeb" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 18pt;"><br>
              </td>
              <td style="width: 36pt; 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;">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="z5c96b3b060024251b10eaf6bc7135402" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 18pt;"><br>
              </td>
              <td style="width: 36pt; 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;">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-size: 10pt; font-family: Verdana, Geneva, sans-serif;">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-size: 10pt; font-family: Verdana, Geneva, sans-serif;">Some jurisdictions have enacted laws requiring companies to notify individuals of data security breaches</font></div>
    <div style="text-align: justify;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">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</font></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, Geneva, 'sans-serif'; font-size: 10pt; font-weight: normal; font-style: normal;">35</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 style="text-align: justify;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">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-size: 10pt; font-family: Verdana, Geneva, sans-serif;">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-size: 10pt; font-family: Verdana, Geneva, sans-serif; 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-size: 10pt; font-family: Verdana, Geneva, sans-serif;">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-size: 10pt; font-family: Verdana, Geneva, sans-serif;">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 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-size: 10pt; font-family: Verdana, Geneva, sans-serif; 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-size: 10pt; font-family: Verdana, Geneva, sans-serif;">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 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, Geneva, 'sans-serif'; font-size: 10pt; font-weight: normal; font-style: normal;">36</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 style="text-align: justify;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">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-size: 10pt; font-family: Verdana, Geneva, sans-serif;">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-size: 10pt; font-family: Verdana, Geneva, sans-serif; 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-size: 10pt; font-family: Verdana, Geneva, sans-serif;">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-size: 10pt; font-family: Verdana, Geneva, sans-serif; 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-size: 10pt; font-family: Verdana, Geneva, sans-serif;">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 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-size: 10pt; font-family: Verdana, Geneva, sans-serif;">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="z117cb7afaad54debb33a51f7a988b15e" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 18pt; vertical-align: top; align: right;">&#8226;</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">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="z57df30d41a8e44e5967eb9d5502506cf" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 18pt; vertical-align: top; align: right;">&#8226;</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">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="ze62edd9d7aa44f8991e705c0c5ccd0ae" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 18pt; vertical-align: top; align: right;">&#8226;</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">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="zc1ff71b71acb441399c9d2a81a7a3d77" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 18pt; vertical-align: top; align: right;">&#8226;</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">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="z7e01dadb04c440f6a45a4e79d43c0fd4" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 18pt; vertical-align: top; align: right;">&#8226;</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">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="ze5325bf5b7ea413b867a961abdbca8c7" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 18pt; vertical-align: top; align: right;">&#8226;</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">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="zbc12fdb3e5ea4cf9ae28bf4c8dfaa1df" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 18pt; vertical-align: top; align: right;">&#8226;</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">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="z886b5d1cbc02426a9c35bfaa9b1a6184" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 18pt; vertical-align: top; align: right;">&#8226;</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">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="z78a43b24185b424a8268a11164e58ffb" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 18pt; vertical-align: top; align: right;">&#8226;</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">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="z8bcb8ae4fbca4ee692c287d308b2fc4c" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 18pt; vertical-align: top; align: right;">&#8226;</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">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="z35c1d43355484b93b97b6bab4cb2da9b" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 18pt; vertical-align: top; align: right;">&#8226;</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">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-size: 10pt; font-family: Verdana, Geneva, sans-serif;">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,</font></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, Geneva, 'sans-serif'; font-size: 10pt; font-weight: normal; font-style: normal;">37</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 style="text-align: justify;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">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-size: 10pt; font-family: Verdana, Geneva, sans-serif; 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-size: 10pt; font-family: Verdana, Geneva, sans-serif;">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-size: 10pt; font-family: Verdana, Geneva, sans-serif;">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-size: 10pt; font-family: Verdana, Geneva, sans-serif; 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-size: 10pt; font-family: Verdana, Geneva, sans-serif;">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>
    <div><br>
    </div>
    <div style="text-align: justify;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; 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-size: 10pt; font-family: Verdana, Geneva, sans-serif;">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 Brexit or the ratification of the Canada-United States-Mexico 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-size: 10pt; font-family: Verdana, Geneva, sans-serif; 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-size: 10pt; font-family: Verdana, Geneva, sans-serif;">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</font></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, Geneva, 'sans-serif'; font-size: 10pt; font-weight: normal; font-style: normal;">38</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 style="text-align: justify;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">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-size: 10pt; font-family: Verdana, Geneva, sans-serif; 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-size: 10pt; font-family: Verdana, Geneva, sans-serif;">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 repay existing debt, 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>
    <div><br>
    </div>
    <div style="text-align: justify;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; 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-size: 10pt; font-family: Verdana, Geneva, sans-serif;">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-size: 10pt; font-family: Verdana, Geneva, sans-serif; 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-size: 10pt; font-family: Verdana, Geneva, sans-serif;">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-size: 10pt; font-family: Verdana, Geneva, sans-serif;">&#160;</font></div>
    <div style="text-align: justify;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">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</font></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, Geneva, 'sans-serif'; font-size: 10pt; font-weight: normal; font-style: normal;">39</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 style="text-align: justify;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">the tax returns are filed and the global tax implications are known. Our estimate of the potential outcome 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-size: 10pt; font-family: Verdana, Geneva, sans-serif; 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-size: 10pt; font-family: Verdana, Geneva, sans-serif;">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>
        <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z806f3d0fb6aa4cdeaa4762af93ff8759" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 18pt; vertical-align: top; align: right;">&#8226;</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">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="z0b5ad778fdab41bca474e5829208e174" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 18pt; vertical-align: top; align: right;">&#8226;</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">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="zc3751b26881f422aa2c0c17c87b1abb4" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 18pt; vertical-align: top; align: right;">&#8226;</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">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>
        <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z7e3d25d7e12f4380aa2926ca5b98a78f" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 18pt; vertical-align: top; align: right;">&#8226;</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">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="za9a4dcdcc99c4046b02402d9fd0f4ea6" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 18pt; vertical-align: top; align: right;">&#8226;</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">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>
            </tr>

        </table>
      </div>
    </div>
    <div><br>
    </div>
    <div style="text-align: justify;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">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-size: 10pt; font-family: Verdana, Geneva, sans-serif;">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-size: 10pt; font-family: Verdana, Geneva, sans-serif; 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-size: 10pt; font-family: Verdana, Geneva, sans-serif;">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>
        <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z8a5aca851f0d4c6182af82507e5336df" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 18pt; vertical-align: top; align: right;">&#8226;</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">Longer collection time from foreign clients, particularly in the EMEA region and the Asia Pacific region;</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="z1142fad4f932487e9843b29edfa48e07" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 18pt; vertical-align: top; align: right;">&#8226;</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">Difficulty in repatriating cash from certain foreign 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="zcaa424a2be914e64860b19bcc9f3e4b2" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 18pt; vertical-align: top; align: right;">&#8226;</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">Language barriers, conflicting international business practices, and other difficulties related to the management and administration of a global business;</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="z6cc8616a63a54a348537c8a2e1948d59" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 18pt; vertical-align: top; align: right;">&#8226;</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">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="z13b028c210fe4c888a86311b8c38c00e" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 18pt; vertical-align: top; align: right;">&#8226;</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">Difficulties and costs of staffing and managing geographically disparate direct and indirect 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="z07a4d8b9706342e7b184bf0532598fb6" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 18pt; vertical-align: top; align: right;">&#8226;</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">Volatility or fluctuations in foreign currency and tariff rates;</font></div>
              </td>
            </tr>

        </table>
      </div>
    </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, Geneva, 'sans-serif'; font-size: 10pt; font-weight: normal; font-style: normal;">40</font></div>
      <div id="DSPFPageBreak" style="page-break-after: always;">
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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="zb13c265e2ae64a1cb78c9e79185c8086" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 18pt; vertical-align: top; align: right;">&#8226;</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">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="z20934e87c5944da0834311b25687192f" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 18pt; vertical-align: top; align: right;">&#8226;</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">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="z16c6f32b0efe4d849cb46fc44b7123a2" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 18pt; vertical-align: top; align: right;">&#8226;</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">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="z8036282a76584646be99f1c727f6edf8" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 18pt; vertical-align: top; align: right;">&#8226;</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">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="zae6e2ed012d241f98b86c4571003cf68" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 18pt; vertical-align: top; align: right;">&#8226;</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">The need to consider characteristics unique to technology systems used internationally;</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="zf1beee9c3c1d44d088c1ce389573c859" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 18pt; vertical-align: top; align: right;">&#8226;</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">Economic or political instability in some markets; 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="z5b34232fb2644aa59492d88382a94071" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 18pt; vertical-align: top; align: right;">&#8226;</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">Other risk factors set out herein.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div><br>
    </div>
    <div style="text-align: justify;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; 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-size: 10pt; font-family: Verdana, Geneva, sans-serif;">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-size: 10pt; font-family: Verdana, Geneva, sans-serif; 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-size: 10pt; font-family: Verdana, Geneva, sans-serif;">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-size: 10pt; font-family: Verdana, Geneva, sans-serif; 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-size: 10pt; font-family: Verdana, Geneva, sans-serif;">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>
    <div><br>
    </div>
    <div style="text-align: justify;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">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><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, Geneva, 'sans-serif'; font-size: 10pt; font-weight: normal; font-style: normal;">41</font></div>
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    </div>
    <div style="text-align: justify;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; 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-size: 10pt; font-family: Verdana, Geneva, sans-serif;">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-size: 10pt; font-family: Verdana, Geneva, sans-serif;">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>
    <div><br>
    </div>
    <div style="text-align: justify;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; 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-size: 10pt; font-family: Verdana, Geneva, sans-serif;">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>
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      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-family: Verdana, Geneva, 'sans-serif'; font-size: 10pt; font-weight: normal; font-style: normal;">42</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; 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-size: 10pt; font-family: Verdana, Geneva, sans-serif;">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-size: 10pt; font-family: Verdana, Geneva, sans-serif; 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-size: 10pt; font-family: Verdana, Geneva, sans-serif;">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-size: 10pt; font-family: Verdana, Geneva, sans-serif; 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-size: 10pt; font-family: Verdana, Geneva, sans-serif;">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 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-size: 10pt; font-family: Verdana, Geneva, sans-serif; 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-size: 10pt; font-family: Verdana, Geneva, sans-serif;">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-size: 10pt; font-family: Verdana, Geneva, sans-serif;">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</font></div>
    <div><br>
    </div>
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      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-family: Verdana, Geneva, 'sans-serif'; font-size: 10pt; font-weight: normal; font-style: normal;">43</font></div>
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    <div style="text-align: justify;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">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-size: 10pt; font-family: Verdana, Geneva, sans-serif; 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-size: 10pt; font-family: Verdana, Geneva, sans-serif;">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>
        <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z84e30e55d44641d39132cb65a19002b7" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 18pt; vertical-align: top; align: right;">&#8226;</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">Volatility or fluctuations in foreign currency exchange 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="z43ebd48dc19f4c74bbab24fa894266f8" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 18pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: Symbol, 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;">Volatility or fluctuations in interest 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="z3d279bf9e2fe41e4a4170a9d1f697c14" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 18pt; vertical-align: top; align: right;">&#8226;</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">Timing of acquisitions and related costs;</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="z2bf9cc9762f7473382409f9a824dce09" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 18pt; vertical-align: top; align: right;">&#8226;</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">Timing of restructuring activities;</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="z4d5374de1e34439091de9e4025f16149" cellpadding="0" cellspacing="0">

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              </td>
              <td style="width: 18pt; vertical-align: top; align: right;">&#8226;</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">The introduction of enhanced products and services from 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="z76e5af71440b45fe8690c3c59c00ac01" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 18pt; vertical-align: top; align: right;">&#8226;</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">Our ability to introduce new products and updates to our existing products on a timely basis;</font></div>
              </td>
            </tr>

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    <div style="text-align: justify;">
      <div>
        <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zccd0649591d6497abf9fdc08e971859c" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 18pt; vertical-align: top; align: right;">&#8226;</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">The termination of any key customer contracts, whether by the customer or by us;</font></div>
              </td>
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        </table>
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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="z0c44705985b8486aa2ebc7f5083c2aa9" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 18pt; vertical-align: top; align: right;">&#8226;</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">Recognition and expensing of deferred tax 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="z7b23fd3452e64c6399b4abad84931340" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 18pt; vertical-align: top; align: right;">&#8226;</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">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="z9e3ef0921bfb46d09259202130883fec" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 18pt; vertical-align: top; align: right;">&#8226;</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">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="z31d4c683c5444174a0c90b48369d181e" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 18pt; vertical-align: top; align: right;">&#8226;</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">Fluctuations in the demand for our services and products;</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="z4cfb8c6428444c7aa66f644d7de30c31" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 18pt; vertical-align: top; align: right;">&#8226;</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">The impact of stock-based compensation expense;</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="z5c3367d9720d4f8090eac920690ec38c" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 18pt; vertical-align: top; align: right;">&#8226;</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">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="z1237940674a64b1ab42c191e41b6db30" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 18pt; vertical-align: top; align: right;">&#8226;</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">Changes in legislation and accounting standards;</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify;">
      <div>
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              </td>
              <td style="width: 18pt; vertical-align: top; align: right;">&#8226;</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">Our ability to satisfy contractual obligations in customer contracts and deliver services and products to the satisfaction of our customers; and</font></div>
              </td>
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        </table>
      </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;">&#8226;</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">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-size: 10pt; font-family: Verdana, Geneva, sans-serif;">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><br>
    </div>
    <div style="text-align: justify;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; 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-size: 10pt; font-family: Verdana, Geneva, sans-serif;">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 style="text-align: justify;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;"> <br>
      </font></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, Geneva, 'sans-serif'; font-size: 10pt; font-weight: normal; font-style: normal;">44</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; 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-size: 10pt; font-family: Verdana, Geneva, sans-serif;">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>
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              <td style="width: 18pt; vertical-align: top; align: right;">&#8226;</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">Revenue or results of operations in any quarter failing to meet the expectations, published or otherwise, of the investment community;</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="z408d92abb34b4b19ab02d9056b1bb364" cellpadding="0" cellspacing="0">

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              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 18pt; vertical-align: top; align: right;">&#8226;</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">Changes in recommendations or financial estimates by industry or investment analysts;</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
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      <div>
        <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zfbc3fa08753b44f2816a37518784449c" cellpadding="0" cellspacing="0">

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              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 18pt; vertical-align: top; align: right;">&#8226;</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">Changes in management or the composition of our board of directors;</font></div>
              </td>
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              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 18pt; vertical-align: top; align: right;">&#8226;</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">Outcomes of litigation or arbitration proceedings;</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="zd906f1fec78940c7994e5e983976c859" cellpadding="0" cellspacing="0">

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              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 18pt; vertical-align: top; align: right;">&#8226;</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">Announcements of technological innovations or acquisitions by us or by our competitors;</font></div>
              </td>
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      </div>
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    <div style="text-align: justify;">
      <div>
        <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zb633679dce6a4faeae6d0ccbe6537cd6" cellpadding="0" cellspacing="0">

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              <td style="width: 36pt;"><br>
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              <td style="width: 18pt; vertical-align: top; align: right;">&#8226;</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">Introduction of new products or significant customer wins or losses by us or by our competitors;</font></div>
              </td>
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    <div style="text-align: justify;">
      <div>
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              <td style="width: 36pt;"><br>
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              <td style="width: 18pt; vertical-align: top; align: right;">&#8226;</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">Developments with respect to our intellectual property rights or those of our competitors;</font></div>
              </td>
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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;">&#8226;</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">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="zbac5bd04a0024598a8d138b9d09101db" cellpadding="0" cellspacing="0">

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              <td style="width: 18pt; vertical-align: top; align: right;">&#8226;</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">General market conditions; and</font></div>
              </td>
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    <div style="text-align: justify;">
      <div>
        <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zc94d7a8d0e5443e387c741c062caed83" cellpadding="0" cellspacing="0">

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              <td style="width: 18pt; vertical-align: top; align: right;">&#8226;</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">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-size: 10pt; font-family: Verdana, Geneva, sans-serif;">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-size: 10pt; font-family: Verdana, Geneva, sans-serif; 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-size: 10pt; font-family: Verdana, Geneva, sans-serif;">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 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-size: 10pt; font-family: Verdana, Geneva, sans-serif; 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-size: 10pt; font-family: Verdana, Geneva, sans-serif;">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-size: 10pt; font-family: Verdana, Geneva, sans-serif;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; font-weight: bold; font-style: italic;">We have a substantial accumulated
          deficit and may incur losses in the future. </font>As at January 31, 2019, our accumulated deficit was $172.8 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><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, Geneva, 'sans-serif'; font-size: 10pt; font-weight: normal; font-style: normal;">45</font></div>
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    </div>
    <div style="text-align: left; margin-right: 216pt;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; font-weight: bold; font-variant: small-caps;">Management&#8217;s Report on Financial Statements and Internal Control Over Financial
        Reporting</font></div>
    <div>
      <div>
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    <div><br>
    </div>
    <div style="text-align: justify;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; font-style: italic;">Financial Statements</font></div>
    <div style="text-align: justify;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">Management is responsible for the accompanying consolidated financial statements and all other information in this Annual Report. These
        consolidated financial statements have been prepared in accordance with US generally accepted accounting principles (&#8220;GAAP&#8221;) and necessarily include amounts that reflect management&#8217;s judgment and best estimates. Financial information contained
        elsewhere in this Annual Report is prepared on a basis consistent with the consolidated financial statements.</font></div>
    <div><br>
    </div>
    <div style="text-align: justify;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">The Board of Directors carries out its responsibilities for the consolidated financial statements through its Audit Committee, consisting solely
        of independent directors. The Audit Committee meets with management and the independent auditors to review the consolidated financial statements and internal controls as they relate to financial reporting. The Audit Committee reports its findings
        to the Board of Directors for its consideration in approving the consolidated financial statements for issuance to shareholders.</font></div>
    <div><br>
    </div>
    <div style="text-align: justify;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; font-style: italic;">Internal Control Over Financial Reporting</font></div>
    <div style="text-align: justify;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">Management is responsible for establishing and maintaining adequate internal control over financial reporting. Internal control over financial
        reporting is a process designed by, or under the supervision of, the Chief Executive Officer and Chief Financial Officer and effected by the Board of Directors, management and other personnel to provide reasonable assurance regarding the
        reliability of financial reporting and the preparation of financial statements for external purposes in accordance with GAAP.</font></div>
    <div><br>
    </div>
    <div style="text-align: justify;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">Due to its inherent limitations, internal control over financial reporting may not prevent or detect misstatements on a timely basis.</font></div>
    <div><br>
    </div>
    <div style="text-align: justify;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">Under the supervision and with the participation of our management, including our Chief Executive Officer and Chief Financial Officer, management
        assessed the effectiveness of our internal control over financial reporting as of January 31, 2019, based on criteria established in &#8220;Internal Control &#8211; Integrated Framework&#8221; (2013), issued by the Committee of Sponsoring Organizations of the
        Treadway Commission. Based on the assessment, management concluded that, as of January 31, 2019, the design and operation of our internal control over financial reporting was effective.</font></div>
    <div><br>
    </div>
    <div style="text-align: justify;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">Management&#8217;s internal control over financial reporting as of January 31, 2019, has been audited by KPMG LLP, Independent Registered Public
        Accounting Firm, who also audited our Consolidated Financial Statements for the year ended January 31, 2019, as stated in the Report of Independent Registered Public Accounting Firm, which expressed an unqualified opinion on the effectiveness of
        our internal control over financial reporting as of January 31, 2019.</font></div>
    <div><br>
    </div>
    <div style="text-align: justify;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; font-style: italic;">Changes in Internal Control Over Financial Reporting</font></div>
    <div style="text-align: justify;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">During the fiscal year ended January 31, 2019, 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 style="text-align: justify;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;"> <br>
      </font></div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse;" id="ze8a2615b80394158aacb8bcc7a233fa6" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 50%; vertical-align: top;">&#160;</td>
          <td style="width: 50%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 50%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; font-style: italic;">&#8216;Edward J. Ryan&#8217;</font></div>
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">Edward J. Ryan</font></div>
          </td>
          <td style="width: 50%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; font-style: italic;">&#8216;Allan Brett&#8217;</font></div>
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">Allan Brett</font></div>
          </td>
        </tr>
        <tr>
          <td style="width: 50%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">Chief Executive Officer</font></div>
          </td>
          <td style="width: 50%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">Chief Financial Officer</font></div>
          </td>
        </tr>
        <tr>
          <td style="width: 50%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">Waterloo, Ontario</font></div>
          </td>
          <td style="width: 50%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">Waterloo, Ontario</font></div>
          </td>
        </tr>

    </table>
    <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, Geneva, 'sans-serif'; font-size: 10pt; font-weight: normal; font-style: normal;">46</font></div>
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    <div><br>
    </div>
    <div><img src="kpmg_logo.gif"></div>
    <div style="text-align: left; margin-left: 72pt;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">KPMG LLP</font></div>
    <div style="text-align: left; margin-left: 72pt;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">Bay Adelaide Centre</font></div>
    <div style="text-align: left; margin-left: 72pt;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">Suite 4600</font></div>
    <div style="text-align: left; margin-left: 72pt;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">333 Bay Street</font></div>
    <div style="text-align: left; margin-left: 72pt;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">Toronto, Ontario</font></div>
    <div style="text-align: left; margin-left: 72pt;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">M5H 2S5</font></div>
    <div style="text-align: left; margin-left: 72pt;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">Telephone (416) 777-8500</font></div>
    <div style="text-align: left; margin-left: 72pt;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">Fax (416) 777-8818</font></div>
    <div style="text-align: left; margin-left: 72pt;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; color: #0000FF;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">www.kpmg.ca</font></font></div>
    <div><br>
    </div>
    <div><br>
    </div>
    <div>&#160;</div>
    <div style="text-align: center;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; font-weight: bold;">Report of Independent Registered Public Accounting Firm</font></div>
    <div>&#160;</div>
    <div style="text-align: left;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">To the Shareholders and Board of Directors of The Descartes Systems Group Inc.</font></div>
    <div>&#160;</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-style: italic;">Opinion on the Consolidated</font>&#160;<font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; font-style: italic;">Financial Statements</font></font></div>
    <div>&#160;</div>
    <div style="text-align: left;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">We have audited the accompanying consolidated balance sheets of The Descartes Systems Group Inc. (the Company) as of January 31, 2019 and 2018, the
        related consolidated statements of operations, comprehensive income, shareholders&#8217; equity, and cash flows for each of the years in the three-year period ended January 31, 2019, and the related notes (collectively, the consolidated financial
        statements).</font></div>
    <div>&#160;</div>
    <div style="text-align: left;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of the Company as of January
        31, 2019 and 2018, and the results of its operations and its cash flows for each of the years in the three-year period ended January 31, 2019, in conformity with U.S. generally accepted accounting principles.</font></div>
    <div>&#160;</div>
    <div style="text-align: left;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the Company&#8217;s
        internal control over financial reporting as of January 31, 2019, based on the criteria established in <font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; font-style: italic;">Internal Control &#8211; Integrated Framework (2013)</font>
        issued by the Committee of Sponsoring Organizations of the Treadway Commission, and our report dated March 6, 2019 expressed an unqualified opinion on the effectiveness of the Company&#8217;s internal control over financial reporting.</font></div>
    <div>&#160;</div>
    <div style="text-align: left;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; font-style: italic;">Changes in Accounting Principles</font></div>
    <div>&#160;</div>
    <div style="text-align: left;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">As discussed in Note 2 to the consolidated financial statements, the Company has changed its method of accounting for revenue from contracts with
        customers and income taxes related to intra-entity transfers of assets other than inventory in 2019 due to the adoption of the new revenue standard (Accounting Standards Codification Topic 606) and amendments to the income taxes standard
        (Accounting Standards Codification Topic 740), respectively.</font></div>
    <div>&#160;</div>
    <div style="text-align: left;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; font-style: italic;">Basis for Opinion</font></div>
    <div>&#160;</div>
    <div style="text-align: left;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">These consolidated financial statements are the responsibility of the Company&#8217;s management. Our responsibility is to express an opinion on these
        consolidated financial statements based on our audits. We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable
        rules and regulations of the Securities and Exchange Commission and the PCAOB.</font></div>
    <div>&#160;</div>
    <div><br>
    </div>
    <div><br>
    </div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
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    <div><img src="kpmg_logo.gif" height="32" border="0" width="81"></div>
    <div>&#160;</div>
    <div style="text-align: left;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain
        reasonable assurance about whether the consolidated financial statements are free of material misstatement, whether due to error or fraud. Our audits included performing procedures to assess the risks of material misstatement of the consolidated
        financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the consolidated financial
        statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the consolidated financial statements. We believe that our audits provide
        a reasonable basis for our opinion.</font></div>
    <div>&#160;</div>
    <div><br>
    </div>
    <div>&#160;</div>
    <div><font style="font-weight: bold; font-size: 11pt;">/s/ KPMG LLP</font><br>
    </div>
    <div>&#160;</div>
    <div><br>
    </div>
    <div>&#160;</div>
    <div style="text-align: left;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">Chartered Professional Accountants, Licensed Public Accountants</font></div>
    <div>&#160;</div>
    <div style="text-align: left;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">We have served as the Company&#8217;s auditor since 2015.</font></div>
    <div>&#160;</div>
    <div style="text-align: left;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">Toronto, Canada<font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;"><br>
        </font>March 6, 2019</font></div>
    <div>&#160;</div>
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      <div style="page-break-after:always;" id="DSPFPageBreak">
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    </div>
    <div><br>
    </div>
    <div>
      <div><img src="kpmg_logo.gif"></div>
    </div>
    <div style="text-align: left; margin-left: 72pt;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">KPMG LLP</font></div>
    <div style="text-align: left; margin-left: 72pt;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">Bay Adelaide Centre</font></div>
    <div style="text-align: left; margin-left: 72pt;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">Suite 4600</font></div>
    <div style="text-align: left; margin-left: 72pt;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">333 Bay Street</font></div>
    <div style="text-align: left; margin-left: 72pt;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">Toronto, Ontario</font></div>
    <div style="text-align: left; margin-left: 72pt;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">M5H 2S5</font></div>
    <div style="text-align: left; margin-left: 72pt;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">Telephone (416) 777-8500</font></div>
    <div style="text-align: left; margin-left: 72pt;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">Fax (416) 777-8818</font></div>
    <div style="text-align: left; margin-left: 72pt;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; color: #0000FF;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">www.kpmg.ca</font></font></div>
    <div><br>
    </div>
    <div><br>
    </div>
    <div><br>
    </div>
    <div><br>
    </div>
    <div style="text-align: center;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; font-weight: bold;">Report of Independent Registered Public Accounting Firm</font></div>
    <div>&#160;</div>
    <div style="text-align: left;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">To the Shareholders and Board of Directors of The Descartes Systems Group Inc.<font style="font-size: 10pt; font-family: Verdana, Geneva,
          sans-serif;"><br>
        </font></font><br>
    </div>
    <div>&#160;</div>
    <div style="text-align: left;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; font-style: italic;">Opinion on Internal Control Over Financial Reporting</font></div>
    <div>&#160;</div>
    <div style="text-align: left;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">We have audited The Descartes Systems Group Inc.&#8217;s internal control over financial reporting as of January 31, 2019, based on the criteria
        established in <font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; font-style: italic;">Internal Control &#8211; Integrated Framework (2013)</font> issued by the Committee of Sponsoring Organizations of the Treadway Commission. In
        our opinion, The Descartes Systems Group Inc. (the Company) maintained, in all material respects, effective internal control over financial reporting as of January 31, 2019, based on the criteria established in <font style="font-size: 10pt;
          font-family: Verdana, Geneva, sans-serif; font-style: italic;">Internal Control &#8211; Integrated Framework (2013)</font> issued by the Committee of Sponsoring Organizations of the Treadway Commission.&#160;</font></div>
    <div>&#160;</div>
    <div style="text-align: left;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the consolidated
        balance sheets of the Company as of January 31, 2019 and 2018, the related consolidated statements of operations, comprehensive income, shareholders&#8217; equity, and cash flows for each of the years in the three-year period ended January 31, 2019, and
        the related notes (collectively, the consolidated financial statements), and our report dated March 6, 2019 expressed&#160; an unqualified opinion on those consolidated financial statements.</font></div>
    <div>&#160;</div>
    <div style="text-align: left;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; font-style: italic;">Basis for Opinion</font></div>
    <div>&#160;</div>
    <div style="text-align: left;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">The Company&#8217;s management is responsible for maintaining effective internal control over financial reporting and for its assessment of the
        effectiveness of internal control over financial reporting, included in the accompanying Management&#8217;s Report on Financial Statements and Internal Control over Financial Reporting preceding this report. Our responsibility is to express an opinion on
        the Company&#8217;s internal control over financial reporting based on our audit. We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws
        and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.</font></div>
    <div>&#160;</div>
    <div style="text-align: left;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">We conducted our audit in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain
        reasonable assurance about whether effective internal control over financial reporting was maintained in all material respects. Our audit of internal control over financial reporting included obtaining an understanding of internal control over
        financial reporting, assessing the risk that a material weakness exists, and testing and evaluating the design and operating effectiveness of internal control based on the assessed risk. Our audit also included performing such other procedures as
        we considered necessary in the circumstances. We believe that our audit provides a reasonable basis for our opinion.</font></div>
    <div>&#160;</div>
    <div><br>
    </div>
    <div>&#160;</div>
    <div><br>
    </div>
    <div>&#160;</div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
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    <div>
      <div><img src="kpmg_logo.gif" height="32" border="0" width="81"></div>
    </div>
    <div>&#160;</div>
    <div style="text-align: left;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; font-style: italic;">Definition and Limitations of Internal Control Over Financial Reporting</font></div>
    <div>&#160;</div>
    <div style="text-align: left;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">A company&#8217;s internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial
        reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A company&#8217;s internal control over financial reporting includes those policies and procedures that (1) pertain
        to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) provide reasonable assurance that transactions are recorded as necessary to permit
        preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company; and
        (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the company&#8217;s assets that could have a material effect on the financial statements.</font></div>
    <div>&#160;</div>
    <div style="text-align: left;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any
        evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.</font></div>
    <div>&#160;
      <div><br>
      </div>
      <div>&#160;</div>
      <div><font style="font-weight: bold; font-size: 11pt;">/s/ KPMG LLP</font><br>
      </div>
      <div>&#160;</div>
      <div><br>
      </div>
      <div>&#160;</div>
    </div>
    <div style="text-align: left;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">Chartered Professional Accountants, Licensed Public Accountants</font></div>
    <div>&#160;</div>
    <div style="text-align: left;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">Toronto, Canada<font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;"><br>
        </font>March 6, 2019</font></div>
    <div>&#160;</div>
    <div><br>
    </div>
    <div>&#160;</div>
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    </div>
    <div style="text-align: left;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; font-weight: bold; font-variant: small-caps;">The Descartes Systems Group Inc.</font></div>
    <div style="text-align: left;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; font-weight: bold; font-variant: small-caps;">Consolidated Balance Sheets</font></div>
    <div style="text-align: left;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; font-variant: small-caps;">(US dollars in thousands; US GAAP)</font>
      <hr style="height: 1px; width: 100%; color: #000000; background-color: #000000; text-align: left; margin-left: 0px; margin-right: auto; border: none;" align="left" noshade="noshade"></div>
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          <td colspan="1" 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="2" style="vertical-align: top; border-top: 1px solid rgb(0, 0, 0);" valign="bottom">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; font-weight: bold;">January 31,</font></div>
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          <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>
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            <div style="text-align: right;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">January 31,</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>
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        <tr>
          <td colspan="1" style="vertical-align: top; padding: 0px 0px 1px;">&#160;</td>
          <td colspan="1" style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: bottom; 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;"> 2019</font></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>
          <td colspan="1" style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: bottom; padding-top: 0px; padding-right: 0px; padding-left: 0px;">&#160;</td>
          <td colspan="2" style="vertical-align: top; border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">2018</font></div>
          </td>
          <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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        <tr>
          <td colspan="1" style="vertical-align: top;" valign="bottom">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; 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>
          <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>
          <td colspan="1" style="vertical-align: top;" valign="bottom">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">CURRENT 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; width: 76%;" valign="bottom">
            <div style="text-align: left; margin-left: 13.5pt;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">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-size: 10pt; font-family: Verdana, Geneva, sans-serif; font-weight: bold;">27,298</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;">35,145</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; 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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        <tr>
          <td colspan="1" style="vertical-align: top; width: 76%;" valign="bottom">
            <div style="text-align: left; margin-left: 27pt;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">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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            <div><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; font-weight: bold;">31,493</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;">28,792</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%;" valign="bottom">
            <div style="text-align: left; margin-left: 27pt;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">Other (Note 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="vertical-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;">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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            <div><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; font-weight: bold;">9,027</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;">7,621</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-size: 10pt; font-family: Verdana, Geneva, sans-serif;">Inventory (Note 7)</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; font-weight: bold;">95</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; 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>
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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-size: 10pt; font-family: Verdana, Geneva, sans-serif;">OTHER LONG-TERM ASSETS (Note 18)</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;">10,510</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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        <tr>
          <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 (Note 8)</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;">12,612</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;">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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        <tr>
          <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;">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-size: 10pt; font-family: Verdana, Geneva, sans-serif; font-weight: bold;">3,598</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;">4,660</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-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>
          <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;">-</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;">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: top; width: 76%;" valign="bottom">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">INTANGIBLE ASSETS, NET (Note 9)</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;">176,192</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;">178,001</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;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">GOODWILL (Note 10)</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;">378,178</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;">350,148</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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        <tr>
          <td colspan="1" style="vertical-align: top; width: 76%; padding: 0px 0px 3px;">&#160;</td>
          <td colspan="1" style="border-bottom: 3px 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="border-bottom: 3px double rgb(0, 0, 0); vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
          <td colspan="1" style="border-bottom: 3px double 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;">653,334</font></div>
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          <td colspan="1" style="border-bottom: 3px 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: 3px 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="border-bottom: 3px double rgb(0, 0, 0); vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
          <td colspan="1" style="border-bottom: 3px double rgb(0, 0, 0); vertical-align: bottom; width: 9%; text-align: right;">
            <div><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">624,878</font></div>
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          <td colspan="1" style="border-bottom: 3px 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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          <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; font-weight: bold;">LIABILITIES AND SHAREHOLDERS&#8217; EQUITY</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>
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        <tr>
          <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; 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: 1%; width: 76%;" valign="bottom">
            <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>
          <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;">5,147</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;">7,897</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; padding-left: 1%; width: 76%;" valign="bottom">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">Accrued liabilities (Note 11)</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;">29,392</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;">25,538</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; padding-left: 1%; width: 76%;" valign="bottom">
            <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="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
          <td colspan="1" style="text-align: 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;">1,592</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;">3,270</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%; padding: 0px 0px 1px 1%;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">Deferred revenue (Note 18)</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;">34,236</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="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
          <td colspan="1" style="text-align: 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;">70,367</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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        <tr>
          <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;">LONG-TERM DEBT (Note 12)</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">
            <div><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; font-weight: bold;">25,464</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;">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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        <tr>
          <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;">LONG-TERM DEFERRED REVENUE (Note 18)</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;">855</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;">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">
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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">
            <div><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; font-weight: bold;">7,634</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;">8,663</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;">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%; 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;">15,507</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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            <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%; padding-top: 0px; padding-right: 0px; padding-left: 0px; 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>
          <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;">119,827</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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        <tr>
          <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;">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-size: 10pt; font-family: Verdana, Geneva, sans-serif;">SHAREHOLDERS&#8217; EQUITY (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">&#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: bottom; width: 76%;" valign="bottom">
            <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 76,864,866 at
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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;">276,753</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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        <tr>
          <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;">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;">454,722</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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        <tr>
          <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;">(25,201</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>
          <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;">(172,767</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;">
            <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="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;">(211,623</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;">
            <div><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">)</font></div>
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        </tr>
        <tr>
          <td colspan="1" style="vertical-align: top; width: 76%; padding-bottom: 1px;">&#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; font-weight: bold;">533,507</font></div>
          </td>
          <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;">498,812</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>
        </tr>
        <tr>
          <td colspan="1" style="vertical-align: top; width: 76%; padding: 0px 0px 3px;">&#160;</td>
          <td colspan="1" style="border-bottom: 3px 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="border-bottom: 3px double rgb(0, 0, 0); vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
          <td colspan="1" style="border-bottom: 3px double 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;">653,334</font></div>
          </td>
          <td colspan="1" style="border-bottom: 3px 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: 3px 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="border-bottom: 3px double rgb(0, 0, 0); vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
          <td colspan="1" style="border-bottom: 3px double rgb(0, 0, 0); vertical-align: bottom; width: 9%; text-align: right;">
            <div><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">624,878</font></div>
          </td>
          <td colspan="1" style="border-bottom: 3px 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>
        </tr>

