<SEC-DOCUMENT>0000929638-19-000567.txt : 20190530
<SEC-HEADER>0000929638-19-000567.hdr.sgml : 20190530
<ACCEPTANCE-DATETIME>20190530103441
ACCESSION NUMBER:		0000929638-19-000567
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		7
CONFORMED PERIOD OF REPORT:	20190530
FILED AS OF DATE:		20190530
DATE AS OF CHANGE:		20190530

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:		19865044

	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 May 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: 18pt; FONT-FAMILY: times new roman; FONT-WEIGHT: bold; TEXT-ALIGN: center; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">THE DESCARTES SYSTEMS GROUP INC.</div>
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              <div style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; TEXT-ALIGN: center; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">(Translation of registrant&#8217;s name into English)</div>
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              <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">Canada N2V 1C6</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
      20-F or Form 40-F.</div>
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    <div style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; TEXT-ALIGN: justify; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by
      Regulation S-T Rule 101(b)(1): [ ]</div>
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      permits the submission in paper of a Form 6-K if submitted solely to provide an attached annual report to security holders.</div>
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    <div style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; TEXT-ALIGN: justify; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by
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      permits the submission in paper of a Form 6-K if submitted to furnish a report or other document that the registrant foreign private issuer must furnish and make public under the laws of the jurisdiction in which the registrant is incorporated,
      domiciled or legally organized (the registrant&#8217;s &#8220;home country&#8221;), or under the rules of the home country exchange on which the registrant&#8217;s securities are traded, as long as the report or other document is not a press release, is not required to be
      and has not been distributed to the registrant&#8217;s security holders, and, if discussing a material event, has already been the subject of a Form 6-K submission or other Commission filing on EDGAR.</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">The attached Quarterly Report to Shareholders for the First Quarter of Fiscal 2020 is furnished herewith as
      Exhibit 99.1.</div>
    <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: left; MARGIN-LEFT: 36pt; DISPLAY: block">
      <div>The attached Press Release issued May 29, 2019 is furnished herewith as Exhibit 99.2.</div>
    </div>
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    &#160;
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    <div style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; TEXT-ALIGN: justify; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 36pt">Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused
      this report to be signed on its behalf by the undersigned, thereunto duly authorized.</div>
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              <div style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; FONT-WEIGHT: bold; TEXT-ALIGN: left; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">THE DESCARTES SYSTEMS GROUP INC.</div>
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            <td style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; WIDTH: 47%" colspan="2" valign="top">&#160; </td>
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              <div style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">(Registrant)</div>
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            <td style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; WIDTH: 47%" colspan="2" valign="top">&#160; </td>
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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="TEXT-ALIGN: left; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: -47.05pt; TEXT-INDENT: 0pt">General Counsel</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; May 30, 2019<br>
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    <div style="TEXT-ALIGN: left; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">&#160;</div>
    <div style="TEXT-ALIGN: left; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">&#160;</div>
    <div style="TEXT-ALIGN: left; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">&#160;</div>
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              <div style="font-size: 10pt; font-family: &quot;times new roman&quot;; font-weight: bold; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">Exhibit No.</div>
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              <div style="font-size: 10pt; font-family: &quot;times new roman&quot;; font-weight: bold; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">Description</div>
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            <td style="font-size: 10pt; font-family: &quot;times new roman&quot;; width: 15%;" valign="top">&#160;</td>
            <td style="font-size: 10pt; font-family: &quot;times new roman&quot;; width: 85%;" valign="top">&#160;</td>
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            <td style="font-size: 10pt; font-family: &quot;times new roman&quot;; width: 15%;" align="left" valign="top"><a href="exhibit99-1.htm">99.1</a></td>
            <td style="font-size: 10pt; font-family: &quot;times new roman&quot;; width: 85%;" align="left" valign="top">
              <div style="font-size: 10pt; font-family: &quot;Times New Roman&quot;, Times, serif; text-align: left; display: block; text-indent: 0pt;"><a href="exhibit99-1.htm">Quarterly Report to Shareholders for
                  the First Quarter of Fiscal 2020</a></div>
            </td>
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            <td style="font-size: 10pt; font-family: &quot;times new roman&quot;; width: 15%;" align="left" valign="top"><a href="exhibit99-2.htm">99.2</a></td>
            <td style="font-size: 10pt; font-family: &quot;times new roman&quot;; width: 85%;" align="left" valign="top"><a href="exhibit99-2.htm">Press Release issued May 29, 2019</a></td>
          </tr>

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<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>exhibit99-1.htm
<DESCRIPTION>QUARTERLY REPORT TO SHAREHOLDERS FOR THE FIRST QUARTER OF FISCAL 2020
<TEXT>
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    <div style="FONT-WEIGHT: bold; TEXT-ALIGN: right; LINE-HEIGHT: 12.55pt">Exhibit 99.1</div>
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                <div style="font-family: Verdana,Geneva,&quot;sans-serif&quot;; font-size: 12pt; font-weight: bold; font-variant: small-caps;">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="zdea240b5918547b7a010901053eaa43c" border="0" cellpadding="0" cellspacing="0">

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            <td style="width: 90%; vertical-align: top; font-variant: small-caps;">
              <div style="text-align: left; font-family: Verdana, Geneva, sans-serif; font-size: 10pt;">Management&#8217;s Discussion and Analysis of Financial Condition and Results of Operations</div>
            </td>
            <td style="width: 10%; vertical-align: bottom; text-align: right;">
              <div><font style="font-size: 10pt; font-family: Verdana,Geneva,sans-serif;">3</font></div>
            </td>
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              <div style="text-align: left;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">Overview</font></div>
            </td>
            <td style="width: 10%; vertical-align: bottom; text-align: right;">
              <div><font style="font-size: 10pt; font-family: Verdana,Geneva,sans-serif;">5</font></div>
            </td>
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              <div style="text-align: left;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">Consolidated Operations</font></div>
            </td>
            <td style="width: 10%; vertical-align: bottom; text-align: right;">
              <div><font style="font-size: 10pt; font-family: Verdana,Geneva,sans-serif;">9</font></div>
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              <div style="text-align: left;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">Quarterly Operating Results</font></div>
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              <div><font style="font-size: 10pt; font-family: Verdana,Geneva,sans-serif;">15</font></div>
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              <div style="text-align: left;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">Liquidity and Capital Resources</font></div>
            </td>
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              <div><font style="font-size: 10pt; font-family: Verdana,Geneva,sans-serif;">16</font></div>
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              <div style="text-align: left;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">Commitments, Contingencies and Guarantees</font></div>
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              <div><font style="font-size: 10pt; font-family: Verdana,Geneva,sans-serif;">18</font></div>
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              <div style="text-align: left;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">Outstanding Share Data</font></div>
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              <div><font style="font-size: 10pt; font-family: Verdana,Geneva,sans-serif;">20</font></div>
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              <div style="text-align: left;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">Application of Critical Accounting Policies</font></div>
            </td>
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              <div><font style="font-size: 10pt; font-family: Verdana,Geneva,sans-serif;">20</font></div>
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              <div style="text-align: left;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">Change In / Initial Adoption of Accounting Policies</font></div>
            </td>
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              <div><font style="font-size: 10pt; font-family: Verdana,Geneva,sans-serif;">21</font></div>
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              <div style="text-align: left;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">Controls and Procedures</font></div>
            </td>
            <td style="width: 10%; vertical-align: bottom; text-align: right;">
              <div><font style="font-size: 10pt; font-family: Verdana,Geneva,sans-serif;">22</font></div>
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              <div style="text-align: left;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">Trends / Business Outlook</font></div>
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              <div><font style="font-size: 10pt; font-family: Verdana,Geneva,sans-serif;">22</font></div>
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              <div style="text-align: left;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">Certain Factors That May Affect Future Results</font></div>
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              <div><font style="font-size: 10pt; font-family: Verdana,Geneva,sans-serif;">25</font></div>
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              <div style="text-align: left;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">Condensed Consolidated Balance Sheets</font></div>
            </td>
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              <div><font style="font-size: 10pt; font-family: Verdana,Geneva,sans-serif;">37</font></div>
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              <div style="text-align: left;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">Condensed Consolidated Statements of Operations</font></div>
            </td>
            <td style="width: 10%; vertical-align: bottom; text-align: right;">
              <div><font style="font-size: 10pt; font-family: Verdana,Geneva,sans-serif;">38</font></div>
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              <div style="text-align: left;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">Condensed Consolidated Statements of Comprehensive Income</font></div>
            </td>
            <td style="width: 10%; vertical-align: bottom; text-align: right;">
              <div><font style="font-size: 10pt; font-family: Verdana,Geneva,sans-serif;">39</font></div>
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              <div style="text-align: left;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">Condensed Consolidated Statements of Shareholders&#8217; Equity</font></div>
            </td>
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              <div><font style="font-size: 10pt; font-family: Verdana,Geneva,sans-serif;">40</font></div>
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              <div style="text-align: left;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">Condensed Consolidated Statements of Cash Flows</font></div>
            </td>
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              <div><font style="font-size: 10pt; font-family: Verdana,Geneva,sans-serif;">41</font></div>
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              <div style="text-align: left;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">Notes to Condensed Consolidated Financial Statements</font></div>
            </td>
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              <div><font style="font-size: 10pt; font-family: Verdana,Geneva,sans-serif;">42</font></div>
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              <div style="text-align: left;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">Corporate Information</font></div>
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              <div><font style="font-size: 10pt; font-family: Verdana,Geneva,sans-serif;">61</font></div>
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      &#160;</div>
    <div style="FONT-SIZE: 9.5pt; FONT-FAMILY: Verdana, sans-serif; TEXT-ALIGN: justify; LINE-HEIGHT: 10.85pt">
      <p class="MsoNormal" style="text-align:justify"><font style="font-size:9.5pt; font-family:&quot;Verdana&quot;,sans-serif;mso-bidi-font-family:Times;mso-bidi-theme-font: major-latin">Our Management&#8217;s Discussion and Analysis of Financial Condition and
          Results of Operations (&#8220;MD&amp;A&#8221;) contains references to Descartes using the words &#8220;we,&#8221; &#8220;us,&#8221; &#8220;our&#8221; and similar words and the reader is referred to using the words &#8220;you,&#8221; &#8220;your&#8221; and similar words. </font></p>
      <p class="MsoNormal" style="text-align:justify"><font style="font-size:9.5pt; font-family:&quot;Verdana&quot;,sans-serif;mso-bidi-font-family:Times;mso-bidi-theme-font: major-latin">This MD&amp;A also refers to our fiscal years. Our fiscal year
          commences on February 1<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">st</sup> of each year and ends on January 31<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">st</sup> of the following
          year. Our current fiscal year, which will end on January 31, 2020, is referred to as the &#8220;current fiscal year,&#8221; &#8220;fiscal 2020,&#8221; &#8220;2020&#8221; or using similar words. Our previous fiscal year, which ended on January 31, 2019, is referred to as the
          &#8220;previous fiscal year,&#8221; &#8220;fiscal 2019,&#8221; &#8220;2019&#8221; or using similar words. Other fiscal years are referenced by the applicable year during which the fiscal year ends. For example, 2021 refers to the annual period ending January 31, 2021 and the
          &#8220;fourth quarter of 2021&#8221; refers to the quarter ending January 31, 2021. </font></p>
      <p class="MsoNormal" style="text-align:justify"><font style="font-size:9.5pt; font-family:&quot;Verdana&quot;,sans-serif;mso-bidi-font-family:Times;mso-bidi-theme-font: major-latin">This MD&amp;A, which is prepared as of May 29, 2019, covers our
          quarter ended April 30, 2019, as compared to our quarter ended April 30, 2018. You should read the MD&amp;A in conjunction with our unaudited condensed consolidated financial statements for our first quarter of fiscal 2020 that appear elsewhere
          in this Quarterly Report to Shareholders. </font><font style="font-size:9.5pt; font-family:&quot;Verdana&quot;,sans-serif">You should also read the MD&amp;A in conjunction with our audited annual consolidated financial statements, related notes
          thereto and the related MD&amp;A for fiscal 2019 that are included in our most recent annual report to shareholders (the &#8220;2019 Annual Report&#8221;), as filed on March 6, 2019.</font><font style="font-size:9.5pt;font-family:&quot;Verdana&quot;,sans-serif; mso-bidi-font-family:Times;mso-bidi-theme-font:major-latin"></font></p>
      <p class="MsoNormal" style="text-align:justify"><font style="font-size:9.5pt; font-family:&quot;Verdana&quot;,sans-serif;mso-bidi-font-family:Times;mso-bidi-theme-font: major-latin">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></p>
      <p class="MsoNormal" style="text-align:justify"><font style="font-size:9.5pt; font-family:&quot;Verdana&quot;,sans-serif;mso-bidi-font-family:Times;mso-bidi-theme-font: major-latin">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 style="mso-spacerun:yes">&#160; </font></font><font style="font-size:9.5pt;font-family:&quot;Verdana&quot;,sans-serif">As it relates to our financial condition and results of operations for the interim period ended April 30, 2019, pursuant to NI 51-102, this MD&amp;A updates the MD&amp;A included
          in the 2019 Annual Report.</font><font style="font-size:9.5pt; font-family:&quot;Verdana&quot;,sans-serif;mso-bidi-font-family:Times;mso-bidi-theme-font: major-latin"></font></p>
      <p class="foot" style="margin-top:0in"><font style="font-size:9.5pt;font-family: &quot;Verdana&quot;,sans-serif;mso-bidi-font-family:Times;mso-bidi-theme-font:major-latin; layout-grid-mode:line">Additional information about us, including copies of
          our continuous disclosure materials such as our annual information form, is available on our website at http://www.descartes.com, through the EDGAR website at http://www.sec.gov or through the SEDAR website at http://www.sedar.com. </font></p>
      <p class="foot" style="margin-top:0in"><font style="font-size:9.5pt;font-family: &quot;Verdana&quot;,sans-serif;mso-bidi-font-family:Times;mso-bidi-theme-font:major-latin; layout-grid-mode:line">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 </font></p>
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    <div style="line-height: 10.85pt; text-align: justify;"><font style="font-size: 9.5pt; font-family: &quot;Verdana&quot;,sans-serif;">accounting standards; and other matters related to the foregoing. When used in this document, the words &#8220;believe,&#8221;
        &#8220;plan,&#8221; &#8220;expect,&#8221; &#8220;anticipate,&#8221; &#8220;intend,&#8221; &#8220;continue,&#8221; &#8220;may,&#8221; &#8220;will,&#8221; &#8220;should&#8221; or the negative of such terms and similar expressions are intended to identify forward-looking statements. These forward-looking statements are subject to risks and
        uncertainties and are based on assumptions that may cause future results to differ materially from those expected. The material assumptions made in making these forward-looking statements include the following: global shipment volumes continuing to
        increase at levels consistent with the average growth rates of the global economy; countries continuing to implement and enforce existing and additional customs and security regulations relating to the provision of electronic information for
        imports and exports; countries continuing to implement and enforce existing and additional trade restrictions and sanctioned party lists with respect to doing business with certain countries, organizations, entities and individuals; our continued
        operation of a secure and reliable business network; the continued availability of the data and content that is utilized in the delivery of services made available over our network; the stability of general economic and market conditions, currency
        exchange rates, and interest rates; equity and debt markets continuing to provide us with access to capital; our continued ability to identify and source attractive and executable business combination opportunities; our ability to develop solutions
        that keep pace with the continuing changes in technology, and our continued compliance with third party intellectual property rights. While management believes these assumptions to be reasonable under the circumstances, they may prove to be
        inaccurate. Such forward-looking statements also involve known and unknown risks, uncertainties and other factors that may cause our actual results, performance or achievements of, or developments in our business or industry, to differ materially
        from the anticipated results, performance or achievements or developments expressed or implied by such forward-looking statements.&#160;Such factors include, but are not limited to, the factors discussed under the heading &#8220;Certain Factors That May
        Affect Future Results&#8221; in this MD&amp;A and in other documents filed with the Securities and Exchange Commission, the Ontario Securities Commission and other securities commissions across Canada from time to time. If any of such risks actually
        occur, they could materially adversely affect our business, financial condition or results of operations. In that case, the trading price of our common shares could decline, perhaps materially. Readers are cautioned not to place undue reliance upon
        any such forward-looking statements, which speak only as of the date made. Forward-looking statements are provided for the purpose of providing information about management&#8217;s current expectations and plans relating to the future. Readers are
        cautioned that such information may not be appropriate for other purposes. Except as required by applicable law, we do not undertake or accept any obligation or undertaking to release publicly any updates or revisions to any forward-looking
        statements to reflect any change in our expectations or any change in events, conditions, assumptions or circumstances on which any such statements are based.</font> </div>
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              <div style="FONT-SIZE: 11pt; FONT-FAMILY: Verdana, sans-serif; FONT-VARIANT: small-caps; FONT-WEIGHT: bold; TEXT-ALIGN: left; LINE-HEIGHT: 12.55pt">Overview</div>
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      <p class="MsoNormal" style="text-align:justify"><font style="font-size:9.5pt; font-family:&quot;Verdana&quot;,sans-serif">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; 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></p>
      <p class="MsoHeading8" style="text-align: justify; page-break-after: auto; font-weight: bold; font-style: italic;"><font style="font-size:9.5pt;font-family:&quot;Verdana&quot;,sans-serif" lang="EN-GB">The Market</font></p>
      <p class="MsoNormal" style="text-align:justify"><font style="font-size:9.5pt; font-family:&quot;Verdana&quot;,sans-serif;mso-bidi-font-family:Cambria">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></p>
      <p class="MsoNormal" style="text-align:justify"><font style="font-size:9.5pt; font-family:&quot;Verdana&quot;,sans-serif;mso-bidi-font-family:Cambria">We believe logistics-intensive organizations are seeking to reduce operating costs, differentiate </font></p>
      <p class="MsoNormal" style="text-align:justify"><font style="font-size:9.5pt; font-family:&quot;Verdana&quot;,sans-serif;mso-bidi-font-family:Cambria">themselves, improve margins, and better serve customers. Global trade and transportation processes
          are often manual and complex to manage. This is a consequence of the growing number of business partners participating in companies&#8217; global supply chains and a lack of standardized business processes. </font></p>
      <p class="MsoNormal" style="text-align:justify"><font style="font-size:9.5pt; font-family:&quot;Verdana&quot;,sans-serif;mso-bidi-font-family:Cambria">Additionally, global sourcing, logistics outsourcing, imposition of additional customs and
          regulatory requirements and the increased rate of change in day-to-day business requirements are adding to the overall complexities that companies face in planning and executing in their supply chains. Whether a shipment is delayed at the border,
          a customer changes an order or a breakdown occurs on the road, there are increasingly more issues that can significantly impact the execution of fulfillment schedules and associated costs.</font></p>
      <p class="MsoNormal" style="text-align:justify"><font style="font-size:9.5pt; font-family:&quot;Verdana&quot;,sans-serif;mso-bidi-font-family:Cambria">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></p>
      <p class="MsoNormal" style="text-align:justify"><font style="font-size:9.5pt; font-family:&quot;Verdana&quot;,sans-serif;mso-bidi-font-family:Cambria">In this market, the movement and sharing of data between parties involved in the logistics process
          is equally important to the physical movement of goods. Manual, fragmented and distributed logistics solutions are often proving inadequate to address the needs of operators. Connecting manufacturers and suppliers to carriers on an individual,
          one-off basis is too costly, complex and risky for organizations dealing with many trading partners. Further, many of these solutions do not provide the flexibility required to efficiently accommodate varied processes for organizations to remain
          competitive. We believe this presents an opportunity for logistics technology providers to unite this highly fragmented community and help customers improve efficiencies in their operations. </font></p>
      <p class="MsoNormal" style="text-align:justify"><font style="font-size:9.5pt; font-family:&quot;Verdana&quot;,sans-serif;mso-bidi-font-family:Cambria">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></p>
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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>
      <div><br>
      </div>
      <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>
      <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>
      <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>
      <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;">Transportation Management and e-commerce enablement;</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;">Trade Data;</font></div>
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                  <div><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">Global Logistics Network Services; and</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>
      <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-family: Verdana, Geneva, sans-serif; font-size: 10pt;">interoperable to allow organizations the flexibility to deploy them quickly within an existing portfolio of solutions. Implementation is streamlined because
        these solutions use web-native or wireless user interfaces and are pre-integrated with the GLN. With interoperable and multi-party solutions, Descartes&#8217; solutions are designed to deliver functionality that can enhance a logistics operation&#8217;s
        performance and productivity both within the organization and across a complex network of partners.</div>
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      <div style="text-align: justify;"><font style="font-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>
      <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>
      <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>
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      </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>
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      <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>
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                <td style="width: 18pt;"><br>
                </td>
                <td style="width: 18pt; vertical-align: top; align: right;">&#8226;</td>
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                  <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>
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        <div>
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              <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" id="z48b601c5bfcd408ba437c469512869a1" cellpadding="0" cellspacing="0">

              <tr>
                <td style="width: 18pt;"><br>
                </td>
                <td style="width: 18pt; vertical-align: top; align: right;">&#8226;</td>
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                  <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;"> </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 id="DSPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; MARGIN-TOP: 10pt; CLEAR: both">
      <div id="DSPFPageNumberArea" style="TEXT-ALIGN: center"><font id="DSPFPageNumber" style="FONT-SIZE: 8pt; FONT-FAMILY: Verdana, 'sans-serif'; FONT-WEIGHT: normal; FONT-STYLE: normal">7</font></div>
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        <hr style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000" noshade="noshade"> </div>
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      <div style="text-align: justify; font-family: Verdana, Geneva, sans-serif; font-size: 10pt;">marketing, trade shows and user group events, partner-focused campaigns, proactive media relations, and direct corporate marketing efforts.</div>
      <div><br>
      </div>
      <div style="text-align: justify;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; font-weight: bold; font-style: italic;">Fiscal 2020 Highlights</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 $248.9 million, 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;">On May 10, 2019, Descartes acquired Core Transport Technologies NZ Limited (&#8220;CORE&#8221;), an electronic transportation network that provides global
          air carriers and ground handlers with shipment scanning and tracking solutions. The purchase price for the acquisition was approximately $22.0 million, net of cash acquired, which was funded from drawing on Descartes&#8217; existing credit facility.
          Additional contingent consideration of up to $9.0 million in cash is payable if certain revenue performance targets are met by CORE in the two years following the acquisition.</font></div>
    </div>
    <br>
    <div style="LINE-HEIGHT: 10.85pt"><br style="LINE-HEIGHT: 10.85pt">
    </div>
    <div id="DSPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; MARGIN-TOP: 10pt; CLEAR: both">
      <div id="DSPFPageNumberArea" style="TEXT-ALIGN: center"><font id="DSPFPageNumber" style="FONT-SIZE: 8pt; FONT-FAMILY: Verdana, 'sans-serif'; FONT-WEIGHT: normal; FONT-STYLE: normal">8</font></div>
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        <hr style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000" noshade="noshade"> </div>
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    <div style="FONT-SIZE: 11pt; FONT-FAMILY: Verdana, sans-serif; FONT-VARIANT: small-caps; FONT-WEIGHT: bold; TEXT-ALIGN: left; LINE-HEIGHT: 12.55pt">
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          <tr>
            <td style="BORDER-TOP: #000000 1px solid; WIDTH: 100%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 1px solid">
              <div style="FONT-SIZE: 11pt; FONT-FAMILY: Verdana, sans-serif; FONT-VARIANT: small-caps; FONT-WEIGHT: bold; TEXT-ALIGN: left; LINE-HEIGHT: 12.55pt">&#160;</div>
              <div style="FONT-SIZE: 11pt; FONT-FAMILY: Verdana, sans-serif; FONT-VARIANT: small-caps; FONT-WEIGHT: bold; TEXT-ALIGN: left; LINE-HEIGHT: 12.55pt">Consolidated Operations</div>
              <div style="FONT-SIZE: 11pt; FONT-FAMILY: Verdana, sans-serif; FONT-VARIANT: small-caps; FONT-WEIGHT: bold; TEXT-ALIGN: left; LINE-HEIGHT: 12.55pt">&#160;</div>
            </td>
          </tr>

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    </div>
    <div style="LINE-HEIGHT: 12.55pt"><br style="LINE-HEIGHT: 12.55pt">
      <div style="text-align: justify; font-family: Verdana, Geneva, sans-serif; font-size: 10pt;">The following table shows, for the periods indicated, our results of operations in millions of dollars (except per share and weighted average share amounts):</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="6" style="vertical-align: top; border-top: 1px solid rgb(0, 0, 0);" valign="bottom">
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            </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 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;"> 2020</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>
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              <div style="text-align: right;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">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>
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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;">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;">78.0</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;">67.0</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: 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;">19.9</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;">18.6</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%;" 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;">58.1</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;">48.4</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: 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;">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;">27.9</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; margin-left: 9pt;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">Other 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;">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;">1.1</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%; padding: 0px 0px 1px;">
              <div style="text-align: left; margin-left: 9pt;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">Amortization of intangible assets</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;">12.8</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;">9.6</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: 76%;" valign="bottom">
              <div style="text-align: left;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">Income from 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;">11.9</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;">9.8</font></div>
            </td>
            <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">&#160;</td>
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          <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;">0.1</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;">0.1</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%; 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>
            </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;">(2.2</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>
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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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              <div style="text-align: left; text-indent: -9pt; margin-left: 9pt;"><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="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;">9.8</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;">9.3</font></div>
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            <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">&#160;</td>
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          <tr>
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              <div style="text-align: left; text-indent: -9pt; margin-left: 9pt;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">Income tax expense</font></div>
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            <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
            <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
            <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">&#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; text-indent: 9pt;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">Current</font></div>
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            <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
            <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
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              <div><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; font-weight: bold;">1.7</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>
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              <div><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">2.0</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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          <tr>
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              <div style="text-align: left; text-indent: 9pt;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">Deferred</font></div>
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            <td colspan="1" style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: bottom; width: 1%; padding-top: 0px; padding-right: 0px; padding-left: 0px;">&#160;</td>
            <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
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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>
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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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            <td colspan="1" style="border-bottom: 2px 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: 2px double rgb(0, 0, 0); vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
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            <td colspan="1" style="border-bottom: 2px 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: 2px 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;">7.0</font></div>
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            <td colspan="1" style="border-bottom: 2px 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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            <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
            <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
            <td colspan="1" style="vertical-align: bottom; text-align: right; 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: 76%;" valign="bottom">
              <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;">0.09</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;">0.09</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 2px;">
              <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: 2px 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: 2px double rgb(0, 0, 0); vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
            <td colspan="1" style="border-bottom: 2px 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;">0.09</font></div>
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            <td colspan="1" style="border-bottom: 2px 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: 2px 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;">0.09</font></div>
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            <td colspan="1" style="border-bottom: 2px 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: bottom; width: 1%;" valign="bottom">&#160;</td>
            <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
            <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">&#160;</td>
            <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">&#160;</td>
            <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
            <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
            <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">&#160;</td>
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              <div style="text-align: left; margin-left: 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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            <td colspan="1" style="vertical-align: bottom; width: 1%;" 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;">DILUTED</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
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          professional services revenues from consulting, implementation and training services related to our services and products, hardware revenues and other revenues.</font></div>
      &#160;</div>
    <div style="LINE-HEIGHT: 10.85pt"><br style="LINE-HEIGHT: 10.85pt">
    </div>
    <div id="DSPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; MARGIN-TOP: 10pt; CLEAR: both">
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      <div style="text-align: justify; font-family: Verdana, Geneva, sans-serif; font-size: 10pt;">The 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:</div>
      <div><br>
      </div>
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            <td colspan="2" style="vertical-align: top;">&#160;</td>
            <td style="width: 1.41%; vertical-align: top;">&#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;">First Quarter of</font></div>
            </td>
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          <tr>
            <td style="width: 77%; vertical-align: top;">&#160;</td>
            <td style="width: 1%; vertical-align: top;">&#160;</td>
            <td style="width: 1%; vertical-align: top;">&#160;</td>
            <td style="width: 1.41%; vertical-align: top;">&#160;</td>
            <td style="width: 10%; 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 style="width: 10%; 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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          <tr>
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              <div style="text-align: left;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">License</font></div>
            </td>
            <td style="width: 1%; vertical-align: top;">&#160;</td>
            <td style="width: 1%; vertical-align: top;">&#160;</td>
            <td style="width: 1.41%; vertical-align: top;">&#160;</td>
            <td style="width: 10%; vertical-align: top;">
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              <div style="text-align: right;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">1.9</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; font-style: italic;">Percentage of total revenues</font></div>
            </td>
            <td style="width: 1%; vertical-align: top;">&#160;</td>
            <td style="width: 1%; vertical-align: top;">&#160;</td>
            <td style="width: 1.41%; vertical-align: top;">&#160;</td>
            <td style="width: 10%; vertical-align: top;">
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              <div style="text-align: right;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; font-style: italic;">3%</font></div>
            </td>
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          <tr>
            <td style="width: 77%; vertical-align: top;">&#160;</td>
            <td style="width: 1%; vertical-align: top;">&#160;</td>
            <td style="width: 1%; vertical-align: top;">&#160;</td>
            <td style="width: 1.41%; vertical-align: top;">&#160;</td>
            <td style="width: 10%; vertical-align: top;">&#160;</td>
            <td style="width: 10%; vertical-align: top;">&#160;</td>
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          <tr>
            <td style="width: 77%; vertical-align: top;">
              <div style="text-align: left;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">Services</font></div>
            </td>
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            <td style="width: 1%; vertical-align: top;">&#160;</td>
            <td style="width: 1.41%; vertical-align: top;">&#160;</td>
            <td style="width: 10%; vertical-align: top;">
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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: italic;">Percentage of total revenues</font></div>
            </td>
            <td style="width: 1%; vertical-align: top;">&#160;</td>
            <td style="width: 1%; vertical-align: top;">&#160;</td>
            <td style="width: 1.41%; vertical-align: top;">&#160;</td>
            <td style="width: 10%; 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;">86%</font></div>
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            <td style="width: 10%; 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>
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          <tr>
            <td style="width: 77%; vertical-align: top;">&#160;</td>
            <td style="width: 1%; vertical-align: top;">&#160;</td>
            <td style="width: 1%; vertical-align: top;">&#160;</td>
            <td style="width: 1.41%; vertical-align: top;">&#160;</td>
            <td style="width: 10%; vertical-align: top;">&#160;</td>
            <td style="width: 10%; vertical-align: top;">&#160;</td>
          </tr>
          <tr>
            <td style="width: 77%; vertical-align: top;">
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            <td style="width: 1%; vertical-align: top;">&#160;</td>
            <td style="width: 1%; vertical-align: top;">&#160;</td>
            <td style="width: 1.41%; vertical-align: top;">&#160;</td>
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          </tr>
          <tr>
            <td style="width: 77%; 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: 1%; vertical-align: top;">&#160;</td>
            <td style="width: 1%; vertical-align: top;">&#160;</td>
            <td style="width: 1.41%; vertical-align: top;">&#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; font-style: italic;">11%</font></div>
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            <td style="width: 10%; 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-style: italic;">11%</font></div>
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          <tr>
            <td style="vertical-align: top; width: 77%; padding-bottom: 2px;">
              <div style="text-align: left;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">Total revenues</font></div>
            </td>
            <td style="vertical-align: top; width: 1%; padding-bottom: 2px;">&#160;</td>
            <td style="vertical-align: top; width: 1%; padding-bottom: 2px;">&#160;</td>
            <td style="vertical-align: top; width: 1.41%; padding-bottom: 2px;">&#160;</td>
            <td style="border-bottom: 2px solid rgb(0, 0, 0); border-top: 1px solid; vertical-align: top; width: 10%;">
              <div style="text-align: right;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; font-weight: bold;">78.0</font></div>
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      </table>
      <div><br>
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      <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;">&#160;</font><font style="font-size: 10pt;
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          first quarter of 2020 and 2019. 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.
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      <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;">&#160;</font><font style="font-size: 10pt;
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          the first quarter of 2020 and 2019. The increase in the first quarter of 2020 as compared to the same period of 2019 was primarily due to the inclusion of a full period of services revenues from the fiscal 2019 acquisitions of Velocity Mail, LLC
          (&#8220;Velocity Mail&#8221;) and PinPoint GPS Solutions Inc. (&#8220;PinPoint&#8221;), as well as partial period of services revenues from the fiscal 2020 acquisition of Visual Compliance. Services revenues in the first quarter of 2020 were also positively impacted by
          the growth in revenue from new and existing customers in both transactional and subscription products. Services revenues in the first quarter of 2020 as compared to the same period of 2019 were negatively impacted by the weakening of the euro,
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      <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 revenues</font> were $8.7 million and $7.3 million for the first quarter of 2020 and 2019, respectively, representing 11% of total revenues for both the first quarter of 2020 and 2019. The increase in the first quarter of 2020 as compared
          to the same period of 2019 was primarily due to the inclusion of a partial period of services revenues from the fiscal 2020 acquisition of Visual Compliance. Professional services and other revenues in the first quarter of 2020 as compared to the
          same period of 2019 were negatively impacted by the weakening of the euro, Canadian dollar and British pound sterling compared to the US dollar.</font></div>
    </div>
    <div style="LINE-HEIGHT: 10.85pt"><br style="LINE-HEIGHT: 10.85pt">
    </div>
    <br>
    <div id="DSPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; MARGIN-TOP: 10pt; CLEAR: both">
      <div id="DSPFPageNumberArea" style="TEXT-ALIGN: center"><font id="DSPFPageNumber" style="FONT-SIZE: 8pt; FONT-FAMILY: Verdana, 'sans-serif'; FONT-WEIGHT: normal; FONT-STYLE: normal">10</font></div>
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      <div style="text-align: justify; font-family: Verdana, Geneva, sans-serif; font-size: 10pt;">We operate in one business segment providing logistics technology solutions. The following table provides additional analysis of our revenues by geographic
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          <tr>
            <td style="width: 56.14%; vertical-align: top;">&#160;</td>
            <td colspan="2" style="width: 21.25%; vertical-align: top;">&#160;</td>
            <td style="width: 1.37%; vertical-align: top;">&#160;</td>
            <td colspan="2" style="width: 21.25%; vertical-align: top; border-top: #000000 1px solid;">
              <div style="text-align: right;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; font-weight: bold;">First Quarter of</font></div>
            </td>
          </tr>
          <tr>
            <td style="width: 56.14%; vertical-align: top;">&#160;</td>
            <td style="width: 12.48%; vertical-align: top;">&#160;</td>
            <td style="width: 8.77%; vertical-align: top;">&#160;</td>
            <td style="width: 1.37%; vertical-align: top;">&#160;</td>
            <td style="width: 10.62%; vertical-align: top; border-bottom: #000000 1px solid;">
              <div style="text-align: right;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; font-weight: bold;">2020</font></div>
            </td>
            <td style="width: 10.62%; vertical-align: top; border-bottom: #000000 1px solid;">
              <div style="text-align: right;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">2019</font></div>
            </td>
          </tr>
          <tr>
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              <div style="text-align: left;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">United States</font></div>
            </td>
            <td style="width: 12.48%; vertical-align: top;">&#160;</td>
            <td style="width: 8.77%; vertical-align: top;">&#160;</td>
            <td style="width: 1.37%; vertical-align: top;">&#160;</td>
            <td style="width: 10.62%; vertical-align: top;">
              <div style="text-align: right;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; font-weight: bold;">48.8</font></div>
            </td>
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              <div style="text-align: right;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">39.5</font></div>
            </td>
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          <tr>
            <td style="width: 56.14%; 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: 12.48%; vertical-align: top;">&#160;</td>
            <td style="width: 8.77%; vertical-align: top;">&#160;</td>
            <td style="width: 1.37%; vertical-align: top;">&#160;</td>
            <td style="width: 10.62%; vertical-align: top;">
              <div style="text-align: right;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; font-weight: bold; font-style: italic;">63%</font></div>
            </td>
            <td style="width: 10.62%; vertical-align: top;">
              <div style="text-align: right;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; font-style: italic;">59%</font></div>
            </td>
          </tr>
          <tr>
            <td style="width: 56.14%; vertical-align: top;">&#160;</td>
            <td style="width: 12.48%; vertical-align: top;">&#160;</td>
            <td style="width: 8.77%; vertical-align: top;">&#160;</td>
            <td style="width: 1.37%; vertical-align: top;">&#160;</td>
            <td style="width: 10.62%; vertical-align: top;">&#160;</td>
            <td style="width: 10.62%; vertical-align: top;">&#160;</td>
          </tr>
          <tr>
            <td style="width: 56.14%; vertical-align: top;">
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            </td>
            <td style="width: 12.48%; vertical-align: bottom;">&#160;</td>
            <td style="width: 8.77%; vertical-align: bottom;">&#160;</td>
            <td style="width: 1.37%; vertical-align: bottom;">&#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;">19.4</font></div>
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              <div style="text-align: right;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">20.7</font></div>
            </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: italic;">Percentage of total revenues</font></div>
            </td>
            <td style="width: 12.48%; vertical-align: top;">&#160;</td>
            <td style="width: 8.77%; vertical-align: top;">&#160;</td>
            <td style="width: 1.37%; vertical-align: top;">&#160;</td>
            <td style="width: 10.62%; vertical-align: top;">
              <div style="text-align: right;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; font-weight: bold; font-style: italic;">25%</font></div>
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              <div style="text-align: right;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; font-style: italic;">31%</font></div>
            </td>
          </tr>
          <tr>
            <td style="width: 56.14%; vertical-align: top;">&#160;</td>
            <td style="width: 12.48%; vertical-align: top;">&#160;</td>
            <td style="width: 8.77%; vertical-align: top;">&#160;</td>
            <td style="width: 1.37%; vertical-align: top;">&#160;</td>
            <td style="width: 10.62%; vertical-align: top;">&#160;</td>
            <td style="width: 10.62%; vertical-align: top;">&#160;</td>
          </tr>
          <tr>
            <td style="width: 56.14%; vertical-align: top;">
              <div style="text-align: left;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">Canada</font></div>
            </td>
            <td style="width: 12.48%; vertical-align: top;">&#160;</td>
            <td style="width: 8.77%; vertical-align: top;">&#160;</td>
            <td style="width: 1.37%; vertical-align: top;">&#160;</td>
            <td style="width: 10.62%; vertical-align: top;">
              <div style="text-align: right;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; font-weight: bold;">6.7</font></div>
            </td>
            <td style="width: 10.62%; vertical-align: top;">
              <div style="text-align: right;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">3.7</font></div>
            </td>
          </tr>
          <tr>
            <td style="width: 56.14%; 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: 12.48%; vertical-align: top;">&#160;</td>
            <td style="width: 8.77%; vertical-align: top;">&#160;</td>
            <td style="width: 1.37%; vertical-align: top;">&#160;</td>
            <td style="width: 10.62%; vertical-align: top;">
              <div style="text-align: right;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; font-weight: bold; font-style: italic;">8%</font></div>
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            <td style="width: 10.62%; 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>
          </tr>
          <tr>
            <td style="width: 56.14%; vertical-align: top;">&#160;</td>
            <td style="width: 12.48%; vertical-align: top;">&#160;</td>
            <td style="width: 8.77%; vertical-align: top;">&#160;</td>
            <td style="width: 1.37%; vertical-align: top;">&#160;</td>
            <td style="width: 10.62%; vertical-align: top;">&#160;</td>
            <td style="width: 10.62%; vertical-align: top;">&#160;</td>
          </tr>
          <tr>
            <td style="width: 56.14%; vertical-align: top;">
              <div style="text-align: left;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">Asia Pacific</font></div>
            </td>
            <td style="width: 12.48%; vertical-align: top;">&#160;</td>
            <td style="width: 8.77%; vertical-align: top;">&#160;</td>
            <td style="width: 1.37%; vertical-align: top;">&#160;</td>
            <td style="width: 10.62%; vertical-align: top;">
              <div style="text-align: right;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; font-weight: bold;">3.1</font></div>
            </td>
            <td style="width: 10.62%; vertical-align: top;">
              <div style="text-align: right;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">3.1</font></div>
            </td>
          </tr>
          <tr>
            <td style="width: 56.14%; 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: 12.48%; vertical-align: top;">&#160;</td>
            <td style="width: 8.77%; vertical-align: top;">&#160;</td>
            <td style="width: 1.37%; vertical-align: top;">&#160;</td>
            <td style="width: 10.62%; vertical-align: top;">
              <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: 10.62%; 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>
          </tr>
          <tr>
            <td style="width: 56.14%; vertical-align: top;">&#160;</td>
            <td style="width: 12.48%; vertical-align: top;">&#160;</td>
            <td style="width: 8.77%; vertical-align: top;">&#160;</td>
            <td style="width: 1.37%; vertical-align: top;">&#160;</td>
            <td style="width: 10.62%; vertical-align: top;">&#160;</td>
            <td style="width: 10.62%; vertical-align: top;">&#160;</td>
          </tr>
          <tr>
            <td style="vertical-align: top; width: 56.14%; padding-bottom: 2px;">
              <div style="text-align: left;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">Total revenues</font></div>
            </td>
            <td style="vertical-align: top; width: 12.48%; padding-bottom: 2px;">&#160;</td>
            <td style="vertical-align: top; width: 8.77%; padding-bottom: 2px;">&#160;</td>
            <td style="vertical-align: top; width: 1.37%; padding-bottom: 2px;">&#160;</td>
            <td style="border-bottom: 2px double rgb(0, 0, 0); border-top: 1px solid; vertical-align: top; width: 10.62%;">
              <div style="text-align: right;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; font-weight: bold;">78.0</font></div>
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            <td style="border-bottom: 2px double rgb(0, 0, 0); border-top: 1px solid; vertical-align: top; width: 10.62%;">
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            </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 $48.8 million and $39.5 million for the first quarter of 2020 and 2019, respectively. The increase in the first quarter of 2020 as compared to the same period of 2019 was primarily a result of the inclusion of a full period of revenues from
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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;">Revenues from the EMEA</font>&#160;<font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; font-weight: bold; font-style: italic;">region</font> were $19.4 million and $20.7 million for the first quarter of 2020 and 2019, respectively. The decrease in the first quarter
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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;">Revenues from Canada</font>
          were $6.7 million and $3.7 million for the first quarter of 2020 and 2019, respectively. The increase in the first quarter of 2020 as compared to the same period of 2019 was primarily a result of the inclusion of a full period of revenues from
          the 2019 acquisition of PinPoint as well as a partial period of revenues from the fiscal 2020 acquisition of Visual Compliance. The increase in revenues was partially offset by the weakening of the Canadian dollar compared to the US dollar.</font></div>
      <div><br>
      </div>
      <div style="text-align: justify;"><font style="font-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 $3.1 million for both the first quarter of 2020 and 2019.</font></div>
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    <div style="LINE-HEIGHT: 10.85pt"><br style="LINE-HEIGHT: 10.85pt">
    </div>
    <div style="LINE-HEIGHT: 10.85pt"><br style="LINE-HEIGHT: 10.85pt">
    </div>
    <div style="LINE-HEIGHT: 10.85pt"><br style="LINE-HEIGHT: 10.85pt">
    </div>
    <div style="LINE-HEIGHT: 10.85pt"><br style="LINE-HEIGHT: 10.85pt">
    </div>
    <div style="LINE-HEIGHT: 10.85pt"><br style="LINE-HEIGHT: 10.85pt">
    </div>
    <div style="LINE-HEIGHT: 10.85pt"><br style="LINE-HEIGHT: 10.85pt">
    </div>
    <div style="LINE-HEIGHT: 10.85pt"><br style="LINE-HEIGHT: 10.85pt">
    </div>
    <br>
    <div id="DSPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; MARGIN-TOP: 10pt; CLEAR: both">
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      <div style="text-align: justify; font-family: Verdana, Geneva, sans-serif; font-size: 10pt;">The following table provides analysis of cost of revenues (in millions of dollars) and the related gross margins for the periods indicated:</div>
      <div><br>
      </div>
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          <tr>
            <td style="width: 56.14%; vertical-align: top;">&#160;</td>
            <td colspan="2" style="width: 21.25%; vertical-align: top;">&#160;</td>
            <td style="width: 1.37%; vertical-align: top;">&#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;">First Quarter of</font></div>
            </td>
          </tr>
          <tr>
            <td style="width: 56.14%; vertical-align: top;">&#160;</td>
            <td style="width: 10.62%; vertical-align: top;">&#160;</td>
            <td style="width: 10.62%; vertical-align: top;">&#160;</td>
            <td style="width: 1.37%; vertical-align: top;">&#160;</td>
            <td style="width: 10.62%; vertical-align: top; border-bottom: #000000 1px solid;">
              <div style="text-align: right;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; font-weight: bold;">2020</font></div>
            </td>
            <td style="width: 10.62%; vertical-align: top; border-bottom: #000000 1px solid;">
              <div style="text-align: right;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">2019</font></div>
            </td>
          </tr>
          <tr>
            <td style="width: 56.14%; 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;">License</font></font></u></div>
            </td>
            <td style="width: 10.62%; vertical-align: top;">&#160;</td>
            <td style="width: 10.62%; vertical-align: top;">&#160;</td>
            <td style="width: 1.37%; vertical-align: top;">&#160;</td>
            <td style="width: 10.62%; vertical-align: top;">&#160;</td>
            <td style="width: 10.62%; vertical-align: top;">&#160;</td>
          </tr>
          <tr>
            <td style="width: 56.14%; vertical-align: top;">
              <div style="text-align: left;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">License revenues</font></div>
            </td>
            <td style="width: 10.62%; vertical-align: top;">&#160;</td>
            <td style="width: 10.62%; vertical-align: top;">&#160;</td>
            <td style="width: 1.37%; vertical-align: top;">&#160;</td>
            <td style="width: 10.62%; vertical-align: bottom; text-align: right;">
              <div><font style="font-size: 10pt; font-family: Verdana,Geneva,sans-serif; font-weight: bold;">2.3</font></div>
            </td>
            <td style="width: 10.62%; vertical-align: bottom; text-align: right;">
              <div><font style="font-size: 10pt; font-family: Verdana,Geneva,sans-serif;">1.9</font></div>
            </td>
          </tr>
          <tr>
            <td style="width: 56.14%; vertical-align: top;">
              <div style="text-align: left;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">Cost of license revenues</font></div>
            </td>
            <td style="width: 10.62%; vertical-align: top;">&#160;</td>
            <td style="width: 10.62%; vertical-align: top;">&#160;</td>
            <td style="width: 1.37%; vertical-align: top;">&#160;</td>
            <td style="width: 10.62%; vertical-align: 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;">0.2</font></div>
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            <td style="width: 10.62%; 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;">0.2</font></div>
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          </tr>
          <tr>
            <td style="vertical-align: top; width: 56.14%; padding-bottom: 2px;">
              <div style="text-align: left;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">Gross margin</font></div>
            </td>
            <td style="vertical-align: top; width: 10.62%; padding-bottom: 2px;">&#160;</td>
            <td style="vertical-align: top; width: 10.62%; padding-bottom: 2px;">&#160;</td>
            <td style="vertical-align: top; width: 1.37%; padding-bottom: 2px;">&#160;</td>
            <td style="border-bottom: 2px double rgb(0, 0, 0); border-top: 1px solid; vertical-align: bottom; width: 10.62%; text-align: right;">
              <div><font style="font-size: 10pt; font-family: Verdana,Geneva,sans-serif; font-weight: bold;">2.1</font></div>
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            <td style="border-bottom: 2px double rgb(0, 0, 0); border-top: 1px solid; vertical-align: bottom; width: 10.62%; text-align: right;">
              <div><font style="font-size: 10pt; font-family: Verdana,Geneva,sans-serif;">1.7</font></div>
            </td>
          </tr>
          <tr>
            <td style="width: 56.14%; vertical-align: top;">
              <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 style="width: 10.62%; vertical-align: top;">&#160;</td>
            <td style="width: 10.62%; vertical-align: top;">&#160;</td>
            <td style="width: 1.37%; vertical-align: top;">&#160;</td>
            <td style="width: 10.62%; vertical-align: bottom; border-top: 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-style: italic;">91%</font></div>
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            <td style="width: 10.62%; vertical-align: bottom; border-top: 1px double rgb(0, 0, 0); text-align: right;">
              <div><font style="font-size: 10pt; font-family: Verdana,Geneva,sans-serif; font-style: italic;">89%</font></div>
            </td>
          </tr>
          <tr>
            <td style="width: 56.14%; vertical-align: top;">&#160;</td>
            <td style="width: 10.62%; vertical-align: top;">&#160;</td>
            <td style="width: 10.62%; vertical-align: top;">&#160;</td>
            <td style="width: 1.37%; vertical-align: top;">&#160;</td>
            <td style="width: 10.62%; vertical-align: bottom; text-align: right;">&#160;</td>
            <td style="width: 10.62%; vertical-align: bottom; text-align: right;">&#160;</td>
          </tr>
          <tr>
            <td style="width: 56.14%; 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;">Services</font></font></u></div>
            </td>
            <td style="width: 10.62%; vertical-align: top;">&#160;</td>
            <td style="width: 10.62%; vertical-align: top;">&#160;</td>
            <td style="width: 1.37%; vertical-align: top;">&#160;</td>
            <td style="width: 10.62%; vertical-align: bottom; text-align: right;">&#160;</td>
            <td style="width: 10.62%; vertical-align: bottom; text-align: right;">&#160;</td>
          </tr>
          <tr>
            <td style="width: 56.14%; 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: 10.62%; vertical-align: top;">&#160;</td>
            <td style="width: 10.62%; vertical-align: top;">&#160;</td>
            <td style="width: 1.37%; vertical-align: top;">&#160;</td>
            <td style="width: 10.62%; vertical-align: bottom; text-align: right;">
              <div><font style="font-size: 10pt; font-family: Verdana,Geneva,sans-serif; font-weight: bold;">67.0</font></div>
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            <td style="width: 10.62%; vertical-align: bottom; text-align: right;">
              <div><font style="font-size: 10pt; font-family: Verdana,Geneva,sans-serif;">57.8</font></div>
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          </tr>
          <tr>
            <td style="width: 56.14%; vertical-align: top;">
              <div style="text-align: left;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">Cost of services revenues</font></div>
            </td>
            <td style="width: 10.62%; vertical-align: top;">&#160;</td>
            <td style="width: 10.62%; vertical-align: top;">&#160;</td>
            <td style="width: 1.37%; vertical-align: top;">&#160;</td>
            <td style="width: 10.62%; vertical-align: 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;">15.4</font></div>
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            <td style="width: 10.62%; 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;">13.9</font></div>
            </td>
          </tr>
          <tr>
            <td style="vertical-align: top; width: 56.14%; padding-bottom: 2px;">
              <div style="text-align: left;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">Gross margin</font></div>
            </td>
            <td style="vertical-align: top; width: 10.62%; padding-bottom: 2px;">&#160;</td>
            <td style="vertical-align: top; width: 10.62%; padding-bottom: 2px;">&#160;</td>
            <td style="vertical-align: top; width: 1.37%; padding-bottom: 2px;">&#160;</td>
            <td style="border-bottom: 2px double rgb(0, 0, 0); border-top: 1px solid; vertical-align: bottom; width: 10.62%; text-align: right;">
              <div><font style="font-size: 10pt; font-family: Verdana,Geneva,sans-serif; font-weight: bold;">51.6</font></div>
            </td>
            <td style="border-bottom: 2px double rgb(0, 0, 0); border-top: 1px solid; vertical-align: bottom; width: 10.62%; text-align: right;">
              <div><font style="font-size: 10pt; font-family: Verdana,Geneva,sans-serif;">43.9</font></div>
            </td>
          </tr>
          <tr>
            <td style="width: 56.14%; vertical-align: top;">
              <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 style="width: 10.62%; vertical-align: top;">&#160;</td>
            <td style="width: 10.62%; vertical-align: top;">&#160;</td>
            <td style="width: 1.37%; vertical-align: top;">&#160;</td>
            <td style="width: 10.62%; vertical-align: bottom; border-top: 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-style: italic;">77%</font></div>
            </td>
            <td style="width: 10.62%; vertical-align: bottom; border-top: 1px double rgb(0, 0, 0); text-align: right;">
              <div><font style="font-size: 10pt; font-family: Verdana,Geneva,sans-serif; font-style: italic;">76%</font></div>
            </td>
          </tr>
          <tr>
            <td rowspan="1" style="width: 56.14%; vertical-align: top;">&#160;</td>
            <td rowspan="1" style="width: 10.62%; vertical-align: top;">&#160;</td>
            <td rowspan="1" style="width: 10.62%; vertical-align: top;">&#160;</td>
            <td rowspan="1" style="width: 1.37%; vertical-align: top;">&#160;</td>
            <td rowspan="1" style="width: 10.62%; vertical-align: bottom; text-align: right;">&#160;</td>
            <td rowspan="1" style="width: 10.62%; vertical-align: bottom; text-align: right;">&#160;</td>
          </tr>
          <tr>
            <td style="width: 56.14%; 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;">Professional services and other</font></font></u></div>
            </td>
            <td style="width: 10.62%; vertical-align: top;">&#160;</td>
            <td style="width: 10.62%; vertical-align: top;">&#160;</td>
            <td style="width: 1.37%; vertical-align: top;">&#160;</td>
            <td style="width: 10.62%; vertical-align: bottom; text-align: right;">&#160;</td>
            <td style="width: 10.62%; vertical-align: bottom; text-align: right;">&#160;</td>
          </tr>
          <tr>
            <td style="width: 56.14%; vertical-align: top;">
              <div style="text-align: left;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">Professional services and other revenues</font></div>
            </td>
            <td style="width: 10.62%; vertical-align: top;">&#160;</td>
            <td style="width: 10.62%; vertical-align: top;">&#160;</td>
            <td style="width: 1.37%; vertical-align: top;">&#160;</td>
            <td style="width: 10.62%; vertical-align: bottom; 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 style="width: 10.62%; vertical-align: bottom; text-align: right;">
              <div><font style="font-size: 10pt; font-family: Verdana,Geneva,sans-serif;">7.3</font></div>
            </td>
          </tr>
          <tr>
            <td style="width: 56.14%; vertical-align: top;">
              <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>
            </td>
            <td style="width: 10.62%; vertical-align: top;">&#160;</td>
            <td style="width: 10.62%; vertical-align: top;">&#160;</td>
            <td style="width: 1.37%; vertical-align: top;">&#160;</td>
            <td style="width: 10.62%; vertical-align: 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;">4.3</font></div>
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            <td style="width: 10.62%; 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;">4.5</font></div>
            </td>
          </tr>
          <tr>
            <td style="width: 56.14%; 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: 10.62%; vertical-align: top;">&#160;</td>
            <td style="width: 10.62%; vertical-align: top;">&#160;</td>
            <td style="width: 1.37%; vertical-align: top;">&#160;</td>
            <td style="width: 10.62%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); 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;">4.4</font></div>
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            <td style="width: 10.62%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px double rgb(0, 0, 0); text-align: right;">
              <div><font style="font-size: 10pt; font-family: Verdana,Geneva,sans-serif;">2.8</font></div>
            </td>
          </tr>
          <tr>
            <td style="width: 56.14%; vertical-align: top;">
              <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 style="width: 10.62%; vertical-align: top;">&#160;</td>
            <td style="width: 10.62%; vertical-align: top;">&#160;</td>
            <td style="width: 1.37%; vertical-align: top;">&#160;</td>
            <td style="width: 10.62%; vertical-align: bottom; border-top: 1px double rgb(0, 0, 0); text-align: right;">
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            <td style="width: 10.62%; vertical-align: bottom; border-top: 1px double rgb(0, 0, 0); text-align: right;">
              <div><font style="font-size: 10pt; font-family: Verdana,Geneva,sans-serif; font-style: italic;">38%</font></div>
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          </tr>
          <tr>
            <td rowspan="1" style="width: 56.14%; vertical-align: top;">&#160;</td>
            <td rowspan="1" style="width: 10.62%; vertical-align: top;">&#160;</td>
            <td rowspan="1" style="width: 10.62%; vertical-align: top;">&#160;</td>
            <td rowspan="1" style="width: 1.37%; vertical-align: top;">&#160;</td>
            <td rowspan="1" style="width: 10.62%; vertical-align: bottom; text-align: right;">&#160;</td>
            <td rowspan="1" style="width: 10.62%; vertical-align: bottom; text-align: right;">&#160;</td>
          </tr>
          <tr>
            <td style="width: 56.14%; 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;">Total</font></font></u></div>
            </td>
            <td style="width: 10.62%; vertical-align: top;">&#160;</td>
            <td style="width: 10.62%; vertical-align: top;">&#160;</td>
            <td style="width: 1.37%; vertical-align: top;">&#160;</td>
            <td style="width: 10.62%; vertical-align: bottom; text-align: right;">&#160;</td>
            <td style="width: 10.62%; vertical-align: bottom; text-align: right;">&#160;</td>
          </tr>
          <tr>
            <td style="width: 56.14%; 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: 10.62%; vertical-align: top;">&#160;</td>
            <td style="width: 10.62%; vertical-align: top;">&#160;</td>
            <td style="width: 1.37%; vertical-align: top;">&#160;</td>
            <td style="width: 10.62%; vertical-align: bottom; text-align: right;">
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            <td style="width: 10.62%; vertical-align: bottom; text-align: right;">
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          </tr>
          <tr>
            <td style="width: 56.14%; vertical-align: top;">
              <div style="text-align: left;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">Cost of revenues</font></div>
            </td>
            <td style="width: 10.62%; vertical-align: top;">&#160;</td>
            <td style="width: 10.62%; vertical-align: top;">&#160;</td>
            <td style="width: 1.37%; vertical-align: top;">&#160;</td>
            <td style="width: 10.62%; vertical-align: 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;">19.9</font></div>
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            <td style="width: 10.62%; 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;">18.6</font></div>
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          </tr>
          <tr>
            <td style="vertical-align: top; width: 56.14%; padding-bottom: 2px;">
              <div style="text-align: left;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">Gross margin</font></div>
            </td>
            <td style="vertical-align: top; width: 10.62%; padding-bottom: 2px;">&#160;</td>
            <td style="vertical-align: top; width: 10.62%; padding-bottom: 2px;">&#160;</td>
            <td style="vertical-align: top; width: 1.37%; padding-bottom: 2px;">&#160;</td>
            <td style="border-bottom: 2px double rgb(0, 0, 0); border-top: 1px solid; vertical-align: bottom; width: 10.62%; text-align: right;">
              <div><font style="font-size: 10pt; font-family: Verdana,Geneva,sans-serif; font-weight: bold;">58.1</font></div>
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            <td style="border-bottom: 2px double rgb(0, 0, 0); border-top: 1px solid; vertical-align: bottom; width: 10.62%; text-align: right;">
              <div><font style="font-size: 10pt; font-family: Verdana,Geneva,sans-serif;">48.4</font></div>
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          </tr>
          <tr>
            <td style="width: 56.14%; vertical-align: top;">
              <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 style="width: 10.62%; vertical-align: top;">&#160;</td>
            <td style="width: 10.62%; vertical-align: top;">&#160;</td>
            <td style="width: 1.37%; vertical-align: top;">&#160;</td>
            <td style="width: 10.62%; vertical-align: top; border-top: #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;">74%</font></div>
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            <td style="width: 10.62%; vertical-align: top; border-top: #000000 1px double;">
              <div style="text-align: right;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; font-style: italic;">72%</font></div>
            </td>
          </tr>