    </table>
    <div><br>
    </div>
    <div style="text-align: left;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; font-style: italic;">The accompanying notes are an integral part of these consolidated financial statements.</font></div>
    <div><br>
    </div>
    <div style="text-align: left;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">Approved by the Board:</font></div>
    <div><br>
    </div>
    <div><br>
    </div>
    <div><br>
    </div>
    <div><br>
    </div>
    <table style="border-collapse: collapse; width: 60%; font-family: &quot;Times New Roman&quot;,Times,serif; font-size: 10pt;" id="zcb33f8636a5f465f98b1c8eb698a0eed" align="center" border="0" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 49.99%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; font-style: italic;">&#8216;Eric A. Demirian&#8217;</font></div>
          </td>
          <td style="width: 50.01%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; font-style: italic;">&#8216;Edward J. Ryan&#8217;</font></div>
          </td>
        </tr>
        <tr>
          <td style="width: 49.99%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">Eric A. Demirian</font></div>
          </td>
          <td style="width: 50.01%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">Edward J. Ryan</font></div>
          </td>
        </tr>
        <tr>
          <td style="width: 49.99%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">Chairman of the Board</font></div>
          </td>
          <td style="width: 50.01%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">Chief Executive Officer</font></div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <div><br>
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    <div style="text-align: left;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; font-weight: bold; font-variant: small-caps;">The Descartes Systems Group Inc.</font></div>
    <div style="text-align: left;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; font-weight: bold; font-variant: small-caps;">Consolidated Statements of Operations</font></div>
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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 style="vertical-align: top; width: 64%; padding: 0px 0px 1px;">
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            <div><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">56,051</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;">GROSS MARGIN</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; width: 1%;" valign="bottom">&#160;</td>
          <td colspan="1" style="text-align: 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: left; margin-left: 13.5pt;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">Sales and marketing</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>
          <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;">Research and development</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><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">41,804</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;">35,556</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;">General and administrative</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;">30,012</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;">25,448</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><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; font-weight: bold;">3,798</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;">3,994</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;">3,455</font></div>
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            <div><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; font-weight: bold;">40,179</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>
          <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;">33,477</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;">30,001</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 style="vertical-align: top; width: 64%; padding-bottom: 1px;">&#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; font-weight: bold;">158,734</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;">137,851</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;">117,032</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>
        </tr>
        <tr>
          <td style="vertical-align: top; width: 64%;" valign="bottom">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; font-weight: bold;">INCOME FROM OPERATIONS</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;">41,443</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">
            <div><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">35,884</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;">30,696</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: 64%;" valign="bottom">
            <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>
          <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;">(2,128</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;">(1,297</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;">(611</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 style="vertical-align: top; width: 64%; padding: 0px 0px 1px;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; font-weight: bold;">INVESTMENT INCOME</font></div>
          </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;">195</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;">161</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;">1,415</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: 64%;" valign="bottom">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; font-weight: bold;">INCOME BEFORE 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-size: 10pt; font-family: Verdana, Geneva, sans-serif; font-weight: bold;">39,510</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;">34,748</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;">31,500</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: 64%;" 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;">INCOME TAX EXPENSE </font>(Note 17)</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>
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        <tr>
          <td style="vertical-align: top; width: 64%;" valign="bottom">
            <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>
          <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;">6,042</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;">6,572</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;">4,022</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: 64%; padding-bottom: 1px;">
            <div style="text-align: left; margin-left: 13.5pt;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">Deferred</font></div>
          </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; font-weight: bold;">2,191</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;">1,297</font></div>
          </td>
          <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;">3,640</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>
        </tr>
        <tr>
          <td style="vertical-align: top; width: 64%; 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;">8,233</font></div>
          </td>
          <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;">7,869</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;">7,662</font></div>
          </td>
          <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: 64%; padding: 0px 0px 3px;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; font-weight: bold;">NET INCOME</font></div>
          </td>
          <td colspan="1" style="border-bottom: 3px 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="border-bottom: 3px double rgb(0, 0, 0); vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
          <td colspan="1" style="border-bottom: 3px double 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;">31,277</font></div>
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          <td colspan="1" style="border-bottom: 3px 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: 3px 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="border-bottom: 3px double rgb(0, 0, 0); vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
          <td colspan="1" style="border-bottom: 3px double rgb(0, 0, 0); vertical-align: bottom; width: 9%; text-align: right;">
            <div><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">26,879</font></div>
          </td>
          <td colspan="1" style="border-bottom: 3px 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: 3px 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="border-bottom: 3px double rgb(0, 0, 0); vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
          <td colspan="1" style="border-bottom: 3px double rgb(0, 0, 0); vertical-align: bottom; width: 9%; text-align: right;">
            <div><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">23,838</font></div>
          </td>
          <td colspan="1" style="border-bottom: 3px 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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        <tr>
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            <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;">EARNINGS PER SHARE </font>(Note 15)</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>
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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="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
          <td colspan="1" style="text-align: 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>
          <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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            <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="border-bottom: 3px 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 style="text-align: left;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; font-style: italic;">The accompanying notes are an integral part of these consolidated financial statements.</font></div>
    <div style="text-align: left;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; font-style: italic;"> <br>
      </font></div>
    <div style="text-align: left;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; font-style: italic;"> <br>
      </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; font-variant: small-caps;">The Descartes Systems Group Inc.</font></div>
    <div style="text-align: left;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; font-weight: bold; font-variant: small-caps;">Consolidated Statements of Comprehensive Income</font></div>
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            <div style="text-align: right;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; font-weight: bold;"> 2019</font></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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          <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>
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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; 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: left;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; font-style: italic;">The accompanying notes are an integral part of these consolidated financial statements.</font></div>
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    <div><br>
    </div>
    <div><br>
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    <div><br>
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      <br>
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    <div style="text-align: left;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; font-weight: bold; font-variant: small-caps;">The Descartes Systems Group Inc.</font></div>
    <div style="text-align: left;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; font-weight: bold; font-variant: small-caps;">Consolidated Statements of Shareholders&#8217; Equity</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>
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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;">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">&#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="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>
          <td style="vertical-align: top; width: 64%;" valign="bottom">
            <div style="text-align: left; margin-left: 13.5pt;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">Stock-based compensation expense (Note 16)</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">
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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>
          <td style="vertical-align: top; width: 64%;" valign="bottom">
            <div style="text-align: left; margin-left: 13.5pt;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">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>
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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="vertical-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></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">
            <div><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">)</font></div>
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        <tr>
          <td style="vertical-align: top; width: 64%;" valign="bottom">
            <div style="text-align: left; margin-left: 13.5pt;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">Stock option income tax benefits</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;">-</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>
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            <div><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">33</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="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; font-weight: bold;">-</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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            <div><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">37</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;">
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            <div><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">-</font></div>
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        <tr>
          <td style="vertical-align: top; width: 64%; padding-bottom: 1px;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">Balance, end of year</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; 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;">451,151</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;">448,597</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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        <tr>
          <td style="vertical-align: top; width: 64%;" 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: 64%;" 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>
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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;">(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-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;">(32,779</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">
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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 style="vertical-align: top; width: 64%; padding-bottom: 1px;">
            <div style="text-align: left; margin-left: 13.5pt;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">Other comprehensive income (loss), net of 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;">(9,949</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;">
            <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="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;">17,527</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;">2,101</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>
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        <tr>
          <td style="vertical-align: top; width: 64%; padding: 0px 0px 1px;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">Balance, end of year</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);">
            <div><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; font-weight: bold;">(25,201</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;">
            <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="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;">(15,252</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;">
            <div><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">)</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);">
            <div><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">(32,779</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;">
            <div><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">)</font></div>
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        <tr>
          <td style="vertical-align: top; width: 64%;" 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: 64%;" valign="bottom">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; 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>
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        <tr>
          <td style="vertical-align: top; width: 64%;" valign="bottom">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">Balance, beginning of year</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;">(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-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;">(238,465</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;">(262,303</font></div>
          </td>
          <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>
        <tr>
          <td style="vertical-align: top; width: 64%;" valign="bottom">
            <div style="text-align: left; margin-left: 13.5pt;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">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-size: 10pt; font-family: Verdana, Geneva, sans-serif; font-weight: bold;">31,277</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;">26,879</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;">23,838</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: 64%; padding: 0px 0px 1px;">
            <div style="text-align: left; margin-left: 13.5pt;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">Cumulative adjustment upon modified retrospective accounting policy adoption (Note 2)</font></div>
          </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></div>
            <div><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; font-weight: bold;">7,579</font></div>
          </td>
          <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;">(37</font></div>
          </td>
          <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>
          </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);">
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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="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>
        </tr>
        <tr>
          <td style="vertical-align: top; width: 64%; padding: 0px 0px 1px;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">Balance, end of year</font></div>
          </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;">(172,767</font></div>
          </td>
          <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-weight: bold;">)</font></div>
          </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;">(211,623</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;">
            <div><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">)</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);">
            <div><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">(238,465</font></div>
          </td>
          <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>
          </td>
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        <tr>
          <td style="vertical-align: top; width: 64%; 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);">&#160;</td>
          <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);">&#160;</td>
          <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);">&#160;</td>
          <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>
        </tr>
        <tr>
          <td style="vertical-align: top; width: 64%; padding: 0px 0px 3px;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; font-weight: bold;">Total Shareholders&#8217; Equity</font></div>
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            <div><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">498,812</font></div>
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            <div><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">430,595</font></div>
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    <div style="text-align: left;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; font-style: italic;">The accompanying notes are an integral part of these consolidated financial statements.</font></div>
    <div><br>
    </div>
    <div><br>
    </div>
    <div><br>
    </div>
    <div><br>
    </div>
    <div><br>
    </div>
    <div><br>
    </div>
    <div><br>
    </div>
    <div><br>
    </div>
    <div><br>
    </div>
    <div><br>
    </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-size: 10pt; font-family: Verdana, Geneva, sans-serif; font-weight: bold; font-variant: small-caps;">The Descartes Systems Group Inc.</font></div>
    <div style="text-align: left;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; font-weight: bold; font-variant: small-caps;">Consolidated Statements of Cash Flows</font></div>
    <div style="text-align: left;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; font-variant: small-caps;">(US dollars in thousands; US GAAP)</font>
      <hr style="height: 1px; width: 100%; color: #000000; background-color: #000000; text-align: left; margin-left: 0px; margin-right: auto; border: none;" align="left" noshade="noshade"></div>
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            <td colspan="1" style="text-align: left; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0);" 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; white-space: nowrap; 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; 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; padding-top: 0px; padding-right: 0px; padding-left: 0px;">&#160;</td>
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          <tr>
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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="1" style="vertical-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-size: 10pt; font-family: Verdana, Geneva, sans-serif;">26,879</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;">23,838</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;">Adjustments to reconcile net income to cash provided by operating activities:</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>
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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;">Depreciation</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;">4,544</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;">4,101</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">
              <div><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">3,628</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="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
            <td colspan="1" style="text-align: 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;">40,179</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;">33,477</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;">30,001</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-size: 10pt; font-family: Verdana, Geneva, sans-serif;">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-size: 10pt; font-family: Verdana, Geneva, sans-serif; font-weight: bold;">3,710</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;">2,807</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;">2,022</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="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
            <td colspan="1" style="text-align: 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;">71</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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            <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 style="vertical-align: top; width: 64%;" valign="bottom">
              <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>
            <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;">2,191</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;">1,297</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;">3,640</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: 64%;" valign="bottom">
              <div style="text-align: left;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">&#160;&#160;&#160;&#160;&#160;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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            <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; 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>
            <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="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;">)</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;">(1,963</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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          <tr>
            <td style="vertical-align: top; width: 64%;" 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-size: 10pt; font-family: Verdana, Geneva, sans-serif; font-weight: bold;">(451</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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            <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;">(212</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>
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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;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>
            <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;">(4,466</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;">(1,772</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;">(64</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 style="vertical-align: top; width: 64%;" valign="bottom">
              <div style="text-align: left; margin-left: 13.5pt;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">&#160;&#160;&#160;Inventory</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;">74</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;">52</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;">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>
          </tr>
          <tr>
            <td style="vertical-align: top; width: 64%;" valign="bottom">
              <div style="text-align: left; margin-left: 13.5pt;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">&#160;&#160;&#160;Accounts payable</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;">(1,065</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;">1,428</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;">(317</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 style="vertical-align: top; width: 64%;" valign="bottom">
              <div style="text-align: left; margin-left: 13.5pt;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">&#160;&#160;&#160;Accrued liabilities</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;">2,570</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;">(592</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;">3,674</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: 64%;" valign="bottom">
              <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>
            </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;">(2,423</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;">6,326</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;">1,431</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: 64%; padding: 0px 0px 1px;">
              <div style="text-align: left; margin-left: 13.5pt;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">&#160;&#160;&#160;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%; 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; 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; 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: 64%; padding: 0px 0px 1px;">
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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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              <div><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; font-weight: bold;">78,074</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="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%;" 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="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%; 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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              <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; white-space: nowrap; width: 1%; padding-top: 0px; padding-right: 0px; padding-left: 0px; text-align: left;">
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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%;" 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>
            <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>
            <td colspan="1" style="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;">Credit facility repayments</font></div>
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            <td colspan="1" style="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;">(78,659</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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            <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 style="vertical-align: top; width: 64%;" valign="bottom">
              <div style="text-align: left; margin-left: 13.5pt;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">Payment of debt issuance costs</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><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">-</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;">(957</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 style="vertical-align: top; width: 64%;" valign="bottom">
              <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>
            <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;">345</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%; 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></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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            <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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          <tr>
            <td style="vertical-align: top; width: 64%; padding: 0px 0px 1px;">
              <div style="text-align: left;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; font-weight: bold;">Cash, beginning of year</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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              <div><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; font-weight: bold;">35,145</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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              <div><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">38,135</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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              <div><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">37,213</font></div>
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            <td style="vertical-align: top; width: 64%; padding: 0px 0px 3px;">
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            <td colspan="1" style="border-bottom: 3px double 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; font-weight: bold;">27,298</font></div>
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              <div><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">35,145</font></div>
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            <td colspan="1" style="border-bottom: 3px double 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;">38,135</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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          <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;">Cash paid during the year for interest</font></div>
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            <td colspan="1" style="border-bottom: 3px double 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;">3,887</font></div>
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              <div><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">3,861</font></div>
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    <div style="text-align: left;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; font-style: italic;">The accompanying notes are an integral part of these consolidated financial statements.</font></div>
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    <div style="text-align: left;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; font-style: italic;"> <br>
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    <div style="text-align: left;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; font-style: italic;"> <br>
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      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-family: Verdana, Geneva, 'sans-serif'; font-size: 10pt; font-weight: normal; font-style: normal;">55</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
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    <div style="text-align: justify; margin-right: 216pt;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; font-weight: bold; font-variant: small-caps;">The Descartes Systems Group Inc.</font></div>
    <div style="text-align: left;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; font-weight: bold; font-variant: small-caps;">Notes to Consolidated Financial Statements</font></div>
    <div>
      <div style="text-align: left;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; font-variant: small-caps;">(Tabular amounts in thousands of US dollars, except per share amounts or as otherwise indicated; US GAAP)<br>
        </font>
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    </div>
    <div><br>
    </div>
    <div style="text-align: left;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; font-weight: bold;">Note 1 - Description of the Business</font></div>
    <div><br>
    </div>
    <div style="text-align: justify;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">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-size: 10pt; font-family: Verdana, Geneva, sans-serif; font-weight: bold;">Note 2 &#8211; Basis of Presentation</font></div>
    <div><br>
    </div>
    <div style="text-align: justify;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">The accompanying 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 the US Securities and Exchange Commission (&#8220;SEC&#8221;) for the preparation of consolidated financial statements.</font></div>
    <div><br>
    </div>
    <div style="text-align: justify;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">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: left;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; font-weight: bold; font-style: italic;">Basis of consolidation</font></div>
    <div style="text-align: justify;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">The consolidated financial statements include the financial statements of Descartes and our wholly-owned subsidiaries. We do not have any
        variable interests in variable interest entities. All intercompany accounts and transactions have been eliminated during consolidation.</font></div>
    <div><br>
    </div>
    <div style="text-align: left;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; font-weight: bold; font-style: italic;">Foreign currency translation</font></div>
    <div style="text-align: justify;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">The US dollar is the presentation currency of the Company. Assets and liabilities of our subsidiaries are translated into US dollars at the
        exchange rate in effect at the balance sheet date. Revenues and expenses are translated into US dollars 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. On substantial liquidation of a foreign operation, the component of accumulated other comprehensive income relating to that particular foreign operation is recognized in the consolidated statements of
        operations.</font></div>
    <div><br>
    </div>
    <div style="text-align: justify;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">The functional currency of each of our entities is the local currency in which they operate. Transactions incurred in currencies other than the
        local currency of an entity are converted to the local currency at the transaction date. Monetary assets and liabilities denominated in foreign currencies are re-measured into the local currency at the exchange rate in effect at the balance sheet
        date. All foreign currency re-measurement gains and losses are included in net income. For the year ended January 31, 2019, foreign</font></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, Geneva, 'sans-serif'; font-size: 10pt; font-weight: normal; font-style: normal;">56</font></div>
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    </div>
    <div style="text-align: justify;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">currency re-measurement loss of $0.4 million was included in net income (January 31, 2018 &#8211; loss of $0.4 million; January 31, 2017 &#8211; loss of $0.1
        million).</font></div>
    <div><br>
    </div>
    <div style="text-align: left;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; font-weight: bold; font-style: italic;">Use of estimates</font></div>
    <div style="text-align: justify;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">Preparing financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts that are
        reported in the consolidated financial statements and accompanying note disclosures. Although these estimates and assumptions are based on management&#8217;s best knowledge of current events, actual results may be different from the estimates. These
        estimates, judgments and assumptions are evaluated on an ongoing basis. We base our estimates on historical experience and on various other assumptions that we believe are reasonable at that time, the results of which form the basis for making
        judgments about the carrying values of assets and liabilities that are not readily apparent from other sources.</font></div>
    <div><br>
    </div>
    <div style="text-align: justify;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">Estimates and assumptions are used when accounting for items such as allocations of the purchase price and the fair value of net assets acquired
        in business combination transactions, useful lives of intangible assets and property and equipment, revenue related estimates including determining the nature and timing of satisfaction of performance obligations, and determining the standalone
        selling price (&#8220;SSP&#8221;) of performance obligations, variable consideration, and other obligations such as product returns and refunds, allowance for doubtful accounts, collectability of other receivables, provisions for excess or obsolete inventory,
        restructuring accruals, fair value of stock-based compensation, assumptions embodied in the valuation of assets for impairment assessment, accounting for income taxes, valuation allowances for deferred income tax assets, realization of investment
        tax credits, uncertain tax positions and recognition of contingencies.</font></div>
    <div><br>
    </div>
    <div style="text-align: left;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; font-weight: bold; font-style: italic;">Cash</font></div>
    <div style="text-align: justify;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">Cash included highly liquid short-term deposits with original maturities of three months or less.</font></div>
    <div><br>
    </div>
    <div style="text-align: left;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; font-weight: bold; font-style: italic;">Financial instruments</font></div>
    <div style="text-align: justify;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;"><u>Fair value of financial instruments</u></font></font></div>
    <div style="text-align: justify;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">The carrying amounts of the Company&#8217;s cash, accounts receivable (net), accounts payable, accrued liabilities and income taxes payable approximate
        their fair value due to their short maturities.</font></div>
    <div><br>
    </div>
    <div style="text-align: justify;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;"><u>Derivative instruments</u></font></font></div>
    <div style="text-align: justify;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">We use derivative instruments to manage equity risk relating to our share-based compensation. We account for these instruments in accordance with
        ASC Topic 815 &#8220;Derivatives and Hedging&#8221; (Topic 815), which requires that every derivative instrument be recorded on the balance sheet as either an asset or a liability measured at its fair value as of the reporting date. We do not designate our
        derivative instruments as hedges and as such the changes in our derivative financial instruments' fair values are recognized in earnings. The fair value of equity contract derivatives is determined utilizing a valuation model based on the quoted
        market value of our common shares at the balance sheet date.</font></div>
    <div><br>
    </div>
    <div style="text-align: justify;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;"><u>Foreign exchange risk</u></font></font></div>
    <div style="text-align: justify;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">We are exposed to foreign exchange risk because the Company transacts business in currencies other than the US dollar. Accordingly, our results
        are affected, and may be affected in the future, by exchange rate fluctuations of the US dollar relative to the Canadian dollar, euro, British pound sterling and various other foreign currencies.</font></div>
    <div><br>
    </div>
    <div style="text-align: justify;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;"><u>Interest rate risk</u></font></font></div>
    <div style="text-align: justify;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">Depending on the type of advance under the available facilities, interest on such borrowings will be charged based on either i) Canada or US
        prime rate; or ii) Banker&#8217;s Acceptance (BA); or iii) LIBOR. We are exposed to interest rate fluctuations to the extent that we borrow on our credit facility.</font></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, Geneva, 'sans-serif'; font-size: 10pt; font-weight: normal; font-style: normal;">57</font></div>
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    <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;"><u>Credit risk</u></font></font></div>
    <div style="text-align: justify;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">We are exposed to credit risk through our invested cash and accounts receivable. We hold our cash with reputable financial institutions. The lack
        of concentration of accounts receivable from a single customer and the dispersion of customers among industries and geographical locations mitigate our credit risk.</font></div>
    <div><br>
    </div>
    <div style="text-align: justify;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">We do not use any type of speculative financial instruments, including but not limited to foreign exchange contracts, futures, swaps and option
        agreements, to manage our foreign exchange or interest rate risks. In addition, we do not hold or issue financial instruments for trading purposes.</font></div>
    <div><br>
    </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;"><u>Equity risk</u></font></font></div>
    <div style="text-align: justify;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">We are exposed to equity risk through certain share-based compensation expenses that are fair valued at the balance sheet date. 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.</font></div>
    <div><br>
    </div>
    <div style="text-align: left;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; font-weight: bold; font-style: italic;">Allowance for doubtful accounts</font></div>
    <div style="text-align: justify;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">We maintain an allowance for doubtful accounts for estimated losses resulting from the inability of customers to make their required payments.
        Specifically, we consider the age of the receivables, customers&#8217; payment history, historical write-offs, the creditworthiness of the customer, and current economic trends among other factors. Accounts receivable are written off, and the associated
        allowance is eliminated, if it is determined that the specific balance is no longer collectible. The allowance is maintained for 100% of all accounts deemed to be uncollectible and, for those receivables not specifically identified as
        uncollectible, an allowance is maintained for a specific percentage of those receivables based upon the aging of accounts, our historical collection experience and current economic expectations. To date, the actual losses have been within our
        expectations. No single customer accounted for more than 10% of the accounts receivable balance as of January 31, 2019 and 2018.</font></div>
    <div><br>
    </div>
    <div style="text-align: justify;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; font-weight: bold; font-style: italic;">Inventory</font></div>
    <div style="text-align: justify;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">Finished goods inventories are stated at the lower of cost and net realizable value. The cost of finished goods is determined on the basis of
        average cost of units.</font></div>
    <div><br>
    </div>
    <div style="text-align: justify;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">The valuation of inventory, including the determination of obsolete or excess inventory, requires management to estimate the future demand for
        our products within specified time horizons. We perform an assessment of inventory which includes a review of, among other factors, demand requirements, product life cycle and development plans, product pricing and quality issues. If the demand for
        our products indicates we are no longer able to sell inventories above cost or at all, we write down inventory to market or excess inventory is written off.</font></div>
    <div><br>
    </div>
    <div style="text-align: left;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; font-weight: bold; font-style: italic;">Impairment of long-lived assets</font></div>
    <div style="text-align: justify;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">We test long-lived assets or asset groups, such as property and equipment and finite life intangible assets, for recoverability when events or
        changes in circumstances indicate that there may be impairment. Circumstances which could trigger a review include, but are not limited to: significant adverse changes in the business climate or legal factors; current period cash flow or operating
        losses combined with a history of losses or a forecast of continuing losses associated with the use of the asset or asset group; and a current expectation that the asset or asset group will more likely than not be sold or disposed of before the end
        of its estimated useful life. An impairment loss is recognized when the estimate of undiscounted future cash flows generated by such asset or asset group is less than the carrying amount. Measurement of the impairment loss is based on the present
        value of the expected future cash flows. No impairment of long-lived assets has been identified or recorded in our consolidated statements of operations for any of the fiscal years presented.</font></div>
    <div><br>
    </div>
    <div style="text-align: left;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; font-weight: bold; font-style: italic;">Goodwill and intangible assets</font></div>
    <div style="text-align: justify;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">Goodwill represents the excess of the purchase price in a business combination over the fair value of net tangible and intangible assets
        acquired. Goodwill is not subject to amortization.</font></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, Geneva, 'sans-serif'; font-size: 10pt; font-weight: normal; font-style: normal;">58</font></div>
      <div id="DSPFPageBreak" style="page-break-after: always;">
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    </div>
    <div style="text-align: justify;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">We test for impairment of goodwill at least annually on October 31<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">st</sup>
        of each year and at any other time if any event occurs or circumstances change that would more likely than not reduce our fair value below our reporting unit&#8217;s carrying amount. Our operations are analyzed by management and our chief operating
        decision maker as being part of a single industry segment providing logistics technology solutions. Accordingly, our goodwill impairment assessment is based on the allocation of goodwill to a single reporting unit. We completed the qualitative
        assessment during our third quarter of 2019 and concluded that it was more likely than not that the fair value of the goodwill was greater than the carrying value. As a result, no impairment of goodwill was recorded in fiscal 2019 (no impairments
        were recorded for fiscal 2018 or fiscal 2017).</font></div>
    <div><br>
    </div>
    <div style="text-align: justify;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">We perform further quarterly analysis of whether any event has occurred that would more likely than not reduce our fair value below our reporting
        unit&#8217;s carrying amount and, if so, we perform a goodwill impairment test between the annual date. Any impairment adjustment is recognized as an expense in the period that the adjustment is identified.</font></div>
    <div><br>
    </div>
    <div style="text-align: justify;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">Intangible assets related to our acquisitions are recorded at their fair value at the acquisition date. Intangible assets include customer
        agreements and relationships, non-compete covenants, existing technologies and trade names. Intangible assets are amortized on a straight-line basis over their estimated useful lives. We write down intangible asset or asset groups 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 asset or asset groups is determined by discounting the expected related future cash flows.</font></div>
    <div style="text-align: justify;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;"> </font><br>
    </div>
    <div style="text-align: justify;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">Amortization of our intangible assets is generally recorded at the following rates:</font></div>
    <div style="text-align: justify;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;"> </font><br>
    </div>
    <table style="font-family: &quot;Times New Roman&quot;,Times,serif; font-size: 10pt; width: 100%; border-collapse: collapse;" id="zc9da991f29654dd1bf632c6006b98d43" border="0" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 5%; vertical-align: top;">&#160;</td>
          <td style="width: 45%; vertical-align: top;">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">Customer agreements and relationships</font></div>
          </td>
          <td style="width: 50%; vertical-align: top;">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">Straight-line over three to twenty years</font></div>
          </td>
        </tr>
        <tr>
          <td style="width: 5%; vertical-align: top;">&#160;</td>
          <td style="width: 45%; vertical-align: top;">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">Existing technologies</font></div>
          </td>
          <td style="width: 50%; vertical-align: top;">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">Straight-line over two to twelve years</font></div>
          </td>
        </tr>
        <tr>
          <td style="width: 5%; vertical-align: top;">&#160;</td>
          <td style="width: 45%; vertical-align: top;">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">Trade names</font></div>
          </td>
          <td style="width: 50%; vertical-align: top;">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">Straight-line over one to fifteen years</font></div>
          </td>
        </tr>
        <tr>
          <td style="width: 5%; vertical-align: top;">&#160;</td>
          <td style="width: 45%; vertical-align: top;">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">Non-compete covenants</font></div>
          </td>
          <td style="width: 50%; vertical-align: top;">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">Straight-line over two to twelve years</font></div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <div style="text-align: left;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; font-weight: bold; font-style: italic;">Property and equipment</font></div>
    <div style="text-align: justify;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">Property and equipment is recorded at cost. Depreciation of our property and equipment is generally recorded at the following rates:</font></div>
    <div><br>
    </div>
    <table style="font-family: &quot;Times New Roman&quot;,Times,serif; font-size: 10pt; width: 100%; border-collapse: collapse;" id="za53a7bf074a84078bac93dcb74248cce" border="0" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 5%; vertical-align: top;">&#160;</td>
          <td style="width: 45%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">Computer equipment and software</font></div>
          </td>
          <td style="width: 50%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">30% declining balance</font></div>
          </td>
        </tr>
        <tr>
          <td style="width: 5%; vertical-align: top;">&#160;</td>
          <td style="width: 45%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">Furniture and fixtures</font></div>
          </td>
          <td style="width: 50%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">20% declining balance</font></div>
          </td>
        </tr>
        <tr>
          <td style="width: 5%; vertical-align: top;">&#160;</td>
          <td style="width: 45%; vertical-align: top;">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">Leasehold improvements</font></div>
          </td>
          <td style="width: 50%; vertical-align: top;">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">Straight-line over lesser of useful life or term of lease</font></div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <div style="text-align: left;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">Fully depreciated property and equipment are removed from the balance sheet when they are no longer in use.</font></div>
    <div><br>
    </div>
    <div style="text-align: justify;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; font-weight: bold; font-style: italic;">Revenue recognition</font></div>
    <div style="text-align: justify;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">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-size: 10pt; font-family: Verdana, Geneva, sans-serif;">The consideration (including any discounts) is allocated between separate goods and services in a bundle on a relative basis based on their SSP.
        Revenue is recognized net of any taxes collected from customers,</font></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, Geneva, 'sans-serif'; font-size: 10pt; font-weight: normal; font-style: normal;">59</font></div>
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    </div>
    <div style="text-align: justify;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">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-size: 10pt; font-family: Verdana, Geneva, sans-serif;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;"><u>License</u></font></font></div>
    <div style="text-align: justify;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">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-size: 10pt; font-family: Verdana, Geneva, sans-serif;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;"><u>Services</u></font></font></div>
    <div style="text-align: justify;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">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-size: 10pt; font-family: Verdana, Geneva, sans-serif;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;"><u>Professional Services &amp; Other</u></font></font></div>
    <div style="text-align: justify;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">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-size: 10pt; font-family: Verdana, Geneva, sans-serif; font-weight: bold; font-style: italic;">Costs to Obtain a Contract with a Customer</font></div>
    <div style="text-align: justify;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">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 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-size: 10pt; font-family: Verdana, Geneva, sans-serif; font-weight: bold; font-style: italic;">Contract Assets and Liabilities</font></div>
    <div style="text-align: justify;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; 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-size: 10pt; font-family: Verdana, Geneva, sans-serif; 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</font></font></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, Geneva, 'sans-serif'; font-size: 10pt; font-weight: normal; font-style: normal;">60</font></div>
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    </div>
    <div style="text-align: justify;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; color: #000000;">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></div>
    <div><br>
    </div>
    <div style="text-align: justify;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; font-weight: bold; font-style: italic;">Significant Judgments</font></div>
    <div style="text-align: justify;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">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-size: 10pt; font-family: Verdana, Geneva, sans-serif;">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: justify;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; font-weight: bold; font-style: italic;">Research and development costs</font></div>
    <div style="text-align: justify;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">To date, we have not capitalized any costs related to research and development of our computer software products. Costs incurred between the
        dates that the product is considered to be technologically feasible and is considered to be ready for general release to customers have historically been expensed as they have not been significant.</font></div>
    <div><br>
    </div>
    <div style="text-align: justify;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; font-weight: bold; font-style: italic;">Stock-based compensation plans</font></div>
    <div style="text-align: justify;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; color: #000000;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;"><u>Stock Options</u></font></font></div>
    <div style="text-align: justify;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; color: #000000;">We maintain stock option plans for non-employee directors, officers, employees and other service providers. Options to purchase
        our common shares are granted at an exercise price equal to the fair market value of our common shares as of the date of grant. This fair market value is determined using the closing price of our common shares on the TSX on the day immediately
        preceding the date of the grant.</font></div>
    <div><br>
    </div>
    <div style="text-align: justify;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; color: #000000;">Employee stock options generally vest over a five-year period starting from the grant date and expire seven years from the grant
        date. Non-employee directors&#8217; and officers&#8217; stock options generally have quarterly vesting over a three to five-year period. We issue new shares from treasury upon the exercise of a stock option.</font></div>
    <div><br>
    </div>
    <div style="text-align: justify;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">The fair value of employee stock option grants that are ultimately expected to vest are amortized to expense in our consolidated statement of
        operations based on the straight-line attribution method. The fair value of stock option grants is calculated using the Black-Scholes Merton option-pricing model. Expected volatility is based on historical volatility of our common stock and other
        factors. The risk-free interest rates are based on Government of Canada average bond yields for a period consistent with the expected life of the option in effect at the time of the grant. The expected option life is based on the historical life of
        our granted options and other factors.</font></div>
    <div><br>
    </div>
    <div style="text-align: justify;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">Effective as of February 1, 2017, the Company adopted a change in accounting policy in accordance with ASU 2016-09 to account for forfeitures as
        they occur. The change was applied on a modified retrospective basis, and no prior periods were restated as a result of this change in accounting policy.</font></div>
    <div><br>
    </div>
    <div style="text-align: justify;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; color: #000000;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;"><u>Performance &amp; Restricted Share Units</u></font></font></div>
    <div style="text-align: justify;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; color: #000000;">We maintain a performance and restricted share unit plan pursuant to which certain of our officers are eligible to receive grants
        of performance share units (&#8220;PSUs&#8221;) and restricted share units (&#8220;RSUs&#8221;).</font></div>
    <div><br>
    </div>
    <div style="text-align: justify;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; color: #000000;">PSUs vest at the end of a three-year performance period. The ultimate number of PSUs that vest is based on the total shareholder
        return (&#8220;TSR&#8221;) of our Company relative to the TSR of companies comprising a peer index group. TSR is calculated based on the weighted-average closing price of shares for the five</font></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, Geneva, 'sans-serif'; font-size: 10pt; font-weight: normal; font-style: normal;">61</font></div>
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    </div>
    <div style="text-align: justify;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; color: #000000;">trading days preceding the beginning and end of the performance period. The fair value of PSUs is expensed to stock-based
        compensation expense over the vesting period. PSUs expire ten years from the grant date. New shares are issued from treasury upon the redemption of a PSU.</font></div>
    <div><br>
    </div>
    <div style="text-align: justify;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; color: #000000;">PSUs are measured at fair value estimated using a Monte Carlo Simulation approach. Expected volatility is based on historical
        volatility of our common stock and other factors. The risk-free interest rates are based on the Government of Canada average bond yields for a period consistent with the expected life of the PSUs at the time of the grant. The expected PSU life is
        based on the historical life of our stock options and other factors.</font></div>
    <div><br>
    </div>
    <div style="text-align: justify;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; color: #000000;">RSUs vest annually over a three-year period starting from the grant date and expire ten years from the grant date. We issue new
        shares from treasury upon the redemption of an RSU.</font></div>
    <div><br>
    </div>
    <div style="text-align: justify;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; color: #000000;">RSUs are measured at fair value based on the closing price of our common shares for the day preceding the date of the grant and
        will be expensed to stock-based compensation expense over the vesting period.</font></div>
    <div><br>
    </div>
    <div style="text-align: justify;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; color: #000000;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;"><u>Deferred Share Unit Plan</u></font></font></div>
    <div style="text-align: justify;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; color: #000000;">Our board of directors adopted a deferred share unit plan effective as of June 28, 2004, pursuant to which non-employee directors
        are eligible to receive grants of deferred share units (&#8220;DSUs&#8221;), each of which has an initial value equal to the weighted-average closing price of our common shares for the five trading days preceding the grant date. The plan allows each director
        to choose to receive, in the form of DSUs, all, none or a percentage of the eligible director&#8217;s fees which would otherwise be payable in cash. If a director has invested less than the minimum amount of equity in Descartes, as prescribed from time
        to time by the board of directors, then the director must take at least 50% of the base annual fee for serving as a director in the form of DSUs. Each DSU fully vests upon award but is distributed only when the director ceases to be a member of the
        board of directors. Vested units are settled in cash based on our common share price when conversion takes place. Fair value of the liability is based on the closing price of our common shares at the balance sheet date.</font></div>
    <div><br>
    </div>
    <div style="text-align: justify;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; color: #000000;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;"><u>Cash-Settled Restricted Share Unit Plan</u></font></font></div>
    <div style="text-align: justify;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; color: #000000;">Our board of directors adopted a cash-settled restricted share unit plan effective as of May 23, 2007, pursuant to which certain
        of our employees and non-employee directors are eligible to receive grants of cash-settled restricted share units (&#8220;CRSUs&#8221;), each of which has an initial value equal to the weighted-average closing price of our common shares for the five trading
        days preceding the date of the grant. The CRSUs generally vest based on continued employment and have annual vesting over three to five-year periods. Vested units are settled in cash based on our common share price when conversion takes place,
        which is within 30 days following a vesting date and in any event prior to December 31<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">st</sup> of the calendar year in which a vesting date occurs. Fair value of the
        liability is based on the closing price of our common shares at the balance sheet date.</font></div>
    <div><br>
    </div>
    <div style="text-align: left;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; font-weight: bold; font-style: italic;">Business combinations</font></div>
    <div style="text-align: justify;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; color: #000000;">We apply the provisions of ASC Topic 805, &#8220;Business Combinations&#8221; (Topic 805), in the accounting for our acquisitions. It
        requires us to recognize separately from goodwill, the assets acquired and the liabilities assumed at their acquisition date fair values. Goodwill as of the acquisition date is measured as the excess of consideration transferred over the net of the
        acquisition date fair values of the assets acquired and the liabilities assumed. While we use our best estimates and assumptions to accurately value assets acquired and liabilities assumed at the acquisition date as well as contingent
        consideration, where applicable, our estimates are inherently uncertain and subject to refinement. As a result, during the measurement period, which may be up to one year from the acquisition date, we may record adjustments to the assets acquired
        and liabilities assumed with the corresponding offset to goodwill. Upon the conclusion of the measurement period or final determination of the values of assets acquired or liabilities assumed, whichever comes first, any subsequent adjustments would
        be recorded to our consolidated statement of operations.</font></div>
    <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, Geneva, 'sans-serif'; font-size: 10pt; font-weight: normal; font-style: normal;">62</font></div>
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    <div style="text-align: justify;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; color: #000000;">Costs to exit or restructure certain activities of an acquired company or our internal operations are accounted for as
        termination and exit costs pursuant to ASC Topic 420, &#8220;Exit or Disposal Cost Obligations&#8221; (Topic 420) and are accounted for separately from the business combination.</font></div>
    <div><br>
    </div>
    <div style="text-align: justify;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; color: #000000;">For a given acquisition, we generally identify certain pre-acquisition contingencies as of the acquisition date and may extend
        our review and evaluation of these pre-acquisition contingencies throughout the measurement period in order to obtain sufficient information to assess whether we include these contingencies as a part of the purchase price allocation and, if so, to
        determine the estimated amounts.</font></div>
    <div style="text-align: justify;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; color: #000000;">If we determine that a pre-acquisition contingency (non-income tax related) is probable in nature and estimable as of the
        acquisition date, we record our best estimate for such a contingency as a part of the preliminary purchase price allocation. We often continue to gather information and evaluate our pre-acquisition contingencies throughout the measurement period
        and if we make changes to the amounts recorded or if we identify additional pre-acquisition contingencies during the measurement period, such amounts will be included in the purchase price allocation during the measurement period and, subsequently,
        in our results of operations.</font></div>
    <div><br>
    </div>
    <div style="text-align: justify;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; color: #000000;">Uncertain tax positions and tax related valuation
          allowances assumed in connection with a business combination are initially estimated as of the acquisition date. We review these items during the measurement period as we continue to actively seek and collect information relating to facts and
          circumstances that existed at the acquisition date. Changes to these uncertain</font><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">&#160;</font><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; color:
          #000000;">tax positions and tax related valuation allowances made subsequent to the measurement period, or if they relate to facts and circumstances that did not exist at the acquisition date, are recorded in our provision for income taxes in our
          consolidated statement of operations.</font></font></div>
    <div><br>
    </div>
    <div style="text-align: left;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; font-weight: bold; font-style: italic;">Income taxes</font></div>
    <div style="text-align: justify;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">We use the liability method of income tax allocation to account for income taxes. Deferred tax assets and liabilities arise from temporary
        differences between the tax bases of assets and liabilities and their reported amounts in the consolidated financial statements that will result in taxable or deductible amounts in future years. These temporary differences are measured using
        enacted tax rates. A valuation allowance is recorded to reduce deferred tax assets to the extent that we consider it is more likely than not that a deferred tax asset will not be realized. In determining the valuation allowance, we consider factors
        such as the reversal of deferred income tax liabilities, projected taxable income, our history of losses for tax purposes, and the character of income tax assets and tax planning strategies. A change to these factors could impact the estimated
        valuation allowance and income tax expense.</font></div>
    <div><br>
    </div>
    <div style="text-align: justify;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">We evaluate our uncertain tax positions by using a two-step approach to recognize and measure uncertain tax positions and provisions for income
        taxes.&#160;The first step is to evaluate the tax position for recognition by determining if the weight of available evidence indicates it is more likely than not, based solely on the technical merits, that the position will be sustained on audit,
        including resolution of related appeals or litigation processes, if any. The second step is to measure the appropriate amount of the benefit to recognize. The amount of benefit to recognize is measured as the maximum amount which is more likely
        than not to be realized. The tax position is derecognized when it is no longer more likely than not that the position will be sustained on audit. We continually assess the likelihood and amount of potential adjustments and adjust the income tax
        provisions, income taxes payable and deferred income taxes in the period in which the facts that give rise to a revision become known.</font></div>
    <div><br>
    </div>
    <div style="text-align: left;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; font-weight: bold; font-style: italic;">Earnings per share</font></div>
    <div style="text-align: justify;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">Basic earnings per share is calculated by dividing net income by the weighted average number of common shares outstanding during the period.
        Diluted earnings per common share is calculated by dividing net income by the sum of the weighted average number of common shares outstanding and all additional common shares that would have been outstanding if potentially dilutive common shares
        had been issued during the period. The treasury stock method is used to compute the dilutive effect of stock-based compensation.</font></div>
    <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, Geneva, 'sans-serif'; font-size: 10pt; font-weight: normal; font-style: normal;">63</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; font-style: italic;">Recently adopted accounting pronouncements</font></div>
    <div style="text-align: justify;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">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-size: 10pt; font-family: Verdana, Geneva, sans-serif;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;"><u>Term-based licenses</u></font></font></div>
    <div style="text-align: justify; margin-left: 36pt;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">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-size: 10pt; font-family: Verdana, Geneva, sans-serif;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;"><u>Costs to obtain a contract</u></font></font></div>
    <div style="text-align: justify; margin-left: 36pt;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">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-size: 10pt; font-family: Verdana, Geneva, sans-serif;">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-size: 10pt; font-family: Verdana, Geneva, sans-serif;">Had we presented the results for the year ended January 31, 2019 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 $2.4 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-size: 10pt; font-family: Verdana, Geneva, sans-serif;">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-size: 10pt; font-family: Verdana, Geneva, sans-serif;">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>
    <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, Geneva, 'sans-serif'; font-size: 10pt; font-weight: normal; font-style: normal;">64</font></div>
      <div id="DSPFPageBreak" style="page-break-after: always;">
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    </div>
    <div style="text-align: justify;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">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-size: 10pt; font-family: Verdana, Geneva, sans-serif;">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-size: 10pt; font-family: Verdana, Geneva, sans-serif;">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-size: 10pt; font-family: Verdana, Geneva, sans-serif; font-weight: bold; font-style: italic;">Recently issued accounting pronouncements</font></div>
    <div style="text-align: justify;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">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 most leases previously
        classified as operating leases under ASC Topic 840. Leases will continue to be classified as either operating or finance. 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 a modified retrospective method approach in the first quarter of fiscal 2020 and will not restate comparative periods.</font></div>
    <div><br>
    </div>
    <div style="text-align: justify;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">We have an established 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. The team has been responsible for 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 addition, this team is assisting in the implementation of changes to our business processes, systems and controls in order to support
        recognition and disclosure under the new standard.</font></div>
    <div><br>
    </div>
    <div style="text-align: justify;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">As permitted under Topic 842, we will carry forward our current assessments of whether a contract contains a lease, lease classification,
        remaining lease terms and amounts capitalized as initial direct costs. While we are continuing to assess all potential impacts of the new standard, we anticipate that the initial application of the new standard will have a material impact on our
        consolidated balance sheet. We currently estimate that at February 1, 2019 we will recognize right-of-use assets and lease liabilities of approximately $10.5 to $11.5 million. Following transition, we anticipate that the standard will not have a
        material impact on either our consolidated statement of operations or our consolidated statement of cash flows.</font></div>
    <div><br>
    </div>
    <div style="text-align: justify;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">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</font></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, Geneva, 'sans-serif'; font-size: 10pt; font-weight: normal; font-style: normal;">65</font></div>
      <div id="DSPFPageBreak" style="page-break-after: always;">
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    </div>
    <div style="text-align: justify;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">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-size: 10pt; font-family: Verdana, Geneva, sans-serif;">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-size: 10pt; font-family: Verdana, Geneva, sans-serif;">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 aligns 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-size: 10pt; font-family: Verdana, Geneva, sans-serif;">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-size: 10pt; font-family: Verdana, Geneva, sans-serif; font-weight: bold;">Note 3 &#8211; Acquisitions</font></div>
    <div><br>
    </div>
    <div style="text-align: justify;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;"><u>Fiscal 2019 Acquisitions</u></font></font></div>
    <div style="text-align: justify;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">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 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 purchase price was finalized in the three month period ended January 31, 2019 with no adjustments.</font></div>
    <div><br>
    </div>
    <div style="text-align: justify;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">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-size: 10pt; font-family: Verdana, Geneva, sans-serif;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; 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-size: 10pt; font-family: Verdana, Geneva, sans-serif; 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</font></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, Geneva, 'sans-serif'; font-size: 10pt; font-weight: normal; font-style: normal;">66</font></div>
      <div id="DSPFPageBreak" style="page-break-after: always;">
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    </div>
    <div style="text-align: justify;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">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-size: 10pt; font-family: Verdana, Geneva, sans-serif;">For the businesses acquired during fiscal 2019, we incurred acquisition-related costs of $0.5 million for the year ended January 31, 2019. The
        acquisition-related costs were primarily for advisory services and are included in other charges in our consolidated statements of operations. For the year ended January 31, 2019, we have recognized <font style="font-size: 10pt; font-family:
          Verdana, Geneva, sans-serif; color: #000000;">aggregate revenues of $15.1 million, and an aggregate net income of $0.9 million, from Aljex, Velocity Mail</font><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; color:
          #FF0000;">&#160;</font>and PinPoint since the date of acquisition in our consolidated statements of operations.</font></div>
    <div><br>
    </div>
    <div style="text-align: left;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">The final purchase allocation for Aljex and the preliminary purchase price allocations for Velocity Mail and PinPoint, which have not been
        finalized, is as follows:</font></div>
    <table id="z581da53bdbdd4eaa93984061eb0d6ea5" style="font-family: &quot;Times New Roman&quot;,Times,serif; font-size: 10pt; width: 100%;" cellpadding="0" cellspacing="0">