      </table>
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      </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>
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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;">Gross margin percentage for
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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;">Cost of services revenues</font>
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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;">Gross margin percentage for
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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;">Cost of professional services
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      </div>
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    </div>
    <div style="LINE-HEIGHT: 10.85pt"><br style="LINE-HEIGHT: 10.85pt">
    </div>
    <div style="LINE-HEIGHT: 10.85pt"><br style="LINE-HEIGHT: 10.85pt">
    </div>
    <div style="LINE-HEIGHT: 10.85pt"><br>
    </div>
    <div id="DSPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; MARGIN-TOP: 10pt; CLEAR: both">
      <div id="DSPFPageNumberArea" style="TEXT-ALIGN: center"><font id="DSPFPageNumber" style="FONT-SIZE: 8pt; FONT-FAMILY: Verdana, 'sans-serif'; FONT-WEIGHT: normal; FONT-STYLE: normal">12</font></div>
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        <hr style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000" noshade="noshade"> </div>
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      <div style="text-align: justify; font-family: Verdana, Geneva, sans-serif; font-size: 10pt;">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.</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; font-style: italic;">Operating expenses</font>,
          consisting of sales and marketing, research and development and general and administrative expenses, were $31.3 million and $27.9 million for the first quarter of 2020 and 2019, respectively. The increase in operating expenses in the first
          quarter of 2020 as compared to the same period of 2019 was primarily due to operating expenses from the fiscal 2019 acquisitions of Velocity Mail and PinPoint as well as the fiscal 2020 acquisition of Visual Compliance. Operating expenses in the
          first quarter of 2020 compared to the same period of 2019 were positively impacted by the weakening of the euro, Canadian dollar 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 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="z5ccaa03f67e44343b0300174d7a2edd0" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 56.14%; vertical-align: top;">&#160;</td>
            <td colspan="2" style="width: 21.25%; vertical-align: top;">&#160;</td>
            <td style="width: 1.37%; vertical-align: top;">&#160;</td>
            <td colspan="2" style="width: 21.25%; vertical-align: top; border-top: #000000 1px solid;">
              <div style="text-align: right;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; font-weight: bold;">First Quarter of</font></div>
            </td>
          </tr>
          <tr>
            <td style="width: 56.14%; vertical-align: top;">&#160;</td>
            <td style="width: 10.62%; vertical-align: top;">&#160;</td>
            <td style="width: 10.62%; vertical-align: top;">&#160;</td>
            <td style="width: 1.37%; vertical-align: top;">&#160;</td>
            <td style="width: 10.62%; vertical-align: top; border-bottom: #000000 1px solid;">
              <div style="text-align: right;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; font-weight: bold;">2020</font></div>
            </td>
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              <div style="text-align: right;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">2019</font></div>
            </td>
          </tr>
          <tr>
            <td style="width: 56.14%; 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: 10.62%; vertical-align: top;">&#160;</td>
            <td style="width: 10.62%; vertical-align: top;">&#160;</td>
            <td style="width: 1.37%; vertical-align: top;">&#160;</td>
            <td style="width: 10.62%; vertical-align: top; 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;">78.0</font></div>
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            <td style="width: 10.62%; vertical-align: top; border-top: #000000 1px solid; border-bottom: #000000 1px solid;">
              <div style="text-align: right;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">67.0</font></div>
            </td>
          </tr>
          <tr>
            <td style="width: 56.14%; vertical-align: top;">&#160;</td>
            <td style="width: 10.62%; vertical-align: top;">&#160;</td>
            <td style="width: 10.62%; vertical-align: top;">&#160;</td>
            <td style="width: 1.37%; vertical-align: top;">&#160;</td>
            <td style="width: 10.62%; vertical-align: top; border-top: #000000 1px solid;">&#160;</td>
            <td style="width: 10.62%; vertical-align: top; border-top: #000000 1px solid;">&#160;</td>
          </tr>
          <tr>
            <td style="width: 56.14%; vertical-align: top;">
              <div style="text-align: left;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">Sales and marketing expenses</font></div>
            </td>
            <td style="width: 10.62%; vertical-align: top;">&#160;</td>
            <td style="width: 10.62%; vertical-align: top;">&#160;</td>
            <td style="width: 1.37%; vertical-align: top;">&#160;</td>
            <td style="width: 10.62%; vertical-align: top;">
              <div style="text-align: right;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; font-weight: bold;">10.1</font></div>
            </td>
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              <div style="text-align: right;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">9.1</font></div>
            </td>
          </tr>
          <tr>
            <td style="width: 56.14%; 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: 10.62%; vertical-align: top;">&#160;</td>
            <td style="width: 10.62%; vertical-align: top;">&#160;</td>
            <td style="width: 1.37%; vertical-align: top;">&#160;</td>
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              <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: 10.62%; 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>
          </tr>
          <tr>
            <td style="width: 56.14%; vertical-align: top;">&#160;</td>
            <td style="width: 10.62%; vertical-align: top;">&#160;</td>
            <td style="width: 10.62%; vertical-align: top;">&#160;</td>
            <td style="width: 1.37%; vertical-align: top;">&#160;</td>
            <td style="width: 10.62%; vertical-align: top;">&#160;</td>
            <td style="width: 10.62%; vertical-align: top;">&#160;</td>
          </tr>
          <tr>
            <td style="width: 56.14%; vertical-align: top;">
              <div style="text-align: left;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">Research and development expenses</font></div>
            </td>
            <td style="width: 10.62%; vertical-align: top;">&#160;</td>
            <td style="width: 10.62%; vertical-align: top;">&#160;</td>
            <td style="width: 1.37%; vertical-align: top;">&#160;</td>
            <td style="width: 10.62%; vertical-align: top;">
              <div style="text-align: right;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; font-weight: bold;">12.7</font></div>
            </td>
            <td style="width: 10.62%; vertical-align: top;">
              <div style="text-align: right;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">11.9</font></div>
            </td>
          </tr>
          <tr>
            <td style="width: 56.14%; 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: 10.62%; vertical-align: top;">&#160;</td>
            <td style="width: 10.62%; vertical-align: top;">&#160;</td>
            <td style="width: 1.37%; vertical-align: top;">&#160;</td>
            <td style="width: 10.62%; vertical-align: top;">
              <div style="text-align: right;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; font-weight: bold; font-style: italic;">16%</font></div>
            </td>
            <td style="width: 10.62%; 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>
          </tr>
          <tr>
            <td style="width: 56.14%; vertical-align: top;">&#160;</td>
            <td style="width: 10.62%; vertical-align: top;">&#160;</td>
            <td style="width: 10.62%; vertical-align: top;">&#160;</td>
            <td style="width: 1.37%; vertical-align: top;">&#160;</td>
            <td style="width: 10.62%; vertical-align: top;">&#160;</td>
            <td style="width: 10.62%; vertical-align: top;">&#160;</td>
          </tr>
          <tr>
            <td style="width: 56.14%; vertical-align: top;">
              <div style="text-align: left;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">General and administrative expenses</font></div>
            </td>
            <td style="width: 10.62%; vertical-align: top;">&#160;</td>
            <td style="width: 10.62%; vertical-align: top;">&#160;</td>
            <td style="width: 1.37%; vertical-align: top;">&#160;</td>
            <td style="width: 10.62%; vertical-align: top;">
              <div style="text-align: right;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; font-weight: bold;">8.5</font></div>
            </td>
            <td style="width: 10.62%; vertical-align: top;">
              <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: 56.14%; 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: 10.62%; vertical-align: top;">&#160;</td>
            <td style="width: 10.62%; vertical-align: top;">&#160;</td>
            <td style="width: 1.37%; vertical-align: top;">&#160;</td>
            <td style="width: 10.62%; vertical-align: top;">
              <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: 10.62%; vertical-align: top;">
              <div style="text-align: right;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; font-style: italic;">10%</font></div>
            </td>
          </tr>
          <tr>
            <td style="width: 56.14%; vertical-align: top;">&#160;</td>
            <td style="width: 10.62%; vertical-align: top;">&#160;</td>
            <td style="width: 10.62%; vertical-align: top;">&#160;</td>
            <td style="width: 1.37%; vertical-align: top;">&#160;</td>
            <td style="width: 10.62%; vertical-align: top; border-bottom: #000000 1px solid;">&#160;</td>
            <td style="width: 10.62%; vertical-align: top; border-bottom: #000000 1px solid;">&#160;</td>
          </tr>
          <tr>
            <td style="vertical-align: top; width: 56.14%; padding-bottom: 2px;">
              <div style="text-align: left;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">Total operating expenses</font></div>
              <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="vertical-align: top; width: 10.62%; padding-bottom: 2px;">&#160;</td>
            <td style="vertical-align: top; width: 10.62%; padding-bottom: 2px;">&#160;</td>
            <td style="vertical-align: top; width: 1.37%; padding-bottom: 2px;">&#160;</td>
            <td style="border-bottom: 2px double rgb(0, 0, 0); border-top: 1px solid; vertical-align: top; width: 10.62%;">
              <div style="text-align: right; margin-left: 9pt;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; font-weight: bold;">31.3</font></div>
              <div style="text-align: right; margin-left: 9pt;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; font-weight: bold; font-style: italic;">40%</font></div>
            </td>
            <td style="border-bottom: 2px double rgb(0, 0, 0); border-top: 1px solid; vertical-align: top; width: 10.62%;">
              <div style="text-align: right; margin-left: 9pt;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">27.9</font></div>
              <div style="text-align: right; margin-left: 9pt;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; font-style: italic;">42%</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 $10.1 million and $9.1 million for the first quarter of 2020 and
          2019, respectively, representing 13% and 14% of total revenues for the first quarter of 2020 and 2019, respectively. The increase in sales and marketing expenses in the first quarter of 2020 as compared to the same period of 2019 was primarily
          due to the inclusion of sales and marketing expenses from the 2019 acquisitions of Velocity Mail and PinPoint as well as the fiscal 2020 acquisition of Visual Compliance. Sales and marketing expenses in the first quarter of 2020 as compared to
          the same period of 2019 were positively impacted by the weakening of the euro, Canadian dollar 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;"><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 the first quarter of 2020 and 2019.
          Research and development expenses were $12.7 million and $11.9 million for the first quarter of 2020 and 2019, respectively, representing 16% and 18% of total revenues in the first quarter of 2020 and 2019, respectively. The increase in research
          and development expenses in the first quarter of 2020 as compared to the same period of 2019 was primarily attributable to increased payroll and related costs from the fiscal 2019 acquisition of Velocity Mail as well as the fiscal 2020
          acquisition of Visual Compliance. Research and development expenses in the first quarter of 2020 as compared to the same period of 2019 were positively impacted by the weakening of the euro and Canadian dollar compared to the US dollar.</font></div>
      <div><br>
      </div>
    </div>
    <div style="LINE-HEIGHT: 10.85pt"><br style="LINE-HEIGHT: 10.85pt">
    </div>
    <div id="DSPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; MARGIN-TOP: 10pt; CLEAR: both">
      <div id="DSPFPageNumberArea" style="TEXT-ALIGN: center"><font id="DSPFPageNumber" style="FONT-SIZE: 8pt; FONT-FAMILY: Verdana, 'sans-serif'; FONT-WEIGHT: normal; FONT-STYLE: normal">13</font></div>
      <div id="DSPFPageBreak" style="PAGE-BREAK-AFTER: always">
        <hr style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000" noshade="noshade"> </div>
    </div>
    <div style="LINE-HEIGHT: 10.85pt">
      <div style="text-align: justify; font-family: Verdana, Geneva, sans-serif; font-size: 10pt;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; font-weight: bold; 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 $8.5 million and $6.9 million for the first quarter of 2020 and 2019, respectively, representing 11% and 10% of total revenues for the first quarter
        of 2020 and 2019, respectively. The increase in general and administrative expenses in the first quarter of 2020 as compared to the same period of 2019 was primarily attributable to the inclusion of general and administrative expenses from the
        fiscal 2019 acquisition of PinPoint as well as the fiscal 2020 acquisition of Visual Compliance. General and administrative expenses in the first quarter of 2020 as compared to the same period of 2019 were positively impacted by the weakening of
        the euro and Canadian dollar compared to the US dollar.</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 $2.1 million and $1.1 million for the first
          quarter of 2020 and 2019. Other charges were comprised of acquisition-related costs of $2.1 million and $1.1 million for the first quarter of 2020 and 2019, respectively. The increase in other charges in the first quarter of 2020 compared to the
          same period of 2019 was primarily a result of additional acquisition-related costs primarily attributed to the acquisition of Visual Compliance.</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 $12.8 million and $9.6 million in the first quarter of 2020 and 2019, respectively. The increase in amortization expense in the first quarter of 2020 compared to the same period of 2019 is
          primarily attributable to amortization expense from the fiscal 2019 acquisitions of Velocity Mail and PinPoint and the fiscal 2020 acquisition of Visual Compliance.&#160; As at April 30, 2019, the unamortized portion of all intangible assets was
          $266.7 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 assets
          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
          $0.1 million in both the first quarter of 2020 and 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;">Interest expense</font><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; font-weight: bold;">&#160;</font>was $2.2 million and $0.6 million in the first quarter of 2020 and 2019, 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 the first quarter of 2020 compared to the same period of 2019 as a
          result of higher average interest rates and a higher debt balance due to additional debt facility borrowings to fund the acquisitions of Velocity Mail, PinPoint and Visual Compliance.</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 the first quarter of 2020 and 2019 was 26% and 25% of income before
          income taxes, respectively, with current income tax expense for the same periods being 18% and 21% of income before income taxes, 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;">Income tax expense &#8211; current</font>
          was $1.7 million and $2.0 million in the first quarter of 2020 and 2019, 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 the first quarter of 2020 as</font></div>
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    <div style="LINE-HEIGHT: 10.85pt"><br>
      <div><br>
      </div>
    </div>
    <div id="DSPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; MARGIN-TOP: 10pt; CLEAR: both">
      <div id="DSPFPageNumberArea" style="TEXT-ALIGN: center"><font id="DSPFPageNumber" style="FONT-SIZE: 8pt; FONT-FAMILY: Verdana, 'sans-serif'; FONT-WEIGHT: normal; FONT-STYLE: normal">14</font></div>
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        <hr style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000" noshade="noshade"> </div>
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      <div style="text-align: justify; font-family: Verdana, Geneva, sans-serif; font-size: 10pt;">compared to the same period of 2019 primarily due to more income being sheltered by tax attributes in Canada.</div>
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      </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 $0.8 million and $0.3 million in the first quarter of 2020 and 2019, respectively. Deferred income tax expense increased in the first quarter of 2020 as compared to the same period of 2019 primarily due to the use of tax attributes in Canada
          related to the acquisition of Visual Compliance.</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 $7.3
          million and $7.0 million for the first quarter of 2020 and 2019, respectively.</font></div>
      <div><br>
      </div>
      <div>
        <div>
          <div style="FONT-SIZE: 11pt; FONT-FAMILY: Verdana, sans-serif; FONT-VARIANT: small-caps; FONT-WEIGHT: bold; TEXT-ALIGN: left; LINE-HEIGHT: 12.55pt">
            <table style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 50%; BORDER-COLLAPSE: collapse" border="0" cellpadding="0" cellspacing="0">