        <tr>
          <td style="vertical-align: top; padding: 0px 0px 1px;">&#160;</td>
          <td colspan="1" style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: bottom; padding-top: 0px; padding-right: 0px; padding-left: 0px;">&#160;</td>
          <td colspan="2" style="vertical-align: bottom; 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;">Aljex</font></div>
          </td>
          <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>
          <td colspan="1" style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: bottom; padding-top: 0px; padding-right: 0px; padding-left: 0px;">&#160;</td>
          <td colspan="2" style="vertical-align: bottom; 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;">Velocity Mail</font></div>
          </td>
          <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>
          <td colspan="1" style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: bottom; padding-top: 0px; padding-right: 0px; padding-left: 0px;">&#160;</td>
          <td colspan="2" style="vertical-align: bottom; 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;">PinPoint</font></div>
          </td>
          <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>
          <td colspan="1" style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: bottom; padding-top: 0px; padding-right: 0px; padding-left: 0px;">&#160;</td>
          <td colspan="2" style="vertical-align: bottom; 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;">Total</font></div>
          </td>
          <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>
        </tr>
        <tr>
          <td style="vertical-align: top;" valign="bottom">
            <div style="text-align: left; margin-right: 2.45pt;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">Purchase price consideration:</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>
          <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>
        </tr>
        <tr>
          <td style="vertical-align: top; width: 52%;" valign="bottom">
            <div style="text-align: left; margin-right: 6.95pt; margin-left: 12pt;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">Cash, less cash acquired related to Aljex ($193), Velocity Mail (nil) and PinPoint ($769)</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;">32,382</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;">26,107</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;">9,443</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;">67,932</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-right: 2.45pt; margin-left: 12pt;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">Common shares issued</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></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>
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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>
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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">&#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; 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>
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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="vertical-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>
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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="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></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></div>
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        <tr>
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            <div style="text-align: left; margin-right: 2.45pt; margin-left: 12pt;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">Deferred income tax liability</font></div>
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            <div><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">(4,200</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>
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            <div><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">(2,077</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;">
            <div><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">)</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;">)</font></div>
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            <div style="text-align: left; margin-right: 2.45pt;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">Net tangible (liabilities) assets assumed</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">
            <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;">1,757</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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            <div><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">(2,563</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="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></div>
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          <td style="vertical-align: top; width: 52%;" valign="bottom">
            <div style="text-align: left; margin-right: 2.45pt;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">Finite life intangible assets acquired:</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>
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            <div style="text-align: left; text-indent: 13.45pt; margin-right: 2.45pt;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">Customer agreements and relationships</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;">5,300</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;">7,758</font></div>
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          <td colspan="1" style="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;">20,858</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: 13.45pt; margin-right: 2.45pt;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">Existing technology</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;">12,400</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;">7,600</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="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
          <td colspan="1" style="text-align: 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-right: 2.45pt; margin-left: 13.45pt;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">Tradenames</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;">280</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;">100</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;">207</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;">587</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;">230</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;">300</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;">69</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;">599</font></div>
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            <div style="text-align: left; margin-right: 2.45pt;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">Goodwill</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;">18,903</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;">8,448</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;">6,306</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;">33,657</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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        <tr>
          <td style="vertical-align: top; width: 52%; padding: 0px 0px 3px;">&#160;</td>
          <td colspan="1" style="border-bottom: 3px 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="border-bottom: 3px double rgb(0, 0, 0); vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
          <td colspan="1" style="border-bottom: 3px double rgb(0, 0, 0); vertical-align: bottom; width: 9%; text-align: right;">
            <div><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">32,230</font></div>
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          <td colspan="1" style="border-bottom: 3px 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: 3px 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="border-bottom: 3px double rgb(0, 0, 0); vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
          <td colspan="1" style="border-bottom: 3px double rgb(0, 0, 0); vertical-align: bottom; width: 9%; text-align: right;">
            <div><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">26,005</font></div>
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          <td colspan="1" style="border-bottom: 3px 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="border-bottom: 3px double rgb(0, 0, 0); vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
          <td colspan="1" style="border-bottom: 3px double rgb(0, 0, 0); vertical-align: bottom; width: 9%; text-align: right;">
            <div><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">11,777</font></div>
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          <td colspan="1" style="border-bottom: 3px 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="border-bottom: 3px double rgb(0, 0, 0); vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
          <td colspan="1" style="border-bottom: 3px double rgb(0, 0, 0); vertical-align: bottom; width: 9%; text-align: right;">
            <div><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">70,012</font></div>
          </td>
          <td colspan="1" style="border-bottom: 3px 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>
        </tr>

    </table>
    <div><br>
    </div>
    <div style="text-align: justify;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">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 for Velocity Mail and PinPoint will be completed
        within one year from the acquisition dates.</font></div>
    <div><br>
    </div>
    <div><br>
    </div>
    <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, Geneva, 'sans-serif'; font-size: 10pt; font-weight: normal; font-style: normal;">67</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 style="text-align: left;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">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="z28c4f7bb78d64b5c8286baae800513d2" border="0" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 61%; 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-size: 10pt; font-family: Verdana, Geneva, sans-serif; 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-size: 10pt; font-family: Verdana, Geneva, sans-serif; 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-size: 10pt; font-family: Verdana, Geneva, sans-serif; font-weight: bold;">PinPoint</font></div>
          </td>
        </tr>
        <tr>
          <td style="width: 61%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">&#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-size: 10pt; font-family: Verdana, Geneva, sans-serif;">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-size: 10pt; font-family: Verdana, Geneva, sans-serif;">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-size: 10pt; font-family: Verdana, Geneva, sans-serif;">9 years</font></div>
          </td>
        </tr>
        <tr>
          <td style="width: 61%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">&#160;&#160;Existing technology</font></div>
          </td>
          <td style="width: 13.22%; vertical-align: top;">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">5 years</font></div>
          </td>
          <td style="width: 13.22%; vertical-align: top;">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">5 years</font></div>
          </td>
          <td style="width: 13.22%; vertical-align: top;">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">N/A</font></div>
          </td>
        </tr>
        <tr>
          <td style="width: 61%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">&#160;&#160;Trade names</font></div>
          </td>
          <td style="width: 13.22%; vertical-align: top;">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">8 years</font></div>
          </td>
          <td style="width: 13.22%; vertical-align: top;">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">4 years</font></div>
          </td>
          <td style="width: 13.22%; vertical-align: top;">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">8 years</font></div>
          </td>
        </tr>
        <tr>
          <td style="width: 61%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">&#160;&#160;Non-compete covenants</font></div>
          </td>
          <td style="width: 13.22%; vertical-align: top;">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">5 years</font></div>
          </td>
          <td style="width: 13.22%; vertical-align: top;">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">5 years</font></div>
          </td>
          <td style="width: 13.22%; vertical-align: top;">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">5 years</font></div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <div style="text-align: justify;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">The goodwill on the Aljex, Velocity Mail<font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; 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-size: 10pt; font-family: Verdana, Geneva, sans-serif;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;"><u>Fiscal 2018 Acquisitions</u></font></font></div>
    <div style="text-align: justify;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">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 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-size: 10pt; font-family: Verdana, Geneva, sans-serif;"> </font><br>
    </div>
    <div style="text-align: justify;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">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-size: 10pt; font-family: Verdana, Geneva, sans-serif;">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><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, Geneva, 'sans-serif'; font-size: 10pt; 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>
    <div><br>
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    <div style="text-align: left;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">The final purchase price allocations for businesses we acquired during 2018 are as follows:</font></div>
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        <tr>
          <td style="vertical-align: top; padding: 0px 0px 1px;">&#160;</td>
          <td colspan="1" style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: bottom; padding-top: 0px; padding-right: 0px; padding-left: 0px;">&#160;</td>
          <td colspan="2" style="vertical-align: top; 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;">ShipRush</font></div>
          </td>
          <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>
          <td colspan="1" style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: bottom; padding-top: 0px; padding-right: 0px; padding-left: 0px;">&#160;</td>
          <td colspan="2" style="vertical-align: bottom; 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;">PCSTrac</font></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>
          <td colspan="1" style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: bottom; padding-top: 0px; padding-right: 0px; padding-left: 0px;">&#160;</td>
          <td colspan="2" style="vertical-align: bottom; 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;">MacroPoint</font></div>
          </td>
          <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>
          <td colspan="1" style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: bottom; padding-top: 0px; padding-right: 0px; padding-left: 0px;">&#160;</td>
          <td colspan="2" style="vertical-align: bottom; 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;">Total</font></div>
          </td>
          <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>
        </tr>
        <tr>
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            <div style="text-align: left; margin-right: 2.45pt;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">Purchase price consideration:</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>
          <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>
        </tr>
        <tr>
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            <div style="text-align: left; margin-right: 6.95pt; margin-left: 12pt;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">Cash, less cash acquired related to ShipRush ($253), PCSTrac (nil) and MacroPoint ($2,098)</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;">14,198</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;">11,492</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;">86,177</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;">111,867</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-right: 2.45pt; margin-left: 12pt;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">Common shares issued</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></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;">-</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;">20,000</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;">20,000</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-right: 2.45pt; margin-left: 12pt;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">Contingent consideration</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;">1,233</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;">-</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;">-</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;">1,233</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: 0px 0px 1px;">
            <div style="text-align: left; margin-right: 2.45pt; margin-left: 12pt;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">Net working capital adjustments payable</font></div>
          </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;">88</font></div>
          </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>
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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="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></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="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-right: 2.45pt; margin-left: 12pt;"><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>
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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="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: bottom; width: 1%;">&#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;">
            <div><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">)</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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          <td colspan="1" style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; width: 1%; 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; margin-right: 2.45pt;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">Net tangible (liabilities) assets assumed</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></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;">457</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="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; 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>
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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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          <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;">1,850</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;">26,030</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;">30,280</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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          <td colspan="1" style="vertical-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-right: 2.45pt; margin-left: 13.45pt;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">Tradenames</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><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">60</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;">570</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 style="vertical-align: top; width: 52%;" valign="bottom">
            <div style="text-align: left; margin-right: 2.45pt; margin-left: 13.45pt;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">Non-compete covenants</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;">100</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;">80</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;">2,420</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;">2,600</font></div>
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        <tr>
          <td style="vertical-align: top; width: 52%; padding-bottom: 1px;">
            <div style="text-align: left; margin-right: 2.45pt;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">Goodwill</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;">
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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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          <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; white-space: nowrap; width: 1%; text-align: left;">&#160;</td>
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        <tr>
          <td style="vertical-align: top; width: 52%; padding: 0px 0px 3px;">&#160;</td>
          <td colspan="1" style="border-bottom: 3px 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="border-bottom: 3px double 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;">133,391</font></div>
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    </table>
    <div><br>
    </div>
    <div style="text-align: left;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">The acquired intangible assets are being amortized over their estimated useful lives as follows:</font></div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse;" id="z8e25fc88a2ee44608cb1624ba9fc9cb3" border="0" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 61%; 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-size: 10pt; font-family: Verdana, Geneva, sans-serif; font-weight: bold;">ShipRush</font></div>
          </td>
          <td style="width: 13.22%; vertical-align: top; border-bottom: #000000 1px solid;">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; font-weight: bold;">PCSTrac</font></div>
          </td>
          <td style="width: 13.22%; vertical-align: top; border-bottom: #000000 1px solid;">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; font-weight: bold;">MacroPoint</font></div>
          </td>
        </tr>
        <tr>
          <td style="width: 61%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">&#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-size: 10pt; font-family: Verdana, Geneva, sans-serif;">9 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-size: 10pt; font-family: Verdana, Geneva, sans-serif;">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-size: 10pt; font-family: Verdana, Geneva, sans-serif;">12 years</font></div>
          </td>
        </tr>
        <tr>
          <td style="width: 61%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">&#160;&#160;Existing technology</font></div>
          </td>
          <td style="width: 13.22%; vertical-align: top;">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">5 years</font></div>
          </td>
          <td style="width: 13.22%; vertical-align: top;">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">5 years</font></div>
          </td>
          <td style="width: 13.22%; vertical-align: top;">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">5 years</font></div>
          </td>
        </tr>
        <tr>
          <td style="width: 61%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">&#160;&#160;Trade names</font></div>
          </td>
          <td style="width: 13.22%; vertical-align: top;">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">8 years</font></div>
          </td>
          <td style="width: 13.22%; vertical-align: top;">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">4 years</font></div>
          </td>
          <td style="width: 13.22%; vertical-align: top;">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">8 years</font></div>
          </td>
        </tr>
        <tr>
          <td style="width: 61%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">&#160;&#160;Non-compete covenants</font></div>
          </td>
          <td style="width: 13.22%; vertical-align: top;">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">5 years</font></div>
          </td>
          <td style="width: 13.22%; vertical-align: top;">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">5 years</font></div>
          </td>
          <td style="width: 13.22%; vertical-align: top;">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">5 years</font></div>
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        </tr>

    </table>
    <div><br>
    </div>
    <div style="text-align: justify;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">The goodwill on the ShipRush, PCSTrac and MacroPoint acquisitions arose as a result of the combined strategic value to our growth plan. The
        goodwill arising from the PCSTrac, ShipRush and MacroPoint acquisitions is deductible for tax purposes.</font></div>
    <div><br>
    </div>
    <div style="text-align: justify;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;"><u>Fiscal 2017 Acquisitions</u></font></font></div>
    <div style="text-align: justify;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">On December 23, 2016, we acquired The Datamyne Inc. (&#8220;Datamyne&#8221;), a provider of cloud-based trade data content solutions for customers to analyze
        import and export trade activity. Datamyne, primarily operating in the U.S. and South America, collects, cleanses and commercializes logistics trade data from over 50 nations across five continents, including key markets in North America, Latin
        America, Asia, Africa, and the European Union. Subscribers use Datamyne&#8217;s web<font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">&#8208;</font>based solutions and business intelligence tools to augment, speed up and simplify trade
        data research, and to shape global marketing, prospecting, and sourcing strategies. The total purchase price for the acquisition was $52.5 million, net of cash acquired, which was funded with cash on hand. The gross contractual amount of trade
        receivables acquired was $1.5 million with a fair value of $1.4 million at the date of acquisition. Our acquisition date estimate of contractual cash flows not expected to be collected was $0.1 million. In the second quarter of fiscal 2018, the
        working capital for Datamyne was finalized resulting in a $0.4 million decrease in goodwill and a $0.4 million decrease in current liabilities. The purchase price was finalized in the three month period ended January 31, 2018 with no adjustments.</font></div>
    <div><br>
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    <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, Geneva, 'sans-serif'; font-size: 10pt; font-weight: normal; font-style: normal;">69</font></div>
      <div id="DSPFPageBreak" style="page-break-after: always;">
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    </div>
    <div style="text-align: justify;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">On November 11, 2016, we acquired 4Solutions Information Technology Pty Ltd. (&#8220;4Solutions&#8221;), an Australia-based provider of cloud-based
        business-to-business supply chain integration solutions. 4Solutions operates the Health Supply Network, an electronic document exchange network for the healthcare community, which allows large multi-national, local pharmaceutical manufacturers and
        wholesalers connect and collaborate to automate a wide array of supply chain processes. The total purchase price for the acquisition was approximately $2.5 million, net of cash acquired, which was funded with cash on hand. The gross contractual
        amount of trade receivables acquired was $0.2 million with a fair value of $0.2 million at the date of acquisition. Our acquisition date estimate of contractual cash flows not expected to be collected was nil. The purchase price was finalized in
        the three month period ended October 31, 2017 with no adjustments.</font></div>
    <div><br>
    </div>
    <div style="text-align: justify;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">On October 12, 2016, we acquired Appterra LLC (&#8220;Appterra&#8221;), a US-based provider of cloud-based business-to-business supply chain integration
        solutions. Appterra&#8217;s solutions help its customers connect electronically, automate supply chain processes, and enhance collaboration and visibility among global trading partners.&#160; The total purchase price for the acquisition was $5.7 million, net
        of cash acquired, which was funded with cash on hand. Additional contingent consideration of up to $1.6 million in cash was payable if certain revenue performance targets are met by Appterra 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 $0.1 million with a fair value of $0.1 million at the date of acquisition. Our acquisition date
        estimate of contractual cash flows not expected to be collected was nil. The purchase price was finalized in the three month period ended October 31, 2017 with no adjustments.</font></div>
    <div><br>
    </div>
    <div style="text-align: justify;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">On April 29, 2016, we acquired pixi* Software GmbH (&#8220;Pixi&#8221;), a Germany-based provider of technology solutions for e-commerce order fulfilment and
        warehouse management. Pixi&#8217;s solutions help its customers automate e-commerce processes originating from online orders, and Pixi is currently integrated with hundreds of e-commerce sites in Europe. The total purchase price for the acquisition was
        approximately $10.6 million, net of cash acquired, which was funded by drawing on our credit facility. The gross contractual amount of trade receivables acquired was $0.6 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 $0.2 million. The purchase price was finalized in the three month period ended April 30, 2017 with no adjustments.</font></div>
    <div><br>
    </div>
    <div><br>
    </div>
    <div><br>
    </div>
    <div><br>
    </div>
    <div><br>
    </div>
    <div><br>
    </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, Geneva, 'sans-serif'; font-size: 10pt; font-weight: normal; font-style: normal;">70</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 style="text-align: justify;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">The final purchase price allocations for businesses we acquired during 2017 are as follows:</font></div>
    <div style="text-align: justify;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;"> <br>
      </font></div>
    <table id="zab1cb6a715cc4096865d7ea16b391ca0" style="font-family: &quot;Times New Roman&quot;,Times,serif; font-size: 10pt; width: 100%;" cellpadding="0" cellspacing="0">

        <tr>
          <td style="vertical-align: top; padding: 0px 0px 1px;">&#160;</td>
          <td colspan="1" style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: bottom; padding-top: 0px; padding-right: 0px; padding-left: 0px;">&#160;</td>
          <td colspan="2" style="vertical-align: top; border-bottom: 1px solid rgb(0, 0, 0);">
            <div> </div>
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; font-weight: bold;">Pixi</font></div>
          </td>
          <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>
          <td colspan="1" style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: bottom; padding-top: 0px; padding-right: 0px; padding-left: 0px;">&#160;</td>
          <td colspan="2" style="vertical-align: top; border-bottom: 1px solid rgb(0, 0, 0);">
            <div> </div>
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; font-weight: bold;">Appterra</font></div>
          </td>
          <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>
          <td colspan="1" style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: bottom; padding-top: 0px; padding-right: 0px; padding-left: 0px;">&#160;</td>
          <td colspan="2" style="vertical-align: top; border-bottom: 1px solid rgb(0, 0, 0);">
            <div> </div>
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; font-weight: bold;">4Solutions</font></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>
          <td colspan="1" style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: bottom; padding-top: 0px; padding-right: 0px; padding-left: 0px;">&#160;</td>
          <td colspan="2" style="vertical-align: top; border-bottom: 1px solid rgb(0, 0, 0);">
            <div> </div>
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; font-weight: bold;">Datamyne</font></div>
          </td>
          <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>
          <td colspan="1" style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: bottom; padding-top: 0px; padding-right: 0px; padding-left: 0px;">&#160;</td>
          <td colspan="2" style="vertical-align: top; border-bottom: 1px solid rgb(0, 0, 0);">
            <div> </div>
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; font-weight: bold;">Total</font></div>
          </td>
          <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>
        </tr>
        <tr>
          <td style="vertical-align: top;" valign="bottom">
            <div style="text-align: left; margin-right: 2.45pt;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">Purchase price consideration:</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>
          <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>
        </tr>
        <tr>
          <td style="vertical-align: top; width: 40%;" valign="bottom">
            <div style="text-align: left; margin-right: 6.95pt; margin-left: 12pt;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">Cash, less cash acquired related to Pixi ($688),&#160; Appterra ($66), 4Solutions ($281) and Datamyne
                ($2,637)</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></div>
            <div></div>
            <div><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">10,648</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></div>
            <div></div>
            <div><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">5,703</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></div>
            <div></div>
            <div><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">2,456</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></div>
            <div></div>
            <div><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">52,541</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></div>
            <div></div>
            <div><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">71,348</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%;" valign="bottom">
            <div style="text-align: left; margin-right: 6.95pt; margin-left: 12pt;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">Contingent consideration</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></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;">700</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;">-</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;">-</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;">700</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%; padding: 0px 0px 1px;">
            <div style="text-align: left; margin-right: 6.95pt; margin-left: 12pt;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">Net working capital adjustments (receivable)</font></div>
          </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;">(26</font></div>
          </td>
          <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>
          </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;">(118</font></div>
          </td>
          <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>
          </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></div>
            <div><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">4</font></div>
          </td>
          <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;">(567</font></div>
          </td>
          <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>
          </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;">(707</font></div>
          </td>
          <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>
          </td>
        </tr>
        <tr>
          <td style="vertical-align: top; width: 40%; padding: 0px 0px 3px;">&#160;</td>
          <td colspan="1" style="border-bottom: 3px 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="border-bottom: 3px double rgb(0, 0, 0); vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
          <td colspan="1" style="border-bottom: 3px double rgb(0, 0, 0); vertical-align: bottom; width: 9%; text-align: right;">
            <div><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">10,622</font></div>
          </td>
          <td colspan="1" style="border-bottom: 3px 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: 3px 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="border-bottom: 3px double rgb(0, 0, 0); vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
          <td colspan="1" style="border-bottom: 3px double rgb(0, 0, 0); vertical-align: bottom; width: 9%; text-align: right;">
            <div><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">6,285</font></div>
          </td>
          <td colspan="1" style="border-bottom: 3px 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: 3px 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="border-bottom: 3px double rgb(0, 0, 0); vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
          <td colspan="1" style="border-bottom: 3px double rgb(0, 0, 0); vertical-align: bottom; width: 9%; text-align: right;">
            <div><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">2,460</font></div>
          </td>
          <td colspan="1" style="border-bottom: 3px 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: 3px 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="border-bottom: 3px double rgb(0, 0, 0); vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
          <td colspan="1" style="border-bottom: 3px double rgb(0, 0, 0); vertical-align: bottom; width: 9%; text-align: right;">
            <div><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">51,974</font></div>
          </td>
          <td colspan="1" style="border-bottom: 3px 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: 3px 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="border-bottom: 3px double rgb(0, 0, 0); vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
          <td colspan="1" style="border-bottom: 3px double rgb(0, 0, 0); vertical-align: bottom; width: 9%; text-align: right;">
            <div><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">71,341</font></div>
          </td>
          <td colspan="1" style="border-bottom: 3px 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>
        </tr>
        <tr>
          <td style="vertical-align: top; width: 40%;" 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">&#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>
          <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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          <td colspan="1" style="vertical-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="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="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
          <td colspan="1" style="text-align: 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>
          <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></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;">3,299</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>
          <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;">(523</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">
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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;">(182</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;">(1,263</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">
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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-right: 2.45pt; margin-left: 12pt;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">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>
          <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;">(78</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;">(633</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;">(164</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">
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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">
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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>
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            <div style="text-align: left; margin-right: 2.45pt; margin-left: 12pt;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">Deferred income tax liability</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-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;">-</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;">(443</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">
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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">
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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>
        <tr>
          <td style="vertical-align: top; width: 40%; padding-bottom: 1px;">
            <div style="text-align: left; margin-right: 2.45pt; margin-left: 12pt;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">Income tax liability</font></div>
          </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;">-</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;">-</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="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>
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        <tr>
          <td style="vertical-align: top; width: 40%; padding: 0px 0px 3px;">&#160;</td>
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          <td colspan="1" style="border-bottom: 3px double rgb(0, 0, 0); vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
          <td colspan="1" style="border-bottom: 3px double rgb(0, 0, 0); vertical-align: bottom; width: 9%; text-align: right;">
            <div><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">10,622</font></div>
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          <td colspan="1" style="border-bottom: 3px 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: 3px 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="border-bottom: 3px double rgb(0, 0, 0); vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
          <td colspan="1" style="border-bottom: 3px double rgb(0, 0, 0); vertical-align: bottom; width: 9%; text-align: right;">
            <div><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">6,285</font></div>
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          <td colspan="1" style="border-bottom: 3px double 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;">2,460</font></div>
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          <td colspan="1" style="border-bottom: 3px 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="border-bottom: 3px double 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;">51,974</font></div>
          </td>
          <td colspan="1" style="border-bottom: 3px 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: 3px 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="border-bottom: 3px double rgb(0, 0, 0); vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
          <td colspan="1" style="border-bottom: 3px double rgb(0, 0, 0); vertical-align: bottom; width: 9%; text-align: right;">
            <div><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">71,341</font></div>
          </td>
          <td colspan="1" style="border-bottom: 3px 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>
        </tr>

    </table>
    <div><br>
    </div>
    <div style="text-align: left;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">The acquired intangible assets are being amortized over their estimated useful lives as follows:</font></div>
    <div style="text-align: left;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;"> <br>
      </font></div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse;" id="zf1e91e4d33304d649b0817b2bba42d79" border="0" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 48%; vertical-align: top;">&#160;</td>
          <td style="width: 13%; vertical-align: top;">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; font-weight: bold;">Pixi</font></div>
          </td>
          <td style="width: 13%; vertical-align: top;">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; font-weight: bold;">Appterra</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-size: 10pt; font-family: Verdana, Geneva, sans-serif; font-weight: bold;">4Solutions</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-size: 10pt; font-family: Verdana, Geneva, sans-serif; font-weight: bold;">Datamyne</font></div>
          </td>
        </tr>
        <tr>
          <td style="width: 48%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">&#160;&#160;Customer agreements and relationships</font></div>
          </td>
          <td style="width: 13%; 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;">9 years</font></div>
          </td>
          <td style="width: 13%; 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;">11 years</font></div>
          </td>
          <td style="width: 13%; 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;">8 years</font></div>
          </td>
          <td style="width: 13%; 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;">9 years</font></div>
          </td>
        </tr>
        <tr>
          <td style="width: 48%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">&#160;&#160;Existing technology</font></div>
          </td>
          <td style="width: 13%; vertical-align: top;">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">5 years</font></div>
          </td>
          <td style="width: 13%; vertical-align: top;">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">5 years</font></div>
          </td>
          <td style="width: 13%; vertical-align: top;">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">2 years</font></div>
          </td>
          <td style="width: 13%; vertical-align: top;">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">6 years</font></div>
          </td>
        </tr>
        <tr>
          <td style="width: 48%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">&#160;&#160;Trade names</font></div>
          </td>
          <td style="width: 13%; vertical-align: top;">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">N/A</font></div>
          </td>
          <td style="width: 13%; vertical-align: top;">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">N/A</font></div>
          </td>
          <td style="width: 13%; vertical-align: top;">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">5 years</font></div>
          </td>
          <td style="width: 13%; vertical-align: top;">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">9 years</font></div>
          </td>
        </tr>
        <tr>
          <td style="width: 48%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">&#160;&#160;Non-compete covenants</font></div>
          </td>
          <td style="width: 13%; vertical-align: top;">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">N/A</font></div>
          </td>
          <td style="width: 13%; vertical-align: top;">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">5 years</font></div>
          </td>
          <td style="width: 13%; vertical-align: top;">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">N/A</font></div>
          </td>
          <td style="width: 13%; vertical-align: top;">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">5 years</font></div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <div style="text-align: justify;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">The goodwill on the Pixi, Appterra, 4Solutions and Datamyne acquisitions arose as a result of the combined strategic value to our growth plan.
        The goodwill arising from the Pixi, 4Solutions and Datamyne acquisitions is not deductible for tax purposes. The goodwill arising from the Appterra acquisition is deductible for tax purposes.</font></div>
    <div><br>
    </div>
    <div style="text-align: justify;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;"><u>Pro Forma Results of Operations (Unaudited)</u></font></font></div>
    <div style="text-align: justify;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">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, ShipRush, Datamyne, 4Solutions, Appterra and Pixi as of the beginning of each of the periods presented.</font></div>
    <div><br>
    </div>
    <div style="text-align: justify;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">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</font></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, Geneva, 'sans-serif'; font-size: 10pt; font-weight: normal; font-style: normal;">71</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 style="text-align: justify;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">Mail, Aljex, MacroPoint, PCSTrac, ShipRush, Datamyne, 4Solutions, Appterra and Pixi 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="zc0dbc89fd24e4ff6917fadd7d7090a38" border="0" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 56.38%; vertical-align: top;">
            <div style="text-align: left; margin-right: 12pt;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; font-style: italic;">Year Ended</font></div>
          </td>
          <td style="width: 0.89%; vertical-align: top;">&#160;</td>
          <td style="width: 0.89%; vertical-align: top;">&#160;</td>
          <td style="width: 14%; 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;">January 31,</font></div>
          </td>
          <td style="width: 14%; 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;">January 31,</font></div>
          </td>
          <td style="width: 14%; 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;">January 31,</font></div>
          </td>
        </tr>
        <tr>
          <td style="width: 56.38%; vertical-align: top;">&#160;</td>
          <td style="width: 0.89%; vertical-align: top;">&#160;</td>
          <td style="width: 0.89%; vertical-align: top;">&#160;</td>
          <td style="width: 14%; vertical-align: top; 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;">2019</font></div>
          </td>
          <td style="width: 14%; vertical-align: top; border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">2018</font></div>
          </td>
          <td style="width: 14%; vertical-align: top; border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">2017</font></div>
          </td>
        </tr>
        <tr>
          <td style="width: 56.38%; 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: 0.89%; vertical-align: top;">&#160;</td>
          <td style="width: 0.89%; vertical-align: top;">&#160;</td>
          <td style="width: 14%; vertical-align: middle; text-align: right;">
            <div><font style="font-size: 10pt; font-family: Verdana,Geneva,sans-serif; font-weight: bold;">281,419</font></div>
          </td>
          <td style="width: 14%; vertical-align: middle; text-align: right;">
            <div><font style="font-size: 10pt; font-family: Verdana,Geneva,sans-serif;">266,074</font></div>
          </td>
          <td style="width: 14%; vertical-align: middle; text-align: right;">
            <div><font style="font-size: 10pt; font-family: Verdana,Geneva,sans-serif;">252,910</font></div>
          </td>
        </tr>
        <tr>
          <td style="width: 56.38%; 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: 0.89%; vertical-align: top;">&#160;</td>
          <td style="width: 0.89%; vertical-align: top;">&#160;</td>
          <td style="width: 14%; vertical-align: middle; text-align: right;">
            <div><font style="font-size: 10pt; font-family: Verdana,Geneva,sans-serif; font-weight: bold;">31,889</font></div>
          </td>
          <td style="width: 14%; vertical-align: middle; text-align: right;">
            <div><font style="font-size: 10pt; font-family: Verdana,Geneva,sans-serif;">25,704</font></div>
          </td>
          <td style="width: 14%; vertical-align: middle; text-align: right;">
            <div><font style="font-size: 10pt; font-family: Verdana,Geneva,sans-serif;">20,044</font></div>
          </td>
        </tr>
        <tr>
          <td style="width: 56.38%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">Earnings per share</font></div>
          </td>
          <td style="width: 0.89%; vertical-align: top;">&#160;</td>
          <td style="width: 0.89%; vertical-align: top;">&#160;</td>
          <td style="width: 14%; vertical-align: top;">&#160;</td>
          <td style="width: 14%; vertical-align: top;">&#160;</td>
          <td style="width: 14%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 56.38%; vertical-align: top;">
            <div style="text-align: left; margin-left: 12pt;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">Basic</font></div>
          </td>
          <td style="width: 0.89%; vertical-align: top;">&#160;</td>
          <td style="width: 0.89%; vertical-align: top;">&#160;</td>
          <td style="width: 14%; vertical-align: middle; text-align: right;">
            <div><font style="font-size: 10pt; font-family: Verdana,Geneva,sans-serif; font-weight: bold;">0.42</font></div>
          </td>
          <td style="width: 14%; vertical-align: middle; text-align: right;">
            <div><font style="font-size: 10pt; font-family: Verdana,Geneva,sans-serif;">0.34</font></div>
          </td>
          <td style="width: 14%; vertical-align: middle; text-align: right;">
            <div><font style="font-size: 10pt; font-family: Verdana,Geneva,sans-serif;">0.26</font></div>
          </td>
        </tr>
        <tr>
          <td style="width: 56.38%; vertical-align: top;">
            <div style="text-align: left; margin-left: 12pt;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">Diluted</font></div>
          </td>
          <td style="width: 0.89%; vertical-align: top;">&#160;</td>
          <td style="width: 0.89%; vertical-align: top;">&#160;</td>
          <td style="width: 14%; vertical-align: middle; text-align: right;">
            <div><font style="font-size: 10pt; font-family: Verdana,Geneva,sans-serif; font-weight: bold;">0.41</font></div>
          </td>
          <td style="width: 14%; vertical-align: middle; text-align: right;">
            <div><font style="font-size: 10pt; font-family: Verdana,Geneva,sans-serif;">0.33</font></div>
          </td>
          <td style="width: 14%; vertical-align: middle; text-align: right;">
            <div><font style="font-size: 10pt; font-family: Verdana,Geneva,sans-serif;">0.26</font></div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <div style="text-align: justify;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; font-weight: bold;">Note 4 &#8211; Fair Value Measurements</font></div>
    <div><br>
    </div>
    <div style="text-align: justify;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">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-size: 10pt; font-family: Verdana, Geneva, sans-serif;">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="z8db597e055824171815247fa1a1a919f" 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;">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="za85f7f559c7540f7818450702732d349" 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;">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="za47f7e30f148424381b8d5e5c52f523a" 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;">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-size: 10pt; font-family: Verdana, Geneva, sans-serif;">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-size: 10pt; font-family: Verdana, Geneva, sans-serif;">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 January 31, 2019, 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-size: 10pt; font-family: Verdana, Geneva, sans-serif;">The following table shows the Company&#8217;s derivative instruments measured at fair value on a recurring basis as of January 31, 2019:</font></div>
    <div><br>
    </div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse;" id="za655f57bb40c407dbabd62013ed5fae9" border="0" 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-size: 10pt; font-family: Verdana, Geneva, sans-serif;">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-size: 10pt; font-family: Verdana, Geneva, sans-serif;">Fair Value of Derivatives Not Designated As Hedge Instruments</font></div>
          </td>
          <td style="width: 16%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; text-indent: 1.5pt;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">Fair Value</font></div>
          </td>
        </tr>
        <tr>
          <td style="width: 42.01%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">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: 16%; vertical-align: top; border-top: 1px solid rgb(0, 0, 0);">&#160;</td>
        </tr>
        <tr>
          <td style="width: 42.01%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">Equity contracts</font></div>
          </td>
          <td style="width: 21.3%; vertical-align: middle; border-bottom: 1px double rgb(0, 0, 0); text-align: right;">
            <div><font style="font-size: 10pt; font-family: Verdana,Geneva,sans-serif; font-weight: bold;">-</font></div>
          </td>
          <td style="width: 21.3%; vertical-align: middle; border-bottom: 1px double rgb(0, 0, 0); text-align: right;">
            <div><font style="font-size: 10pt; font-family: Verdana,Geneva,sans-serif; font-weight: bold;">2,794</font></div>
          </td>
          <td style="width: 16%; vertical-align: middle; border-bottom: 1px double rgb(0, 0, 0); text-align: right;">
            <div><font style="font-size: 10pt; font-family: Verdana,Geneva,sans-serif; font-weight: bold;">2,794</font></div>
          </td>
        </tr>

    </table>
    <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, Geneva, 'sans-serif'; font-size: 10pt; font-weight: normal; font-style: normal;">72</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 style="text-align: justify;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">The fair value of equity contract derivatives is determined utilizing a valuation model based on the quoted market value of <font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; 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. For the years ended January 31, 2019, 2018 and 2017, we recognized an expense (recovery) in general and administrative expenses of
        ($1.2) million, ($1.1) million and ($0.5) million.</font></div>
    <div><br>
    </div>
    <div style="text-align: left;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; font-weight: bold;">Note 5 &#8211; Trade Receivables</font></div>
    <div><br>
    </div>
    <table id="ze3f2c4c57331413ca8ae05ebe8d808fe" style="font-family: &quot;Times New Roman&quot;,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="2" style="vertical-align: top; border-top: 1px solid rgb(0, 0, 0);" valign="bottom">
            <div style="text-align: right; text-indent: 1.5pt;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; font-weight: bold;">January 31,</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="2" style="vertical-align: top; border-top: 1px solid rgb(0, 0, 0);" valign="bottom">
            <div style="text-align: right; text-indent: 1.5pt;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">January 31,</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: 0px 0px 1px;">&#160;</td>
          <td colspan="1" style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: bottom; padding-top: 0px; padding-right: 0px; padding-left: 0px;">&#160;</td>
          <td colspan="2" style="vertical-align: top; border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; text-indent: 1.5pt;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; font-weight: bold;"> 2019</font></div>
          </td>
          <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>
          <td colspan="1" style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: bottom; padding-top: 0px; padding-right: 0px; padding-left: 0px;">&#160;</td>
          <td colspan="2" style="vertical-align: top; border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; text-indent: 1.5pt;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">2018</font></div>
          </td>
          <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>
        </tr>
        <tr>
          <td style="vertical-align: top; width: 76%;" valign="bottom">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">Trade receivables</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;">33,350</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;">30,111</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: 76%; padding: 0px 0px 1px;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">Less: Allowance for doubtful accounts</font></div>
          </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;">(1,857</font></div>
          </td>
          <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-weight: bold;">)</font></div>
          </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;">(1,319</font></div>
          </td>
          <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>
          </td>
        </tr>
        <tr>
          <td style="vertical-align: top; width: 76%; padding: 0px 0px 3px;">&#160;</td>
          <td colspan="1" style="border-bottom: 3px 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="border-bottom: 3px double rgb(0, 0, 0); vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
          <td colspan="1" style="border-bottom: 3px double 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;">31,493</font></div>
          </td>
          <td colspan="1" style="border-bottom: 3px 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: 3px 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="border-bottom: 3px double rgb(0, 0, 0); vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
          <td colspan="1" style="border-bottom: 3px double rgb(0, 0, 0); vertical-align: bottom; width: 9%; text-align: right;">
            <div><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">28,792</font></div>
          </td>
          <td colspan="1" style="border-bottom: 3px 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>
        </tr>

    </table>
    <div><br>
    </div>
    <div style="text-align: justify;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">Included in accounts receivable are unbilled receivables in the amount of $1.0 million as at January 31, 2019 ($0.6 million as at January 31,
        2018). For the years ended January 31, 2019, 2018 and 2017, bad debt expense was $1.2 million, $0.8 million and $0.6 million, respectively.</font></div>
    <div><br>
    </div>
    <div style="text-align: left;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; font-weight: bold;">Note 6 &#8211; Other Receivables</font></div>
    <div><br>
    </div>
    <table id="z005ef2bbc9ac4ead90c72aeaa2da4f7c" style="font-family: &quot;Times New Roman&quot;,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="2" style="vertical-align: top; border-top: 1px solid rgb(0, 0, 0);" valign="bottom">
            <div style="text-align: right; text-indent: 1.5pt;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; font-weight: bold;">January 31,</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="2" style="vertical-align: top; border-top: 1px solid rgb(0, 0, 0);" valign="bottom">
            <div style="text-align: right; text-indent: 1.5pt;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">January 31,</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: 0px 0px 1px;">&#160;</td>
          <td colspan="1" style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: bottom; padding-top: 0px; padding-right: 0px; padding-left: 0px;">&#160;</td>
          <td colspan="2" style="vertical-align: top; border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; text-indent: 1.5pt;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; font-weight: bold;"> 2019</font></div>
          </td>
          <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>
          <td colspan="1" style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: bottom; padding-top: 0px; padding-right: 0px; padding-left: 0px;">&#160;</td>
          <td colspan="2" style="vertical-align: top; border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; text-indent: 1.5pt;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">2018</font></div>
          </td>
          <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>
        </tr>
        <tr>
          <td style="vertical-align: top; width: 76%;" valign="bottom">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">Net working capital adjustments receivable from acquisitions</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;">55</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;">118</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: 76%; padding: 0px 0px 1px;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">Other receivables</font></div>
          </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;">4,276</font></div>
          </td>
          <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;">3,053</font></div>
          </td>
          <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>
        </tr>
        <tr>
          <td style="vertical-align: top; width: 76%; padding: 0px 0px 3px;">&#160;</td>
          <td colspan="1" style="border-bottom: 3px 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="border-bottom: 3px double rgb(0, 0, 0); vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
          <td colspan="1" style="border-bottom: 3px double 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;">4,331</font></div>
          </td>
          <td colspan="1" style="border-bottom: 3px 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: 3px 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="border-bottom: 3px double rgb(0, 0, 0); vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
          <td colspan="1" style="border-bottom: 3px double rgb(0, 0, 0); vertical-align: bottom; width: 9%; text-align: right;">
            <div><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">3,171</font></div>
          </td>
          <td colspan="1" style="border-bottom: 3px 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>
        </tr>

    </table>
    <div><br>
    </div>
    <div style="text-align: justify;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">Other receivables include receivables related to sales and use taxes, income taxes, non-trade receivables and contract assets. At January 31,
        2019, $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 during the period.</font></div>
    <div><br>
    </div>
    <div style="text-align: justify;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; font-weight: bold;">Note 7 &#8211; Inventory</font></div>
    <div><br>
    </div>
    <div style="text-align: justify;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">At January 31, 2019 and January 31, 2018, inventory is entirely comprised of finished goods inventory. Finished goods inventory primarily
        consists of hardware and related parts for mobile asset units held for sale. For the years ended January 31, 2018, 2017 and 2016, a provision for excess or obsolete inventories has been recorded in cost of revenues of nominal, $0.1 million and nil,
        respectively.</font></div>
    <div><br>
    </div>
    <div><br>
    </div>
    <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, Geneva, 'sans-serif'; font-size: 10pt; font-weight: normal; font-style: normal;">73</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 style="text-align: left;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; 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="zd7b357b8fbfa4d6489e2574749bedf55" border="0" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 70%; 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-size: 10pt; font-family: Verdana, Geneva, sans-serif; font-weight: bold;">January 31,</font></div>
          </td>
          <td style="width: 15%; 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;">January 31,</font></div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; 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-size: 10pt; font-family: Verdana, Geneva, sans-serif; font-weight: bold;">2019</font></div>
          </td>
          <td style="width: 15%; vertical-align: top; border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">2018</font></div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">Cost</font></div>
          </td>
          <td style="width: 15.18%; vertical-align: top;">&#160;</td>
          <td style="width: 15%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: top;">
            <div style="text-align: left; margin-left: 12pt;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">Computer equipment and software</font></div>
          </td>
          <td style="width: 15.18%; vertical-align: top;">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; font-weight: bold;">34,870</font></div>
          </td>
          <td style="width: 15%; vertical-align: top;">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">36,374</font></div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: top;">
            <div style="text-align: left; margin-left: 12pt;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">Furniture and fixtures</font></div>
          </td>
          <td style="width: 15.18%; vertical-align: top;">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; font-weight: bold;">1,262</font></div>
          </td>
          <td style="width: 15%; vertical-align: top;">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">1,296</font></div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: top;">
            <div style="text-align: left; margin-left: 12pt;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">Leasehold improvements</font></div>
          </td>
          <td style="width: 15.18%; vertical-align: top;">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; font-weight: bold;">444</font></div>
          </td>
          <td style="width: 15%; vertical-align: top;">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">438</font></div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; 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-size: 10pt; font-family: Verdana, Geneva, sans-serif; font-weight: bold;">36,576</font></div>
          </td>
          <td style="width: 15%; 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;">38,108</font></div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">Accumulated amortization</font></div>
          </td>
          <td style="width: 15.18%; vertical-align: top;">&#160;</td>
          <td style="width: 15%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: top;">
            <div style="text-align: left; margin-left: 12pt;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">Computer equipment and software</font></div>
          </td>
          <td style="width: 15.18%; vertical-align: top;">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; font-weight: bold;">23,070</font></div>
          </td>
          <td style="width: 15%; vertical-align: top;">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">24,403</font></div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: top;">
            <div style="text-align: left; margin-left: 12pt;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">Furniture and fixtures</font></div>
          </td>
          <td style="width: 15.18%; vertical-align: top;">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; font-weight: bold;">634</font></div>
          </td>
          <td style="width: 15%; vertical-align: top;">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">669</font></div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: top;">
            <div style="text-align: left; margin-left: 12pt;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">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-size: 10pt; font-family: Verdana, Geneva, sans-serif; font-weight: bold;">260</font></div>
          </td>
          <td style="width: 15%; vertical-align: top; border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">238</font></div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; 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-size: 10pt; font-family: Verdana, Geneva, sans-serif; font-weight: bold;">23,964</font></div>
          </td>
          <td style="width: 15%; 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;">25,310</font></div>
          </td>
        </tr>
        <tr>
          <td style="vertical-align: top; width: 70%; padding-bottom: 3px;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">Net</font></div>
          </td>
          <td style="border-bottom: 3px double rgb(0, 0, 0); border-top: 1px none; vertical-align: top; width: 15.18%;">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; font-weight: bold;">12,612</font></div>
          </td>
          <td style="border-bottom: 3px double rgb(0, 0, 0); border-top: 1px none; vertical-align: top; width: 15%;">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">12,798</font></div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <div style="text-align: left;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; 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="z67bb1781275747ff9fda8cda0059f310" border="0" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 70%; vertical-align: top;">&#160;</td>
          <td style="width: 15%; 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;">January 31,</font></div>
          </td>
          <td style="width: 15%; 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;">January 31,</font></div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: top;">&#160;</td>
          <td style="width: 15%; vertical-align: top; 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;">2019</font></div>
          </td>
          <td style="width: 15%; vertical-align: top; border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">2018</font></div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">Cost</font></div>
          </td>
          <td style="width: 15%; vertical-align: top; border-top: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 15%; vertical-align: top; border-top: 1px solid rgb(0, 0, 0);">&#160;</td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: top;">
            <div style="text-align: left; margin-left: 12pt;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">Customer agreements and relationships</font></div>
          </td>
          <td style="width: 15%; vertical-align: top;">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; font-weight: bold;">177,224</font></div>
          </td>
          <td style="width: 15%; vertical-align: top;">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">162,772</font></div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: top;">
            <div style="text-align: left; margin-left: 12pt;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">Existing technology</font></div>
          </td>
          <td style="width: 15%; vertical-align: top;">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; font-weight: bold;">184,641</font></div>
          </td>
          <td style="width: 15%; vertical-align: top;">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">174,506</font></div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: top;">
            <div style="text-align: left; margin-left: 12pt;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">Trade names</font></div>
          </td>
          <td style="width: 15%; vertical-align: top;">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; font-weight: bold;">7,754</font></div>
          </td>
          <td style="width: 15%; vertical-align: top;">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">7,532</font></div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: top;">
            <div style="text-align: left; margin-left: 12pt;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">Non-compete covenants</font></div>
          </td>
          <td style="width: 15%; vertical-align: top;">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; font-weight: bold;">6,173</font></div>
          </td>
          <td style="width: 15%; vertical-align: top;">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">5,980</font></div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: top;">&#160;</td>
          <td style="width: 15%; 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;">375,792</font></div>
          </td>
          <td style="width: 15%; 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;">350,790</font></div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">Accumulated amortization</font></div>
          </td>
          <td style="width: 15%; vertical-align: top;">&#160;</td>
          <td style="width: 15%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: top;">
            <div style="text-align: left; margin-left: 12pt;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">Customer agreements and relationships</font></div>
          </td>
          <td style="width: 15%; vertical-align: top;">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; font-weight: bold;">82,028</font></div>
          </td>
          <td style="width: 15%; vertical-align: top;">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">73,621</font></div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: top;">
            <div style="text-align: left; margin-left: 12pt;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">Existing technology</font></div>
          </td>
          <td style="width: 15%; vertical-align: top;">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; font-weight: bold;">110,051</font></div>
          </td>
          <td style="width: 15%; vertical-align: top;">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">92,304</font></div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: top;">
            <div style="text-align: left; margin-left: 12pt;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">Trade names</font></div>
          </td>
          <td style="width: 15%; vertical-align: top;">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; font-weight: bold;">4,456</font></div>
          </td>
          <td style="width: 15%; vertical-align: top;">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">4,221</font></div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: top;">
            <div style="text-align: left; margin-left: 12pt;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">Non-compete covenants</font></div>
          </td>
          <td style="width: 15%; vertical-align: top;">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; font-weight: bold;">3,065</font></div>
          </td>
          <td style="width: 15%; vertical-align: top;">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">2,643</font></div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: top;">&#160;</td>
          <td style="width: 15%; 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;">199,600</font></div>
          </td>
          <td style="width: 15%; 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;">172,789</font></div>
          </td>
        </tr>
        <tr>
          <td style="vertical-align: top; width: 70%; padding-bottom: 3px;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">Net</font></div>
          </td>
          <td style="border-bottom: 3px double rgb(0, 0, 0); border-top: 1px none; vertical-align: top; width: 15%;">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; font-weight: bold;">176,192</font></div>
          </td>
          <td style="border-bottom: 3px double rgb(0, 0, 0); border-top: 1px none; vertical-align: top; width: 15%;">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">178,001</font></div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <div style="text-align: justify;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">Intangible assets related to our acquisitions are recorded at their fair value at the acquisition date. The change in intangible assets during
        the year ended January 31, 2019 is primarily due to the acquisitions 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-size: 10pt; font-family: Verdana, Geneva, sans-serif;">Intangible assets with a finite life are amortized into income over their useful lives. Amortization expense for existing intangible assets is
        expected to be $176.2 million over the following periods: $38.8 million for 2020, $35.3 million for 2021, $31.1 million for 2022, $23.7 million for 2023, $12.3 million for 2024 and $35.0 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><br>
    </div>
    <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, Geneva, 'sans-serif'; font-size: 10pt; font-weight: normal; font-style: normal;">74</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 style="text-align: left;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; font-weight: bold;">Note 10 &#8211; Goodwill</font></div>
    <div><br>
    </div>
    <div style="text-align: justify;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">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 id="z187ba73746164ebab877990a32d8633f" style="font-family: &quot;Times New Roman&quot;,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="2" style="vertical-align: top; border-top: 1px solid rgb(0, 0, 0);" valign="bottom">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; font-weight: bold;">January 31,</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="2" style="vertical-align: top; border-top: 1px solid rgb(0, 0, 0);" valign="bottom">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">January 31,</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: 0px 0px 1px;">&#160;</td>
          <td colspan="1" style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: bottom; padding-top: 0px; padding-right: 0px; padding-left: 0px;">&#160;</td>
          <td colspan="2" style="vertical-align: top; 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;"> 2019</font></div>
          </td>
          <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>
          <td colspan="1" style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: bottom; padding-top: 0px; padding-right: 0px; padding-left: 0px;">&#160;</td>
          <td colspan="2" style="vertical-align: top; border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">2018</font></div>
          </td>
          <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>
        </tr>
        <tr>
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        <tr>
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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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            <div><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">)</font></div>
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        <tr>
          <td style="vertical-align: top; width: 76%;" valign="bottom">
            <div style="text-align: left; margin-left: 12pt;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">Acquisition of ShipRush</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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        <tr>
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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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        <tr>
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            <div style="text-align: left; margin-left: 12pt;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">Acquisition of MacroPoint</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>
          <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: 76%;" valign="bottom">
            <div style="text-align: left; margin-left: 12pt;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">Acquisition of Aljex</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;">18,903</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;">-</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: 76%;" valign="bottom">
            <div style="text-align: left; margin-left: 12pt;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">Acquisition of Velocity Mail</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;">8,448</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;">-</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: 76%;" valign="bottom">
            <div style="text-align: left; margin-left: 12pt;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">Acquisition of PinPoint</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;">6,306</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;">-</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: 76%; padding: 0px 0px 1px;">
            <div style="text-align: left; margin-left: 12pt;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">Adjustments on account of foreign exchange</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);">
            <div><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; font-weight: bold;">(5,627</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;">
            <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="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;">7,839</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: 76%; padding: 0px 0px 3px;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">Balance at end of year</font></div>
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          <td colspan="1" style="border-bottom: 3px 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="border-bottom: 3px double 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; font-weight: bold;">378,178</font></div>
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          <td colspan="1" style="border-bottom: 3px 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: 3px 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="border-bottom: 3px double rgb(0, 0, 0); vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
          <td colspan="1" style="border-bottom: 3px double rgb(0, 0, 0); vertical-align: bottom; width: 9%; text-align: right;">
            <div><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">350,148</font></div>
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          <td colspan="1" style="border-bottom: 3px 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>
    <div style="text-align: left;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; font-weight: bold;">Note 11 - Accrued Liabilities</font></div>
    <div><br>
    </div>
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        <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="2" style="vertical-align: top; border-top: 1px solid rgb(0, 0, 0);" valign="bottom">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; font-weight: bold;">January 31,</font></div>
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          <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="2" style="vertical-align: top; border-top: 1px solid rgb(0, 0, 0);" valign="bottom">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">January 31,</font></div>
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          <td colspan="1" style="text-align: left; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0);" nowrap="nowrap" valign="bottom">&#160;</td>
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        <tr>
          <td style="vertical-align: top; padding: 0px 0px 1px;">&#160;</td>
          <td colspan="1" style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: bottom; padding-top: 0px; padding-right: 0px; padding-left: 0px;">&#160;</td>
          <td colspan="2" style="vertical-align: top; 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;"> 2019</font></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>
          <td colspan="1" style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: bottom; padding-top: 0px; padding-right: 0px; padding-left: 0px;">&#160;</td>
          <td colspan="2" style="vertical-align: top; border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">2018</font></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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        <tr>
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            <div style="text-align: left;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">Accrued compensation and benefits</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;">16,771</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;">14,234</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: 76%;" valign="bottom">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">Accrued professional fees</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;">1,137</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;">1,107</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: 76%; padding: 0px 0px 1px;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">Other accrued liabilities</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);">
            <div><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; font-weight: bold;">11,484</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;">10,197</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>
        </tr>
        <tr>
          <td style="vertical-align: top; width: 76%; padding: 0px 0px 3px;">&#160;</td>
          <td colspan="1" style="border-bottom: 3px 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="border-bottom: 3px double rgb(0, 0, 0); vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
          <td colspan="1" style="border-bottom: 3px double 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;">29,392</font></div>
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          <td colspan="1" style="border-bottom: 3px 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: 3px 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="border-bottom: 3px double rgb(0, 0, 0); vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
          <td colspan="1" style="border-bottom: 3px double rgb(0, 0, 0); vertical-align: bottom; width: 9%; text-align: right;">
            <div><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">25,538</font></div>
          </td>
          <td colspan="1" style="border-bottom: 3px 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>
        </tr>