                <tr>
                  <td style="BORDER-TOP: #000000 1px solid; WIDTH: 100%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 1px solid">
                    <div style="FONT-SIZE: 11pt; FONT-FAMILY: Verdana, sans-serif; FONT-VARIANT: small-caps; FONT-WEIGHT: bold; TEXT-ALIGN: left; LINE-HEIGHT: 12.55pt">&#160;</div>
                    <div style="FONT-SIZE: 11pt; FONT-FAMILY: Verdana, sans-serif; FONT-VARIANT: small-caps; FONT-WEIGHT: bold; TEXT-ALIGN: left; LINE-HEIGHT: 12.55pt">Quarterly Operating Results</div>
                    <div style="FONT-SIZE: 11pt; FONT-FAMILY: Verdana, sans-serif; FONT-VARIANT: small-caps; FONT-WEIGHT: bold; TEXT-ALIGN: left; LINE-HEIGHT: 12.55pt">&#160;</div>
                  </td>
                </tr>

            </table>
            <div style="LINE-HEIGHT: 12.55pt"><br style="LINE-HEIGHT: 12.55pt">
            </div>
          </div>
        </div>
      </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 indicated:</font></div>
      <div><br>
      </div>
      <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse;" id="z3ec396ba2ed7486f90a100b2f0ae30bc" border="0" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 28%; vertical-align: top;">&#160;</td>
            <td colspan="3" style="vertical-align: top; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
              <div style="text-align: center;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; font-weight: bold;">Fiscal 2018</font></div>
            </td>
            <td colspan="4" style="vertical-align: top; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
              <div style="text-align: center;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; font-weight: bold;">Fiscal 2019</font></div>
            </td>
            <td style="width: 9.21%; 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;">Fiscal 2020</font></div>
            </td>
          </tr>
          <tr>
            <td style="width: 28%; vertical-align: top;">&#160;</td>
            <td style="width: 9%; 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;">Second Quarter</font></div>
            </td>
            <td style="width: 9.21%; 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;">Third Quarter</font></div>
            </td>
            <td style="width: 9.21%; 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;">Fourth Quarter</font></div>
            </td>
            <td style="width: 9%; 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;">First Quarter</font></div>
            </td>
            <td style="width: 9.21%; 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;">Second Quarter</font></div>
            </td>
            <td style="width: 9.21%; 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;">Third Quarter</font></div>
            </td>
            <td style="width: 9.21%; 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;">Fourth Quarter</font></div>
            </td>
            <td style="width: 9.21%; 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;">First Quarter</font></div>
            </td>
          </tr>
          <tr>
            <td style="width: 28%; 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: 9%; vertical-align: bottom; text-align: right;">
              <div><font style="font-size: 10pt; font-family: Verdana,Geneva,sans-serif;">57,293</font></div>
            </td>
            <td style="width: 9.21%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); text-align: right;">
              <div><font style="font-size: 10pt; font-family: Verdana,Geneva,sans-serif;">62,001</font></div>
            </td>
            <td style="width: 9.21%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); text-align: right;">
              <div><font style="font-size: 10pt; font-family: Verdana,Geneva,sans-serif;">63,631</font></div>
            </td>
            <td style="width: 9%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); text-align: right;">
              <div><font style="font-size: 10pt; font-family: Verdana,Geneva,sans-serif;">67,018</font></div>
            </td>
            <td style="width: 9.21%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); text-align: right;">
              <div><font style="font-size: 10pt; font-family: Verdana,Geneva,sans-serif;">67,115</font></div>
            </td>
            <td style="width: 9.21%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); text-align: right;">
              <div><font style="font-size: 10pt; font-family: Verdana,Geneva,sans-serif;">70,008</font></div>
            </td>
            <td style="width: 9.21%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); text-align: right;">
              <div><font style="font-size: 10pt; font-family: Verdana,Geneva,sans-serif;">71,030</font></div>
            </td>
            <td style="width: 9.21%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); text-align: right;">
              <div><font style="font-size: 10pt; font-family: Verdana,Geneva,sans-serif;">78,004</font></div>
            </td>
          </tr>
          <tr>
            <td style="width: 28%; 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: 9%; vertical-align: bottom; text-align: right;">
              <div><font style="font-size: 10pt; font-family: Verdana,Geneva,sans-serif;">41,946</font></div>
            </td>
            <td style="width: 9.21%; vertical-align: bottom; text-align: right;">
              <div><font style="font-size: 10pt; font-family: Verdana,Geneva,sans-serif;">45,158</font></div>
            </td>
            <td style="width: 9.21%; vertical-align: bottom; text-align: right;">
              <div><font style="font-size: 10pt; font-family: Verdana,Geneva,sans-serif;">46,499</font></div>
            </td>
            <td style="width: 9%; vertical-align: bottom; text-align: right;">
              <div><font style="font-size: 10pt; font-family: Verdana,Geneva,sans-serif;">48,434</font></div>
            </td>
            <td style="width: 9.21%; vertical-align: bottom; text-align: right;">
              <div><font style="font-size: 10pt; font-family: Verdana,Geneva,sans-serif;">49,154</font></div>
            </td>
            <td style="width: 9.21%; vertical-align: bottom; text-align: right;">
              <div><font style="font-size: 10pt; font-family: Verdana,Geneva,sans-serif;">50,858</font></div>
            </td>
            <td style="width: 9.21%; vertical-align: bottom; text-align: right;">
              <div><font style="font-size: 10pt; font-family: Verdana,Geneva,sans-serif;">51,731</font></div>
            </td>
            <td style="width: 9.21%; vertical-align: bottom; text-align: right;">
              <div><font style="font-size: 10pt; font-family: Verdana,Geneva,sans-serif;">58,148</font></div>
            </td>
          </tr>
          <tr>
            <td style="width: 28%; 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: 9%; vertical-align: bottom; text-align: right;">
              <div><font style="font-size: 10pt; font-family: Verdana,Geneva,sans-serif;">23,942</font></div>
            </td>
            <td style="width: 9.21%; vertical-align: bottom; text-align: right;">
              <div><font style="font-size: 10pt; font-family: Verdana,Geneva,sans-serif;">26,450</font></div>
            </td>
            <td style="width: 9.21%; vertical-align: bottom; text-align: right;">
              <div><font style="font-size: 10pt; font-family: Verdana,Geneva,sans-serif;">27,483</font></div>
            </td>
            <td style="width: 9%; vertical-align: bottom; text-align: right;">
              <div><font style="font-size: 10pt; font-family: Verdana,Geneva,sans-serif;">27,997</font></div>
            </td>
            <td style="width: 9.21%; vertical-align: bottom; text-align: right;">
              <div><font style="font-size: 10pt; font-family: Verdana,Geneva,sans-serif;">28,358</font></div>
            </td>
            <td style="width: 9.21%; vertical-align: bottom; text-align: right;">
              <div><font style="font-size: 10pt; font-family: Verdana,Geneva,sans-serif;">29,144</font></div>
            </td>
            <td style="width: 9.21%; vertical-align: bottom; text-align: right;">
              <div><font style="font-size: 10pt; font-family: Verdana,Geneva,sans-serif;">29,258</font></div>
            </td>
            <td style="width: 9.21%; vertical-align: bottom; text-align: right;">
              <div><font style="font-size: 10pt; font-family: Verdana,Geneva,sans-serif;">31,338</font></div>
            </td>
          </tr>
          <tr>
            <td style="width: 28%; 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: 9%; vertical-align: bottom; text-align: right;">
              <div><font style="font-size: 10pt; font-family: Verdana,Geneva,sans-serif;">7,159</font></div>
            </td>
            <td style="width: 9.21%; vertical-align: bottom; text-align: right;">
              <div><font style="font-size: 10pt; font-family: Verdana,Geneva,sans-serif;">6,170</font></div>
            </td>
            <td style="width: 9.21%; vertical-align: bottom; text-align: right;">
              <div><font style="font-size: 10pt; font-family: Verdana,Geneva,sans-serif;">6,665</font></div>
            </td>
            <td style="width: 9%; vertical-align: bottom; text-align: right;">
              <div><font style="font-size: 10pt; font-family: Verdana,Geneva,sans-serif;">6,986</font></div>
            </td>
            <td style="width: 9.21%; vertical-align: bottom; text-align: right;">
              <div><font style="font-size: 10pt; font-family: Verdana,Geneva,sans-serif;">8,498</font></div>
            </td>
            <td style="width: 9.21%; vertical-align: bottom; text-align: right;">
              <div><font style="font-size: 10pt; font-family: Verdana,Geneva,sans-serif;">7,901</font></div>
            </td>
            <td style="width: 9.21%; vertical-align: bottom; text-align: right;">
              <div><font style="font-size: 10pt; font-family: Verdana,Geneva,sans-serif;">7,892</font></div>
            </td>
            <td style="width: 9.21%; vertical-align: bottom; text-align: right;">
              <div><font style="font-size: 10pt; font-family: Verdana,Geneva,sans-serif;">7,320</font></div>
            </td>
          </tr>
          <tr>
            <td style="width: 28%; 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: 9%; vertical-align: bottom; text-align: right;">
              <div><font style="font-size: 10pt; font-family: Verdana,Geneva,sans-serif;">0.09</font></div>
            </td>
            <td style="width: 9.21%; vertical-align: bottom; text-align: right;">
              <div><font style="font-size: 10pt; font-family: Verdana,Geneva,sans-serif;">0.08</font></div>
            </td>
            <td style="width: 9.21%; vertical-align: bottom; text-align: right;">
              <div><font style="font-size: 10pt; font-family: Verdana,Geneva,sans-serif;">0.09</font></div>
            </td>
            <td style="width: 9%; vertical-align: bottom; text-align: right;">
              <div><font style="font-size: 10pt; font-family: Verdana,Geneva,sans-serif;">0.09</font></div>
            </td>
            <td style="width: 9.21%; vertical-align: bottom; text-align: right;">
              <div><font style="font-size: 10pt; font-family: Verdana,Geneva,sans-serif;">0.11</font></div>
            </td>
            <td style="width: 9.21%; vertical-align: bottom; text-align: right;">
              <div><font style="font-size: 10pt; font-family: Verdana,Geneva,sans-serif;">0.10</font></div>
            </td>
            <td style="width: 9.21%; vertical-align: bottom; text-align: right;">
              <div><font style="font-size: 10pt; font-family: Verdana,Geneva,sans-serif;">0.10</font></div>
            </td>
            <td style="width: 9.21%; vertical-align: bottom; text-align: right;">
              <div><font style="font-size: 10pt; font-family: Verdana,Geneva,sans-serif;">0.09</font></div>
            </td>
          </tr>
          <tr>
            <td style="width: 28%; 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: 9%; vertical-align: bottom; text-align: right;">
              <div><font style="font-size: 10pt; font-family: Verdana,Geneva,sans-serif;">0.09</font></div>
            </td>
            <td style="width: 9.21%; vertical-align: bottom; text-align: right;">
              <div><font style="font-size: 10pt; font-family: Verdana,Geneva,sans-serif;">0.08</font></div>
            </td>
            <td style="width: 9.21%; vertical-align: bottom; text-align: right;">
              <div><font style="font-size: 10pt; font-family: Verdana,Geneva,sans-serif;">0.09</font></div>
            </td>
            <td style="width: 9%; vertical-align: bottom; text-align: right;">
              <div><font style="font-size: 10pt; font-family: Verdana,Geneva,sans-serif;">0.09</font></div>
            </td>
            <td style="width: 9.21%; vertical-align: bottom; text-align: right;">
              <div><font style="font-size: 10pt; font-family: Verdana,Geneva,sans-serif;">0.11</font></div>
            </td>
            <td style="width: 9.21%; vertical-align: bottom; text-align: right;">
              <div><font style="font-size: 10pt; font-family: Verdana,Geneva,sans-serif;">0.10</font></div>
            </td>
            <td style="width: 9.21%; vertical-align: bottom; text-align: right;">
              <div><font style="font-size: 10pt; font-family: Verdana,Geneva,sans-serif;">0.10</font></div>
            </td>
            <td style="width: 9.21%; vertical-align: bottom; text-align: right;">
              <div><font style="font-size: 10pt; font-family: Verdana,Geneva,sans-serif;">0.09</font></div>
            </td>
          </tr>
          <tr>
            <td style="width: 28%; 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: 9%; vertical-align: bottom; text-align: right;">&#160;</td>
            <td style="width: 9.21%; vertical-align: bottom; text-align: right;">&#160;</td>
            <td style="width: 9.21%; vertical-align: bottom; text-align: right;">&#160;</td>
            <td style="width: 9%; vertical-align: bottom; text-align: right;">&#160;</td>
            <td style="width: 9.21%; vertical-align: bottom; text-align: right;">&#160;</td>
            <td style="width: 9.21%; vertical-align: bottom; text-align: right;">&#160;</td>
            <td style="width: 9.21%; vertical-align: bottom; text-align: right;">&#160;</td>
            <td style="width: 9.21%; vertical-align: bottom; text-align: right;">&#160;</td>
          </tr>
          <tr>
            <td style="width: 28%; 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: 9%; vertical-align: bottom; text-align: right;">
              <div><font style="font-size: 10pt; font-family: Verdana,Geneva,sans-serif;">75,969</font></div>
            </td>
            <td style="width: 9.21%; vertical-align: bottom; text-align: right;">
              <div><font style="font-size: 10pt; font-family: Verdana,Geneva,sans-serif;">76,630</font></div>
            </td>
            <td style="width: 9.21%; vertical-align: bottom; text-align: right;">
              <div><font style="font-size: 10pt; font-family: Verdana,Geneva,sans-serif;">76,773</font></div>
            </td>
            <td style="width: 9%; vertical-align: bottom; text-align: right;">
              <div><font style="font-size: 10pt; font-family: Verdana,Geneva,sans-serif;">76,793</font></div>
            </td>
            <td style="width: 9.21%; vertical-align: bottom; text-align: right;">
              <div><font style="font-size: 10pt; font-family: Verdana,Geneva,sans-serif;">76,816</font></div>
            </td>
            <td style="width: 9.21%; vertical-align: bottom; text-align: right;">
              <div><font style="font-size: 10pt; font-family: Verdana,Geneva,sans-serif;">76,854</font></div>
            </td>
            <td style="width: 9.21%; vertical-align: bottom; text-align: right;">
              <div><font style="font-size: 10pt; font-family: Verdana,Geneva,sans-serif;">76,865</font></div>
            </td>
            <td style="width: 9.21%; vertical-align: bottom; text-align: right;">
              <div><font style="font-size: 10pt; font-family: Verdana,Geneva,sans-serif;">77,149</font></div>
            </td>
          </tr>
          <tr>
            <td style="width: 28%; 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: 9%; vertical-align: bottom; text-align: right;">
              <div><font style="font-size: 10pt; font-family: Verdana,Geneva,sans-serif;">76,739</font></div>
            </td>
            <td style="width: 9.21%; vertical-align: bottom; text-align: right;">
              <div><font style="font-size: 10pt; font-family: Verdana,Geneva,sans-serif;">77,442</font></div>
            </td>
            <td style="width: 9.21%; vertical-align: bottom; text-align: right;">
              <div><font style="font-size: 10pt; font-family: Verdana,Geneva,sans-serif;">77,616</font></div>
            </td>
            <td style="width: 9%; vertical-align: bottom; text-align: right;">
              <div><font style="font-size: 10pt; font-family: Verdana,Geneva,sans-serif;">77,650</font></div>
            </td>
            <td style="width: 9.21%; vertical-align: bottom; text-align: right;">
              <div><font style="font-size: 10pt; font-family: Verdana,Geneva,sans-serif;">77,781</font></div>
            </td>
            <td style="width: 9.21%; vertical-align: bottom; text-align: right;">
              <div><font style="font-size: 10pt; font-family: Verdana,Geneva,sans-serif;">77,863</font></div>
            </td>
            <td style="width: 9.21%; vertical-align: bottom; text-align: right;">
              <div><font style="font-size: 10pt; font-family: Verdana,Geneva,sans-serif;">77,842</font></div>
            </td>
            <td style="width: 9.21%; vertical-align: bottom; text-align: right;">
              <div><font style="font-size: 10pt; font-family: Verdana,Geneva,sans-serif;">78,273</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 seven acquisitions that we have completed since the beginning of
          fiscal 2018 through the end of the first quarter of fiscal 2020. 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 first quarter of 2020 revenues and gross margin were positively impacted by a partial quarter of operations from our acquisition of
          Visual Compliance as well as increased transactional and subscription revenues. Revenues decreased, and operating expenses increased, in the first quarter of 2020 on a quarter</font></div>
      <div style="text-align: justify;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;"> <br>
        </font></div>
    </div>
    <div id="DSPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; MARGIN-TOP: 10pt; CLEAR: both">
      <div id="DSPFPageNumberArea" style="TEXT-ALIGN: center"><font id="DSPFPageNumber" style="FONT-SIZE: 8pt; FONT-FAMILY: Verdana, 'sans-serif'; FONT-WEIGHT: normal; FONT-STYLE: normal">15</font></div>
      <div id="DSPFPageBreak" style="PAGE-BREAK-AFTER: always">
        <hr style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000" noshade="noshade"> </div>
    </div>
    <div style="LINE-HEIGHT: 10.85pt">
      <div style="text-align: justify; font-family: Verdana, Geneva, sans-serif; font-size: 10pt;">to quarter basis by the weakening of the euro, Canadian dollar and British pound sterling compared to the US dollar. Operating expenses also increased
        because of the inclusion of a partial quarter of operations from our acquisition of Visual Compliance. Net income was lowered by additional amortization as a result of the acquisition of Visual Compliance as well as additional interest expense and
        acquisition-related costs.</div>
      <div><br>
      </div>
      <div>
        <div>
          <div style="FONT-SIZE: 11pt; FONT-FAMILY: Verdana, sans-serif; FONT-VARIANT: small-caps; FONT-WEIGHT: bold; TEXT-ALIGN: left; LINE-HEIGHT: 12.55pt">
            <table style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 50%; BORDER-COLLAPSE: collapse" border="0" cellpadding="0" cellspacing="0">

                <tr>
                  <td style="BORDER-TOP: #000000 1px solid; WIDTH: 100%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 1px solid">
                    <div style="FONT-SIZE: 11pt; FONT-FAMILY: Verdana, sans-serif; FONT-VARIANT: small-caps; FONT-WEIGHT: bold; TEXT-ALIGN: left; LINE-HEIGHT: 12.55pt">&#160;</div>
                    <div style="FONT-SIZE: 11pt; FONT-FAMILY: Verdana, sans-serif; FONT-VARIANT: small-caps; FONT-WEIGHT: bold; TEXT-ALIGN: left; LINE-HEIGHT: 12.55pt">Liquidity and Capital Resources</div>
                    <div style="FONT-SIZE: 11pt; FONT-FAMILY: Verdana, sans-serif; FONT-VARIANT: small-caps; FONT-WEIGHT: bold; TEXT-ALIGN: left; LINE-HEIGHT: 12.55pt">&#160;</div>
                  </td>
                </tr>

            </table>
          </div>
        </div>
      </div>
      <br>
      <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 $29.6
          million and $27.3 million in cash as at April 30, 2019 and January 31, 2019, respectively. All cash was held in interest-bearing bank accounts, primarily with major Canadian, US and European banks. The cash balance increased from January 31, 2019
          to April 30, 2019 by $2.3 million primarily due to cash generated from operations partially offset by credit facility repayments.</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 April 30, 2019, $107.3 million of the revolving operating credit facility remained available for use and the outstanding balance of
          $242.7 million was required to be repaid in January 2024. Subsequent to April 30, 2019, an additional $22.3 million was drawn on the credit facility to finance the acquisition of CORE on May 10, 2019. We were in compliance with the covenants of
          the credit facility as at April 30, 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
          April 30, 2019, our working capital deficit (current assets less current liabilities) was ($5.4) million. Current assets primarily include $29.6 million of cash, $33.9 million of current trade receivables and $12.3 million of prepaid assets.
          Current liabilities primarily include $41.5 million of deferred revenue, $34.1 million of accrued liabilities and $5.3 million of accounts payable. Our working capital has decreased since January 31, 2019 by $7.3 million, primarily due to cash
          used for credit facility repayments partially offset by 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</font></div>
    </div>
    <div style="LINE-HEIGHT: 10.85pt"><br style="LINE-HEIGHT: 10.85pt">
    </div>
    <div id="DSPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; MARGIN-TOP: 10pt; CLEAR: both">
      <div id="DSPFPageNumberArea" style="TEXT-ALIGN: center"><font id="DSPFPageNumber" style="FONT-SIZE: 8pt; FONT-FAMILY: Verdana, 'sans-serif'; FONT-WEIGHT: normal; FONT-STYLE: normal">16</font></div>
      <div id="DSPFPageBreak" style="PAGE-BREAK-AFTER: always">
        <hr style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000" noshade="noshade"> </div>
    </div>
    <div style="LINE-HEIGHT: 10.85pt">
      <div style="text-align: justify; font-family: Verdana, Geneva, sans-serif; font-size: 10pt;">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, including the repayment of outstanding debt. 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.</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 $29.6 million of cash as at April 30, 2019, $25.9 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>
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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; vertical-align: bottom; padding-top: 0px; padding-right: 0px; padding-left: 0px;">&#160;</td>
            <td colspan="6" 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;">Three Months Ended</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;">&#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;">April 30, 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;">April 30, 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; 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: 9%;" valign="bottom">
              <div><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; font-weight: bold;">23.4</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;">18.9</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; 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: 9%;" valign="bottom">
              <div><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; font-weight: bold;">(1.4</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;">(1.0</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; text-indent: -7.5pt; margin-left: 7.5pt;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">Acquisition 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: 9%;" valign="bottom">
              <div><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; font-weight: bold;">(239.8</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;">(32.4</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; 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>
            </td>
            <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
            <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
            <td colspan="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;">241.2</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;">33.2</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; text-indent: -7.5pt; margin-left: 7.5pt;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">Credit facility repayments</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;">(19.9</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;">(17.6</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; text-indent: -7.5pt; margin-left: 7.5pt;"><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>
            <td colspan="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;">(1.4</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>
          </tr>
          <tr>
            <td style="vertical-align: top; width: 76%;" 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;">Issuance of common shares, net of issuance costs</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;">0.7</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;">0.5</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%; 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: 9%; border-bottom: 1px solid rgb(0, 0, 0);">
              <div><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; font-weight: bold;">(0.5</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;">(0.5</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; 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: 9%;" valign="bottom">
              <div><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; font-weight: bold;">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;">1.1</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%; padding-bottom: 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;">Cash, beginning of period</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;">27.3</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;">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%; text-align: left;">&#160;</td>
          </tr>
          <tr>
            <td style="vertical-align: top; width: 76%; padding: 0px 0px 2px;">
              <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, end of period</font></div>
            </td>
            <td colspan="1" style="border-bottom: 2px 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: 2px double rgb(0, 0, 0); vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
            <td colspan="1" style="border-bottom: 2px 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;">29.6</font></div>
            </td>
            <td colspan="1" style="border-bottom: 2px 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: 2px 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: 2px double rgb(0, 0, 0); vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
            <td colspan="1" style="border-bottom: 2px 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;">36.2</font></div>
            </td>
            <td colspan="1" style="border-bottom: 2px 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; font-weight: bold; font-style: italic;">Cash provided by operating
            activities</font> was $23.4 million and $18.9 million for the first quarter of 2020 and 2019, respectively. For the first quarter of 2020, the $23.4 million of cash provided by operating activities resulted from $7.3 million of net income, plus
          adjustments for $15.2 million of non-cash items included in net income and plus $0.9 million of cash provided from changes in our operating assets and liabilities. For the first quarter of 2019, the $18.9 million of cash provided by operating
          activities resulted from $7.0 million of net income, plus adjustments for $11.5 million of non-cash items included in net income and plus $0.4 million of cash provided from changes in our operating assets and liabilities. Cash provided by
          operating activities increased in the first quarter of 2020 compared to the same period of 2019 primarily due to an 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;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; font-weight: bold; font-style: italic;">Additions to property and
            equipment</font> were $1.4 million and $1.0 million for first quarter of 2020 and 2019, respectively. Additions to property and equipment were greater in the first quarter of 2020 compared to the same period of 2019 as a result of additional
          investments in computing equipment and software to support our network and build out our security infrastructure.</font></div>
    </div>
    <div style="LINE-HEIGHT: 10.85pt"><br style="LINE-HEIGHT: 10.85pt">
    </div>
    <div id="DSPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; MARGIN-TOP: 10pt; CLEAR: both">
      <div id="DSPFPageNumberArea" style="TEXT-ALIGN: center"><font id="DSPFPageNumber" style="FONT-SIZE: 8pt; FONT-FAMILY: Verdana, 'sans-serif'; FONT-WEIGHT: normal; FONT-STYLE: normal">17</font></div>
      <div id="DSPFPageBreak" style="PAGE-BREAK-AFTER: always">
        <hr style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000" noshade="noshade"> </div>
    </div>
    <div style="LINE-HEIGHT: 10.85pt">
      <div style="text-align: justify; font-family: Verdana, Geneva, sans-serif; font-size: 10pt;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; font-weight: bold; font-style: italic;">Acquisition of subsidiaries, net of cash
          acquired</font> was $239.8 million and $32.4 million for the first quarter of 2020 and 2019, respectively. In the first quarter of 2020 we acquired Visual Compliance and in the first quarter of 2019 we acquired Aljex.</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 $241.2 million and $33.2 million for the first quarter of 2020 and 2019, respectively.&#160; In the first quarter of 2020, the borrowings on our credit facility financed the acquisition of Visual Compliance. In the first
          quarter of 2019, the borrowings on our credit facility financed the acquisition of Aljex.</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 $19.9 million and $17.6 million for the first quarter of 2020 and 2019, 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 $1.4 million and nil for the first quarter of 2020 and 2019, 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>of $0.7 million and $0.5 million for the first quarter of 2020 and 2019, respectively, as a result of the exercise of employee stock options.</font></div>
      <div>
        <div>
          <div style="LINE-HEIGHT: 12.55pt"><br style="LINE-HEIGHT: 12.55pt">
          </div>
          <div style="FONT-SIZE: 11pt; FONT-FAMILY: Verdana, sans-serif; FONT-VARIANT: small-caps; FONT-WEIGHT: bold; TEXT-ALIGN: left; LINE-HEIGHT: 12.55pt">
            <table style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 50%; BORDER-COLLAPSE: collapse" border="0" cellpadding="0" cellspacing="0">

                <tr>
                  <td style="BORDER-TOP: #000000 1px solid; WIDTH: 100%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 1px solid">
                    <div style="FONT-SIZE: 11pt; FONT-FAMILY: Verdana, sans-serif; FONT-VARIANT: small-caps; FONT-WEIGHT: bold; TEXT-ALIGN: left; LINE-HEIGHT: 12.55pt">&#160;</div>
                    <div style="FONT-SIZE: 11pt; FONT-FAMILY: Verdana, sans-serif; FONT-VARIANT: small-caps; FONT-WEIGHT: bold; TEXT-ALIGN: left; LINE-HEIGHT: 12.55pt">Commitments, Contingencies and Guarantees</div>
                    <div style="FONT-SIZE: 11pt; FONT-FAMILY: Verdana, sans-serif; FONT-VARIANT: small-caps; FONT-WEIGHT: bold; TEXT-ALIGN: left; LINE-HEIGHT: 12.55pt">&#160;</div>
                  </td>
                </tr>

            </table>
          </div>
          <div style="LINE-HEIGHT: 12.55pt">&#160;</div>
        </div>
      </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 April 30, 2019:</font></div>
      <div><br>
      </div>
      <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse;" id="z5b9c1e83f7ff417089ae4f93aa57e818" border="0" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 35%; vertical-align: top;">&#160;</td>
            <td style="width: 13%; 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;">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: 13.1%; 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;">1-3 years</font></div>
            </td>
            <td style="width: 13.1%; vertical-align: top; border-top: #000000 1px solid; border-bottom: #000000 1px solid;">
              <div style="text-align: right;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; font-weight: bold;">4-5 years</font></div>
            </td>
            <td style="width: 13%; 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;">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: 12.86%; 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;">Total</font></div>
            </td>
          </tr>
          <tr>
            <td style="width: 35%; vertical-align: top;">&#160;</td>
            <td style="width: 13%; vertical-align: top; border-top: 1px solid rgb(0, 0, 0);">&#160;</td>
            <td style="width: 13.1%; vertical-align: top; border-top: #000000 1px solid;">&#160;</td>
            <td style="width: 13.1%; vertical-align: top; border-top: #000000 1px solid;">&#160;</td>
            <td style="width: 13%; vertical-align: top; border-top: 1px solid rgb(0, 0, 0);">&#160;</td>
            <td style="width: 12.86%; vertical-align: top; border-top: #000000 1px solid;">&#160;</td>
          </tr>
          <tr>
            <td style="width: 35%; 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: 13%; vertical-align: bottom; text-align: right;">
              <div><font style="font-size: 10pt; font-family: Verdana,Geneva,sans-serif;">-</font></div>
            </td>
            <td style="width: 13.1%; vertical-align: bottom; text-align: right;">
              <div><font style="font-size: 10pt; font-family: Verdana,Geneva,sans-serif;">-</font></div>
            </td>
            <td style="width: 13.1%; vertical-align: bottom; text-align: right;">
              <div><font style="font-size: 10pt; font-family: Verdana,Geneva,sans-serif;">242.7</font></div>
            </td>
            <td style="width: 13%; vertical-align: bottom; text-align: right;">
              <div><font style="font-size: 10pt; font-family: Verdana,Geneva,sans-serif;">-</font></div>
            </td>
            <td style="width: 12.86%; vertical-align: bottom; text-align: right;">
              <div><font style="font-size: 10pt; font-family: Verdana,Geneva,sans-serif; font-weight: bold;">242.7</font></div>
            </td>
          </tr>
          <tr>
            <td style="width: 35%; 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: 13%; vertical-align: bottom; text-align: right;">
              <div><font style="font-size: 10pt; font-family: Verdana,Geneva,sans-serif;">3.7</font></div>
            </td>
            <td style="width: 13.1%; vertical-align: bottom; text-align: right;">
              <div><font style="font-size: 10pt; font-family: Verdana,Geneva,sans-serif;">4.6</font></div>
            </td>
            <td style="width: 13.1%; vertical-align: bottom; text-align: right;">
              <div><font style="font-size: 10pt; font-family: Verdana,Geneva,sans-serif;">2.4</font></div>
            </td>
            <td style="width: 13%; vertical-align: bottom; text-align: right;">
              <div><font style="font-size: 10pt; font-family: Verdana,Geneva,sans-serif;">1.0</font></div>
            </td>
            <td style="width: 12.86%; vertical-align: bottom; text-align: right;">
              <div><font style="font-size: 10pt; font-family: Verdana,Geneva,sans-serif; font-weight: bold;">11.7</font></div>
            </td>
          </tr>
          <tr>
            <td style="vertical-align: top; width: 35%; padding-bottom: 2px;">
              <div style="text-align: left;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">Total</font></div>
            </td>
            <td style="border-bottom: 2px double rgb(0, 0, 0); border-top: 1px solid; vertical-align: bottom; width: 13%; text-align: right;">
              <div><font style="font-size: 10pt; font-family: Verdana,Geneva,sans-serif; font-weight: bold;">3.7</font></div>
            </td>
            <td style="border-bottom: 2px double rgb(0, 0, 0); border-top: 1px solid; vertical-align: bottom; width: 13.1%; text-align: right;">
              <div><font style="font-size: 10pt; font-family: Verdana,Geneva,sans-serif; font-weight: bold;">4.6</font></div>
            </td>
            <td style="border-bottom: 2px double rgb(0, 0, 0); border-top: 1px solid; vertical-align: bottom; width: 13.1%; text-align: right;">
              <div><font style="font-size: 10pt; font-family: Verdana,Geneva,sans-serif; font-weight: bold;">245.1</font></div>
            </td>
            <td style="border-bottom: 2px double rgb(0, 0, 0); border-top: 1px solid; vertical-align: bottom; width: 13%; text-align: right;">
              <div><font style="font-size: 10pt; font-family: Verdana,Geneva,sans-serif; font-weight: bold;">1.0</font></div>
            </td>
            <td style="border-bottom: 2px double rgb(0, 0, 0); border-top: 1px solid; vertical-align: bottom; width: 12.86%; text-align: right;">
              <div><font style="font-size: 10pt; font-family: Verdana,Geneva,sans-serif; font-weight: bold;">254.4</font></div>
            </td>
          </tr>