    </table>
    <div><br>
    </div>
    <div style="text-align: left;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">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-size: 10pt; font-family: Verdana, Geneva, sans-serif; font-weight: bold;">Note 12 - Debt</font></div>
    <div><br>
    </div>
    <div style="text-align: justify;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">On January 25, 2019, we amended and increased our existing $150.0 million senior secured revolving credit facility. The newly amended and
        increased facility is now a $350.0 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 $500.0 million. The credit facility has a five-year maturity with no fixed repayment dates prior to the end of the five-year term ending January 2024. 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 250 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 40
        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><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, Geneva, 'sans-serif'; font-size: 10pt; font-weight: normal; font-style: normal;">75</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 style="text-align: justify;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">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="z9135731686694c1182135bcb169e6a95" 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-size: 10pt; font-family: Verdana, Geneva, sans-serif; font-weight: bold;">January 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-size: 10pt; font-family: Verdana, Geneva, sans-serif;">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-size: 10pt; font-family: Verdana, Geneva, sans-serif; font-weight: bold;">2019</font></div>
          </td>
          <td style="width: 13.68%; vertical-align: top; border-bottom: #000000 1px solid;">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">2018</font></div>
          </td>
        </tr>
        <tr>
          <td style="vertical-align: top; width: 72.63%; padding-bottom: 3px;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">Credit facility</font></div>
          </td>
          <td style="border-bottom: 3px double rgb(0, 0, 0); border-top: 1px none; vertical-align: top; width: 13.68%;">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; font-weight: bold;">25,464</font></div>
          </td>
          <td style="border-bottom: 3px double rgb(0, 0, 0); border-top: 1px none; vertical-align: top; width: 13.68%;">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">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 1px double;">&#160;</td>
          <td style="width: 13.68%; vertical-align: top; border-top: #000000 1px double;">&#160;</td>
        </tr>
        <tr>
          <td style="vertical-align: top; width: 72.63%; padding-bottom: 3px;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">Available for use</font></div>
          </td>
          <td style="border-bottom: 3px double rgb(0, 0, 0); vertical-align: top; width: 13.68%;">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; font-weight: bold;">324,536</font></div>
          </td>
          <td style="border-bottom: 3px double rgb(0, 0, 0); vertical-align: top; width: 13.68%;">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">113,000</font></div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <div style="text-align: justify;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">As at January 31, 2019, the outstanding balance of $25.5 million was required to be repaid prior to February 2024. We were in compliance with the
        covenants of the credit facility as of January 31, 2019.</font></div>
    <div><br>
    </div>
    <div style="text-align: justify;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">As at January 31, 2019, we had outstanding letters of credit of approximately $0.2 million ($0.3 million as at January 31, 2018), which were not
        related to our credit facility.</font></div>
    <div><br>
    </div>
    <div style="text-align: left;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; font-weight: bold;">Note 13 - Commitments, Contingencies and Guarantees</font></div>
    <div><br>
    </div>
    <div style="text-align: justify;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; font-weight: bold; font-style: italic;">Commitments</font></div>
    <div style="text-align: justify;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">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="z7f0095619f114c1280832d4c6f786b93" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 61.33%; vertical-align: bottom;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">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-size: 10pt; font-family: Verdana, Geneva, sans-serif; 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-size: 10pt; font-family: Verdana, Geneva, sans-serif; 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-size: 10pt; font-family: Verdana, Geneva, sans-serif; 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-size: 10pt; font-family: Verdana, Geneva, sans-serif;">2020</font></div>
          </td>
          <td style="width: 12.89%; vertical-align: top;">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">4,627</font></div>
          </td>
          <td style="width: 12.89%; vertical-align: top;">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">51</font></div>
          </td>
          <td style="width: 12.89%; vertical-align: top;">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; font-weight: bold;">4,678</font></div>
          </td>
        </tr>
        <tr>
          <td style="width: 61.33%; vertical-align: top;">
            <div style="text-align: left; margin-left: 12pt;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">2021</font></div>
          </td>
          <td style="width: 12.89%; vertical-align: top;">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">3,046</font></div>
          </td>
          <td style="width: 12.89%; vertical-align: top;">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">2</font></div>
          </td>
          <td style="width: 12.89%; vertical-align: top;">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; font-weight: bold;">3,048</font></div>
          </td>
        </tr>
        <tr>
          <td style="width: 61.33%; vertical-align: top;">
            <div style="text-align: left; margin-left: 12pt;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">2022</font></div>
          </td>
          <td style="width: 12.89%; vertical-align: top;">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">1,979</font></div>
          </td>
          <td style="width: 12.89%; vertical-align: top;">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">-</font></div>
          </td>
          <td style="width: 12.89%; vertical-align: top;">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; font-weight: bold;">1,979</font></div>
          </td>
        </tr>
        <tr>
          <td style="width: 61.33%; vertical-align: top;">
            <div style="text-align: left; margin-left: 12pt;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">2023</font></div>
          </td>
          <td style="width: 12.89%; vertical-align: top;">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">1,470</font></div>
          </td>
          <td style="width: 12.89%; vertical-align: top;">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">-</font></div>
          </td>
          <td style="width: 12.89%; vertical-align: top;">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; font-weight: bold;">1,470</font></div>
          </td>
        </tr>
        <tr>
          <td style="width: 61.33%; vertical-align: top;">
            <div style="text-align: left; margin-left: 12pt;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">2024</font></div>
          </td>
          <td style="width: 12.89%; vertical-align: top;">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">1,038</font></div>
          </td>
          <td style="width: 12.89%; vertical-align: top;">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">-</font></div>
          </td>
          <td style="width: 12.89%; vertical-align: top;">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; font-weight: bold;">1,038</font></div>
          </td>
        </tr>
        <tr>
          <td style="width: 61.33%; vertical-align: top;">
            <div style="text-align: left; margin-left: 12pt;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">2025</font></div>
          </td>
          <td style="width: 12.89%; vertical-align: top;">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">737</font></div>
          </td>
          <td style="width: 12.89%; vertical-align: top;">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">-</font></div>
          </td>
          <td style="width: 12.89%; vertical-align: top;">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; font-weight: bold;">737</font></div>
          </td>
        </tr>
        <tr>
          <td style="width: 61.33%; vertical-align: top;">
            <div style="text-align: left; margin-left: 12pt;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">2026</font></div>
          </td>
          <td style="width: 12.89%; vertical-align: top;">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">733</font></div>
          </td>
          <td style="width: 12.89%; vertical-align: top;">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">-</font></div>
          </td>
          <td style="width: 12.89%; vertical-align: top;">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; font-weight: bold;">733</font></div>
          </td>
        </tr>
        <tr>
          <td style="vertical-align: top; width: 61.33%; padding-bottom: 1px;">
            <div style="text-align: left; margin-left: 12pt;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">2027</font></div>
          </td>
          <td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: top; width: 12.89%;">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">271</font></div>
          </td>
          <td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: top; width: 12.89%;">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">-</font></div>
          </td>
          <td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: top; width: 12.89%;">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; font-weight: bold;">271</font></div>
          </td>
        </tr>
        <tr>
          <td style="vertical-align: top; width: 61.33%; padding-bottom: 3px;">&#160;</td>
          <td style="border-bottom: 3px double rgb(0, 0, 0); border-top: 1px none; vertical-align: top; width: 12.89%;">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">13,901</font></div>
          </td>
          <td style="border-bottom: 3px double rgb(0, 0, 0); border-top: 1px none; vertical-align: top; width: 12.89%;">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">53</font></div>
          </td>
          <td style="border-bottom: 3px double rgb(0, 0, 0); border-top: 1px none; vertical-align: top; width: 12.89%;">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; font-weight: bold;">13,954</font></div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <div style="text-align: justify;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;"><u>Lease Obligations</u></font></font></div>
    <div style="text-align: justify;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">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 January 31, 2019 is included in accrued liabilities in the consolidated balance sheet. For the years ended January 31, 2019, 2018 and 2017, rental expense from operating leases was $5.2
        million, $5.1 million and $4.9 million, respectively.</font></div>
    <div><br>
    </div>
    <div style="text-align: justify;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;"><u>Other Obligations</u></font></font></div>
    <div style="text-align: justify;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">As described in Note 2 to these consolidated financial statements, 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 unvested DSUs of $0.8 million and nil, respectively, for which no liability was recorded in the
        consolidated balance sheet at January 31, 2019, 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 January 31, 2019, we had equity derivatives for 273,000 Descartes common shares and a DSU liability for <font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; color: #000000;">277,390 Descartes common shares, resulting in minimal net exposure resulting from changes to our share price</font>.</font></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, Geneva, 'sans-serif'; font-size: 10pt; font-weight: normal; font-style: normal;">76</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 style="text-align: left;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; font-weight: bold; font-style: italic;">Contingencies</font></div>
    <div style="text-align: justify;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">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-size: 10pt; font-family: Verdana, Geneva, sans-serif;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;"><u>Product Warranties</u></font></font></div>
    <div style="text-align: justify;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">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-size: 10pt; font-family: Verdana, Geneva, sans-serif;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;"><u>Business combination agreements</u></font></font></div>
    <div style="text-align: justify;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">In respect of our acquisitions of Appterra, ShipRush and PinPoint, up to $3.8 million in cash may become payable if certain revenue performance
        targets are met in the two years following the acquisition. A balance of $2.2 million is accrued related to the fair value of this contingent consideration as at January 31, 2019.</font></div>
    <div><br>
    </div>
    <div style="text-align: left;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; font-weight: bold; font-style: italic;">Guarantees</font></div>
    <div style="text-align: justify;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">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-size: 10pt; font-family: Verdana, Geneva, sans-serif;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;"><u>Intellectual property indemnification obligations</u></font></font></div>
    <div style="text-align: justify;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">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-size: 10pt; font-family: Verdana, Geneva, sans-serif;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;"><u>Other indemnification agreements</u></font></font></div>
    <div style="text-align: justify;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">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-size: 10pt; font-family: Verdana, Geneva, sans-serif;">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>
    <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, Geneva, 'sans-serif'; font-size: 10pt; font-weight: normal; font-style: normal;">77</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 style="text-align: left;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; font-weight: bold;">Note 14 &#8211; Share Capital</font></div>
    <div><br>
    </div>
    <div style="text-align: justify;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; color: #000000;">On June 6, 2018, we filed a 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-size: 10pt; font-family: Verdana, Geneva, sans-serif;">The following table sets forth the common shares outstanding (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="z9c70cd2cdd5b4f05909e2924392485dc" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 61.61%; vertical-align: top;">&#160;</td>
          <td style="width: 13.39%; vertical-align: top; border-top: #000000 1px solid;">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; font-weight: bold;">January 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-size: 10pt; font-family: Verdana, Geneva, sans-serif;">January 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-size: 10pt; font-family: Verdana, Geneva, sans-serif;">January 31,</font></div>
          </td>
        </tr>
        <tr>
          <td style="width: 61.61%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; font-style: italic;">(thousands of shares)</font></div>
          </td>
          <td style="width: 13.39%; vertical-align: top; border-bottom: #000000 1px solid;">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; font-weight: bold;">2019</font></div>
          </td>
          <td style="width: 12.5%; vertical-align: top; border-bottom: #000000 1px solid;">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">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-size: 10pt; font-family: Verdana, Geneva, sans-serif;">2017</font></div>
          </td>
        </tr>
        <tr>
          <td style="width: 61.61%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">Balance, beginning of year</font></div>
          </td>
          <td style="width: 13.39%; vertical-align: top;">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; font-weight: bold;">76,773</font></div>
          </td>
          <td style="width: 12.5%; vertical-align: top;">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">75,875</font></div>
          </td>
          <td style="width: 12.5%; vertical-align: top;">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">75,761</font></div>
          </td>
        </tr>
        <tr>
          <td style="width: 61.61%; vertical-align: top;">
            <div style="text-align: left; margin-left: 12pt;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">Shares issued:</font></div>
          </td>
          <td style="width: 13.39%; vertical-align: top;">&#160;</td>
          <td style="width: 12.5%; vertical-align: top;">&#160;</td>
          <td style="width: 12.5%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 61.61%; vertical-align: top;">
            <div style="text-align: left; margin-left: 16.5pt;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">Stock options and share units exercised</font></div>
          </td>
          <td style="width: 13.39%; vertical-align: top;">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; font-weight: bold;">46</font></div>
          </td>
          <td style="width: 12.5%; vertical-align: top;">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">141</font></div>
          </td>
          <td style="width: 12.5%; vertical-align: top;">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">114</font></div>
          </td>
        </tr>
        <tr>
          <td style="width: 61.61%; vertical-align: top; padding-bottom: 1px;">
            <div style="text-align: left; margin-left: 16.5pt;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">Acquisitions (Note 3)</font></div>
          </td>
          <td style="width: 13.39%; vertical-align: top; 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;">46</font></div>
          </td>
          <td style="width: 12.5%; vertical-align: top; border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">757</font></div>
          </td>
          <td style="width: 12.5%; vertical-align: top; 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></div>
          </td>
        </tr>
        <tr>
          <td style="vertical-align: top; width: 61.61%; padding-bottom: 3px;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">Balance, end of year</font></div>
          </td>
          <td style="border-bottom: 3px double rgb(0, 0, 0); border-top: 1px solid rgb(0, 0, 0); vertical-align: top; width: 13.39%;">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; font-weight: bold;">76,865</font></div>
          </td>
          <td style="border-bottom: 3px double rgb(0, 0, 0); border-top: 1px solid rgb(0, 0, 0); vertical-align: top; width: 12.5%;">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">76,773</font></div>
          </td>
          <td style="border-bottom: 3px double rgb(0, 0, 0); border-top: 1px solid rgb(0, 0, 0); vertical-align: top; width: 12.5%;">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">75,875</font></div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <div style="text-align: justify;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">Cash flows provided from stock options and share units exercised <font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; color:
          #000000;">during 2019, 2018 and 2017 were approximately $0.5 million, $1.0 million and $0.6 million, respectively.</font></font></div>
    <div><br>
    </div>
    <div style="text-align: justify;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; font-weight: bold;">Note 15 - Earnings Per Share</font></div>
    <div><br>
    </div>
    <div style="text-align: justify;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">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="ze8ab16892d6c4b6493255707cb8b6595" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 57.27%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; font-style: italic;">Year Ended</font></div>
          </td>
          <td style="width: 14.24%; vertical-align: top; border-top: #000000 1px solid; border-bottom: #000000 1px solid;">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; font-weight: bold;">January 31, 2019</font></div>
          </td>
          <td style="width: 14.24%; vertical-align: top; border-top: #000000 1px solid; border-bottom: #000000 1px solid;">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">January 31, 2018</font></div>
          </td>
          <td style="width: 14.24%; vertical-align: top; border-top: #000000 1px solid; border-bottom: #000000 1px solid;">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">January 31, 2017</font></div>
          </td>
        </tr>
        <tr>
          <td style="width: 57.27%; vertical-align: top;">&#160;</td>
          <td style="width: 14.24%; vertical-align: top; border-top: #000000 1px solid;">&#160;</td>
          <td style="width: 14.24%; vertical-align: top; border-top: #000000 1px solid;">&#160;</td>
          <td style="width: 14.24%; vertical-align: top; border-top: #000000 1px solid;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 57.27%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">Net income for purposes of calculating basic and diluted earnings per share</font></div>
          </td>
          <td style="width: 14.24%; vertical-align: bottom; border-bottom: #000000 1px solid;">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; font-weight: bold;">31,277</font></div>
          </td>
          <td style="width: 14.24%; vertical-align: bottom; border-bottom: #000000 1px solid;">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">26,879</font></div>
          </td>
          <td style="width: 14.24%; vertical-align: bottom; border-bottom: #000000 1px solid;">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">23,838</font></div>
          </td>
        </tr>
        <tr>
          <td style="width: 57.27%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">Weighted average shares outstanding</font></div>
          </td>
          <td style="width: 14.24%; vertical-align: top;">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; font-weight: bold;">76,832</font></div>
          </td>
          <td style="width: 14.24%; vertical-align: top;">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">76,324</font></div>
          </td>
          <td style="width: 14.24%; vertical-align: top;">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">75,800</font></div>
          </td>
        </tr>
        <tr>
          <td style="width: 57.27%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">Dilutive effect of employee stock options</font></div>
          </td>
          <td style="width: 14.24%; vertical-align: top;">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; font-weight: bold;">205</font></div>
          </td>
          <td style="width: 14.24%; vertical-align: top;">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">167</font></div>
          </td>
          <td style="width: 14.24%; vertical-align: top;">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">230</font></div>
          </td>
        </tr>
        <tr>
          <td style="width: 57.27%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">Dilutive effect of restricted and performance share units</font></div>
          </td>
          <td style="width: 14.24%; vertical-align: bottom; border-bottom: 1px solid rgb(0, 0, 0); text-align: right;">
            <div><font style="font-size: 10pt; font-family: Verdana,Geneva,sans-serif; font-weight: bold;">754</font></div>
          </td>
          <td style="width: 14.24%; vertical-align: bottom; border-bottom: 1px solid rgb(0, 0, 0); text-align: right;">
            <div><font style="font-size: 10pt; font-family: Verdana,Geneva,sans-serif;">621</font></div>
          </td>
          <td style="width: 14.24%; vertical-align: bottom; border-bottom: 1px solid rgb(0, 0, 0); text-align: right;">
            <div><font style="font-size: 10pt; font-family: Verdana,Geneva,sans-serif;">485</font></div>
          </td>
        </tr>
        <tr>
          <td style="width: 57.27%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">Weighted average common and common equivalent shares outstanding</font></div>
          </td>
          <td style="width: 14.24%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0); text-align: right;">
            <div><font style="font-size: 10pt; font-family: Verdana,Geneva,sans-serif; font-weight: bold;">77,791</font></div>
          </td>
          <td style="width: 14.24%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0); text-align: right;">
            <div><font style="font-size: 10pt; font-family: Verdana,Geneva,sans-serif;">77,112</font></div>
          </td>
          <td style="width: 14.24%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0); text-align: right;">
            <div><font style="font-size: 10pt; font-family: Verdana,Geneva,sans-serif;">76,515</font></div>
          </td>
        </tr>
        <tr>
          <td style="width: 57.27%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">Earnings per share</font></div>
          </td>
          <td style="width: 14.24%; vertical-align: top; border-top: #000000 1px solid;">&#160;</td>
          <td style="width: 14.24%; vertical-align: top; border-top: #000000 1px solid;">&#160;</td>
          <td style="width: 14.24%; vertical-align: top; border-top: #000000 1px solid;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 57.27%; vertical-align: top;">
            <div style="text-align: left; margin-left: 12pt;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">Basic</font></div>
          </td>
          <td style="width: 14.24%; vertical-align: top;">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; font-weight: bold;">0.41</font></div>
          </td>
          <td style="width: 14.24%; vertical-align: top;">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">0.35</font></div>
          </td>
          <td style="width: 14.24%; vertical-align: top;">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">0.31</font></div>
          </td>
        </tr>
        <tr>
          <td style="vertical-align: top; width: 57.27%; padding-bottom: 3px;">
            <div style="text-align: left; margin-left: 12pt;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">Diluted</font></div>
          </td>
          <td style="border-bottom: 3px double rgb(0, 0, 0); vertical-align: top; width: 14.24%;">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; font-weight: bold;">0.40</font></div>
          </td>
          <td style="border-bottom: 3px double rgb(0, 0, 0); vertical-align: top; width: 14.24%;">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">0.35</font></div>
          </td>
          <td style="border-bottom: 3px double rgb(0, 0, 0); vertical-align: top; width: 14.24%;">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">0.31</font></div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <div style="text-align: justify;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">For the years ended January 31, 2019, 2018 and 2017, the application of the treasury stock method excluded 271,869, 270,525 and 145,932 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-size: 10pt; font-family: Verdana, Geneva, sans-serif;">For the years ended January 31, 2019, 2018 and 2017, nil, 2,475 and 25,000 stock options, respectively, were excluded from the calculation of
        diluted EPS as those options had an exercise price greater than or</font></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, Geneva, 'sans-serif'; font-size: 10pt; font-weight: normal; font-style: normal;">78</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 style="text-align: justify;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">equal to the average market value of our common shares during the applicable periods and their inclusion would have been anti-dilutive.</font></div>
    <div><br>
    </div>
    <div style="text-align: left;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; font-weight: bold;">Note 16 - Stock-Based Compensation Plans</font></div>
    <div><br>
    </div>
    <div style="text-align: justify;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; 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="zcf52c90ca5b841c0b929bb8c36cf1654" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 57.14%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; font-style: italic;">Year Ended</font></div>
          </td>
          <td style="width: 0.89%; vertical-align: top;">&#160;</td>
          <td style="width: 0.89%; vertical-align: top;">&#160;</td>
          <td style="width: 13.69%; 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;">January 31,</font></div>
          </td>
          <td style="width: 13.69%; 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;">January 31,</font></div>
          </td>
          <td style="width: 13.69%; 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;">January 31,</font></div>
          </td>
        </tr>
        <tr>
          <td style="width: 57.14%; vertical-align: top; padding-bottom: 1px;">&#160;</td>
          <td style="width: 0.89%; vertical-align: top; padding-bottom: 1px;">&#160;</td>
          <td style="width: 0.89%; vertical-align: top; padding-bottom: 1px;">&#160;</td>
          <td style="width: 13.69%; vertical-align: top; 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;">2019</font></div>
          </td>
          <td style="width: 13.69%; vertical-align: top; border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">2018</font></div>
          </td>
          <td style="width: 13.69%; vertical-align: top; border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">2017</font></div>
          </td>
        </tr>
        <tr>
          <td style="width: 57.14%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; color: #000000;">Cost of revenues</font></div>
          </td>
          <td style="width: 0.89%; vertical-align: top;">&#160;</td>
          <td style="width: 0.89%; vertical-align: top;">&#160;</td>
          <td style="width: 13.69%; vertical-align: top;">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; font-weight: bold;">160</font></div>
          </td>
          <td style="width: 13.69%; vertical-align: top;">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">90</font></div>
          </td>
          <td style="width: 13.69%; vertical-align: top;">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">40</font></div>
          </td>
        </tr>
        <tr>
          <td style="width: 57.14%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; color: #000000;">Sales and marketing</font></div>
          </td>
          <td style="width: 0.89%; vertical-align: top;">&#160;</td>
          <td style="width: 0.89%; vertical-align: top;">&#160;</td>
          <td style="width: 13.69%; vertical-align: top;">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; font-weight: bold;">436</font></div>
          </td>
          <td style="width: 13.69%; vertical-align: top;">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">246</font></div>
          </td>
          <td style="width: 13.69%; vertical-align: top;">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">81</font></div>
          </td>
        </tr>
        <tr>
          <td style="width: 57.14%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; color: #000000;">Research and development</font></div>
          </td>
          <td style="width: 0.89%; vertical-align: top;">&#160;</td>
          <td style="width: 0.89%; vertical-align: top;">&#160;</td>
          <td style="width: 13.69%; vertical-align: top;">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; font-weight: bold;">184</font></div>
          </td>
          <td style="width: 13.69%; vertical-align: top;">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">85</font></div>
          </td>
          <td style="width: 13.69%; vertical-align: top;">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">14</font></div>
          </td>
        </tr>
        <tr>
          <td style="vertical-align: top; width: 57.14%; padding-bottom: 1px;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; color: #000000;">General and administrative</font></div>
          </td>
          <td style="vertical-align: top; width: 0.89%; padding-bottom: 1px;">&#160;</td>
          <td style="vertical-align: top; width: 0.89%; padding-bottom: 1px;">&#160;</td>
          <td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: top; width: 13.69%;">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; font-weight: bold;">2,930</font></div>
          </td>
          <td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: top; width: 13.69%;">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">2,386</font></div>
          </td>
          <td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: top; width: 13.69%;">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">1,887</font></div>
          </td>
        </tr>
        <tr>
          <td style="vertical-align: top; width: 57.14%; padding-bottom: 3px;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">Effect on net income</font></div>
          </td>
          <td style="vertical-align: top; width: 0.89%; padding-bottom: 3px;">&#160;</td>
          <td style="vertical-align: top; width: 0.89%; padding-bottom: 3px;">&#160;</td>
          <td style="border-bottom: 3px double rgb(0, 0, 0); border-top: 1px none; vertical-align: top; width: 13.69%;">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; font-weight: bold;">3,710</font></div>
          </td>
          <td style="border-bottom: 3px double rgb(0, 0, 0); border-top: 1px none; vertical-align: top; width: 13.69%;">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">2,807</font></div>
          </td>
          <td style="border-bottom: 3px double rgb(0, 0, 0); border-top: 1px none; vertical-align: top; width: 13.69%;">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">2,022</font></div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <div style="text-align: justify;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; 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. The tax benefit realized
        in connection with stock options exercised during 2019, 2018 and 2017 was $0.2 million, nominal and nominal, respectively.</font></div>
    <div><br>
    </div>
    <div style="text-align: justify;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; font-weight: bold; font-style: italic;">Stock Options</font></div>
    <div><br>
    </div>
    <div style="text-align: justify;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">As of January 31, 2019, we had 742,838 stock options granted and outstanding under our shareholder-approved stock option plan and 4,005,138
        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-size: 10pt; font-family: Verdana, Geneva, sans-serif; color: #000000;">As of January 31, 2019, $2.1 million of total unrecognized compensation costs, net of forfeitures, related to non-vested stock
        option awards is expected to be recognized over a weighted average period of 2.4 years. The total fair value of stock options vested during 2019 was $1.3 million.</font></div>
    <div><br>
    </div>
    <div style="text-align: justify;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; color: #000000;">The total number of options granted during the years ended January 31, 2019, 2018 and 2017 was 272,144, 274,500 and 170,932,
        respectively. The weighted average grant-date fair value of options granted during the years ended January 31, 2019, 2018 and 2017 was $7.10, $5.26 and $4.46 per option, respectively.</font></div>
    <div><br>
    </div>
    <div style="text-align: justify;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">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="zc1c732b545364a3eabd8451b3226d3e6" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 58.39%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; font-style: italic;">Year Ended</font></div>
          </td>
          <td style="width: 14.17%; vertical-align: bottom; border-top: #000000 1px solid; border-bottom: #000000 1px solid;">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; font-weight: bold;">January 31, 2019</font></div>
          </td>
          <td style="width: 13.27%; vertical-align: bottom; border-top: #000000 1px solid; border-bottom: #000000 1px solid;">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">January 31, 2018</font></div>
          </td>
          <td style="width: 14.17%; vertical-align: bottom; border-top: #000000 1px solid; border-bottom: #000000 1px solid;">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">January 31, 2017</font></div>
          </td>
        </tr>
        <tr>
          <td style="width: 58.39%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">&#160;&#160;Expected dividend yield (%)</font></div>
          </td>
          <td style="width: 14.17%; vertical-align: middle; border-top: #000000 1px solid;">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; font-weight: bold;">-</font></div>
          </td>
          <td style="width: 13.27%; vertical-align: middle; border-top: #000000 1px solid;">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">-</font></div>
          </td>
          <td style="width: 14.17%; vertical-align: middle; border-top: #000000 1px solid;">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">-</font></div>
          </td>
        </tr>
        <tr>
          <td style="width: 58.39%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">&#160;&#160;Expected volatility (%)</font></div>
          </td>
          <td style="width: 14.17%; vertical-align: middle;">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; font-weight: bold;">23.6</font></div>
          </td>
          <td style="width: 13.27%; vertical-align: middle;">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">23.5</font></div>
          </td>
          <td style="width: 14.17%; vertical-align: middle;">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">25.2</font></div>
          </td>
        </tr>
        <tr>
          <td style="width: 58.39%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">&#160;&#160;Risk-free rate (%)</font></div>
          </td>
          <td style="width: 14.17%; vertical-align: middle;">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; font-weight: bold;">2.0</font></div>
          </td>
          <td style="width: 13.27%; vertical-align: middle;">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">1.0</font></div>
          </td>
          <td style="width: 14.17%; vertical-align: middle;">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">0.6</font></div>
          </td>
        </tr>
        <tr>
          <td style="width: 58.39%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">&#160;&#160;Expected option life (years)</font></div>
          </td>
          <td style="width: 14.17%; vertical-align: middle;">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; font-weight: bold;">5</font></div>
          </td>
          <td style="width: 13.27%; vertical-align: middle;">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">5</font></div>
          </td>
          <td style="width: 14.17%; vertical-align: middle;">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">5</font></div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <div><br>
    </div>
    <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, Geneva, 'sans-serif'; font-size: 10pt; font-weight: normal; font-style: normal;">79</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 style="text-align: justify;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; color: #000000;">A summary of option activity under all of our plans is presented as follows:</font></div>
    <div><br>
    </div>
    <table id="z78e0484f9ab34e4785231b49135cca18" style="font-family: &quot;Times New Roman&quot;,Times,serif; font-size: 10pt; width: 100%;" cellpadding="0" cellspacing="0">

        <tr>
          <td style="vertical-align: top; padding: 0px 0px 1px;">&#160;</td>
          <td colspan="1" style="border-bottom: 1px solid rgb(0, 0, 0); border-top: 1px none; vertical-align: bottom; padding-top: 0px; padding-right: 0px; padding-left: 0px;">&#160;</td>
          <td colspan="2" style="border-bottom: 1px solid rgb(0, 0, 0); border-top: 1px none; vertical-align: bottom;">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">Number of Stock Options Outstanding</font></div>
          </td>
          <td colspan="1" style="border-bottom: 1px solid rgb(0, 0, 0); border-top: 1px none; vertical-align: bottom; white-space: nowrap; 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); border-top: 1px none; vertical-align: bottom; padding-top: 0px; padding-right: 0px; padding-left: 0px;">&#160;</td>
          <td colspan="2" style="border-bottom: 1px solid rgb(0, 0, 0); border-top: 1px none; vertical-align: bottom;">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">Weighted-</font></div>
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">Average Exercise</font></div>
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;"> Price</font></div>
          </td>
          <td colspan="1" style="border-bottom: 1px solid rgb(0, 0, 0); border-top: 1px none; vertical-align: bottom; white-space: nowrap; 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); border-top: 1px none; vertical-align: bottom; padding-top: 0px; padding-right: 0px; padding-left: 0px;">&#160;</td>
          <td colspan="2" style="border-bottom: 1px solid rgb(0, 0, 0); border-top: 1px none; vertical-align: bottom;">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">Weighted- Average Remaining Contractual Life (years)</font></div>
          </td>
          <td colspan="1" style="border-bottom: 1px solid rgb(0, 0, 0); border-top: 1px none; vertical-align: bottom; white-space: nowrap; 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); border-top: 1px none; vertical-align: bottom; padding-top: 0px; padding-right: 0px; padding-left: 0px;">&#160;</td>
          <td colspan="2" style="border-bottom: 1px solid rgb(0, 0, 0); border-top: 1px none; vertical-align: bottom;">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">Aggregate Intrinsic</font></div>
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;"> Value</font></div>
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;"> (in millions)</font></div>
          </td>
          <td colspan="1" style="border-bottom: 1px solid rgb(0, 0, 0); border-top: 1px none; vertical-align: bottom; white-space: nowrap; padding-top: 0px; padding-right: 0px; padding-left: 0px; text-align: left;">&#160;</td>
        </tr>
        <tr>
          <td style="vertical-align: top; width: 52%;" valign="bottom">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">Balance at January 31, 2017</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;">526,321</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">
            <div><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">$</font></div>
          </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;">12.36</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;">4.2</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="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
          <td colspan="1" style="text-align: 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;">4.9</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: 15.1pt;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">Granted</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;">274,500</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">
            <div><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">$</font></div>
          </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;">23.18</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">&#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: 15.1pt;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">Exercised</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;">(142,112</font></div>
          </td>
          <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>
          </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">
            <div><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">$</font></div>
          </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;">6.98</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">&#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%; padding-bottom: 1px;">
            <div style="text-align: left; margin-left: 15.1pt;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">Forfeited</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;">(1,500</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;">
            <div><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">)</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;">
            <div><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">$</font></div>
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          <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;">23.14</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;">&#160;</td>
          <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;">&#160;</td>
          <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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        <tr>
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            <div style="text-align: left;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">Balance at January 31, 2018</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;">657,209</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">
            <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; text-align: right; width: 9%;" valign="bottom">
            <div><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">18.21</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;">4.9</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;">5.7</font></div>
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          <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">&#160;</td>
        </tr>
        <tr>
          <td style="vertical-align: top; width: 52%;" valign="bottom">
            <div style="text-align: left; text-indent: 2.75pt; margin-left: 12.25pt;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">Granted</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;">272,144</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">
            <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; text-align: right; width: 9%;" valign="bottom">
            <div><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; font-weight: bold;">27.96</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>
          <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; text-indent: 2.75pt; margin-left: 12pt;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">Exercised</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;">(46,065</font></div>
          </td>
          <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>
          </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">
            <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; text-align: right; width: 9%;" valign="bottom">
            <div><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; font-weight: bold;">11.75</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">&#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%; padding-bottom: 1px;">
            <div style="text-align: left; text-indent: 2.75pt; margin-left: 12pt;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">Forfeited</font></div>
          </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; font-weight: bold;">(3,950</font></div>
          </td>
          <td colspan="1" style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; width: 1%; text-align: left;">
            <div><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; font-weight: bold;">)</font></div>
          </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;">
            <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="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;">26.43</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;">&#160;</td>
          <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;">&#160;</td>
          <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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        <tr>
          <td style="vertical-align: top; width: 52%; padding: 0px 0px 3px;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">Balance at January 31, 2019</font></div>
          </td>
          <td colspan="1" style="border-bottom: 3px 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="border-bottom: 3px double rgb(0, 0, 0); vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
          <td colspan="1" style="border-bottom: 3px double 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;">879,338</font></div>
          </td>
          <td colspan="1" style="border-bottom: 3px 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: 3px 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="border-bottom: 3px double rgb(0, 0, 0); vertical-align: bottom; width: 1%; 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="border-bottom: 3px double 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;">21.41</font></div>
          </td>
          <td colspan="1" style="border-bottom: 3px 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: 3px 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="border-bottom: 3px double rgb(0, 0, 0); vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
          <td colspan="1" style="border-bottom: 3px double 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;">4.7</font></div>
          </td>
          <td colspan="1" style="border-bottom: 3px 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: 3px 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="border-bottom: 3px double rgb(0, 0, 0); vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
          <td colspan="1" style="border-bottom: 3px double 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;">8.7</font></div>
          </td>
          <td colspan="1" style="border-bottom: 3px 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>
        </tr>
        <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%; padding: 0px 0px 3px;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">Vested or expected to vest at January 31, 2019</font></div>
          </td>
          <td colspan="1" style="border-bottom: 3px 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="border-bottom: 3px double rgb(0, 0, 0); vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
          <td colspan="1" style="border-bottom: 3px double 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;">879,338</font></div>
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          <td colspan="1" style="border-bottom: 3px 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: 3px 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="border-bottom: 3px double rgb(0, 0, 0); vertical-align: bottom; width: 1%; 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="border-bottom: 3px double 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;">21.41</font></div>
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          <td colspan="1" style="border-bottom: 3px 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: 3px 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="border-bottom: 3px double rgb(0, 0, 0); vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
          <td colspan="1" style="border-bottom: 3px double 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;">4.7</font></div>
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          <td colspan="1" style="border-bottom: 3px 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: 3px 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="border-bottom: 3px double rgb(0, 0, 0); vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
          <td colspan="1" style="border-bottom: 3px double 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;">8.7</font></div>
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          <td colspan="1" style="border-bottom: 3px 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>
        </tr>
        <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>
        </tr>
        <tr>
          <td style="vertical-align: top; width: 52%; padding: 0px 0px 3px;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">Exercisable at January 31, 2019</font></div>
          </td>
          <td colspan="1" style="border-bottom: 3px 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="border-bottom: 3px double rgb(0, 0, 0); vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
          <td colspan="1" style="border-bottom: 3px double 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;">536,620</font></div>
          </td>
          <td colspan="1" style="border-bottom: 3px 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: 3px 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="border-bottom: 3px double rgb(0, 0, 0); vertical-align: bottom; width: 1%; text-align: left;">
            <div><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; font-weight: bold;">$</font></div>
          </td>
          <td colspan="1" style="border-bottom: 3px double 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;">19.17</font></div>
          </td>
          <td colspan="1" style="border-bottom: 3px 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: 3px 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="border-bottom: 3px double rgb(0, 0, 0); vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
          <td colspan="1" style="border-bottom: 3px double 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;">4.2</font></div>
          </td>
          <td colspan="1" style="border-bottom: 3px 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: 3px 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="border-bottom: 3px double rgb(0, 0, 0); vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
          <td colspan="1" style="border-bottom: 3px double 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;">6.5</font></div>
          </td>
          <td colspan="1" style="border-bottom: 3px 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>
        </tr>