      </table>
      <div><br>
      </div>
      <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;"><u>Debt Obligations</u></font></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;">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 buildings, vehicles and computer equipment with terms expiring at various dates
          through 2027. 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
          for 2019 included in our 2019 Annual Report, we maintain DSU and CRSU plans for our directors and employees. Any payments made pursuant to these plans are settled in cash. For DSUs and CRSUs, the units vest over time and the liability recognized
          at any given consolidated balance sheet date reflects only those units vested at that date that have not yet been settled in cash. As such, we had an unrecognized aggregate amount for the unvested CRSUs of $1.6 million at April 30, 2019. As at
          April 30, 2019 there were no unvested DSUs. The ultimate liability for any payment of DSUs and CRSUs is dependent on the trading price of our common shares. To partially offset our exposure to fluctuations in our stock price, we have entered into
          equity derivative contracts, including floating-rate equity forwards. As at April 30, 2019, we had equity derivatives for 273,000 Descartes common shares</font></div>
      <br style="LINE-HEIGHT: 10.85pt">
    </div>
    <div id="DSPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; MARGIN-TOP: 10pt; CLEAR: both">
      <div id="DSPFPageNumberArea" style="TEXT-ALIGN: center"><font id="DSPFPageNumber" style="FONT-SIZE: 8pt; FONT-FAMILY: Verdana, 'sans-serif'; FONT-WEIGHT: normal; FONT-STYLE: normal">18</font></div>
      <div id="DSPFPageBreak" style="PAGE-BREAK-AFTER: always">
        <hr style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000" noshade="noshade"> </div>
    </div>
    <div style="LINE-HEIGHT: 10.85pt">
      <div style="text-align: justify; font-family: Verdana, Geneva, sans-serif; font-size: 10pt;">and a DSU liability for <font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; color: #000000;">279,340 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>.</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 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 LLC, Z-Firm LLC (&#8220;ShipRush&#8221;) 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 April 30, 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="LINE-HEIGHT: 10.85pt">
      <div style="FONT-SIZE: 11pt; FONT-FAMILY: Verdana, sans-serif; FONT-VARIANT: small-caps; FONT-WEIGHT: bold; TEXT-ALIGN: left; LINE-HEIGHT: 12.55pt">
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                <div style="FONT-SIZE: 11pt; FONT-FAMILY: Verdana, sans-serif; FONT-VARIANT: small-caps; FONT-WEIGHT: bold; TEXT-ALIGN: left; LINE-HEIGHT: 12.55pt">Outstanding Share Data</div>
                <div style="FONT-SIZE: 11pt; FONT-FAMILY: Verdana, sans-serif; FONT-VARIANT: small-caps; FONT-WEIGHT: bold; TEXT-ALIGN: left; LINE-HEIGHT: 12.55pt">&#160;</div>
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      </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 May 29, 2019, we had 77,222,956 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 May 29, 2019, there were 1,178,992 options issued and outstanding, and 3,643,874 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 style="text-align: justify;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">As of May 29, 2019, there were 629,874 performance share units (&#8220;PSUs&#8221;) and 374,874 restricted share units (&#8220;RSUs&#8221;) issued and outstanding, and
          1,274,392 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>
      <div><br>
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      <div>
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                    <div style="FONT-SIZE: 11pt; FONT-FAMILY: Verdana, sans-serif; FONT-VARIANT: small-caps; FONT-WEIGHT: bold; TEXT-ALIGN: left; LINE-HEIGHT: 12.55pt">Application of Critical Accounting Policies</div>
                    <div style="FONT-SIZE: 11pt; FONT-FAMILY: Verdana, sans-serif; FONT-VARIANT: small-caps; FONT-WEIGHT: bold; TEXT-ALIGN: left; LINE-HEIGHT: 12.55pt">&#160;</div>
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      <div style="text-align: left;"><br>
      </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;">In addition to those identified in our 2019 Annual Report, the following reflect our more significant estimates, judgments and assumptions
          which we believe are the most critical to aid in fully understanding and evaluating our reported financial results for the period ended April 30, 2019:</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="z6643c864db7c4b9c8233a4889387a777" cellpadding="0" cellspacing="0">

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                </td>
                <td style="width: 18pt; vertical-align: top; align: right;">&#8226;</td>
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                  <div><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">Revenue recognition, costs to obtain a contract, contract assets and liabilities;</font></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="z641ac5752c5b464caf804246eb8dbea2" 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;">Impairment of long-lived assets;</font></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="zd2f279129b6e461f8e461ec8dc81540a" 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;">Goodwill;</font></div>
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        <div>
          <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z7408169fd9384f2bb825414ecd479904" 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;">Stock-based compensation;</font></div>
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        <div>
          <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z816c52f7d8384fd08fe9416b8de72be5" 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;">Income taxes; and</font></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="za64ec840e38e4d0eb485e63086943a12" cellpadding="0" cellspacing="0">

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                <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;">Business combinations.</font></div>
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    <div id="DSPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; MARGIN-TOP: 10pt; CLEAR: both">
      <div id="DSPFPageNumberArea" style="TEXT-ALIGN: center"><font id="DSPFPageNumber" style="FONT-SIZE: 8pt; FONT-FAMILY: Verdana, 'sans-serif'; FONT-WEIGHT: normal; FONT-STYLE: normal">20</font></div>
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    <div style="LINE-HEIGHT: 12.55pt">
      <div style="text-align: justify; color: #000000; font-family: Verdana, Geneva, sans-serif; font-size: 10pt;">The significant accounting policies are unchanged from those disclosed in the Company&#8217;s 2019 Annual Report.</div>
      <div><br>
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      <div>
        <div>
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                    <div style="FONT-SIZE: 11pt; FONT-FAMILY: Verdana, sans-serif; FONT-VARIANT: small-caps; FONT-WEIGHT: bold; TEXT-ALIGN: left; LINE-HEIGHT: 12.55pt">Change In / Initial Adoption of Accounting Policies</div>
                    <div style="FONT-SIZE: 11pt; FONT-FAMILY: Verdana, sans-serif; FONT-VARIANT: small-caps; FONT-WEIGHT: bold; TEXT-ALIGN: left; LINE-HEIGHT: 12.55pt">&#160;</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 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;ASC 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.&#160; ASC 842 is effective for annual periods, and interim periods within those annual periods, beginning after December 15,
          2018, which is our fiscal year that began on February 1, 2019 (fiscal 2020). The Company has adopted ASC 842 in the first quarter of fiscal 2020 using the cumulative effect method and therefore the comparative information has not been restated
          and continues to be reported under ASC 840.</font></div>
      <div><br>
      </div>
      <div style="text-align: justify;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">As permitted under ASC 842, we have elected to apply the practical expedient to carry forward our current assessments of whether a contract
          contains a lease, lease classification, remaining lease terms and amounts capitalized as initial direct costs. We have also elected to apply the practical expedient not to recognize right-of-use (ROU) assets and lease liabilities for short-term
          leases that have a lease term of 12 months or less.</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 842 resulted in an increase to ROU assets and lease liabilities of $10.4 million as of February 1, 2019. The adoption of
          ASC 842 did 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: 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 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;) and issued subsequent amendments to the initial guidance during 2020, collectively referred to as &#8220;ASC 326&#8221;. ASC 326 requires measurement and recognition of expected credit losses for financial
          assets held. ASC 326 is effective for annual periods, and interim periods within those annual periods, beginning after December 15, 2019, which will be our fiscal year beginning February 1, 2020 (fiscal 2021). Early adoption is permitted. The
          Company will adopt this guidance in the first quarter of fiscal 2021 and is currently evaluating the impact that the adoption will have on its results of operations, financial position and disclosures.</font></div>
      <div><br>
      </div>
      <div style="text-align: justify;"><font style="font-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 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</font></div>
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    <br>
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    <div id="DSPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; MARGIN-TOP: 10pt; CLEAR: both">
      <div id="DSPFPageNumberArea" style="TEXT-ALIGN: center"><font id="DSPFPageNumber" style="FONT-SIZE: 8pt; FONT-FAMILY: Verdana, 'sans-serif'; FONT-WEIGHT: normal; FONT-STYLE: normal">21</font></div>
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      <div style="text-align: justify; font-family: Verdana, Geneva, sans-serif; font-size: 10pt;">of fiscal 2021. The adoption of this amendment is not expected to have a material impact on our results of operations or disclosures.</div>
      <div><br>
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      <div>
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                    <div style="FONT-SIZE: 11pt; FONT-FAMILY: Verdana, sans-serif; FONT-VARIANT: small-caps; FONT-WEIGHT: bold; TEXT-ALIGN: left; LINE-HEIGHT: 12.55pt">Controls and Procedures</div>
                    <div style="FONT-SIZE: 11pt; FONT-FAMILY: Verdana, sans-serif; FONT-VARIANT: small-caps; FONT-WEIGHT: bold; TEXT-ALIGN: left; LINE-HEIGHT: 12.55pt">&#160;</div>
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        </div>
      </div>
      <div style="text-align: justify;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">During the period beginning on February 1, 2019 and ended on April 30, 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="FONT-SIZE: 11pt; FONT-FAMILY: Verdana, sans-serif; FONT-VARIANT: small-caps; FONT-WEIGHT: bold; TEXT-ALIGN: left; LINE-HEIGHT: 12.55pt">Trends / Business Outlook</div>
                  <div style="FONT-SIZE: 11pt; FONT-FAMILY: Verdana, sans-serif; FONT-VARIANT: small-caps; FONT-WEIGHT: bold; TEXT-ALIGN: left; LINE-HEIGHT: 12.55pt">&#160;</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>
      </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. Significant declines in shipment volumes could likely have a material adverse effect on our business.</font></div>
      <div><br>
      </div>
      <div style="text-align: justify;"><font style="font-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>
      </div>
      <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-family: Verdana, Geneva, sans-serif; font-size: 10pt;">We believe there is a continued acceptance of subscription pricing and SaaS business models in the markets we serve that provide lower up-front cost and
        easier-to-maintain alternatives than may be available through traditional perpetual license pricing models. In the first quarter of fiscal 2020, our services revenues comprised 86% 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.</div>
      <div><br>
      </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 May 10, 2019, using foreign exchange rates of
          $0.74 to CAD $1.00, $1.12 to EUR 1.00 and $1.30 to &#163;1.00, we estimated that our baseline revenues for the second quarter of 2020 are approximately $76.0 million and our baseline operating expenses are approximately $52.2 million. We consider this
          to be our baseline calibration of approximately $23.8 million for the second quarter of 2020, or approximately 31% of our baseline revenues as at May 10, 2019. Visual Compliance made a positive contribution to our income from operations and a
          percentage of our revenues in the first quarter of fiscal 2020 and we believe that positive impact will continue for the balance of fiscal 2020.</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 $51.6 million for the remainder of 2020, $48.5 million
          for 2021, $44.2 million for 2022, $36.7 million for 2023, $25.1 million for 2024, $22.1 million for 2025, and $38.5 million thereafter. Expected future amortization expense is based on the level of existing intangibles at April 30, 2019, and is
          subject to fluctuations in foreign exchange rates and assumes no future adjustments or impairment of existing intangible assets.</font></div>
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      <div style="text-align: justify; font-family: Verdana, Geneva, sans-serif; font-size: 10pt;">We anticipate that stock-based compensation expense for the remainder of fiscal 2020 for grants outstanding as at April 30, 2019 will be approximately $3.8
        to $4.0 million, subject to any necessary adjustments resulting from actual stock-based compensation forfeitures and fluctuations in foreign exchange rates.</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 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 the first quarter of 2020, capital expenditures were $1.4 million or approximately 2% of revenues, as we continue to invest in computer
          equipment and software to support our network and build out our infrastructure. We anticipate that we will incur approximately $4.5 million to $6.5 million in capital expenditures in the remainder of 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, 71% of our revenues in the first quarter of fiscal 2020 were in US dollars, 13% in euro, 8% in Canadian dollars, 3% in British pound sterling, and the balance in mixed currencies, while 46% of our operating expenses were in US
          dollars, 16% in euro, 25% in Canadian dollars, 4% in British pound sterling, and the balance in mixed currencies.</font></div>
      <div><br>
      </div>
      <div style="text-align: justify;"><font style="font-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 24% to 27% in the remainder of 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</font></div>
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      <div style="text-align: justify; font-family: Verdana, Geneva, sans-serif; font-size: 10pt;">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.</div>
      <div><br>
      </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>
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                    <div style="FONT-SIZE: 11pt; FONT-FAMILY: Verdana, sans-serif; FONT-VARIANT: small-caps; FONT-WEIGHT: bold; TEXT-ALIGN: left; LINE-HEIGHT: 12.55pt">Certain Factors That May Affect Future Results</div>
                    <div style="FONT-SIZE: 11pt; FONT-FAMILY: Verdana, sans-serif; FONT-VARIANT: small-caps; FONT-WEIGHT: bold; TEXT-ALIGN: left; LINE-HEIGHT: 12.55pt">&#160;</div>
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      <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>
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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;">Challenges identifying suitable businesses to buy and negotiating the acquisition of those businesses on acceptable terms;</font></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="zffadef45a7a44326a4ac92a6a139fed5" cellpadding="0" cellspacing="0">

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                </td>
                <td style="width: 18pt; vertical-align: top; align: right;">&#8226;</td>
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                  <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>
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        <div>
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                <td style="width: 18pt; vertical-align: top; align: right;">&#8226;</td>
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                  <div><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">Challenges in integrating acquired businesses with our business;</font></div>
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        <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;">Loss of customers of the acquired business;</font></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="z8783df92782344eab8dd381a37a77d13" 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;">Loss of key personnel from the acquired business, such as former executive officers or key technical personnel;</font></div>
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        <div>
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                  <div><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">Non-compatible business cultures;</font></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;">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>
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          <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z9acae185fea5433085cfd0306c30c91b" 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;">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="z8afa6585bfb3441f803fea0f682cb792" 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>
              </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="zffe13171bfca447dbfebd3c8b5111066" 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="z77b983ae46334ea6bff10a0b1657e2c8" 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</font></div>
    </div>
    <div style="LINE-HEIGHT: 10.85pt"><br style="LINE-HEIGHT: 10.85pt">
    </div>
    <div id="DSPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; MARGIN-TOP: 10pt; CLEAR: both">
      <div id="DSPFPageNumberArea" style="TEXT-ALIGN: center"><font id="DSPFPageNumber" style="FONT-SIZE: 8pt; FONT-FAMILY: Verdana, 'sans-serif'; FONT-WEIGHT: normal; FONT-STYLE: normal">25</font></div>
      <div id="DSPFPageBreak" style="PAGE-BREAK-AFTER: always">
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    </div>
    <div style="LINE-HEIGHT: 10.85pt">
      <div style="text-align: justify; font-family: Verdana, Geneva, sans-serif; font-size: 10pt;">2018, we acquired ShipRush, PCSTrac and MacroPoint. 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 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.</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="z0cc7d4c154de4efeae91c939ebf7d9ac" 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="z5a34136f8eb84893b905d3b815ebfebe" 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="z8a5eaaa4a12e424383e1cfd187326a10" 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="z4eafc0bfab8146fead16fff10c2481f6" 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="z5780b60580f14eac8fa68dc547b4c5c0" 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="z735d01e7435f4e26a1fb03c81398e46f" 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="zb1c72bf3ed024881b3ef1513d55b005c" 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="zd3dfffb58cfc4cd7aedb80f178b57530" 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="zaf87da9ff1944579895074431b72f994" 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>
    <div style="LINE-HEIGHT: 10.85pt"><br style="LINE-HEIGHT: 10.85pt">
    </div>
    <div id="DSPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; MARGIN-TOP: 10pt; CLEAR: both">
      <div id="DSPFPageNumberArea" style="TEXT-ALIGN: center"><font id="DSPFPageNumber" style="FONT-SIZE: 8pt; FONT-FAMILY: Verdana, 'sans-serif'; FONT-WEIGHT: normal; FONT-STYLE: normal">26</font></div>
      <div id="DSPFPageBreak" style="PAGE-BREAK-AFTER: always">
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    </div>
    <div style="LINE-HEIGHT: 10.85pt">
      <div style="text-align: justify; font-family: Verdana, Geneva, sans-serif; font-size: 10pt;">involving certain types of personal data and in some cases our agreements with certain customers require us to notify them in the event of a security
        incident. Such mandatory disclosures could lead to negative publicity and may cause our current and prospective customers to lose confidence in the effectiveness of our data security measures. Moreover, if a high-profile security breach occurs with
        respect to another SaaS provider, customers may lose trust in the security of the SaaS business model generally, which could adversely impact our ability to retain existing customers or attract new ones.</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</font></div>
    </div>
    <div style="LINE-HEIGHT: 10.85pt"><br style="LINE-HEIGHT: 10.85pt">
    </div>
    <div id="DSPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; MARGIN-TOP: 10pt; CLEAR: both">
      <div id="DSPFPageNumberArea" style="TEXT-ALIGN: center"><font id="DSPFPageNumber" style="FONT-SIZE: 8pt; FONT-FAMILY: Verdana, 'sans-serif'; FONT-WEIGHT: normal; FONT-STYLE: normal">27</font></div>
      <div id="DSPFPageBreak" style="PAGE-BREAK-AFTER: always">
        <hr style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000" noshade="noshade"> </div>
    </div>
    <div style="LINE-HEIGHT: 10.85pt">
      <div style="text-align: justify; font-family: Verdana, Geneva, sans-serif; font-size: 10pt;">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.</div>
      <div><br>
      </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="zf096945bfe5c43d5ac1336dce839e2fc" 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="z0ebf1814473a4627a76440640b6ce019" 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="zebba8c55eebd4831ad3a4295a218eadd" 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="z8896d1426b7c4f7494a8e47d1671beeb" 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="z82deb84936ea4830a5e21264c620e7e1" 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="z407b3d6fd68f406b94b6676828db2e8f" 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="z15cabe11ab5a4d0cb409f3a2e1c36016" 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="z2ef1200b47ee4455a63f06f393b52e12" 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="z482da434a1fd43629de70efe38b2c03b" 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="z3d99804d7db34c549eadadcb815e5fe0" 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="ze0ebeb3e2b8e41fd8bdef57a49abe1ba" 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</font></div>
    </div>
    <br>
    <div id="DSPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; MARGIN-TOP: 10pt; CLEAR: both">
      <div id="DSPFPageNumberArea" style="TEXT-ALIGN: center"><font id="DSPFPageNumber" style="FONT-SIZE: 8pt; FONT-FAMILY: Verdana, 'sans-serif'; FONT-WEIGHT: normal; FONT-STYLE: normal">28</font></div>
      <div id="DSPFPageBreak" style="PAGE-BREAK-AFTER: always">
        <hr style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000" noshade="noshade"> </div>
    </div>
    <div style="LINE-HEIGHT: 10.85pt">
      <div style="text-align: justify; font-family: Verdana, Geneva, sans-serif; font-size: 10pt;">competition surrounding other commercial terms as we compete for market share. In particular, larger competitors or competitors with a broader range of
        services and products may bundle their products, rendering our products more expensive and/or less functional. As a result of these and other factors, we may be unable to compete successfully with our existing or new competitors.</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>
    <div style="LINE-HEIGHT: 10.85pt"><br style="LINE-HEIGHT: 10.85pt">
    </div>
    <br>
    <div id="DSPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; MARGIN-TOP: 10pt; CLEAR: both">
      <div id="DSPFPageNumberArea" style="TEXT-ALIGN: center"><font id="DSPFPageNumber" style="FONT-SIZE: 8pt; FONT-FAMILY: Verdana, 'sans-serif'; FONT-WEIGHT: normal; FONT-STYLE: normal">29</font></div>
      <div id="DSPFPageBreak" style="PAGE-BREAK-AFTER: always">
        <hr style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000" noshade="noshade"> </div>
    </div>
    <div style="LINE-HEIGHT: 10.85pt">
      <div style="text-align: justify; font-family: Verdana, Geneva, sans-serif; font-size: 10pt;">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.</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>
    <div style="LINE-HEIGHT: 10.85pt"><br style="LINE-HEIGHT: 10.85pt">
    </div>
    <div id="DSPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; MARGIN-TOP: 10pt; CLEAR: both">
      <div id="DSPFPageNumberArea" style="TEXT-ALIGN: center"><font id="DSPFPageNumber" style="FONT-SIZE: 8pt; FONT-FAMILY: Verdana, 'sans-serif'; FONT-WEIGHT: normal; FONT-STYLE: normal">30</font></div>
      <div id="DSPFPageBreak" style="PAGE-BREAK-AFTER: always">
        <hr style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000" noshade="noshade"> </div>
    </div>
    <div style="LINE-HEIGHT: 10.85pt">
      <div style="text-align: justify; font-family: Verdana, Geneva, sans-serif; font-size: 10pt;">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.</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="z7757c476de8d4c5bb577b4fff448be07" 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="z8895f39b10014007b7a6c981f84570b6" 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="z53a7a9a66417424a9fd8ef5d3a87bbbf" 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="z01880bc7f2ee4f4288e8672465f1068c" 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="zdf40eafed2ef4ed0be5a8642b7cfcf30" 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="z4cb2386e2ab74304836802506fd5db31" 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="z442e428e83f948d99e17835987e2f39a" 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="z9aa19c09345b4c8e9bcb4e68dc9457a6" 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="z51872d70b2084a5e9e7cf80aff041d84" 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="zfa9f48451c054aa592a5543b5e35877a" 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="z0cec2bd0e38949aabd68a326060dda7c" 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>
    <div style="LINE-HEIGHT: 10.85pt"><br style="LINE-HEIGHT: 10.85pt">
    </div>
    <div id="DSPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; MARGIN-TOP: 10pt; CLEAR: both">
      <div id="DSPFPageNumberArea" style="TEXT-ALIGN: center"><font id="DSPFPageNumber" style="FONT-SIZE: 8pt; FONT-FAMILY: Verdana, 'sans-serif'; FONT-WEIGHT: normal; FONT-STYLE: normal">31</font></div>
      <div id="DSPFPageBreak" style="PAGE-BREAK-AFTER: always">
        <hr style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000" noshade="noshade"> </div>
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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="z6963b9923ca5470b85a642e7ef482ca3" 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; font-family: Symbol, serif; font-size: 10pt;">&#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="z2cedfb9f95b9492b80b8a662831a7fa5" 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="ze6371695ae574e6a844d3e079e82d7c6" 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="zcddda5a5b36041609097ea71ff14a727" 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="ze1e035bd2e0040ec8732c3ffec130b5b" 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="z5d1bda135d3e434c9910ae68be0756dd" 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="zd235e061468f4f57b4351a1adf99c59c" 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>
    <div id="DSPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; MARGIN-TOP: 10pt; CLEAR: both">
      <div id="DSPFPageNumberArea" style="TEXT-ALIGN: center"><font id="DSPFPageNumber" style="FONT-SIZE: 8pt; FONT-FAMILY: Verdana, 'sans-serif'; FONT-WEIGHT: normal; FONT-STYLE: normal">32</font></div>
      <div id="DSPFPageBreak" style="PAGE-BREAK-AFTER: always">
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    </div>
    <div style="LINE-HEIGHT: 10.85pt">
      <div style="text-align: justify; font-family: Verdana, Geneva, sans-serif; font-size: 10pt; font-style: italic; font-weight: bold;">Our success and ability to compete depend upon our ability to secure and protect patents, trademarks and other
        proprietary rights.</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 hardware devices, 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 hardware device vendors over which we have no operational or financial control and no
          influence in how these vendors conduct their businesses. Suppliers of hardware devices could among other things, extend delivery times, raise prices and limit supply due to their own shortages and business requirements. Interruption in the supply
          of equipment from these vendors could delay our ability to maintain, grow and expand our telematics solutions business and those areas of our business that interact with telematics units. If our relationships with any of these unit vendors were
          to terminate, there is no guarantee that our remaining unit vendors would be able to handle the increased equipment supply required to maintain and grow our expansive networks at our desired rates. There is also no guarantee that business
          relationships with other key unit vendors could be entered into on terms desirable or favorable to us, if at all. Fewer key vendors might mean that existing or potential customers are unable to meaningfully communicate using our Global Logistics
          Network, which may cause existing and potential customers to move to competitors&#8217; products. Such equipment supply issues could adversely affect our business, results of operations and financial condition.</font></div>
      <div><br>
      </div>
      <div><br>
      </div>
      <br>
    </div>
    <div id="DSPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; MARGIN-TOP: 10pt; CLEAR: both">
      <div id="DSPFPageNumberArea" style="TEXT-ALIGN: center"><font id="DSPFPageNumber" style="FONT-SIZE: 8pt; FONT-FAMILY: Verdana, 'sans-serif'; FONT-WEIGHT: normal; FONT-STYLE: normal">33</font></div>
      <div id="DSPFPageBreak" style="PAGE-BREAK-AFTER: always">
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    </div>
    <div style="LINE-HEIGHT: 10.85pt">
      <div style="text-align: justify; font-family: Verdana, Geneva, sans-serif; font-size: 10pt; font-style: italic; font-weight: bold;">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.</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>
    <div style="LINE-HEIGHT: 10.85pt"><br style="LINE-HEIGHT: 10.85pt">
    </div>
    <br>
    <div id="DSPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; MARGIN-TOP: 10pt; CLEAR: both">
      <div id="DSPFPageNumberArea" style="TEXT-ALIGN: center"><font id="DSPFPageNumber" style="FONT-SIZE: 8pt; FONT-FAMILY: Verdana, 'sans-serif'; FONT-WEIGHT: normal; FONT-STYLE: normal">34</font></div>
      <div id="DSPFPageBreak" style="PAGE-BREAK-AFTER: always">
        <hr style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000" noshade="noshade"> </div>
    </div>
    <div style="LINE-HEIGHT: 10.85pt">
      <div style="text-align: justify; font-family: Verdana, Geneva, sans-serif; font-size: 10pt;">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.</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="z0eea252159954e489239e969eb50cfc0" 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="z5fe5be4f4b2941eebf7d8dc345561a05" 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 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="z37d6556c93304f328df53760a6387df5" 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="z4f104b79ae194c33bd6214a40b9a89b5" 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>
              </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="zece6a9fd8c384108a850491ca9a2387a" 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 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="z67febc0226f34a9ca9922f65ec59c4a4" 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>