    </table>
    <div><br>
    </div>
    <div style="text-align: justify;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; color: #000000;">The total intrinsic value of options exercised during the years ended January 31, 2019, 2018 and 2017 was approximately $0.8
        million, $2.5 million and $1.8 million, respectively.</font></div>
    <div><br>
    </div>
    <div style="text-align: justify;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">Options outstanding and options exercisable as at January 31, 2019 by range of exercise price are 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="z6a0386b4e82d4fe5b8e19e5868a43ff6" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 33.93%; vertical-align: top;">&#160;</td>
          <td colspan="3" style="width: 39.98%; vertical-align: top; border-top: #000000 1px solid; border-bottom: #000000 1px solid;">
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; font-weight: bold;">Options Outstanding</font></div>
          </td>
          <td style="width: 2.88%; vertical-align: top;">&#160;</td>
          <td colspan="2" style="width: 23.21%; vertical-align: top; border-top: #000000 1px solid; border-bottom: #000000 1px solid;">
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; font-weight: bold;">Options Exercisable</font></div>
          </td>
        </tr>
        <tr>
          <td style="width: 33.93%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; font-style: italic;">Range of Exercise Prices</font></div>
          </td>
          <td style="width: 13.39%; vertical-align: top; border-top: #000000 1px solid; border-bottom: #000000 1px solid;">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">Weighted</font></div>
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">Average Exercise Price</font></div>
          </td>
          <td style="width: 13.39%; vertical-align: top; border-top: #000000 1px solid; border-bottom: #000000 1px solid;">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">Number of Stock Options</font></div>
          </td>
          <td style="width: 13.19%; vertical-align: top; border-top: #000000 1px solid; border-bottom: #000000 1px solid;">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">Weighted Average Remaining Contractual Life (years)</font></div>
          </td>
          <td style="width: 2.88%; vertical-align: top;">&#160;</td>
          <td style="width: 9.82%; vertical-align: top; border-top: #000000 1px solid; border-bottom: #000000 1px solid;">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">Weighted Average Exercise Price</font></div>
          </td>
          <td style="width: 13.39%; vertical-align: top; border-top: #000000 1px solid; border-bottom: #000000 1px solid;">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">Number of Stock Options</font></div>
          </td>
        </tr>
        <tr>
          <td style="width: 33.93%; vertical-align: top;">
            <div style="text-align: left; margin-left: 12pt;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">$6.87 &#8211; $6.87</font></div>
          </td>
          <td style="width: 13.39%; vertical-align: top; border-top: #000000 1px solid;">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">$6.87</font></div>
          </td>
          <td style="width: 13.39%; vertical-align: top; border-top: #000000 1px solid;">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">20,000</font></div>
          </td>
          <td style="width: 13.19%; vertical-align: top; border-top: #000000 1px solid;">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">0.4</font></div>
          </td>
          <td style="width: 2.88%; vertical-align: top;">&#160;</td>
          <td style="width: 9.82%; vertical-align: top; border-top: #000000 1px solid;">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">$6.87</font></div>
          </td>
          <td style="width: 13.39%; vertical-align: top; border-top: #000000 1px solid;">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">20,000</font></div>
          </td>
        </tr>
        <tr>
          <td style="width: 33.93%; vertical-align: top;">
            <div style="text-align: left; margin-left: 12pt;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">$11.62 &#8211; $11.79</font></div>
          </td>
          <td style="width: 13.39%; vertical-align: top;">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">$11.77</font></div>
          </td>
          <td style="width: 13.39%; vertical-align: top;">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">159,500</font></div>
          </td>
          <td style="width: 13.19%; vertical-align: top;">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">2.4</font></div>
          </td>
          <td style="width: 2.88%; vertical-align: top;">&#160;</td>
          <td style="width: 9.82%; vertical-align: top;">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">$11.77</font></div>
          </td>
          <td style="width: 13.39%; vertical-align: top;">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">136,000</font></div>
          </td>
        </tr>
        <tr>
          <td style="width: 33.93%; vertical-align: top;">
            <div style="text-align: left; margin-left: 12pt;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">$19.02 - $22.94</font></div>
          </td>
          <td style="width: 13.39%; vertical-align: top;">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">$21.52</font></div>
          </td>
          <td style="width: 13.39%; vertical-align: top;">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">427,969</font></div>
          </td>
          <td style="width: 13.19%; vertical-align: top;">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">4.8</font></div>
          </td>
          <td style="width: 2.88%; vertical-align: top;">&#160;</td>
          <td style="width: 9.82%; vertical-align: top;">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">$21.05</font></div>
          </td>
          <td style="width: 13.39%; vertical-align: top;">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">302,504</font></div>
          </td>
        </tr>
        <tr>
          <td style="vertical-align: top; width: 33.93%; padding-bottom: 1px;">
            <div style="text-align: left; margin-left: 12pt;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">$26.34 &#8211; $27.96</font></div>
          </td>
          <td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: top; width: 13.39%;">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">$27.95</font></div>
          </td>
          <td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: top; width: 13.39%;">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">271,869</font></div>
          </td>
          <td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: top; width: 13.19%;">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">6.2</font></div>
          </td>
          <td style="vertical-align: top; width: 2.88%; padding-bottom: 1px;">&#160;</td>
          <td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: top; width: 9.82%;">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">$27.95</font></div>
          </td>
          <td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: top; width: 13.39%;">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">78,116</font></div>
          </td>
        </tr>
        <tr>
          <td style="vertical-align: top; width: 33.93%; padding-bottom: 3px;">&#160;</td>
          <td style="border-bottom: 3px double rgb(0, 0, 0); border-top: 1px none; vertical-align: top; width: 13.39%;">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; font-weight: bold;">$21.41</font></div>
          </td>
          <td style="border-bottom: 3px double rgb(0, 0, 0); border-top: 1px none; vertical-align: top; width: 13.39%;">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; font-weight: bold;">879,338</font></div>
          </td>
          <td style="border-bottom: 3px double rgb(0, 0, 0); border-top: 1px none; vertical-align: top; width: 13.19%;">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; font-weight: bold;">4.7</font></div>
          </td>
          <td style="vertical-align: top; width: 2.88%; padding-bottom: 3px;">&#160;</td>
          <td style="border-bottom: 3px double rgb(0, 0, 0); border-top: 1px none; vertical-align: top; width: 9.82%;">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; font-weight: bold;">$19.17</font></div>
          </td>
          <td style="border-bottom: 3px double rgb(0, 0, 0); border-top: 1px none; vertical-align: top; width: 13.39%;">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; font-weight: bold;">536,620</font></div>
          </td>
        </tr>

    </table>
    <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, Geneva, 'sans-serif'; font-size: 10pt; font-weight: normal; font-style: normal;">80</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 style="text-align: justify;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; color: #000000;">A summary of the status of our unvested stock options </font>under



        our shareholder-approved stock option plan<font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; color: #000000;"> as of January 31, 2019 is presented as follows:</font></font></div>
    <div><br>
    </div>
    <table id="z0a30e817455d4244b22564c584c8ae2b" style="font-family: &quot;Times New Roman&quot;,Times,serif; font-size: 10pt; width: 100%;" border="0" cellpadding="0" cellspacing="0">

        <tr>
          <td style="vertical-align: top; width: 72%; padding: 0px 0px 1px;">&#160;</td>
          <td colspan="1" style="border-bottom: 1px solid rgb(0, 0, 0); border-top: 1px solid rgb(0, 0, 0); vertical-align: bottom; width: 1%; padding-top: 0px; padding-right: 0px; padding-left: 0px;">&#160;</td>
          <td colspan="2" style="vertical-align: top; border-bottom: 1px solid rgb(0, 0, 0); border-top: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">Number of Stock Options Outstanding</font></div>
          </td>
          <td colspan="1" style="border-bottom: 1px solid rgb(0, 0, 0); border-top: 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); border-top: 1px solid rgb(0, 0, 0); vertical-align: bottom; width: 1%; padding-top: 0px; padding-right: 0px; padding-left: 0px;">&#160;</td>
          <td colspan="2" style="vertical-align: top; border-bottom: 1px solid rgb(0, 0, 0); border-top: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">Weighted-</font></div>
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">Average Grant-Date Fair Value per Share</font></div>
          </td>
          <td colspan="1" style="border-bottom: 1px solid rgb(0, 0, 0); border-top: 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>
        </tr>
        <tr>
          <td style="vertical-align: top; width: 72%;" valign="bottom">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">Balance at January 31, 2017</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: 11%;" valign="bottom">
            <div><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">152,292</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">
            <div><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">$</font></div>
          </td>
          <td colspan="1" style="vertical-align: bottom; text-align: right; width: 11%;" valign="bottom">
            <div><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">4.12</font></div>
          </td>
          <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">&#160;</td>
        </tr>
        <tr>
          <td style="vertical-align: top; width: 72%;" valign="bottom">
            <div style="text-align: left; margin-left: 12pt;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">Granted</font></div>
          </td>
          <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
          <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
          <td colspan="1" style="vertical-align: bottom; text-align: right; width: 11%;" valign="bottom">
            <div><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">274,500</font></div>
          </td>
          <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">&#160;</td>
          <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
          <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">
            <div><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">$</font></div>
          </td>
          <td colspan="1" style="vertical-align: bottom; text-align: right; width: 11%;" valign="bottom">
            <div><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">5.26</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: 72%;" valign="bottom">
            <div style="text-align: left; margin-left: 12pt;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">Vested</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: 11%;" valign="bottom">
            <div><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">(149,225</font></div>
          </td>
          <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>
          </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">
            <div><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">$</font></div>
          </td>
          <td colspan="1" style="vertical-align: bottom; text-align: right; width: 11%;" valign="bottom">
            <div><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">4.70</font></div>
          </td>
          <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">&#160;</td>
        </tr>
        <tr>
          <td style="vertical-align: top; width: 72%; padding-bottom: 1px;">
            <div style="text-align: left; margin-left: 12pt;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">Forfeited</font></div>
          </td>
          <td colspan="1" style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: bottom; width: 1%;">&#160;</td>
          <td colspan="1" style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
          <td colspan="1" style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: bottom; width: 11%; text-align: right;">
            <div><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">(1,500</font></div>
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          <td colspan="1" style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; width: 1%; text-align: left;">
            <div><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">)</font></div>
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          <td colspan="1" style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: bottom; width: 1%;">&#160;</td>
          <td colspan="1" style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: bottom; width: 1%; text-align: left;">
            <div><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">$</font></div>
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          <td colspan="1" style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: bottom; width: 11%; text-align: right;">
            <div><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">5.25</font></div>
          </td>
          <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>
        </tr>
        <tr>
          <td style="vertical-align: top; width: 72%;" valign="bottom">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">Balance at January 31, 2018</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: 11%;" valign="bottom">
            <div><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">276,067</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">
            <div><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">$</font></div>
          </td>
          <td colspan="1" style="vertical-align: bottom; text-align: right; width: 11%;" valign="bottom">
            <div><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">4.98</font></div>
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          <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">&#160;</td>
        </tr>
        <tr>
          <td style="vertical-align: top; width: 72%;" valign="bottom">
            <div style="text-align: left; margin-left: 12pt;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">Granted</font></div>
          </td>
          <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
          <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
          <td colspan="1" style="vertical-align: bottom; text-align: right; width: 11%;" valign="bottom">
            <div><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; font-weight: bold;">272,144</font></div>
          </td>
          <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">&#160;</td>
          <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
          <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">
            <div><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; font-weight: bold;">$</font></div>
          </td>
          <td colspan="1" style="vertical-align: bottom; text-align: right; width: 11%;" valign="bottom">
            <div><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; font-weight: bold;">7.10</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: 72%;" valign="bottom">
            <div style="text-align: left; margin-left: 12pt;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">Vested</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: 11%;" valign="bottom">
            <div><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; font-weight: bold;">(219,043</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>
          </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">
            <div><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; font-weight: bold;">$</font></div>
          </td>
          <td colspan="1" style="vertical-align: bottom; text-align: right; width: 11%;" valign="bottom">
            <div><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; font-weight: bold;">5.56</font></div>
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          <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">&#160;</td>
        </tr>
        <tr>
          <td style="vertical-align: top; width: 72%; padding-bottom: 1px;">
            <div style="text-align: left; margin-left: 12pt;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">Forfeited</font></div>
          </td>
          <td colspan="1" style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: bottom; width: 1%;">&#160;</td>
          <td colspan="1" style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
          <td colspan="1" style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: bottom; width: 11%; text-align: right;">
            <div><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; font-weight: bold;">(3,950</font></div>
          </td>
          <td colspan="1" style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; width: 1%; text-align: left;">
            <div><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; font-weight: bold;">)</font></div>
          </td>
          <td colspan="1" style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: bottom; width: 1%;">&#160;</td>
          <td colspan="1" style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: bottom; width: 1%; text-align: left;">
            <div><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; font-weight: bold;">$</font></div>
          </td>
          <td colspan="1" style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: bottom; width: 11%; text-align: right;">
            <div><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; font-weight: bold;">6.41</font></div>
          </td>
          <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>
        </tr>
        <tr>
          <td style="vertical-align: top; width: 72%; padding: 0px 0px 3px;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">Balance at January 31, 2019</font></div>
          </td>
          <td colspan="1" style="border-bottom: 3px 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="border-bottom: 3px double rgb(0, 0, 0); vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
          <td colspan="1" style="border-bottom: 3px double rgb(0, 0, 0); vertical-align: bottom; width: 11%; text-align: right;">
            <div><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; font-weight: bold;">325,218</font></div>
          </td>
          <td colspan="1" style="border-bottom: 3px 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: 3px 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="border-bottom: 3px double rgb(0, 0, 0); vertical-align: bottom; width: 1%; text-align: left;">
            <div><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; font-weight: bold;">$</font></div>
          </td>
          <td colspan="1" style="border-bottom: 3px double rgb(0, 0, 0); vertical-align: bottom; width: 11%; text-align: right;">
            <div><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; font-weight: bold;">6.18</font></div>
          </td>
          <td colspan="1" style="border-bottom: 3px 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>
        </tr>

    </table>
    <div><br>
    </div>
    <div style="text-align: justify;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">The above noted table excludes the 136,500 options 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-size: 10pt; font-family: Verdana, Geneva, sans-serif; font-weight: bold; font-style: italic;">Performance Share Units</font></div>
    <div><br>
    </div>
    <div style="text-align: justify;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; color: #000000;">A summary of PSU activity is as follows:</font></div>
    <div><br>
    </div>
    <table id="z6e1494a9659e483eaf9db87e99ac24fb" style="font-family: &quot;Times New Roman&quot;,Times,serif; font-size: 10pt; width: 100%;" border="0" cellpadding="0" cellspacing="0">

        <tr>
          <td style="vertical-align: top; width: 49%; padding: 0px 0px 1px;">&#160;</td>
          <td colspan="1" style="border-bottom: 1px solid rgb(0, 0, 0); border-top: 1px solid rgb(0, 0, 0); vertical-align: bottom; width: 1%; padding-top: 0px; padding-right: 0px; padding-left: 0px;">&#160;</td>
          <td colspan="2" style="vertical-align: bottom; border-bottom: 1px solid rgb(0, 0, 0); border-top: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">Number of PSUs Outstanding</font></div>
          </td>
          <td colspan="1" style="border-bottom: 1px solid rgb(0, 0, 0); border-top: 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); border-top: 1px solid rgb(0, 0, 0); vertical-align: bottom; width: 1%; padding-top: 0px; padding-right: 0px; padding-left: 0px;">&#160;</td>
          <td colspan="2" style="vertical-align: bottom; border-bottom: 1px solid rgb(0, 0, 0); border-top: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">Weighted-</font></div>
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">Average Granted Date Fair Value</font></div>
          </td>
          <td colspan="1" style="border-bottom: 1px solid rgb(0, 0, 0); border-top: 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); border-top: 1px solid rgb(0, 0, 0); vertical-align: bottom; width: 1%; padding-top: 0px; padding-right: 0px; padding-left: 0px;">&#160;</td>
          <td colspan="2" style="vertical-align: bottom; border-bottom: 1px solid rgb(0, 0, 0); border-top: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">Weighted- Average Remaining Contractual Life (years)</font></div>
          </td>
          <td colspan="1" style="border-bottom: 1px solid rgb(0, 0, 0); border-top: 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); border-top: 1px solid rgb(0, 0, 0); vertical-align: bottom; width: 1%; padding-top: 0px; padding-right: 0px; padding-left: 0px;">&#160;</td>
          <td colspan="2" style="vertical-align: bottom; border-bottom: 1px solid rgb(0, 0, 0); border-top: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">Aggregate Intrinsic</font></div>
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;"> Value</font></div>
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;"> (in millions)</font></div>
          </td>
          <td colspan="1" style="border-bottom: 1px solid rgb(0, 0, 0); border-top: 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>
        </tr>
        <tr>
          <td style="vertical-align: top; width: 49%;" valign="bottom">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">Balance at January 31, 2017</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: 10%;" valign="bottom">
            <div><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">337,647</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">
            <div><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">$</font></div>
          </td>
          <td colspan="1" style="vertical-align: bottom; text-align: right; width: 10%;" valign="bottom">
            <div><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">13.73</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: 10%;" valign="bottom">
            <div><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">6.6</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: 10%;" valign="bottom">
            <div><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">7.3</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: 49%;" valign="bottom">
            <div style="text-align: left; margin-left: 12.25pt;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">Granted</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: 10%;" valign="bottom">
            <div><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">51,121</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">
            <div><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">$</font></div>
          </td>
          <td colspan="1" style="vertical-align: bottom; text-align: right; width: 10%;" valign="bottom">
            <div><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">30.13</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: 10%;" 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: 10%;" 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: 49%; padding-bottom: 1px;">
            <div style="text-align: left; margin-left: 12.25pt;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">Performance units issued</font></div>
          </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: 10%; text-align: right;">
            <div><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">51,752</font></div>
          </td>
          <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;">
            <div><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">$</font></div>
          </td>
          <td colspan="1" style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: bottom; width: 10%; text-align: right;">
            <div><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">14.37</font></div>
          </td>
          <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: 10%; text-align: right;">&#160;</td>
          <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: 10%; text-align: right;">&#160;</td>
          <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>
        </tr>
        <tr>
          <td style="vertical-align: top; width: 49%;" valign="bottom">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">Balance at January 31, 2018</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: 10%;" valign="bottom">
            <div><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">440,520</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">
            <div><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">$</font></div>
          </td>
          <td colspan="1" style="vertical-align: bottom; text-align: right; width: 10%;" valign="bottom">
            <div><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">15.91</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: 10%;" valign="bottom">
            <div><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">6.1</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: 10%;" valign="bottom">
            <div><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">11.9</font></div>
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          <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">&#160;</td>
        </tr>
        <tr>
          <td style="vertical-align: top; width: 49%;" valign="bottom">
            <div style="text-align: left; margin-left: 12.25pt;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">Granted</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: 10%;" valign="bottom">
            <div><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; font-weight: bold;">54,351</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">
            <div><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; font-weight: bold;">$</font></div>
          </td>
          <td colspan="1" style="vertical-align: bottom; text-align: right; width: 10%;" valign="bottom">
            <div><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; font-weight: bold;">35.23</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: 10%;" 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: 10%;" 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: 49%; padding-bottom: 1px;">
            <div style="text-align: left; margin-left: 12.25pt;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">Performance units issued</font></div>
          </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: 10%; text-align: right;">
            <div><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; font-weight: bold;">35,512</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;">
            <div><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; font-weight: bold;">$</font></div>
          </td>
          <td colspan="1" style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: bottom; width: 10%; text-align: right;">
            <div><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; font-weight: bold;">19.59</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: 10%; text-align: right;">&#160;</td>
          <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: 10%; text-align: right;">&#160;</td>
          <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>
        </tr>
        <tr>
          <td style="vertical-align: top; width: 49%; padding: 0px 0px 3px;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">Balance at January 31, 2019</font></div>
          </td>
          <td colspan="1" style="border-bottom: 3px 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="border-bottom: 3px double rgb(0, 0, 0); vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
          <td colspan="1" style="border-bottom: 3px double rgb(0, 0, 0); vertical-align: bottom; width: 10%; text-align: right;">
            <div><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; font-weight: bold;">530,383</font></div>
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          <td colspan="1" style="border-bottom: 3px 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: 3px 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="border-bottom: 3px double rgb(0, 0, 0); vertical-align: bottom; width: 1%; text-align: left;">
            <div><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; font-weight: bold;">$</font></div>
          </td>
          <td colspan="1" style="border-bottom: 3px double rgb(0, 0, 0); vertical-align: bottom; width: 10%; text-align: right;">
            <div><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; font-weight: bold;">18.02</font></div>
          </td>
          <td colspan="1" style="border-bottom: 3px 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: 3px 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="border-bottom: 3px double rgb(0, 0, 0); vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
          <td colspan="1" style="border-bottom: 3px double rgb(0, 0, 0); vertical-align: bottom; width: 10%; text-align: right;">
            <div><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; font-weight: bold;">5.5</font></div>
          </td>
          <td colspan="1" style="border-bottom: 3px 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: 3px 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="border-bottom: 3px double rgb(0, 0, 0); vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
          <td colspan="1" style="border-bottom: 3px double rgb(0, 0, 0); vertical-align: bottom; width: 10%; text-align: right;">
            <div><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; font-weight: bold;">16.6</font></div>
          </td>
          <td colspan="1" style="border-bottom: 3px 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>
        </tr>
        <tr>
          <td style="vertical-align: top; width: 49%;" 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: 10%;" 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: 10%;" 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: 10%;" 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: 10%;" 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: 49%; padding: 0px 0px 3px;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">Vested or expected to vest at January 31, 2019</font></div>
          </td>
          <td colspan="1" style="border-bottom: 3px 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="border-bottom: 3px double rgb(0, 0, 0); vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
          <td colspan="1" style="border-bottom: 3px double rgb(0, 0, 0); vertical-align: bottom; width: 10%; text-align: right;">
            <div><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; font-weight: bold;">530,383</font></div>
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          <td colspan="1" style="border-bottom: 3px 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: 3px 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="border-bottom: 3px double rgb(0, 0, 0); vertical-align: bottom; width: 1%; text-align: left;">
            <div><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; font-weight: bold;">$</font></div>
          </td>
          <td colspan="1" style="border-bottom: 3px double rgb(0, 0, 0); vertical-align: bottom; width: 10%; text-align: right;">
            <div><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; font-weight: bold;">18.02</font></div>
          </td>
          <td colspan="1" style="border-bottom: 3px 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: 3px 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="border-bottom: 3px double rgb(0, 0, 0); vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
          <td colspan="1" style="border-bottom: 3px double rgb(0, 0, 0); vertical-align: bottom; width: 10%; text-align: right;">
            <div><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; font-weight: bold;">5.5</font></div>
          </td>
          <td colspan="1" style="border-bottom: 3px 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: 3px 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="border-bottom: 3px double rgb(0, 0, 0); vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
          <td colspan="1" style="border-bottom: 3px double rgb(0, 0, 0); vertical-align: bottom; width: 10%; text-align: right;">
            <div><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; font-weight: bold;">16.6</font></div>
          </td>
          <td colspan="1" style="border-bottom: 3px 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>
        </tr>
        <tr>
          <td style="vertical-align: top; width: 49%;" 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: 10%;" 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: 10%;" 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: 10%;" 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: 10%;" 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: 49%; padding: 0px 0px 3px;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">Exercisable at January 31, 2019</font></div>
          </td>
          <td colspan="1" style="border-bottom: 3px 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="border-bottom: 3px double rgb(0, 0, 0); vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
          <td colspan="1" style="border-bottom: 3px double rgb(0, 0, 0); vertical-align: bottom; width: 10%; text-align: right;">
            <div><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; font-weight: bold;">424,911</font></div>
          </td>
          <td colspan="1" style="border-bottom: 3px 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: 3px 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="border-bottom: 3px double rgb(0, 0, 0); vertical-align: bottom; width: 1%; text-align: left;">
            <div><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; font-weight: bold;">$</font></div>
          </td>
          <td colspan="1" style="border-bottom: 3px double rgb(0, 0, 0); vertical-align: bottom; width: 10%; text-align: right;">
            <div><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; font-weight: bold;">14.40</font></div>
          </td>
          <td colspan="1" style="border-bottom: 3px 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: 3px 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="border-bottom: 3px double rgb(0, 0, 0); vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
          <td colspan="1" style="border-bottom: 3px double rgb(0, 0, 0); vertical-align: bottom; width: 10%; text-align: right;">
            <div><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; font-weight: bold;">4.8</font></div>
          </td>
          <td colspan="1" style="border-bottom: 3px 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: 3px 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="border-bottom: 3px double rgb(0, 0, 0); vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
          <td colspan="1" style="border-bottom: 3px double rgb(0, 0, 0); vertical-align: bottom; width: 10%; text-align: right;">
            <div><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; font-weight: bold;">13.3</font></div>
          </td>
          <td colspan="1" style="border-bottom: 3px 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>
        </tr>

    </table>
    <div><br>
    </div>
    <div style="text-align: justify;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; color: #000000;">The aggregate intrinsic values represent the total pre-tax intrinsic value (the aggregate closing share price of our common
        shares on January 31, 2019) that would have been received by PSU holders if all PSUs had been vested on January 31, 2019.</font></div>
    <div><br>
    </div>
    <div style="text-align: justify;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; color: #000000;">As of January 31, 2019, $1.8 million of total unrecognized compensation costs related to non-vested awards is expected to be
        recognized over a weighted average period of 1.5 years. The total fair value of PSUs vested during 2019 was $2.0 million.</font></div>
    <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, Geneva, 'sans-serif'; font-size: 10pt; font-weight: normal; font-style: normal;">81</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 style="text-align: justify;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; font-weight: bold; font-style: italic;">Restricted Share Units</font></div>
    <div><br>
    </div>
    <div style="text-align: justify;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; color: #000000;">A summary of RSU activity is as follows:</font></div>
    <div><br>
    </div>
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        <tr>
          <td style="vertical-align: top; padding: 0px 0px 1px;">&#160;</td>
          <td colspan="1" style="border-bottom: 1px solid rgb(0, 0, 0); border-top: 1px solid rgb(0, 0, 0); vertical-align: bottom; padding-top: 0px; padding-right: 0px; padding-left: 0px;">&#160;</td>
          <td colspan="2" style="vertical-align: bottom; border-bottom: 1px solid rgb(0, 0, 0); border-top: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">Number of RSUs Outstanding</font></div>
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          <td colspan="1" style="border-bottom: 1px solid rgb(0, 0, 0); border-top: 1px solid rgb(0, 0, 0); vertical-align: bottom; 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;">Weighted-</font></div>
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">Average Granted Date Fair Value</font></div>
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          <td colspan="1" style="border-bottom: 1px solid rgb(0, 0, 0); border-top: 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>
          <td colspan="1" style="border-bottom: 1px solid rgb(0, 0, 0); border-top: 1px solid rgb(0, 0, 0); vertical-align: bottom; padding-top: 0px; padding-right: 0px; padding-left: 0px;">&#160;</td>
          <td colspan="2" style="vertical-align: bottom; border-bottom: 1px solid rgb(0, 0, 0); border-top: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">Weighted- Average Remaining Contractual Life (years)</font></div>
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          <td colspan="1" style="border-bottom: 1px solid rgb(0, 0, 0); border-top: 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>
          <td colspan="1" style="border-bottom: 1px solid rgb(0, 0, 0); border-top: 1px solid rgb(0, 0, 0); vertical-align: bottom; 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;">Aggregate Intrinsic</font></div>
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;"> Value</font></div>
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;"> (in millions)</font></div>
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          <td colspan="1" style="border-bottom: 1px solid rgb(0, 0, 0); border-top: 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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        <tr>
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            <div style="text-align: left;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">Balance at January 31, 2017</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;">263,235</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">
            <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; text-align: right; width: 9%;" valign="bottom">
            <div><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">11.17</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;">6.7</font></div>
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          <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">&#160;</td>
          <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
          <td colspan="1" style="text-align: 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;">5.7</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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        <tr>
          <td style="vertical-align: top; width: 52%; padding-bottom: 1px;">
            <div style="text-align: left; margin-left: 12.25pt;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">Granted</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;">35,785</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;">
            <div><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">$</font></div>
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          <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;">23.14</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;">&#160;</td>
          <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;">&#160;</td>
          <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 style="vertical-align: top; width: 52%;" valign="bottom">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">Balance at January 31, 2018</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;">299,020</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">
            <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; text-align: right; width: 9%;" valign="bottom">
            <div><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">12.80</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;">6.1</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;">8.1</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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        <tr>
          <td style="vertical-align: top; width: 52%; padding-bottom: 1px;">
            <div style="text-align: left; margin-left: 12.25pt;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">Granted</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;">38,046</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;">
            <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="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;">27.96</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;">&#160;</td>
          <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;">&#160;</td>
          <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 style="vertical-align: top; width: 52%; padding: 0px 0px 3px;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">Balance at January 31, 2019</font></div>
          </td>
          <td colspan="1" style="border-bottom: 3px 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="border-bottom: 3px double rgb(0, 0, 0); vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
          <td colspan="1" style="border-bottom: 3px double 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;">337,066</font></div>
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          <td colspan="1" style="border-bottom: 3px 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: 3px 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="border-bottom: 3px double rgb(0, 0, 0); vertical-align: bottom; width: 1%; 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="border-bottom: 3px double 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;">14.42</font></div>
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          <td colspan="1" style="border-bottom: 3px 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: 3px 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="border-bottom: 3px double rgb(0, 0, 0); vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
          <td colspan="1" style="border-bottom: 3px double 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;">5.6</font></div>
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          <td colspan="1" style="border-bottom: 3px 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: 3px 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="border-bottom: 3px double rgb(0, 0, 0); vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
          <td colspan="1" style="border-bottom: 3px double 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;">10.6</font></div>
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          <td colspan="1" style="border-bottom: 3px 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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        <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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          <td style="vertical-align: top; width: 52%; padding: 0px 0px 3px;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">Vested or expected to vest at January 31, 2019</font></div>
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          <td colspan="1" style="border-bottom: 3px 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="border-bottom: 3px double rgb(0, 0, 0); vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
          <td colspan="1" style="border-bottom: 3px double 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;">337,066</font></div>
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          <td colspan="1" style="border-bottom: 3px 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: 3px 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="border-bottom: 3px double rgb(0, 0, 0); vertical-align: bottom; width: 1%; 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="border-bottom: 3px double 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;">14.42</font></div>
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          <td colspan="1" style="border-bottom: 3px 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: 3px 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="border-bottom: 3px double rgb(0, 0, 0); vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
          <td colspan="1" style="border-bottom: 3px double 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;">5.6</font></div>
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          <td colspan="1" style="border-bottom: 3px 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: 3px 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="border-bottom: 3px double rgb(0, 0, 0); vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
          <td colspan="1" style="border-bottom: 3px double 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;">10.6</font></div>
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          <td colspan="1" style="border-bottom: 3px 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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        <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>
        </tr>
        <tr>
          <td style="vertical-align: top; width: 52%; padding: 0px 0px 3px;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">Exercisable at January 31, 2019</font></div>
          </td>
          <td colspan="1" style="border-bottom: 3px 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="border-bottom: 3px double rgb(0, 0, 0); vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
          <td colspan="1" style="border-bottom: 3px double 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;">299,773</font></div>
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          <td colspan="1" style="border-bottom: 3px 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: 3px 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="border-bottom: 3px double rgb(0, 0, 0); vertical-align: bottom; width: 1%; 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="border-bottom: 3px double 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;">12.93</font></div>
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          <td colspan="1" style="border-bottom: 3px 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: 3px 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="border-bottom: 3px double rgb(0, 0, 0); vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
          <td colspan="1" style="border-bottom: 3px double 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;">5.2</font></div>
          </td>
          <td colspan="1" style="border-bottom: 3px 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: 3px 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="border-bottom: 3px double rgb(0, 0, 0); vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
          <td colspan="1" style="border-bottom: 3px double 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;">9.4</font></div>
          </td>
          <td colspan="1" style="border-bottom: 3px 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>
        </tr>

    </table>
    <div><br>
    </div>
    <div style="text-align: justify;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; color: #000000;">The aggregate intrinsic values represent the total pre-tax intrinsic value (the aggregate closing share price of our common
        shares on January 31, 2019) that would have been received by RSU holders if all RSUs had been vested on January 31, 2019.</font></div>
    <div><br>
    </div>
    <div style="text-align: justify;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; color: #000000;">As of January 31, 2019, $1.0 million of total unrecognized compensation costs related to non-vested awards is expected to be
        recognized over a weighted average period of 1.7 years. The total fair value of RSUs vested during 2019 was $0.9 million.</font></div>
    <div><br>
    </div>
    <div style="text-align: justify;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; font-weight: bold; font-style: italic;">Deferred Share Unit Plan</font></div>
    <div><br>
    </div>
    <div style="text-align: justify;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; color: #000000;">As at January 31, 2019, the total number of DSUs held by participating directors was 277,390 (242,082 at January 31, 2018),
        representing an aggregate accrued liability of $8.6 million ($6.8 million at January 31, 2018). During 2019, 35,308 DSUs were granted and nil DSUs were redeemed and settled in cash. As at January 31, 2019, the unrecognized aggregate liability for
        the unvested DSUs was nil (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 consolidated
        statements of operations was approximately $2.2 million, $2.3 million and $1.6 million for the years ended January 31, 2019, 2018 and 2017, respectively.</font></div>
    <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, Geneva, 'sans-serif'; font-size: 10pt; font-weight: normal; font-style: normal;">82</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 style="text-align: justify;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; 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-size: 10pt; font-family: Verdana, Geneva, sans-serif; color: #000000;">A summary of activity under our CRSU plan is as follows:</font></div>
    <div><br>
    </div>
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        <tr>
          <td style="vertical-align: top; padding: 0px 0px 1px;">&#160;</td>
          <td colspan="1" style="border-bottom: 1px solid rgb(0, 0, 0); border-top: 1px solid rgb(0, 0, 0); vertical-align: bottom; padding-top: 0px; padding-right: 0px; padding-left: 0px;">&#160;</td>
          <td colspan="2" style="vertical-align: bottom; border-bottom: 1px solid rgb(0, 0, 0); border-top: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">Number of CRSUs Outstanding</font></div>
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          <td colspan="1" style="border-bottom: 1px solid rgb(0, 0, 0); border-top: 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>
          <td colspan="1" style="border-bottom: 1px solid rgb(0, 0, 0); border-top: 1px solid rgb(0, 0, 0); vertical-align: bottom; 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;">Weighted- Average Remaining Contractual Life (years)</font></div>
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          <td colspan="1" style="border-bottom: 1px solid rgb(0, 0, 0); border-top: 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>
        </tr>
        <tr>
          <td style="vertical-align: top; width: 76%;" valign="bottom">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">Balance at January 31, 2017</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;">77,329</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;">1.4</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: 76%;" valign="bottom">
            <div style="text-align: left; margin-left: 12.25pt;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">Granted</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;">32,978</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">&#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: 76%;" valign="bottom">
            <div style="text-align: left; margin-left: 12.25pt;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">Vested and settled in cash</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;">(50,802</font></div>
          </td>
          <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>
          </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: 76%; padding-bottom: 1px;">
            <div style="text-align: left; margin-left: 12.25pt;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">Forfeited</font></div>
          </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;">(1,334</font></div>
          </td>
          <td colspan="1" style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; width: 1%; text-align: left;">
            <div><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">)</font></div>
          </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;">&#160;</td>
          <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>
        </tr>
        <tr>
          <td style="vertical-align: top; width: 76%;" valign="bottom">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">Balance at January 31, 2018</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;">58,171</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;">1.5</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: 76%;" valign="bottom">
            <div style="text-align: left; margin-left: 12pt;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">Granted</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;">32,261</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">&#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: 76%; padding-bottom: 1px;">
            <div style="text-align: left; margin-left: 12pt;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">Vested and settled in cash</font></div>
          </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; font-weight: bold;">(45,369</font></div>
          </td>
          <td colspan="1" style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; width: 1%; text-align: left;">
            <div><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; font-weight: bold;">)</font></div>
          </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;">&#160;</td>
          <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>
        </tr>
        <tr>
          <td style="vertical-align: top; width: 76%; padding: 0px 0px 3px;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">Balance at January 31, 2019</font></div>
          </td>
          <td colspan="1" style="border-bottom: 3px 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="border-bottom: 3px double rgb(0, 0, 0); vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
          <td colspan="1" style="border-bottom: 3px double 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;">45,063</font></div>
          </td>
          <td colspan="1" style="border-bottom: 3px 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: 3px 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="border-bottom: 3px double rgb(0, 0, 0); vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
          <td colspan="1" style="border-bottom: 3px double 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;">1.6</font></div>
          </td>
          <td colspan="1" style="border-bottom: 3px 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>
        </tr>
        <tr>
          <td 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>
        </tr>
        <tr>
          <td style="vertical-align: top; width: 76%; padding: 0px 0px 3px;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">Non-vested at January 31, 2019</font></div>
          </td>
          <td colspan="1" style="border-bottom: 3px 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="border-bottom: 3px double rgb(0, 0, 0); vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
          <td colspan="1" style="border-bottom: 3px double 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;">45,063</font></div>
          </td>
          <td colspan="1" style="border-bottom: 3px 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: 3px 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="border-bottom: 3px double rgb(0, 0, 0); vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
          <td colspan="1" style="border-bottom: 3px double 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;">1.6</font></div>
          </td>
          <td colspan="1" style="border-bottom: 3px 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>
        </tr>

    </table>
    <div><br>
    </div>
    <div style="text-align: justify;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; 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 $0.6 million at January 31, 2019 ($0.8 million at January 31, 2018). As at January 31, 2019, the unrecognized aggregate liability for the unvested CRSUs was $0.8 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 consolidated statements of operations was approximately $0.8 million, $1.0
        million and $0.8 million for the years ended January 31, 2019, 2018 and 2017, respectively.</font></div>
    <div><br>
    </div>
    <div style="text-align: left;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; font-weight: bold;">Note 17 - Income Taxes</font></div>
    <div><br>
    </div>
    <div style="text-align: justify;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">Income before income taxes is earned in the following tax jurisdictions:</font></div>
    <div><br>
    </div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse;" id="z16be76c041cc49c8aae21992b47134c2" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 61.61%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; font-style: italic;">Year Ended</font></div>
          </td>
          <td style="width: 13.39%; vertical-align: top; border-top: #000000 1px solid;">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; font-weight: bold;">January 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-size: 10pt; font-family: Verdana, Geneva, sans-serif;">January 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-size: 10pt; font-family: Verdana, Geneva, sans-serif;">January 31,</font></div>
          </td>
        </tr>
        <tr>
          <td style="width: 61.61%; vertical-align: top;">&#160;</td>
          <td style="width: 13.39%; vertical-align: top; border-bottom: #000000 1px solid;">
            <div style="text-align: right; margin-left: 9pt;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; font-weight: bold;">2019</font></div>
          </td>
          <td style="width: 12.5%; vertical-align: top; border-bottom: #000000 1px solid;">
            <div style="text-align: right; margin-left: 9pt;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">2018</font></div>
          </td>
          <td style="width: 12.5%; vertical-align: top; border-bottom: #000000 1px solid;">
            <div style="text-align: right; margin-left: 9pt;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">2017</font></div>
          </td>
        </tr>
        <tr>
          <td style="width: 61.61%; vertical-align: top;">&#160;</td>
          <td style="width: 13.39%; vertical-align: top;">&#160;</td>
          <td style="width: 12.5%; vertical-align: top;">&#160;</td>
          <td style="width: 12.5%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 61.61%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">Canada</font></div>
          </td>
          <td style="width: 13.39%; vertical-align: bottom; text-align: right;">
            <div><font style="font-size: 10pt; font-family: Verdana,Geneva,sans-serif; font-weight: bold;">16,715</font></div>
          </td>
          <td style="width: 12.5%; vertical-align: bottom; text-align: right;">
            <div><font style="font-size: 10pt; font-family: Verdana,Geneva,sans-serif;">17,964</font></div>
          </td>
          <td style="width: 12.5%; vertical-align: bottom; text-align: right;">
            <div><font style="font-size: 10pt; font-family: Verdana,Geneva,sans-serif;">19,560</font></div>
          </td>
        </tr>
        <tr>
          <td style="width: 61.61%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">United States</font></div>
          </td>
          <td style="width: 13.39%; vertical-align: bottom; text-align: right;">
            <div><font style="font-size: 10pt; font-family: Verdana,Geneva,sans-serif; font-weight: bold;">11,077</font></div>
          </td>
          <td style="width: 12.5%; vertical-align: bottom; text-align: right;">
            <div><font style="font-size: 10pt; font-family: Verdana,Geneva,sans-serif;">6,203</font></div>
          </td>
          <td style="width: 12.5%; vertical-align: bottom; text-align: right;">
            <div><font style="font-size: 10pt; font-family: Verdana,Geneva,sans-serif;">2,670</font></div>
          </td>
        </tr>
        <tr>
          <td style="width: 61.61%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">Other countries</font></div>
          </td>
          <td style="width: 13.39%; vertical-align: bottom; border-bottom: 1px solid rgb(0, 0, 0); text-align: right;">
            <div><font style="font-size: 10pt; font-family: Verdana,Geneva,sans-serif; font-weight: bold;">11,718</font></div>
          </td>
          <td style="width: 12.5%; vertical-align: bottom; border-bottom: 1px solid rgb(0, 0, 0); text-align: right;">
            <div><font style="font-size: 10pt; font-family: Verdana,Geneva,sans-serif;">10,581</font></div>
          </td>
          <td style="width: 12.5%; vertical-align: bottom; border-bottom: 1px solid rgb(0, 0, 0); text-align: right;">
            <div><font style="font-size: 10pt; font-family: Verdana,Geneva,sans-serif;">9,270</font></div>
          </td>
        </tr>
        <tr>
          <td style="vertical-align: top; width: 61.61%; padding-bottom: 3px;">&#160;</td>
          <td style="border-bottom: 3px double rgb(0, 0, 0); border-top: 1px solid rgb(0, 0, 0); vertical-align: bottom; width: 13.39%; text-align: right;">
            <div><font style="font-size: 10pt; font-family: Verdana,Geneva,sans-serif; font-weight: bold;">39,510</font></div>
          </td>
          <td style="border-bottom: 3px double rgb(0, 0, 0); border-top: 1px solid rgb(0, 0, 0); vertical-align: bottom; width: 12.5%; text-align: right;">
            <div><font style="font-size: 10pt; font-family: Verdana,Geneva,sans-serif;">34,748</font></div>
          </td>
          <td style="border-bottom: 3px double rgb(0, 0, 0); border-top: 1px solid rgb(0, 0, 0); vertical-align: bottom; width: 12.5%; text-align: right;">
            <div><font style="font-size: 10pt; font-family: Verdana,Geneva,sans-serif;">31,500</font></div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <div><br>
    </div>
    <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, Geneva, 'sans-serif'; font-size: 10pt; font-weight: normal; font-style: normal;">83</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 style="text-align: justify;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">Income tax expense is incurred in the following jurisdictions:</font></div>
    <div><br>
    </div>
    <table id="z790d5eb723d641dbb83d73a664e8d0da" style="font-family: &quot;Times New Roman&quot;,Times,serif; font-size: 10pt; width: 100%;" cellpadding="0" cellspacing="0">

        <tr>
          <td style="vertical-align: top;" valign="bottom">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; font-style: italic;">Year Ended</font></div>
          </td>
          <td colspan="1" style="vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0);" valign="bottom">&#160;</td>
          <td colspan="2" style="vertical-align: top; border-top: 1px solid rgb(0, 0, 0);" valign="bottom">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; font-weight: bold;">January 31,</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="2" style="vertical-align: top; border-top: 1px solid rgb(0, 0, 0);" valign="bottom">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">January 31,</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="2" style="vertical-align: top; border-top: 1px solid rgb(0, 0, 0);" valign="bottom">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">January 31,</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: 0px 0px 1px;">&#160;</td>
          <td colspan="1" style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: bottom; padding-top: 0px; padding-right: 0px; padding-left: 0px;">&#160;</td>
          <td colspan="2" style="vertical-align: top; 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;"> 2019</font></div>
          </td>
          <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>
          <td colspan="1" style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: bottom; padding-top: 0px; padding-right: 0px; padding-left: 0px;">&#160;</td>
          <td colspan="2" style="vertical-align: top; border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">2018</font></div>
          </td>
          <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>
          <td colspan="1" style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: bottom; padding-top: 0px; padding-right: 0px; padding-left: 0px;">&#160;</td>
          <td colspan="2" style="vertical-align: top; border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">2017</font></div>
          </td>
          <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>
        </tr>
        <tr>
          <td style="vertical-align: top;" valign="bottom">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">Current income tax expense</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>
          <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>
        </tr>
        <tr>
          <td style="vertical-align: top; width: 64%;" valign="bottom">
            <div style="text-align: left; margin-left: 12pt;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">Canada</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-size: 10pt; font-family: Verdana,Geneva,sans-serif; font-weight: bold;">3,037</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;">1,243</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;">447</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: 64%;" valign="bottom">
            <div style="text-align: left; margin-left: 12pt;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">United States</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;">1,298</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;">494</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;">873</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: 64%; padding: 0px 0px 1px;">
            <div style="text-align: left; margin-left: 12pt;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">Other countries</font></div>
          </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;">1,707</font></div>
          </td>
          <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;">4,835</font></div>
          </td>
          <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;">2,702</font></div>
          </td>
          <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>
        </tr>
        <tr>
          <td style="vertical-align: top; width: 64%; 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;">6,042</font></div>
          </td>
          <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;">6,572</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;">4,022</font></div>
          </td>
          <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>
        </tr>
        <tr>
          <td style="vertical-align: top; width: 64%;" valign="bottom">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">Deferred income tax expense (recovery)</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>
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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>
          <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;">2,051</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;">4,251</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: 12pt;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">United States</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;">67</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;">1,876</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;">1,272</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: 64%; padding: 0px 0px 1px;">
            <div style="text-align: left; margin-left: 12pt;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">Other countries</font></div>
          </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);">
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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-weight: bold;">)</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);">
            <div><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">(2,630</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;">
            <div><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">)</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;">
            <div><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">)</font></div>
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        <tr>
          <td style="vertical-align: top; width: 64%; 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;">2,191</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;">1,297</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;">3,640</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: 64%; padding: 0px 0px 3px;">&#160;</td>
          <td colspan="1" style="border-bottom: 3px 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="border-bottom: 3px double rgb(0, 0, 0); vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
          <td colspan="1" style="border-bottom: 3px double 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;">8,233</font></div>
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          <td colspan="1" style="border-bottom: 3px 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: 3px 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="border-bottom: 3px double rgb(0, 0, 0); vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
          <td colspan="1" style="border-bottom: 3px double rgb(0, 0, 0); vertical-align: bottom; width: 9%; text-align: right;">
            <div><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">7,869</font></div>
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          <td colspan="1" style="border-bottom: 3px 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: 3px 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="border-bottom: 3px double rgb(0, 0, 0); vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
          <td colspan="1" style="border-bottom: 3px double rgb(0, 0, 0); vertical-align: bottom; width: 9%; text-align: right;">
            <div><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">7,662</font></div>
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          <td colspan="1" style="border-bottom: 3px 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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    </table>
    <div><br>
    </div>
    <div style="text-align: justify;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">Income tax expense for 2019, 2018 and 2017 was 21%, 23% and 24% of income before income taxes, respectively, with current income tax expense
        being 15%, 19% and 13% of income before income taxes, respectively.</font></div>
    <div><br>
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    <div style="text-align: justify;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">Current income tax expense decreased in 2019 compared to 2018 primarily related to a net favorable outcome on the conclusion of certain tax
        audits partially offset by higher current income tax expense as a result of the higher pre-tax income generated in 2019.</font></div>
    <div><br>
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    <div style="text-align: justify;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">Current tax expense increased in 2018 compared to 2017 primarily due to a charge of $1.5 million attributable to changes in the estimate of our
        uncertain tax positions, $0.8 million in Canada as a result of less income being sheltered by loss carry-forwards and other attributes and $0.3 million in adjustments in respect to income tax of previous periods.</font></div>
    <div><br>
    </div>
    <div style="text-align: justify;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">Deferred income tax expense increased in 2019 compared to 2018 primarily due to the adoption of Accounting Standards Update 2016-16.</font></div>
    <div><br>
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    <div style="text-align: justify;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">Deferred income tax expense decreased in 2018 compared to 2017 primarily due to $1.1 million in reductions to corporate income tax rates in the
        US and EMEA and a $0.7 million reduction in deferred tax charges and recognition of deferred tax assets related to stock compensation.</font></div>
    <div><br>
    </div>
    <div><br>
    </div>
    <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, Geneva, 'sans-serif'; font-size: 10pt; font-weight: normal; font-style: normal;">84</font></div>
      <div id="DSPFPageBreak" style="page-break-after: always;">
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    </div>
    <div style="text-align: justify;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">The components of the deferred income tax assets and liabilities are as follows:</font></div>
    <div><br>
    </div>
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        <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="2" style="vertical-align: top; border-top: 1px solid rgb(0, 0, 0);" valign="bottom">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; font-weight: bold;">January 31,</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="2" style="vertical-align: top; border-top: 1px solid rgb(0, 0, 0);" valign="bottom">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">January 31,</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: 0px 0px 1px;">&#160;</td>
          <td colspan="1" style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: bottom; padding-top: 0px; padding-right: 0px; padding-left: 0px;">&#160;</td>
          <td colspan="2" style="vertical-align: top; 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;"> 2019</font></div>
          </td>
          <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>
          <td colspan="1" style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: bottom; padding-top: 0px; padding-right: 0px; padding-left: 0px;">&#160;</td>
          <td colspan="2" style="vertical-align: top; border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">2018</font></div>
          </td>
          <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>
        </tr>
        <tr>
          <td style="vertical-align: top;" valign="bottom">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">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>
          <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>
          <td style="vertical-align: top; width: 76%;" valign="bottom">
            <div style="text-align: left; margin-left: 12pt;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">Accrued liabilities not currently deductible</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;">11,483</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;">9,060</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: 76%;" valign="bottom">
            <div style="text-align: left; margin-left: 12pt;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">Accumulated net operating losses</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;">11,081</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;">13,868</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: 76%; padding-bottom: 1px;">
            <div style="text-align: left; margin-left: 12pt;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">Research and development and other tax credits and expenses</font></div>
          </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; font-weight: bold;">911</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;">1,580</font></div>
          </td>
          <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>
        </tr>
        <tr>
          <td style="vertical-align: top; width: 76%;" valign="bottom">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">Total deferred income tax assets</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;">23,475</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">
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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: 76%;" valign="bottom">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">Liabilities</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>
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        <tr>
          <td style="vertical-align: top; width: 76%;" valign="bottom">
            <div style="text-align: left; margin-left: 12pt;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">Difference between tax and accounting basis of intangible assets</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;">(23,974</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;">(12,976</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>
          </td>
        </tr>
        <tr>
          <td style="vertical-align: top; width: 76%;" valign="bottom">
            <div style="text-align: left; margin-left: 12.7pt;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">Difference between tax and accounting basis of property and equipment</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;">(909</font></div>
          </td>
          <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>
          </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;">(6,933</font></div>
          </td>
          <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>
          </td>
        </tr>
        <tr>
          <td style="vertical-align: top; width: 76%; padding: 0px 0px 1px;">
            <div style="text-align: left; margin-left: 12.7pt;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">Other timing differences</font></div>
          </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;">(574</font></div>
          </td>
          <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-weight: bold;">)</font></div>
          </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;">(267</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;">
            <div><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">)</font></div>
          </td>
        </tr>
        <tr>
          <td 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;">Total deferred income tax liabilities</font></div>
          </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;">(25,457</font></div>
          </td>
          <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-weight: bold;">)</font></div>
          </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;">(20,176</font></div>
          </td>
          <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>
          </td>
        </tr>
        <tr>
          <td style="vertical-align: top; width: 76%;" valign="bottom">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">Net deferred income taxes</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;">(1,982</font></div>
          </td>
          <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>
          </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;">4,332</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: 76%; padding: 0px 0px 1px;">
            <div style="text-align: left; margin-left: 12pt;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">Valuation allowance</font></div>
          </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;">(9,927</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;">
            <div><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; font-weight: bold;">)</font></div>
          </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;">(11,257</font></div>
          </td>
          <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>
          </td>
        </tr>
        <tr>
          <td style="vertical-align: top; width: 76%; padding: 0px 0px 3px;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">Net deferred income taxes, net of valuation allowance</font></div>
          </td>
          <td colspan="1" style="border-bottom: 3px 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="border-bottom: 3px double rgb(0, 0, 0); vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
          <td colspan="1" style="border-bottom: 3px double 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;">(11,909</font></div>
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          <td colspan="1" style="border-bottom: 3px 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>
          </td>
          <td colspan="1" style="border-bottom: 3px 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="border-bottom: 3px double rgb(0, 0, 0); vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
          <td colspan="1" style="border-bottom: 3px double rgb(0, 0, 0); vertical-align: bottom; width: 9%; text-align: right;">
            <div><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">(6,925</font></div>
          </td>
          <td colspan="1" style="border-bottom: 3px 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>
          </td>
        </tr>
        <tr>
          <td 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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    </table>
    <div style="text-align: justify;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">As at January 31, 2019, we have not accrued for foreign withholding taxes and Canadian income taxes applicable to approximately $303.3 million of
        unremitted earnings of subsidiaries operating outside of Canada. These earnings, which we consider to be invested indefinitely, will become subject to these taxes if and when they are remitted as dividends or if we sell our stock in the
        subsidiaries. If we decide to repatriate the foreign earnings, we would need to adjust our income tax provision in the period we determined that the earnings will no longer be indefinitely invested outside Canada.</font></div>
    <div><br>
    </div>
    <div style="text-align: left;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">The provision (recovery) for income taxes varies from the expected provision at the statutory rates for the reasons detailed in the table below:</font></div>
    <div><br>
    </div>
    <table id="zf7dd37fa28a1437ab5810f5f78cb7bd6" style="font-family: &quot;Times New Roman&quot;,Times,serif; font-size: 10pt; width: 100%;" cellpadding="0" cellspacing="0">

        <tr>
          <td style="vertical-align: top;" valign="bottom">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; font-style: italic;">Year Ended</font></div>
          </td>
          <td colspan="1" style="vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0);" valign="bottom">&#160;</td>
          <td colspan="2" style="vertical-align: top; border-top: 1px solid rgb(0, 0, 0);" valign="bottom">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; font-weight: bold;">January 31,</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="2" style="vertical-align: top; border-top: 1px solid rgb(0, 0, 0);" valign="bottom">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">January 31,</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="2" style="vertical-align: top; border-top: 1px solid rgb(0, 0, 0);" valign="bottom">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">January 31,</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: 0px 0px 1px;">&#160;</td>
          <td colspan="1" style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: bottom; padding-top: 0px; padding-right: 0px; padding-left: 0px;">&#160;</td>
          <td colspan="2" style="vertical-align: top; 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;"> 2019</font></div>
          </td>
          <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>
          <td colspan="1" style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: bottom; padding-top: 0px; padding-right: 0px; padding-left: 0px;">&#160;</td>
          <td colspan="2" style="vertical-align: top; border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">2018</font></div>
          </td>
          <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>
          <td colspan="1" style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: bottom; padding-top: 0px; padding-right: 0px; padding-left: 0px;">&#160;</td>
          <td colspan="2" style="vertical-align: top; border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">2017</font></div>
          </td>
          <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>
        </tr>
        <tr>
          <td style="vertical-align: top; width: 64%;" valign="bottom">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">Income before income taxes</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;">39,510</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;">34,748</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;">31,500</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: 64%;" 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>
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            <div style="text-align: left;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">Combined basic Canadian statutory rates</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>
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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 style="vertical-align: top; width: 64%;" valign="bottom">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">Income tax expense based on the above rates</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;">10,470</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>
          <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: 64%;" valign="bottom">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">Increase (decrease) in income taxes resulting from:</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>
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        <tr>
          <td style="vertical-align: top; width: 64%;" valign="bottom">
            <div style="text-align: left; margin-left: 12pt;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">Permanent differences including amortization of intangible assets</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;">(133</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;">(1,870</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;">(882</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 style="vertical-align: top; width: 64%;" valign="bottom">
            <div style="text-align: left; margin-left: 12pt;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">Effect of differences between Canadian and foreign tax rates</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;">(172</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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          <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;">213</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>
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          <td style="vertical-align: top; width: 64%;" valign="bottom">
            <div style="text-align: left; margin-left: 12pt;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">Effect of rate changes on current year timing differences</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;">(245</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;">(571</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;">495</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: 64%;" valign="bottom">
            <div style="text-align: left; margin-left: 12pt;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">Adjustments relating to previous periods</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;">(973</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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          <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;">(431</font></div>
          </td>
          <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 style="vertical-align: top; width: 64%;" valign="bottom">
            <div style="text-align: left; margin-left: 12pt;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">Increase (decrease) in tax reserves</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;">(515</font></div>
          </td>
          <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;">1,954</font></div>
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          <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">&#160;</td>
          <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
          <td colspan="1" style="text-align: 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;">492</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: 64%;" valign="bottom">
            <div style="text-align: left; margin-left: 12pt;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">Valuation allowance</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;">(344</font></div>
          </td>
          <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">
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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;">(1,580</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>
          </td>
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        <tr>
          <td style="vertical-align: top; width: 64%;" valign="bottom">
            <div style="text-align: left; margin-left: 12pt;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">Stock based compensation</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;">231</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;">(135</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;">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>
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          <td style="vertical-align: top; width: 64%;" valign="bottom">
            <div style="text-align: left; margin-left: 12pt;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">Deferred tax charges</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;">-</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;">179</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;">400</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: 64%; padding: 0px 0px 1px;">
            <div style="text-align: left; margin-left: 12pt;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">Other, including foreign exchange</font></div>
          </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;">(86</font></div>
          </td>
          <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-weight: bold;">)</font></div>
          </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;">226</font></div>
          </td>
          <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;">257</font></div>
          </td>
          <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>
        </tr>
        <tr>
          <td style="vertical-align: top; width: 64%; padding: 0px 0px 3px;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">Income tax expense</font></div>
          </td>
          <td colspan="1" style="border-bottom: 3px 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="border-bottom: 3px double rgb(0, 0, 0); vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
          <td colspan="1" style="border-bottom: 3px double 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;">8,233</font></div>
          </td>
          <td colspan="1" style="border-bottom: 3px 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: 3px 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="border-bottom: 3px double rgb(0, 0, 0); vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
          <td colspan="1" style="border-bottom: 3px double rgb(0, 0, 0); vertical-align: bottom; width: 9%; text-align: right;">
            <div><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">7,869</font></div>
          </td>
          <td colspan="1" style="border-bottom: 3px 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: 3px 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="border-bottom: 3px double rgb(0, 0, 0); vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
          <td colspan="1" style="border-bottom: 3px double rgb(0, 0, 0); vertical-align: bottom; width: 9%; text-align: right;">
            <div><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">7,662</font></div>
          </td>
          <td colspan="1" style="border-bottom: 3px 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>
        </tr>

    </table>
    <div><br>
    </div>
    <div><br>
    </div>
    <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, Geneva, 'sans-serif'; font-size: 10pt; font-weight: normal; font-style: normal;">85</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 style="text-align: left;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">We have income tax loss carry forwards which expire 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="z0d5768ab33bb4580a3bfcb6e7d62f57f" border="0" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 38%; vertical-align: middle;">
            <div style="text-align: left; margin-left: 9pt;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; font-style: italic;">Expiry year</font></div>
          </td>
          <td style="width: 2%; vertical-align: bottom;">&#160;</td>
          <td style="width: 15%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; margin-left: 9pt;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; font-weight: bold;">United States</font></div>
          </td>
          <td style="width: 15%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; margin-left: 9pt;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; font-weight: bold;">EMEA</font></div>
          </td>
          <td style="width: 15.18%; vertical-align: bottom; border-top: #000000 1px solid; border-bottom: #000000 1px solid;">
            <div style="text-align: right; margin-left: 9pt;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; font-weight: bold;">Asia Pacific</font></div>
          </td>
          <td style="width: 14.58%; vertical-align: bottom; border-top: #000000 1px solid; border-bottom: #000000 1px solid;">
            <div style="text-align: right; margin-left: 9pt;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; font-weight: bold;">Total</font></div>
          </td>
        </tr>
        <tr>
          <td style="width: 38%; vertical-align: top;">
            <div style="text-align: left; margin-left: 9pt;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">2020</font></div>
          </td>
          <td style="width: 2%; vertical-align: top;">&#160;</td>
          <td style="width: 15%; vertical-align: top;">
            <div style="text-align: right; margin-left: 9pt;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">-</font></div>
          </td>
          <td style="width: 15%; vertical-align: top;">
            <div style="text-align: right; margin-left: 9pt;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">-</font></div>
          </td>
          <td style="width: 15.18%; vertical-align: top;">
            <div style="text-align: right; margin-left: 9pt;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">671</font></div>
          </td>
          <td style="width: 14.58%; vertical-align: top;">
            <div style="text-align: right; margin-left: 9pt;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; font-weight: bold;">671</font></div>
          </td>
        </tr>
        <tr>
          <td style="width: 38%; vertical-align: top;">
            <div style="text-align: left; margin-left: 9pt;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">2021</font></div>
          </td>
          <td style="width: 2%; vertical-align: top;">&#160;</td>
          <td style="width: 15%; vertical-align: top;">
            <div style="text-align: right; margin-left: 9pt;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">-</font></div>
          </td>
          <td style="width: 15%; vertical-align: top;">
            <div style="text-align: right; margin-left: 9pt;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">-</font></div>
          </td>
          <td style="width: 15.18%; vertical-align: top;">
            <div style="text-align: right; margin-left: 9pt;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">273</font></div>
          </td>
          <td style="width: 14.58%; vertical-align: top;">
            <div style="text-align: right; margin-left: 9pt;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; font-weight: bold;">273</font></div>
          </td>
        </tr>
        <tr>
          <td style="width: 38%; vertical-align: top;">
            <div style="text-align: left; margin-left: 9pt;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">2022</font></div>
          </td>
          <td style="width: 2%; vertical-align: top;">&#160;</td>
          <td style="width: 15%; vertical-align: top;">
            <div style="text-align: right; margin-left: 9pt;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">1</font></div>
          </td>
          <td style="width: 15%; vertical-align: top;">
            <div style="text-align: right; margin-left: 9pt;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">-</font></div>
          </td>
          <td style="width: 15.18%; vertical-align: top;">
            <div style="text-align: right; margin-left: 9pt;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">48</font></div>
          </td>
          <td style="width: 14.58%; vertical-align: top;">
            <div style="text-align: right; margin-left: 9pt;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; font-weight: bold;">49</font></div>
          </td>
        </tr>
        <tr>
          <td style="width: 38%; vertical-align: top;">
            <div style="text-align: left; margin-left: 9pt;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">2023</font></div>
          </td>
          <td style="width: 2%; vertical-align: top;">&#160;</td>
          <td style="width: 15%; vertical-align: top;">
            <div style="text-align: right; margin-left: 9pt;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">12</font></div>
          </td>
          <td style="width: 15%; vertical-align: top;">
            <div style="text-align: right; margin-left: 9pt;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">1,162</font></div>
          </td>
          <td style="width: 15.18%; vertical-align: top;">
            <div style="text-align: right; margin-left: 9pt;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">-</font></div>
          </td>
          <td style="width: 14.58%; vertical-align: top;">
            <div style="text-align: right; margin-left: 9pt;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; font-weight: bold;">1,174</font></div>
          </td>
        </tr>
        <tr>
          <td style="width: 38%; vertical-align: top;">
            <div style="text-align: left; margin-left: 9pt;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">2024</font></div>
          </td>
          <td style="width: 2%; vertical-align: top;">&#160;</td>
          <td style="width: 15%; vertical-align: top;">
            <div style="text-align: right; margin-left: 9pt;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">-</font></div>
          </td>
          <td style="width: 15%; vertical-align: top;">
            <div style="text-align: right; margin-left: 9pt;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">131</font></div>
          </td>
          <td style="width: 15.18%; vertical-align: top;">
            <div style="text-align: right; margin-left: 9pt;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">-</font></div>
          </td>
          <td style="width: 14.58%; vertical-align: top;">
            <div style="text-align: right; margin-left: 9pt;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; font-weight: bold;">131</font></div>
          </td>
        </tr>
        <tr>
          <td style="width: 38%; vertical-align: top;">
            <div style="text-align: left; margin-left: 9pt;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">Thereafter</font></div>
          </td>
          <td style="width: 2%; vertical-align: top;">&#160;</td>
          <td style="width: 15%; vertical-align: top; border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; margin-left: 9pt;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">5,271</font></div>
          </td>
          <td style="width: 15%; vertical-align: top; border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; margin-left: 9pt;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">46,459</font></div>
          </td>
          <td style="width: 15.18%; vertical-align: top; border-bottom: #000000 1px solid;">
            <div style="text-align: right; margin-left: 9pt;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">4,524</font></div>
          </td>
          <td style="width: 14.58%; vertical-align: top; border-bottom: #000000 1px solid;">
            <div style="text-align: right; margin-left: 9pt;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; font-weight: bold;">56,254</font></div>
          </td>
        </tr>
        <tr>
          <td style="vertical-align: top; width: 38%; padding-bottom: 3px;">&#160;</td>
          <td style="vertical-align: top; width: 2%; padding-bottom: 3px;">&#160;</td>
          <td style="border-bottom: 3px double rgb(0, 0, 0); border-top: 1px solid rgb(0, 0, 0); vertical-align: top; width: 15%;">
            <div style="text-align: right; margin-left: 9pt;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; font-weight: bold;">5,284</font></div>
          </td>
          <td style="border-bottom: 3px double rgb(0, 0, 0); border-top: 1px solid rgb(0, 0, 0); vertical-align: top; width: 15%;">
            <div style="text-align: right; margin-left: 9pt;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; font-weight: bold;">47,752</font></div>
          </td>
          <td style="border-bottom: 3px double rgb(0, 0, 0); border-top: 1px solid rgb(0, 0, 0); vertical-align: top; width: 15.18%;">
            <div style="text-align: right; margin-left: 9pt;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; font-weight: bold;">5,516</font></div>
          </td>
          <td style="border-bottom: 3px double rgb(0, 0, 0); border-top: 1px solid rgb(0, 0, 0); vertical-align: top; width: 14.58%;">
            <div style="text-align: right; margin-left: 9pt;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; font-weight: bold;">58,552</font></div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <div style="text-align: left;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">The following is a tabular reconciliation of the total estimated liability associated with uncertain tax positions taken:</font></div>
    <table id="zcd75ec0145014ee298cfc51355d32a93" style="font-family: &quot;Times New Roman&quot;,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="2" style="vertical-align: top; border-top: 1px solid rgb(0, 0, 0);" valign="bottom">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; font-weight: bold;">January 31,</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="2" style="vertical-align: top; border-top: 1px solid rgb(0, 0, 0);" valign="bottom">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">January 31,</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: 0px 0px 1px;">&#160;</td>
          <td colspan="1" style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: bottom; padding-top: 0px; padding-right: 0px; padding-left: 0px;">&#160;</td>
          <td colspan="2" style="vertical-align: top; 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;"> 2019</font></div>
          </td>
          <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>
          <td colspan="1" style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: bottom; padding-top: 0px; padding-right: 0px; padding-left: 0px;">&#160;</td>
          <td colspan="2" style="vertical-align: top; border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">2018</font></div>
          </td>
          <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>
        </tr>
        <tr>
          <td style="vertical-align: top; width: 76%;" valign="bottom">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">Liability, beginning of year</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;">8,977</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;">6,388</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: 76%;" valign="bottom">
            <div style="text-align: left; margin-left: 12pt;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">Gross increases &#8211; current 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-size: 10pt; font-family: Verdana, Geneva, sans-serif; font-weight: bold;">493</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;">3,368</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: 76%; padding-bottom: 1px;">
            <div style="text-align: left; margin-left: 12pt;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">Lapsing due to statutes of limitations</font></div>
          </td>
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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; font-weight: bold;">(1,646</font></div>
          </td>
          <td colspan="1" style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; width: 1%; text-align: left;">
            <div><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; font-weight: bold;">)</font></div>
          </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;">(779</font></div>
          </td>
          <td colspan="1" style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; width: 1%; text-align: left;">
            <div><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">)</font></div>
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        </tr>
        <tr>
          <td style="vertical-align: top; width: 76%; padding: 0px 0px 3px;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">Liability, end of year</font></div>
          </td>
          <td colspan="1" style="border-bottom: 3px 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="border-bottom: 3px double rgb(0, 0, 0); vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
          <td colspan="1" style="border-bottom: 3px double 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;">7,824</font></div>
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          <td colspan="1" style="border-bottom: 3px 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="border-bottom: 3px double rgb(0, 0, 0); vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
          <td colspan="1" style="border-bottom: 3px double rgb(0, 0, 0); vertical-align: bottom; width: 9%; text-align: right;">
            <div><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">8,977</font></div>
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          <td colspan="1" style="border-bottom: 3px 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>
        </tr>

    </table>
    <div><br>
    </div>
    <div style="text-align: justify;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">We have identified accruals of $7.8 million with respect to uncertain tax positions as at January 31, 2019. It is possible that these uncertain
        tax positions will not be realized in which case up to $7.6 million of the recorded liability will decrease the effective tax rate in future years if this liability is reversed. We believe that it is reasonably possible that $0.3 million of the
        uncertain tax positions could decrease tax expense in the next 12 months relating primarily to tax years becoming statute barred for purposes of future tax examinations by local taxing jurisdictions.</font></div>
    <div><br>
    </div>
    <div style="text-align: justify;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">We recognize accrued interest and penalties related to uncertain tax positions as a current tax expense. As at January 31, 2019 and January 31,
        2018, the unrecognized tax positions have resulted in no material liability for estimated interest and penalties.</font></div>
    <div><br>
    </div>
    <div style="text-align: justify;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">Descartes and our subsidiaries file their tax returns as prescribed by the tax laws of the jurisdictions within which they operate. We are no
        longer subject to income tax examinations by tax authorities in our major tax jurisdictions 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="ze89e027917f3489e9e792c429cfffc9e" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 66.07%; vertical-align: top;">&#160;</td>
          <td style="width: 33.93%; vertical-align: top; border-top: #000000 1px solid; border-bottom: #000000 1px solid;">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; font-weight: bold;">Years No Longer Subject to Audit</font></div>
          </td>
        </tr>
        <tr>
          <td style="width: 66.07%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">Tax Jurisdiction</font></div>
          </td>
          <td style="width: 33.93%; vertical-align: top; border-top: #000000 1px solid;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 66.07%; vertical-align: top;">
            <div style="text-align: left; margin-left: 7.5pt;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">United States Federal</font></div>
          </td>
          <td style="width: 33.93%; vertical-align: top;">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">2015 and prior</font></div>
          </td>
        </tr>
        <tr>
          <td style="width: 66.07%; vertical-align: top;">
            <div style="text-align: left; margin-left: 7.5pt;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">Canada</font></div>
          </td>
          <td style="width: 33.93%; vertical-align: top;">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">2017 and prior</font></div>
          </td>
        </tr>
        <tr>
          <td style="width: 66.07%; vertical-align: top;">
            <div style="text-align: left; margin-left: 7.5pt;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">United Kingdom</font></div>
          </td>
          <td style="width: 33.93%; vertical-align: top;">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">2015 and prior</font></div>
          </td>
        </tr>
        <tr>
          <td style="width: 66.07%; vertical-align: top;">
            <div style="text-align: left; margin-left: 7.5pt;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">Sweden</font></div>
          </td>
          <td style="width: 33.93%; vertical-align: top;">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">2012 and prior</font></div>
          </td>
        </tr>
        <tr>
          <td style="width: 66.07%; vertical-align: top;">
            <div style="text-align: left; margin-left: 7.5pt;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">Norway</font></div>
          </td>
          <td style="width: 33.93%; vertical-align: top;">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">2017 and prior</font></div>
          </td>
        </tr>
        <tr>
          <td style="width: 66.07%; vertical-align: top;">
            <div style="text-align: left; margin-left: 7.5pt;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">Netherlands</font></div>
          </td>
          <td style="width: 33.93%; vertical-align: top;">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">2014 and prior</font></div>
          </td>
        </tr>
        <tr>
          <td style="width: 66.07%; vertical-align: top;">
            <div style="text-align: left; margin-left: 7.5pt;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">Belgium</font></div>
          </td>
          <td style="width: 33.93%; vertical-align: top;">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">2014 and prior</font></div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <div style="text-align: justify;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">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;). Although the legislative changes contained in the Tax Act are extensive and the interpretation of several aspects of the Tax Act are still unclear, we recorded an income tax benefit of $0.7 million in 2018 to reflect the reduced U.S. tax
        rate from 35% to 21% and other effects of the Tax Act. There was no material adjustment to income tax expense for 2019 related to the Tax Act. The Company will continue to assess the impacts, if any, throughout 2020 as they become known</font></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, Geneva, 'sans-serif'; font-size: 10pt; font-weight: normal; font-style: normal;">86</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 style="text-align: justify;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">due to changes in its interpretations and assumptions, as well as additional regulatory guidance that may be issued.</font></div>
    <div><br>
    </div>
    <div style="text-align: justify;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; 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-size: 10pt; font-family: Verdana, Geneva, sans-serif;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;"><u>Deferred Revenue</u></font></font></div>
    <div style="text-align: left;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">The following table presents the changes in the deferred revenue balance as follows:</font></div>
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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>
        </tr>
        <tr>
          <td style="vertical-align: top; padding: 0px 0px 1px;">&#160;</td>
          <td colspan="1" style="border-bottom: 1px solid rgb(0, 0, 0); border-top: 1px solid rgb(0, 0, 0); vertical-align: bottom; padding-top: 0px; padding-right: 0px; padding-left: 0px;">&#160;</td>
          <td colspan="2" style="border-bottom: 1px solid rgb(0, 0, 0); border-top: 1px solid rgb(0, 0, 0); vertical-align: top;">
            <div style="text-align: right; text-indent: 1.5pt;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">Deferred Revenue</font></div>
          </td>
          <td colspan="1" style="border-bottom: 1px solid rgb(0, 0, 0); border-top: 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>
        </tr>
        <tr>
          <td style="vertical-align: top; width: 88%;" valign="bottom">
            <div style="text-align: left; text-indent: -36pt; margin-left: 36pt;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">Balance at January 31, 2018</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;">32,113</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: 88%;" valign="bottom">
            <div style="text-align: left; margin-left: 15pt;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">Recognition of unearned revenue</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;">(27,252</font></div>
          </td>
          <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>
          </td>
        </tr>
        <tr>
          <td style="vertical-align: top; width: 88%;" valign="bottom">
            <div style="text-align: left; margin-left: 15pt;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">Deferral of revenue</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;">29,423</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: 88%;" valign="bottom">
            <div style="text-align: left; margin-left: 15pt;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">Increases from business combinations</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;">1,789</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: 88%; padding: 0px 0px 1px;">
            <div style="text-align: left; margin-left: 15pt;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">Effect of movements in foreign exchange</font></div>
          </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;">(982</font></div>
          </td>
          <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-weight: bold;">)</font></div>
          </td>
        </tr>
        <tr>
          <td style="vertical-align: top; width: 88%; padding: 0px 0px 3px;">
            <div style="text-align: left; text-indent: -15pt; margin-left: 15pt;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">Balance at January 31, 2019</font></div>
          </td>
          <td colspan="1" style="border-bottom: 3px 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="border-bottom: 3px double rgb(0, 0, 0); vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
          <td colspan="1" style="border-bottom: 3px double 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;">35,091</font></div>
          </td>
          <td colspan="1" style="border-bottom: 3px 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>
        </tr>
        <tr>
          <td style="vertical-align: top; width: 88%;" valign="bottom">
            <div style="text-align: left; margin-left: 15pt;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">Current</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;">34,236</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: 88%; padding: 0px 0px 3px;">
            <div style="text-align: left; margin-left: 15pt;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">Long-term</font></div>
          </td>
          <td colspan="1" style="border-bottom: 3px 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="border-bottom: 3px double rgb(0, 0, 0); vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
          <td colspan="1" style="border-bottom: 3px double 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;">855</font></div>
          </td>
          <td colspan="1" style="border-bottom: 3px 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>
        </tr>

    </table>
    <div><br>
    </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;"><u>Performance Obligations</u></font></font></div>
    <div style="text-align: justify;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">As of January 31, 2019, approximately $199.9 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 80% 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-size: 10pt; font-family: Verdana, Geneva, sans-serif;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;"><u>Contract Assets</u></font></font></div>
    <div style="text-align: left;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">The following table presents the changes in the contract assets balance as follows:</font></div>
    <div><br>
    </div>
    <table id="z95433ab8e43d4989b659084c907cb456" style="font-family: &quot;Times New Roman&quot;,Times,serif; font-size: 10pt; width: 100%;" cellpadding="0" cellspacing="0">

        <tr>
          <td style="vertical-align: top; padding: 0px 0px 1px;">&#160;</td>
          <td colspan="1" style="border-bottom: 1px solid rgb(0, 0, 0); border-top: 1px solid rgb(0, 0, 0); vertical-align: bottom; padding-top: 0px; padding-right: 0px; padding-left: 0px;">&#160;</td>
          <td colspan="2" style="border-bottom: 1px solid rgb(0, 0, 0); border-top: 1px solid rgb(0, 0, 0); vertical-align: top;">
            <div style="text-align: right; text-indent: 1.5pt;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">Contract Assets</font></div>
          </td>
          <td colspan="1" style="border-bottom: 1px solid rgb(0, 0, 0); border-top: 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>
        </tr>
        <tr>
          <td style="vertical-align: top; width: 88%;" valign="bottom">
            <div style="text-align: left; text-indent: -36pt; margin-left: 36pt;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">Balance at January 31, 2018</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></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: 88%; padding-bottom: 1px;">
            <div style="text-align: left; margin-left: 15pt;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">Adjustment for adoption of ASC 606</font></div>
          </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; font-weight: bold;">495</font></div>
          </td>
          <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>
        </tr>
        <tr>
          <td style="vertical-align: top; width: 88%;" valign="bottom">
            <div style="text-align: left; text-indent: -36pt; margin-left: 36pt;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">Balance at February 1, 2018</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;">495</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: 88%;" valign="bottom">
            <div style="text-align: left; margin-left: 15pt;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">Transfers to trade receivables from contract assets</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;">(266</font></div>
          </td>
          <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>
          </td>
        </tr>
        <tr>
          <td style="vertical-align: top; width: 88%;" valign="bottom">
            <div style="text-align: left; margin-left: 15pt;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">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 colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
          <td colspan="1" style="text-align: 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;">606</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: 88%; padding-bottom: 1px;">
            <div style="text-align: left; margin-left: 15pt;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">Effect of movements in foreign exchange</font></div>
          </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; font-weight: bold;">(23</font></div>
          </td>
          <td colspan="1" style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; width: 1%; text-align: left;">
            <div><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; font-weight: bold;">)</font></div>
          </td>
        </tr>
        <tr>
          <td style="vertical-align: top; width: 88%; padding: 0px 0px 3px;">
            <div style="text-align: left; text-indent: -15pt; margin-left: 15pt;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">Balance at January 31, 2019</font></div>
          </td>
          <td colspan="1" style="border-bottom: 3px 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="border-bottom: 3px double rgb(0, 0, 0); vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
          <td colspan="1" style="border-bottom: 3px double 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;">812</font></div>
          </td>
          <td colspan="1" style="border-bottom: 3px 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>
        </tr>

    </table>
    <div><br>
    </div>
    <div style="text-align: justify;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;"><u>Contract Costs</u></font></font></div>
    <div style="text-align: justify;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">Capitalized contract costs net of accumulated amortization is $7.3 million at January 31, 2019. In the comparative periods, 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. <font style="font-size: 10pt;
          font-family: Verdana, Geneva, sans-serif; color: #000000;">The total contract cost amortization included in sales and marketing expenses was $1.8 million for the year ended January 31, 2019. There was no impairment loss in relation to the costs
          capitalized during the year ended January 31, 2019.</font></font></div>
    <div><br>
    </div>
    <div><br>
    </div>
    <div style="text-align: left;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; font-weight: bold;">Note 19 - Other Charges</font></div>
    <div><br>
    </div>
    <div style="text-align: justify;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">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</font></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, Geneva, 'sans-serif'; font-size: 10pt; font-weight: normal; font-style: normal;">87</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 style="text-align: justify;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">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><br>
    </div>
    <div style="text-align: justify;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">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="z1097711b5eaa40f39fe181663048b724" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 59.1%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; font-style: italic;">Year Ended</font></div>
          </td>
          <td style="width: 13.06%; vertical-align: top; border-top: #000000 1px solid;">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; font-weight: bold;">January 31,</font></div>
          </td>
          <td style="width: 13.92%; vertical-align: top; border-top: #000000 1px solid;">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">January 31,</font></div>
          </td>
          <td style="width: 13.92%; vertical-align: top; border-top: #000000 1px solid;">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">January 31,</font></div>
          </td>
        </tr>
        <tr>
          <td style="width: 59.1%; vertical-align: top;">&#160;</td>
          <td style="width: 13.06%; vertical-align: top; border-bottom: #000000 1px solid;">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; font-weight: bold;">2019</font></div>
          </td>
          <td style="width: 13.92%; vertical-align: top; border-bottom: #000000 1px solid;">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">2018</font></div>
          </td>
          <td style="width: 13.92%; vertical-align: top; border-bottom: #000000 1px solid;">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">2017</font></div>
          </td>
        </tr>
        <tr>
          <td style="width: 59.1%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">Acquisition-related costs</font></div>
          </td>
          <td style="width: 13.06%; vertical-align: bottom; text-align: right;">
            <div><font style="font-size: 10pt; font-family: Verdana,Geneva,sans-serif; font-weight: bold;">3,778</font></div>
          </td>
          <td style="width: 13.92%; vertical-align: bottom; text-align: right;">
            <div><font style="font-size: 10pt; font-family: Verdana,Geneva,sans-serif;">3,471</font></div>
          </td>
          <td style="width: 13.92%; vertical-align: bottom; text-align: right;">
            <div><font style="font-size: 10pt; font-family: Verdana,Geneva,sans-serif;">3,019</font></div>
          </td>
        </tr>
        <tr>
          <td style="vertical-align: top; width: 59.1%; padding-bottom: 1px;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">Restructuring plans</font></div>
          </td>
          <td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: bottom; width: 13.06%; text-align: right;">
            <div><font style="font-size: 10pt; font-family: Verdana,Geneva,sans-serif; font-weight: bold;">20</font></div>
          </td>
          <td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: bottom; width: 13.92%; text-align: right;">
            <div><font style="font-size: 10pt; font-family: Verdana,Geneva,sans-serif;">523</font></div>
          </td>
          <td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: bottom; width: 13.92%; text-align: right;">
            <div><font style="font-size: 10pt; font-family: Verdana,Geneva,sans-serif;">436</font></div>
          </td>
        </tr>
        <tr>
          <td style="border-top: 0px solid rgb(0, 0, 0); vertical-align: top; width: 59.1%; padding-bottom: 3px;">&#160;</td>
          <td style="border-bottom: 3px double rgb(0, 0, 0); border-top: 0px solid rgb(0, 0, 0); vertical-align: bottom; width: 13.06%; text-align: right;">
            <div><font style="font-size: 10pt; font-family: Verdana,Geneva,sans-serif; font-weight: bold;">3,798</font></div>
          </td>
          <td style="border-bottom: 3px double rgb(0, 0, 0); border-top: 0px solid rgb(0, 0, 0); vertical-align: bottom; width: 13.92%; text-align: right;">
            <div><font style="font-size: 10pt; font-family: Verdana,Geneva,sans-serif;">3,994</font></div>
          </td>
          <td style="border-bottom: 3px double rgb(0, 0, 0); border-top: 0px solid rgb(0, 0, 0); vertical-align: bottom; width: 13.92%; text-align: right;">
            <div><font style="font-size: 10pt; font-family: Verdana,Geneva,sans-serif;">3,455</font></div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <div style="text-align: justify;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; font-weight: bold; font-style: italic;">Fiscal 2018 Restructuring Plan</font></div>
    <div><br>
    </div>
    <div style="text-align: justify;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">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-size: 10pt; font-family: Verdana, Geneva, sans-serif;">The following table shows the changes in the restructuring provision for the fiscal 2018 restructuring plan.</font></div>
    <div><br>
    </div>
    <table id="zbb0a1f0eb05f40ac88096c4d1492bb23" style="font-family: &quot;Times New Roman&quot;,Times,serif; font-size: 10pt; width: 100%;" cellpadding="0" cellspacing="0">

        <tr>
          <td style="vertical-align: top; padding: 0px 0px 1px;">&#160;</td>
          <td colspan="1" style="border-bottom: 1px solid rgb(0, 0, 0); border-top: 1px solid rgb(0, 0, 0); vertical-align: bottom; padding-top: 0px; padding-right: 0px; padding-left: 0px;">&#160;</td>
          <td colspan="2" style="vertical-align: bottom; border-bottom: 1px solid rgb(0, 0, 0); border-top: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; text-indent: 1.5pt;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">Workforce</font></div>
            <div style="text-align: right; text-indent: 1.5pt;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">Reduction</font></div>
          </td>
          <td colspan="1" style="border-bottom: 1px solid rgb(0, 0, 0); border-top: 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>
        </tr>
        <tr>
          <td style="vertical-align: top; width: 88%;" valign="bottom">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">Balance at January 31, 2017</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></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: 88%;" valign="bottom">
            <div style="text-align: left; margin-left: 12pt;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">Accruals and adjustments</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;">456</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: 88%; padding-bottom: 1px;">
            <div style="text-align: left; margin-left: 12pt;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">Cash draw downs</font></div>
          </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;">(211</font></div>
          </td>
          <td colspan="1" style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; width: 1%; text-align: left;">
            <div><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">)</font></div>
          </td>
        </tr>
        <tr>
          <td style="vertical-align: top; width: 88%;" valign="bottom">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">Balance at January 31, 2018</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;">245</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: 88%;" valign="bottom">
            <div style="text-align: left; margin-left: 12pt;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">Accruals and adjustments</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;">4</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: 88%; padding-bottom: 1px;">
            <div style="text-align: left; margin-left: 12pt;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">Cash draw downs</font></div>
          </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; font-weight: bold;">(249</font></div>
          </td>
          <td colspan="1" style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; width: 1%; text-align: left;">
            <div><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; font-weight: bold;">)</font></div>
          </td>
        </tr>
        <tr>
          <td style="vertical-align: top; width: 88%; padding: 0px 0px 3px;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">Balance at January 31, 2019</font></div>
          </td>
          <td colspan="1" style="border-bottom: 3px 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="border-bottom: 3px double rgb(0, 0, 0); vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
          <td colspan="1" style="border-bottom: 3px double 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;">-</font></div>
          </td>
          <td colspan="1" style="border-bottom: 3px 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>
        </tr>

    </table>
    <div><br>
    </div>
    <div style="text-align: left;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; font-weight: bold;">Note 20 - Segmented Information</font></div>
    <div><br>
    </div>
    <div style="text-align: justify;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">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><br>
    </div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse;" id="z11178bab2b96492ab7ea4ea8c5b2a337" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 61.61%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; font-style: italic;">Year Ended</font></div>
          </td>
          <td style="width: 13.39%; vertical-align: top; border-top: #000000 1px solid;">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; font-weight: bold;">January 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-size: 10pt; font-family: Verdana, Geneva, sans-serif;">January 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-size: 10pt; font-family: Verdana, Geneva, sans-serif;">January 31,</font></div>
          </td>
        </tr>
        <tr>
          <td style="width: 61.61%; vertical-align: top;">&#160;</td>
          <td style="width: 13.39%; vertical-align: top; border-bottom: #000000 1px solid;">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; font-weight: bold;">2019</font></div>
          </td>
          <td style="width: 12.5%; vertical-align: top; border-bottom: #000000 1px solid;">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">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-size: 10pt; font-family: Verdana, Geneva, sans-serif;">2017</font></div>
          </td>
        </tr>
        <tr>
          <td style="width: 61.61%; 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: 13.39%; vertical-align: top;">&#160;</td>
          <td style="width: 12.5%; vertical-align: top;">&#160;</td>
          <td style="width: 12.5%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 61.61%; vertical-align: top;">
            <div style="text-align: left; margin-left: 12pt;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">United States</font></div>
          </td>
          <td style="width: 13.39%; vertical-align: top;">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; font-weight: bold;">165,115</font></div>
          </td>
          <td style="width: 12.5%; vertical-align: top;">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">133,263</font></div>
          </td>
          <td style="width: 12.5%; vertical-align: top;">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">106,672</font></div>
          </td>
        </tr>
        <tr>
          <td style="width: 61.61%; vertical-align: top;">
            <div style="text-align: left; margin-left: 12pt;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">Europe, Middle-East and Africa</font></div>
          </td>
          <td style="width: 13.39%; vertical-align: top;">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; font-weight: bold;">80,094</font></div>
          </td>
          <td style="width: 12.5%; vertical-align: top;">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">77,576</font></div>
          </td>
          <td style="width: 12.5%; vertical-align: top;">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">75,165</font></div>
          </td>
        </tr>
        <tr>
          <td style="width: 61.61%; vertical-align: top;">
            <div style="text-align: left; margin-left: 12pt;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">Canada</font></div>
          </td>
          <td style="width: 13.39%; vertical-align: top;">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; font-weight: bold;">18,167</font></div>
          </td>
          <td style="width: 12.5%; vertical-align: top;">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">15,667</font></div>
          </td>
          <td style="width: 12.5%; vertical-align: top;">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">13,266</font></div>
          </td>
        </tr>
        <tr>
          <td style="width: 61.61%; vertical-align: top;">
            <div style="text-align: left; margin-left: 12pt;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">Asia Pacific</font></div>
          </td>
          <td style="width: 13.39%; vertical-align: top; border-bottom: #000000 1px solid;">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; font-weight: bold;">11,795</font></div>
          </td>
          <td style="width: 12.5%; vertical-align: top; border-bottom: #000000 1px solid;">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">10,933</font></div>
          </td>
          <td style="width: 12.5%; vertical-align: top; border-bottom: #000000 1px solid;">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">8,676</font></div>
          </td>
        </tr>
        <tr>
          <td style="vertical-align: top; width: 61.61%; padding-bottom: 3px;">&#160;</td>
          <td style="border-bottom: 3px double rgb(0, 0, 0); border-top: 1px solid rgb(0, 0, 0); vertical-align: top; width: 13.39%;">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; font-weight: bold;">275,171</font></div>
          </td>
          <td style="border-bottom: 3px double rgb(0, 0, 0); border-top: 1px solid rgb(0, 0, 0); vertical-align: top; width: 12.5%;">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">237,439</font></div>
          </td>
          <td style="border-bottom: 3px double rgb(0, 0, 0); border-top: 1px solid rgb(0, 0, 0); vertical-align: top; width: 12.5%;">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">203,779</font></div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <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, Geneva, 'sans-serif'; font-size: 10pt; font-weight: normal; font-style: normal;">88</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>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse;" id="z033315509b7b43afba4b7fc288881422" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 61.61%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; font-style: italic;">Year Ended</font></div>
          </td>
          <td style="width: 13.39%; vertical-align: top; border-top: #000000 1px solid;">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; font-weight: bold;">January 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-size: 10pt; font-family: Verdana, Geneva, sans-serif;">January 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-size: 10pt; font-family: Verdana, Geneva, sans-serif;">January 31,</font></div>
          </td>
        </tr>
        <tr>
          <td style="width: 61.61%; vertical-align: top;">&#160;</td>
          <td style="width: 13.39%; vertical-align: top; border-bottom: #000000 1px solid;">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; font-weight: bold;">2019</font></div>
          </td>
          <td style="width: 12.5%; vertical-align: top; border-bottom: #000000 1px solid;">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">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-size: 10pt; font-family: Verdana, Geneva, sans-serif;">2017</font></div>
          </td>
        </tr>
        <tr>
          <td style="width: 61.61%; 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: 13.39%; vertical-align: top;">&#160;</td>
          <td style="width: 12.5%; vertical-align: top;">&#160;</td>
          <td style="width: 12.5%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 61.61%; vertical-align: top;">
            <div style="text-align: left; margin-left: 12pt;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">Services</font></div>
          </td>
          <td style="width: 13.39%; vertical-align: top;">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; font-weight: bold;">241,543</font></div>
          </td>
          <td style="width: 12.5%; vertical-align: top;">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">204,376</font></div>
          </td>
          <td style="width: 12.5%; vertical-align: top;">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">172,950</font></div>
          </td>
        </tr>
        <tr>
          <td style="width: 61.61%; vertical-align: top;">
            <div style="text-align: left; margin-left: 12pt;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">Professional services and other</font></div>
          </td>
          <td style="width: 13.39%; vertical-align: top;">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; font-weight: bold;">27,774</font></div>
          </td>
          <td style="width: 12.5%; vertical-align: top;">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">24,918</font></div>
          </td>
          <td style="width: 12.5%; vertical-align: top;">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">23,917</font></div>
          </td>
        </tr>
        <tr>
          <td style="width: 61.61%; vertical-align: top;">
            <div style="text-align: left; margin-left: 12pt;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">Licenses</font></div>
          </td>
          <td style="width: 13.39%; vertical-align: top; border-bottom: #000000 1px solid;">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; font-weight: bold;">5,854</font></div>
          </td>
          <td style="width: 12.5%; vertical-align: top; border-bottom: #000000 1px solid;">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">8,145</font></div>
          </td>
          <td style="width: 12.5%; vertical-align: top; border-bottom: #000000 1px solid;">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">6,912</font></div>
          </td>
        </tr>
        <tr>
          <td style="vertical-align: top; width: 61.61%; padding-bottom: 3px;">&#160;</td>
          <td style="border-bottom: 3px double rgb(0, 0, 0); border-top: 1px solid rgb(0, 0, 0); vertical-align: top; width: 13.39%;">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; font-weight: bold;">275,171</font></div>
          </td>
          <td style="border-bottom: 3px double rgb(0, 0, 0); border-top: 1px solid rgb(0, 0, 0); vertical-align: top; width: 12.5%;">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">237,439</font></div>
          </td>
          <td style="border-bottom: 3px double rgb(0, 0, 0); border-top: 1px solid rgb(0, 0, 0); vertical-align: top; width: 12.5%;">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">203,779</font></div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <div style="text-align: justify;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">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-size: 10pt; font-family: Verdana, Geneva, sans-serif;">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="z1f680a274f484177a2413b9dc248c448" 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-size: 10pt; font-family: Verdana, Geneva, sans-serif; font-weight: bold;">January 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-size: 10pt; font-family: Verdana, Geneva, sans-serif;">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-size: 10pt; font-family: Verdana, Geneva, sans-serif; font-weight: bold;">2019</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-size: 10pt; font-family: Verdana, Geneva, sans-serif;">2018</font></div>
          </td>
        </tr>
        <tr>
          <td style="width: 72.82%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">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-size: 10pt; font-family: Verdana, Geneva, sans-serif;">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-size: 10pt; font-family: Verdana, Geneva, sans-serif; font-weight: bold;">119,958</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-size: 10pt; font-family: Verdana, Geneva, sans-serif;">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-size: 10pt; font-family: Verdana, Geneva, sans-serif;">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-size: 10pt; font-family: Verdana, Geneva, sans-serif; font-weight: bold;">28,433</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-size: 10pt; font-family: Verdana, Geneva, sans-serif;">37,857</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-size: 10pt; font-family: Verdana, Geneva, sans-serif;">Canada</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-size: 10pt; font-family: Verdana, Geneva, sans-serif; font-weight: bold;">40,413</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-size: 10pt; font-family: Verdana, Geneva, sans-serif;">44,865</font></div>
          </td>
        </tr>
        <tr>
          <td style="vertical-align: top; width: 72.82%; padding-bottom: 3px;">&#160;</td>
          <td style="border-bottom: 3px double rgb(0, 0, 0); border-top: 1px solid rgb(0, 0, 0); vertical-align: top; width: 13.59%;">
            <div style="text-align: right; text-indent: -3pt; margin-left: 3pt;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; font-weight: bold;">188,804</font></div>
          </td>
          <td style="border-bottom: 3px double rgb(0, 0, 0); border-top: 1px solid rgb(0, 0, 0); vertical-align: top; width: 13.59%;">
            <div style="text-align: right; text-indent: -3pt; margin-left: 3pt;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">190,799</font></div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <div style="text-align: left;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; font-weight: bold;">Note 21 &#8211; Subsequent Event</font></div>
    <div><br>
    </div>
    <div style="text-align: justify;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">On February 12, 2019, Descartes acquired substantially all of the assets of the businesses run by the Management Systems Resources Inc. group of
        companies (collectively, &#8220;Visual Compliance&#8221;), a provider of software solutions and services to automate customs, trade and fiscal compliance processes including denied and restricted party screening processes and export licensing. The purchase
        price for the acquisition was approximately $250 million at February 12, 2019 (approximate CAD $330 million purchase price), net of cash acquired, which was funded from a combination of drawing on Descartes&#8217; existing credit facility and issuing to
        the sellers 0.3 million Descartes common shares from treasury. As of the issue date of these consolidated financial statements, the fair value of the acquired assets and liabilities has not been determined.</font></div>
    <div><br>
    </div>
    <div><br>
    </div>
    <div><br>
    </div>
    <div><br>
    </div>
    <div><br>
    </div>
    <div><br>
    </div>
    <div><br>
    </div>
    <div><br>
    </div>
    <div><br>
    </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, Geneva, 'sans-serif'; font-size: 10pt; font-weight: normal; font-style: normal;">89</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>
      <div>
        <hr style="height: 1px; width: 100%; color: #000000; background-color: #000000; text-align: center; margin-left: auto; margin-right: auto; border: none;" align="center" noshade="noshade"> </div>
    </div>
    <div style="text-align: left; font-size: 11pt;"><font style="font-family: Verdana,Geneva,sans-serif; font-weight: bold; font-variant: small-caps;">Corporate Information</font></div>
    <div>
      <div>
        <hr style="height: 1px; width: 100%; color: #000000; background-color: #000000; text-align: center; margin-left: auto; margin-right: auto; border: none;" align="center" noshade="noshade"> </div>
    </div>
    <div><br>
    </div>
    <div style="text-align: left;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; font-weight: bold;">Stock Exchange Information</font></div>
    <div style="text-align: justify; margin-right: 216pt;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">Our common stock trades on the Toronto Stock Exchange under the symbol DSG and on The Nasdaq Stock Market under the symbol
        DSGX.</font></div>
    <div><br>
    </div>
    <div style="text-align: left;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; font-weight: bold;">Transfer Agents</font></div>
    <table style="font-family: &quot;Times New Roman&quot;,Times,serif; font-size: 10pt; width: 100%; border-collapse: collapse;" id="z9c45f47d87044f91aa3130fcde6e4b11" border="0" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 50%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">Computershare Investor Services Inc.</font></div>
          </td>
          <td style="width: 50%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">Computershare Trust Company</font></div>
          </td>
        </tr>
        <tr>
          <td style="width: 50%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">100 University Avenue</font></div>
          </td>
          <td style="width: 50%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">12039 West Alameda Parkway</font></div>
          </td>
        </tr>
        <tr>
          <td style="width: 50%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">Toronto, Ontario M5J 2Y1</font></div>
          </td>
          <td style="width: 50%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">Suite Z-2 Lakewood, Colorado</font></div>
          </td>
        </tr>
        <tr>
          <td style="width: 50%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">North America: (800) 663-9097</font></div>
          </td>
          <td style="width: 50%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">80228 USA</font></div>
          </td>
        </tr>
        <tr>
          <td style="width: 50%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">Phone: (416) 263-9200</font></div>
          </td>
          <td style="width: 50%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">Phone: (303) 262-0600</font></div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <div><br>
    </div>
    <div style="text-align: left;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; font-weight: bold;">Independent Registered Public Accounting Firm</font></div>
    <div style="text-align: left;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">KPMG LLP</font></div>
    <div style="text-align: left;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">Bay Adelaide Centre</font></div>
    <div style="text-align: left;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">333 Bay Street</font></div>
    <div style="text-align: left;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">Suite 4600</font></div>
    <div style="text-align: left;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">Toronto, Ontario M5H 2S5</font></div>
    <div style="text-align: left;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">Phone: (416) 777-8500</font></div>
    <div><br>
    </div>
    <div><br>
    </div>
    <div style="text-align: left;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; font-weight: bold;">Investor Inquiries</font></div>
    <div style="text-align: left;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">Investor Relations</font></div>
    <div style="text-align: left;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">The Descartes Systems Group Inc.</font></div>
    <div style="text-align: left;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">120 Randall Drive</font></div>
    <div style="text-align: left;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">Waterloo, Ontario N2V 1C6</font></div>
    <div style="text-align: left;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">Phone: (519) 746-8110 ext. 202358</font></div>
    <div style="text-align: left;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">Toll Free: (800) 419-8495</font></div>
    <div style="text-align: left;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">E-mail: investor@descartes.com</font></div>
    <div style="text-align: left;"><u><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; color: #0000FF;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">www.descartes.com</font></font></u></div>
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    </div>
    <div><br>
    </div>
    <div style="text-align: left;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; font-weight: bold;">The Descartes Systems Group Inc.</font></div>
    <div style="text-align: left;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">Corporate Headquarters</font></div>
    <div style="text-align: left;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">120 Randall Drive</font></div>
    <div style="text-align: left;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">Waterloo, Ontario N2V 1C6</font></div>
    <div style="text-align: left;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">Canada</font></div>
    <table style="font-family: &quot;Times New Roman&quot;,Times,serif; font-size: 10pt; width: 100%; border-collapse: collapse;" id="zc575d755b7cd4cfa8ad516e7415f9ac5" border="0" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 50px; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">Phone:</font></div>
          </td>
          <td style="vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">(519) 746-8110</font></div>
          </td>
        </tr>
        <tr>
          <td style="width: 50px; vertical-align: top;">&#160;</td>
          <td style="vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">(800) 419-8495</font></div>
          </td>
        </tr>
        <tr>
          <td style="width: 50px; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">Fax:</font></div>
          </td>
          <td style="vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">(519) 747-0082</font></div>
          </td>
        </tr>

    </table>
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    <div style="text-align: left;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">info@descartes.com</font></div>
    <div style="text-align: left;"><u><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">www.descartes.com</font></font></u></div>
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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