          </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="zfadb58f756104f72950c04df4580dc5b" 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>
              </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="ze03d636cec53494ca506bc406ec3ab4c" 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="zcaf92d1805ba4816be0d4049e8e3a920" 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="z6659a4688f14422e93a04a1317c553e6" 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="za93d53b12075409b877c3f4498229f46" 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>
              </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="z18d7b43f4b78440db668cc97b5b0178b" 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>
              </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="z751b35a0e092486185aac6fb102b0e9e" 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="zc04ae54f48c4486e9a69e4dd83984ac0" 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>
          <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z63ff7457fb1e4fbca4505fce76dd5d4d" 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 satisfy contractual obligations in customer contracts and deliver services and products to the satisfaction of our customers; and</font></div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="text-align: justify;">
        <div>
          <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z0284046550ec4cc2b98cfa93238bf054" 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 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>
    <div style="LINE-HEIGHT: 10.85pt"><br style="LINE-HEIGHT: 10.85pt">
    </div>
    <br>
    <div id="DSPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; MARGIN-TOP: 10pt; CLEAR: both">
      <div id="DSPFPageNumberArea" style="TEXT-ALIGN: center"><font id="DSPFPageNumber" style="FONT-SIZE: 8pt; FONT-FAMILY: Verdana, 'sans-serif'; FONT-WEIGHT: normal; FONT-STYLE: normal">35</font></div>
      <div id="DSPFPageBreak" style="PAGE-BREAK-AFTER: always">
        <hr style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000" noshade="noshade"> </div>
    </div>
    <div style="LINE-HEIGHT: 10.85pt">
      <div style="text-align: justify; font-family: Verdana, Geneva, sans-serif; font-size: 10pt; font-style: italic; font-weight: bold;">The price of our common shares has in the past been volatile and may also be volatile in the future.</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>
          <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z3dfcb9e5b90a4cb7893b0c16aa69d60a" 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;">Revenue or results of operations in any quarter failing to meet the expectations, published or otherwise, of the investment community;</font></div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="text-align: justify;">
        <div>
          <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z5c197e688715465ab80b67626890e6e8" 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 recommendations or financial estimates by industry or investment analysts;</font></div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="text-align: justify;">
        <div>
          <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z6a867b3a6288484fb96b3b0a1b75b95e" 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 management or the composition of our board of directors;</font></div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="text-align: justify;">
        <div>
          <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z71e8e8d419564b64bbc1808a9f14849b" 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;">Outcomes of litigation or arbitration proceedings;</font></div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="text-align: justify;">
        <div>
          <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z12ac6dc4deb346bebcb49cb7e1345bcf" 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;">Announcements of technological innovations or acquisitions by us or by our competitors;</font></div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="text-align: justify;">
        <div>
          <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z42482547100940e19a806100278f6be4" 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;">Introduction of new products or significant customer wins or losses by us or by our competitors;</font></div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="text-align: justify;">
        <div>
          <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zc5c4cd7ab9e747ccb09dc172f234536f" 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;">Developments with respect to our intellectual property rights or those of our competitors;</font></div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="text-align: justify;">
        <div>
          <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z97ad33a3ef35494c83701b2469ca08c9" 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 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="z9b52dd1174aa4fc09c904da7402c68f2" 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;">General market conditions; and</font></div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="text-align: justify;">
        <div>
          <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z7ef0e625582f4791a5a68503c08719f3" 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 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>
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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;">We have a substantial accumulated
            deficit and may incur losses in the future. </font>As at April 30, 2019, our accumulated deficit was $165.4 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>
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    <div style="FONT-SIZE: 11pt; FONT-FAMILY: Verdana, sans-serif; FONT-VARIANT: small-caps; FONT-WEIGHT: bold; TEXT-ALIGN: left; LINE-HEIGHT: 12.55pt">The Descartes Systems Group Inc.</div>
    <div style="FONT-SIZE: 11pt; FONT-FAMILY: Verdana, sans-serif; FONT-VARIANT: small-caps; FONT-WEIGHT: bold; TEXT-ALIGN: left; LINE-HEIGHT: 12.55pt">Condensed Consolidated Balance Sheets</div>
    <div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, sans-serif; FONT-VARIANT: small-caps; TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt">(US dollars in thousands; US GAAP; Unaudited)
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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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              <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: bottom; width: 1%;" 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;">27,298</font></div>
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            <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
            <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
            <td colspan="1" style="vertical-align: bottom; text-align: right; 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 (Note 5)</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><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">31,493</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><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">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>
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              <div><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; font-weight: bold;">12,274</font></div>
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            <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
            <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
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            <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">&#160;</td>
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            <td colspan="1" style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: bottom; width: 1%;">&#160;</td>
            <td colspan="1" style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
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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>
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            <td colspan="1" style="vertical-align: top; width: 76%;" valign="bottom">&#160;</td>
            <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
            <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
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            <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">&#160;</td>
            <td colspan="1" style="vertical-align: bottom; width: 1%;" 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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            <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">&#160;</td>
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            <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
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            <td colspan="1" style="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>
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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;">DEFERRED INCOME TAXES</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;">497,844</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="vertical-align: bottom; width: 1%;" 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; text-align: right; 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; 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>
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              <div style="text-align: left;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">Accounts payable</font></div>
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            <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
            <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
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              <div><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; font-weight: bold;">5,294</font></div>
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            <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">&#160;</td>
            <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
            <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
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            <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">&#160;</td>
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            <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
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              <div><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; font-weight: bold;">34,140</font></div>
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            <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">&#160;</td>
            <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
            <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
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            <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">&#160;</td>
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              <div style="text-align: left;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">Lease obligations (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>
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              <div><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; font-weight: bold;">3,433</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;">-</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>
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              <div><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; font-weight: bold;">1,840</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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            <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;">41,519</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;">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>
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            <td colspan="1" style="vertical-align: top; width: 76%;" valign="bottom">&#160;</td>
            <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
            <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
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              <div><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; font-weight: bold;">86,226</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;">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>
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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="vertical-align: bottom; width: 1%;" 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;">242,670</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;">25,464</font></div>
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            <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">&#160;</td>
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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;">LONG-TERM LEASE OBLIGATIONS (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>
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              <div><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; font-weight: bold;">7,394</font></div>
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              <div><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">-</font></div>
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          <tr>
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            <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
            <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
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              <div><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; font-weight: bold;">1,050</font></div>
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            <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">&#160;</td>
            <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
            <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
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            <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">&#160;</td>
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            <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
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              <div><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; font-weight: bold;">7,590</font></div>
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            <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">&#160;</td>
            <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
            <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
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              <div><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">7,634</font></div>
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            <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
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            <td colspan="1" style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; width: 1%; padding-top: 0px; padding-right: 0px; padding-left: 0px; text-align: left;">&#160;</td>
            <td colspan="1" style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: bottom; width: 1%; padding-top: 0px; padding-right: 0px; padding-left: 0px;">&#160;</td>
            <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
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            <td colspan="1" style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
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              <div><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; font-weight: bold;">549,030</font></div>
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    <div style="FONT-SIZE: 8pt; FONT-FAMILY: Verdana, sans-serif; FONT-STYLE: italic; TEXT-ALIGN: left; LINE-HEIGHT: 9.1pt">The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.</div>
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    <div style="FONT-SIZE: 11pt; FONT-FAMILY: Verdana, sans-serif; FONT-VARIANT: small-caps; FONT-WEIGHT: bold; TEXT-ALIGN: left; LINE-HEIGHT: 12.55pt">The Descartes Systems Group Inc.</div>
    <div style="FONT-SIZE: 11pt; FONT-FAMILY: Verdana, sans-serif; FONT-VARIANT: small-caps; FONT-WEIGHT: bold; TEXT-ALIGN: left; LINE-HEIGHT: 12.55pt">Condensed Consolidated Statements of Operations</div>
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              <div style="text-align: left;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; font-weight: bold;">EXPENSES</font></div>
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            <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
            <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
            <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">&#160;</td>
            <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">&#160;</td>
            <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
            <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
            <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">&#160;</td>
            <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">&#160;</td>
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              <div style="text-align: left; margin-left: 13.5pt;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">Sales and marketing</font></div>
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            <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
            <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
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            <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">&#160;</td>
            <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
            <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
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              <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="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;">12,728</font></div>
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            <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">&#160;</td>
            <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
            <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
            <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
              <div><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">11,937</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="text-align: right; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
            <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
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              <div><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; font-weight: bold;">8,478</font></div>
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            <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">&#160;</td>
            <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
            <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
            <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
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            <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">&#160;</td>
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              <div style="text-align: left; margin-left: 13.5pt;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">Other charges (Note 20)</font></div>
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            <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
            <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
            <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
              <div><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; font-weight: bold;">2,064</font></div>
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            <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">&#160;</td>
            <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
            <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
            <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
              <div><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">1,140</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: 76%; 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>
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            <td colspan="1" style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: bottom; width: 1%; text-align: right;">&#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;">12,777</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%; text-align: right;">&#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;">9,552</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: 76%; padding-bottom: 1px;">&#160;</td>
            <td colspan="1" style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: bottom; width: 1%; text-align: right;">&#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;">46,179</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%; text-align: right;">&#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;">38,689</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: 76%;" 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="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;">11,969</font></div>
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            <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">&#160;</td>
            <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
            <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
            <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
              <div><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">9,745</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: 76%;" 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="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;">(2,159</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="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;">(546</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: 76%; padding-bottom: 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%; text-align: right;">&#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;">71</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%; text-align: right;">&#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;">54</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: 76%;" 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="text-align: right; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
            <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
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            <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">&#160;</td>
            <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
            <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
            <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
              <div><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">9,253</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: 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;">INCOME TAX EXPENSE </font>(Note 18)</font></div>
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            <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
            <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
            <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">&#160;</td>
            <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">&#160;</td>
            <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
            <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
            <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">&#160;</td>
            <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">&#160;</td>
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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="text-align: right; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
            <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
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            <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">&#160;</td>
            <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
            <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
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            <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">&#160;</td>
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            <td style="vertical-align: top; width: 76%; 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%; text-align: right;">&#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;">826</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%; text-align: right;">&#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;">323</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: 76%; 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; text-align: right;">&#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;">2,561</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; text-align: right;">&#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%;" valign="bottom">&#160;</td>
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    <div style="FONT-SIZE: 8pt; FONT-FAMILY: Verdana, sans-serif; FONT-STYLE: italic; TEXT-ALIGN: left; LINE-HEIGHT: 9.1pt">The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.</div>
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    <div style="FONT-SIZE: 11pt; FONT-FAMILY: Verdana, sans-serif; FONT-VARIANT: small-caps; FONT-WEIGHT: bold; TEXT-ALIGN: left; LINE-HEIGHT: 12.55pt">The Descartes Systems Group Inc.</div>
    <div style="FONT-SIZE: 11pt; FONT-FAMILY: Verdana, sans-serif; FONT-VARIANT: small-caps; FONT-WEIGHT: bold; TEXT-ALIGN: left; LINE-HEIGHT: 12.55pt">Condensed Consolidated Statements of Comprehensive Income</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>
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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;">)</font></div>
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    <div style="LINE-HEIGHT: 12.55pt"><br style="LINE-HEIGHT: 12.55pt">
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    <div style="LINE-HEIGHT: 12.55pt"><br style="LINE-HEIGHT: 12.55pt">
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    <div style="LINE-HEIGHT: 12.55pt"><br style="LINE-HEIGHT: 12.55pt">
    </div>
    <div style="LINE-HEIGHT: 12.55pt"><br style="LINE-HEIGHT: 12.55pt">
    </div>
    <div style="LINE-HEIGHT: 12.55pt"><br style="LINE-HEIGHT: 12.55pt">
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  <div>&#160;</div>
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  <div style="FONT-SIZE: 11pt; FONT-FAMILY: Verdana, sans-serif; FONT-VARIANT: small-caps; FONT-WEIGHT: bold; TEXT-ALIGN: left; LINE-HEIGHT: 12.55pt">The Descartes Systems Group Inc.</div>
  <div style="FONT-SIZE: 11pt; FONT-FAMILY: Verdana, sans-serif; FONT-VARIANT: small-caps; FONT-WEIGHT: bold; TEXT-ALIGN: left; LINE-HEIGHT: 12.55pt">Condensed Consolidated Statements of Shareholders&#8217; Equity</div>
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  <div style="LINE-HEIGHT: 4.55pt"><br style="LINE-HEIGHT: 4.55pt">
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          <td colspan="2" style="vertical-align: top;" valign="bottom">&#160;</td>
          <td colspan="1" style="text-align: left; vertical-align: bottom;" nowrap="nowrap" valign="bottom">&#160;</td>
          <td colspan="1" style="vertical-align: bottom;" valign="bottom">&#160;</td>
          <td colspan="2" style="vertical-align: top;" valign="bottom">&#160;</td>
          <td colspan="1" style="text-align: left; vertical-align: bottom;" nowrap="nowrap" valign="bottom">&#160;</td>
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            <div style="text-align: left;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; font-weight: bold;">Common shares</font></div>
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          <td colspan="2" style="vertical-align: top;" valign="bottom">&#160;</td>
          <td colspan="1" style="text-align: left; vertical-align: bottom;" nowrap="nowrap" valign="bottom">&#160;</td>
          <td colspan="1" style="vertical-align: bottom;" valign="bottom">&#160;</td>
          <td colspan="2" style="vertical-align: top;" valign="bottom">&#160;</td>
          <td colspan="1" style="text-align: left; vertical-align: bottom;" nowrap="nowrap" valign="bottom">&#160;</td>
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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="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
          <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
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          <td colspan="1" style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: bottom; width: 1%; 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 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;">Balance, end 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>
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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 style="vertical-align: top; width: 76%;" valign="bottom">&#160;</td>
          <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
          <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
          <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">&#160;</td>
          <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">&#160;</td>
          <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
          <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
          <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">&#160;</td>
          <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">&#160;</td>
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            <div style="text-align: left;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; 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>
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          <td 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>
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          <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
          <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
          <td colspan="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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            <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 17)</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;">939</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;">733</font></div>
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        <tr>
          <td style="vertical-align: top; width: 76%; padding-bottom: 1px;">
            <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="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;">(183</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;">(118</font></div>
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          <td style="vertical-align: top; width: 76%; 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>
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          <td style="vertical-align: top; width: 76%; padding: 0px 0px 1px;">
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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-weight: bold;">Accumulated deficit</font></div>
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          <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
          <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
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          <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">&#160;</td>
          <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
          <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
          <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">&#160;</td>
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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: 76%;" valign="bottom">
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          <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
          <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
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          <td style="vertical-align: top; width: 76%; padding: 0px 0px 1px;">
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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; 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 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;">Balance, end of period</font></div>
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            <div><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; font-weight: bold;">)</font></div>
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          <td colspan="1" style="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 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>
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            <div><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; font-weight: bold;">549,030</font></div>
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            <div><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">509,739</font></div>
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  <div style="LINE-HEIGHT: 9.1pt"><br style="LINE-HEIGHT: 9.1pt">
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  <div style="FONT-SIZE: 11pt; FONT-FAMILY: Verdana, sans-serif; FONT-VARIANT: small-caps; FONT-WEIGHT: bold; TEXT-ALIGN: left; LINE-HEIGHT: 12.55pt">The Descartes Systems Group Inc.</div>
  <div style="FONT-SIZE: 11pt; FONT-FAMILY: Verdana, sans-serif; FONT-VARIANT: small-caps; FONT-WEIGHT: bold; TEXT-ALIGN: left; LINE-HEIGHT: 12.55pt">Condensed Consolidated Statements of Cash Flows</div>
  <div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, sans-serif; FONT-VARIANT: small-caps; TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt">(US dollars in thousands; US GAAP; Unaudited)
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  <div style="LINE-HEIGHT: 2.3pt"><br style="LINE-HEIGHT: 2.3pt">
  </div>
  <div style="LINE-HEIGHT: 9.1pt"><br style="LINE-HEIGHT: 9.1pt">
  </div>
  <div style="LINE-HEIGHT: 9.1pt">
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          <td style="vertical-align: top; padding: 0px 0px 1px;">&#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>
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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>
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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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          <td colspan="1" style="vertical-align: bottom; width: 1%;" 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 style="vertical-align: top; width: 76%;" valign="bottom">
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          <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
          <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
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          <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
          <td colspan="1" style="text-align: 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;">Stock-based compensation expense (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">
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          <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
          <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
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          <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
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          <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" 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 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>
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          <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
          <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
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          <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">&#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;">&#160;&#160;&#160;Accounts receivable</font></div>
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          <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
          <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
          <td colspan="1" style="vertical-align: bottom; text-align: right; 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;">&#160;&#160;&#160;Trade</font></div>
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          <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
          <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
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          <td colspan="1" style="vertical-align: bottom; width: 1%;" 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 style="vertical-align: top; width: 76%;" valign="bottom">
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          <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
          <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
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          <td colspan="1" style="vertical-align: bottom; width: 1%;" 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 style="vertical-align: top; width: 76%;" valign="bottom">
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          <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
          <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
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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 style="vertical-align: top; width: 76%;" valign="bottom">
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          <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
          <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
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          <td colspan="1" style="vertical-align: bottom; width: 1%;" 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 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;">&#160;&#160;&#160;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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          <td colspan="1" style="vertical-align: bottom; width: 1%;" 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;">&#160;&#160;&#160;Accrued liabilities</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>
          <td colspan="1" style="vertical-align: bottom; text-align: right; 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;">Additions to property and equipment</font></div>
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          <td colspan="1" style="vertical-align: bottom; width: 1%;" 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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        <tr>
          <td style="vertical-align: top; width: 76%; padding-bottom: 1px;">
            <div style="text-align: left; text-indent: -4.5pt; margin-left: 18pt;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">Acquisition of subsidiaries, net of cash acquired (Note 3)</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;">
            <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;">)</font></div>
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        <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;">Cash used in investing activities</font></div>
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          <td colspan="1" style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: bottom; width: 1%; padding-top: 0px; padding-right: 0px; padding-left: 0px;">&#160;</td>
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            <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;">)</font></div>
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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-weight: bold;">FINANCING ACTIVITIES</font></div>
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          <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
          <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
          <td colspan="1" style="vertical-align: bottom; text-align: right; 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;">Proceeds from borrowing on the credit facility</font></div>
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          <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
          <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
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            <div><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; font-weight: bold;">241,206</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;">33,167</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; 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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          <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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        <tr>
          <td 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;">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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            <div><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; font-weight: bold;">(1,382</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: bottom; width: 1%;" valign="bottom">&#160;</td>
          <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
          <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
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        <tr>
          <td style="vertical-align: top; width: 76%; padding-bottom: 1px;">
            <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 (Note 15)</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;">732</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;">453</font></div>
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        <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;">Cash 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);">
            <div><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; font-weight: bold;">220,624</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;">16,010</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 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>
          </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;">(546</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;">(451</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; font-weight: bold;">Increase 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;">2,252</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;">1,065</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; font-weight: bold;">Cash, beginning of period</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;">27,298</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;">35,145</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 2px;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; font-weight: bold;">Cash, end of period</font></div>
          </td>
          <td colspan="1" style="border-bottom: 2px 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: 2px double rgb(0, 0, 0); vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
          <td colspan="1" style="border-bottom: 2px 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;">29,550</font></div>
          </td>
          <td colspan="1" style="border-bottom: 2px 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: 2px 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: 2px double rgb(0, 0, 0); vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
          <td colspan="1" style="border-bottom: 2px 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;">36,210</font></div>
          </td>
          <td colspan="1" style="border-bottom: 2px 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">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; font-weight: bold;">Supplemental disclosure of cash flow information:</font></div>
          </td>
          <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
          <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
          <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">&#160;</td>
          <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">&#160;</td>
          <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
          <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
          <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">&#160;</td>
          <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">&#160;</td>
        </tr>
        <tr>
          <td 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 paid during the period for interest</font></div>
          </td>
          <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
          <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
          <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
            <div><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; font-weight: bold;">2,086</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;">440</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 2px;">
            <div style="text-align: left; margin-left: 13.5pt;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">Cash paid during the period for income taxes</font></div>
          </td>
          <td colspan="1" style="border-bottom: 2px 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: 2px double rgb(0, 0, 0); vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
          <td colspan="1" style="border-bottom: 2px 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;">1,065</font></div>
          </td>
          <td colspan="1" style="border-bottom: 2px 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: 2px 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: 2px double rgb(0, 0, 0); vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
          <td colspan="1" style="border-bottom: 2px 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;">1,259</font></div>
          </td>
          <td colspan="1" style="border-bottom: 2px 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>
  <div style="LINE-HEIGHT: 9.1pt"><br style="LINE-HEIGHT: 9.1pt">
  </div>
  <div style="FONT-SIZE: 8pt; FONT-FAMILY: Verdana, sans-serif; FONT-STYLE: italic; TEXT-ALIGN: left; LINE-HEIGHT: 12.55pt">The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.</div>
  <div id="DSPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; MARGIN-TOP: 10pt; CLEAR: both">
    <div id="DSPFPageNumberArea" style="TEXT-ALIGN: center"><font id="DSPFPageNumber" style="font-size: 8pt; font-family: Verdana,Geneva,&quot;sans-serif&quot;; font-weight: normal; font-style: normal;">41</font></div>
    <div id="DSPFPageBreak" style="PAGE-BREAK-AFTER: always">
      <hr style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000" noshade="noshade"> </div>
  </div>
  <div style="LINE-HEIGHT: 12.55pt"></div>
  <div style="FONT-SIZE: 11pt; FONT-FAMILY: Verdana, sans-serif; FONT-VARIANT: small-caps; FONT-WEIGHT: bold; TEXT-ALIGN: justify; LINE-HEIGHT: 12.55pt; MARGIN-RIGHT: 216pt">The Descartes Systems Group Inc.</div>
  <div style="FONT-SIZE: 11pt; FONT-FAMILY: Verdana, sans-serif; FONT-VARIANT: small-caps; FONT-WEIGHT: bold; TEXT-ALIGN: left; LINE-HEIGHT: 12.55pt">Notes to Condensed Consolidated Financial Statements</div>
  <div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, sans-serif; FONT-VARIANT: small-caps; TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt">(Tabular amounts in thousands of US dollars, except per share amounts or as otherwise indicated; US GAAP; Unaudited)
    <hr style="BORDER-TOP: medium none; HEIGHT: 2px; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; COLOR: #000000; TEXT-ALIGN: center; MARGIN-LEFT: auto; BORDER-LEFT: medium none; BACKGROUND-COLOR: #000000; MARGIN-RIGHT: auto" align="center" noshade="noshade"> </div>
  <div style="LINE-HEIGHT: 10.85pt"><br>
    <div><font style="font-size: 10pt;"><b style="mso-bidi-font-weight:normal"><font style="font-family: &quot;Verdana&quot;,sans-serif;">Note 1 - Description of the Business</font></b> </font>
      <p class="MsoNormal"><font style="mso-bidi-font-size:11.0pt;mso-ascii-font-family: Times;mso-ascii-theme-font:major-latin;mso-hansi-font-family:Times;mso-hansi-theme-font: major-latin;mso-bidi-font-family:Times;mso-bidi-theme-font:major-latin"></font></p>
      <p class="MsoNormal" style="text-align: justify; font-size: 10pt;"><font style="font-family: &quot;Verdana&quot;,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></p>
      <p class="MsoNormal" style="text-align:justify"><font style="mso-bidi-font-size: 11.0pt;mso-ascii-font-family:Times;mso-ascii-theme-font:major-latin;mso-hansi-font-family:
          Times;mso-hansi-theme-font:major-latin;mso-bidi-font-family:Times;mso-bidi-theme-font: major-latin"></font></p>
      <p class="MsoNormal"><b style="mso-bidi-font-weight:normal"><font style="font-size:9.5pt;font-family:&quot;Verdana&quot;,sans-serif;mso-bidi-font-family: Times;mso-bidi-theme-font:major-latin">Note 2 &#8211;Basis of Presentation</font></b></p>
      <p class="MsoNormal"><font style="mso-bidi-font-size:11.0pt;mso-ascii-font-family: Times;mso-ascii-theme-font:major-latin;mso-hansi-font-family:Times;mso-hansi-theme-font: major-latin;mso-bidi-font-family:Times;mso-bidi-theme-font:major-latin"></font></p>
      <p class="MsoNormal" style="text-align: justify; font-size: 10pt;"><font style="font-family: &quot;Verdana&quot;,sans-serif;">The accompanying unaudited condensed consolidated financial statements are presented in United States (&#8220;US&#8221;) dollars and are
          prepared in accordance with generally accepted accounting principles in the US (&#8220;GAAP&#8221;) and the rules and regulations of the Canadian Securities Administrators and US Securities and Exchange Commission (&#8220;SEC&#8221;) for the preparation of condensed
          financial statements. Accordingly, these unaudited condensed consolidated financial statements do not include all of the information and notes required for compliance with GAAP for annual financial statements. These statements should be read in
          conjunction with our audited annual consolidated financial statements prepared in accordance with GAAP for the fiscal year ended January 31, 2019.</font></p>
      <font style="font-size: 10pt;"> </font><font style="font-size: 10pt;"> </font>
      <p class="MsoNormal" style="text-align: justify; font-size: 10pt;"><font style="font-family: &quot;Verdana&quot;,sans-serif;">The unaudited condensed consolidated financial statements reflect all adjustments, which are, in the opinion of management,
          necessary for a fair presentation of results for the interim periods presented. The preparation of these unaudited condensed consolidated financial statements requires management to make estimates and assumptions that affect the amounts reported
          in the unaudited condensed consolidated financial statements and the accompanying notes. Actual results could differ from these estimates and the results of operations for the interim period should not be considered indicative of results to be
          expected for the full year ending January 31, 2020.</font></p>
      <font style="font-size: 10pt;"> </font><font style="font-size: 10pt;"> </font>
      <p class="MsoNormal" style="text-align: justify; font-size: 10pt;"><font style="font-family: &quot;Verdana&quot;,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, 2020, is referred to as the &#8220;current fiscal year&#8221;, &#8220;fiscal
          2020&#8221;, &#8220;2020&#8221; or using similar words. Our previous fiscal year, which ended on January 31, 2019, is referred to as the &#8220;previous fiscal year&#8221;, &#8220;fiscal 2019&#8221;, &#8220;2019&#8221; or using similar words. Other fiscal years are referenced by the applicable year
          during which the fiscal year ends. For example, &#8220;2021&#8221; refers to the annual period ending January 31, 2021 and the &#8220;fourth quarter of 2021&#8221; refers to the quarter ending January 31, 2021.</font></p>
      <font style="font-size: 10pt;"> </font><font style="font-size: 10pt;"> </font>
      <p class="MsoNormal" style="text-align: justify; page-break-after: avoid; font-size: 10pt;"><font style="font-family: &quot;Verdana&quot;,sans-serif;">Except for the changes below, the significant accounting policies used in preparing these condensed
          consolidated financial statements are unchanged from those disclosed in the Company&#8217;s fiscal 2019 annual consolidated financial statements and have been applied consistently to all periods presented in these condensed consolidated financial
          statements. </font></p>
      <font style="font-size: 10pt;"> </font><font style="font-size: 10pt;"> </font>
      <p style="font-size: 10pt;" class="MsoHeading8"><font style="font-family: &quot;Verdana&quot;,sans-serif;" lang="EN-GB">Recently adopted accounting pronouncements</font></p>
      <font style="font-size: 10pt;"> </font>
      <p class="MsoNormal" style="text-align: justify; page-break-after: avoid; font-size: 10pt;"><font style="font-family: &quot;Verdana&quot;,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 </font></p>
    </div>
  </div>
  <div id="DSPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; MARGIN-TOP: 10pt; CLEAR: both">
    <div id="DSPFPageNumberArea" style="TEXT-ALIGN: center"><font id="DSPFPageNumber" style="font-size: 8pt; font-family: Verdana,Geneva,&quot;sans-serif&quot;; font-weight: normal; font-style: normal;">42</font></div>
    <div id="DSPFPageBreak" style="PAGE-BREAK-AFTER: always">
      <hr style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000" noshade="noshade"> </div>
  </div>
  <div style="LINE-HEIGHT: 10.85pt">
    <div style="text-align: justify; font-family: Verdana, Geneva, sans-serif; font-size: 10pt;">to as &#8220;ASC 842&#8221;. These updates supersede the lease guidance in ASC Topic 840, &#8220;Leases&#8221; (&#8220;ASC 840&#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.&#160; ASC 842 is effective for annual periods, and interim periods within those
      annual periods, beginning after December 15, 2018, which is our fiscal year that began on February 1, 2019 (fiscal 2020). The Company has adopted ASC 842 as of February 1, 2019 using the cumulative effect method and therefore the comparative
      information has not been restated and continues to be reported under ASC Topic 840.</div>
    <div><br>
    </div>
    <div style="text-align: justify;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">The adoption of ASC 842 resulted in an increase to right-of-use (&#8220;ROU&#8221;) assets and lease liabilities of $10.4 million as of February 1, 2019. The
        adoption of ASC 842 did 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;">On adoption of ASC 842, we have elected to apply the practical expedient to carry forward our current assessments of whether a contract contains
        a lease, lease classification, and amounts capitalized as initial direct costs. In addition, we have elected the hindsight practical expedient to determine lease term for existing leases.</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;">Leases</font></div>
    <div style="text-align: justify;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">At the inception of a contract we assess whether a contract is, or contains, a lease based on whether the contract conveys the right to control
        the use of an identified asset for a period of time in exchange for consideration. We have building lease agreements with lease and non-lease components, which are accounted for separately. For computer equipment and vehicle leases, we have elected
        to account for the lease and non-lease components as a single lease component.</font></div>
    <div><br>
    </div>
    <div style="text-align: justify;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">We recognize an ROU asset and a lease liability at the lease commencement date. The ROU asset is initially measured based on the initial amount
        of the lease liability adjusted for any lease payments made at or before the commencement date, plus any initial direct costs incurred and less any lease incentives received. The assets are depreciated to the earlier of the end of the useful life
        of the ROU asset or the lease term using the straight-line method as this most closely reflects the expected pattern of consumption of the future economic benefits. The lease term includes periods covered by an option to extend if the Company is
        reasonably certain to exercise that option.</font></div>
    <div><br>
    </div>
    <div style="text-align: justify;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">The lease liability is initially measured at the present value of the future lease payments at the commencement date, discounted using the
        interest rate implicit in the lease or, if that rate cannot be readily determined, the Company&#8217;s incremental borrowing rate. As most of our leases do not provide an implicit rate, we use our incremental borrowing rate based on the information
        available at commencement date in determining the present value of lease payments.</font></div>
    <div><br>
    </div>
    <div style="text-align: justify;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">The lease liability is measured at amortized cost using the effective interest method. It is remeasured when there is a change in future lease
        payments arising from a change in an index or rate, if there is a change in the Company&#8217;s estimate of the amount expected to be payable under a residual value guarantee, or if the Company changes its assessment of whether it will exercise a
        purchase, extension or termination option. When the lease liability is remeasured, a corresponding adjustment is made to the carrying amount of the ROU asset, or is recorded in profit or loss if the carrying amount of the ROU asset has been reduced
        to zero.</font></div>
    <div><br>
    </div>
    <div style="text-align: justify;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">We have elected to apply the practical expedient not to recognize ROU assets and lease liabilities for short-term leases that have a lease term
        of 12 months or less. The lease payments associated with these leases is recognized as an expense on a straight-line basis over the lease term.</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 adopted 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;ASC 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</font></div>
  </div>
  <div style="LINE-HEIGHT: 10.85pt"><br style="LINE-HEIGHT: 10.85pt">
  </div>
  <div id="DSPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; MARGIN-TOP: 10pt; CLEAR: both">
    <div id="DSPFPageNumberArea" style="TEXT-ALIGN: center"><font id="DSPFPageNumber" style="font-size: 8pt; font-family: Verdana,Geneva,&quot;sans-serif&quot;; font-weight: normal; font-style: normal;">43</font></div>
    <div id="DSPFPageBreak" style="PAGE-BREAK-AFTER: always">
      <hr style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000" noshade="noshade"> </div>
  </div>
  <div style="LINE-HEIGHT: 10.85pt">
    <div style="text-align: justify; font-family: Verdana, Geneva, sans-serif; font-size: 10pt;">leases under ASC Topic 840. Leases will continue to be classified as either operating or finance.&#160; ASC 842 is effective for annual periods, and interim periods
      within those annual periods, beginning after December 15, 2018, which is our fiscal year that began on February 1, 2019 (fiscal 2020). The Company has adopted ASC 842 in the first quarter of fiscal 2020 using the cumulative effect method and
      therefore the comparative information has not been restated and continues to be reported under ASC 840.</div>
    <div><br>
    </div>
    <div style="text-align: justify;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">As permitted under ASC 842, we have elected to apply the practical expedient to carry forward our current assessments of whether a contract
        contains a lease, lease classification, remaining lease terms and amounts capitalized as initial direct costs. We have also elected to apply the practical expedient not to recognize ROU assets and lease liabilities for short-term leases that have a
        lease term of 12 months or less.</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 842 resulted in an increase to ROU assets and lease liabilities of $10.4 million as of February 1, 2019. The adoption of ASC
        842 did 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: 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 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;) and issued subsequent amendments to the initial guidance during 2020, collectively referred to as &#8220;ASC 326&#8221;. ASC 326 requires measurement and recognition of expected credit losses for financial
        assets held. ASC 326 is effective for annual periods, and interim periods within those annual periods, beginning after December 15, 2019, which will be our fiscal year beginning February 1, 2020 (fiscal 2021). Early adoption is permitted. The
        Company will adopt this guidance in the first quarter of fiscal 2021 and is currently evaluating the impact that the adoption will have on its results of operations, financial position and disclosures.</font></div>
    <div><br>
    </div>
    <div style="text-align: justify;"><font style="font-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 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 2020 Acquisitions</u></font></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 $248.9 million, 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</font></div>
  </div>
  <div id="DSPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; MARGIN-TOP: 10pt; CLEAR: both">
    <div id="DSPFPageNumberArea" style="TEXT-ALIGN: center"><font id="DSPFPageNumber" style="font-size: 8pt; font-family: Verdana,Geneva,&quot;sans-serif&quot;; font-weight: normal; font-style: normal;">44</font></div>
    <div id="DSPFPageBreak" style="PAGE-BREAK-AFTER: always">
      <hr style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000" noshade="noshade"> </div>
  </div>
  <div style="LINE-HEIGHT: 10.85pt">
    <div style="text-align: justify; font-family: Verdana, Geneva, sans-serif; font-size: 10pt;">shares from treasury. The completion of the initial purchase price allocation is pending the finalization of the fair value for certain taxation-related
      balances, accrued liability balances as well as potential unrecorded liabilities. We expect to finalize the purchase price allocation on or before February 12, 2020.</div>
    <div><br>
    </div>
    <div style="text-align: justify;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">For the business acquired during fiscal 2020, we incurred acquisition-related costs of $1.4 million for the three month period ended April 30,
        2019. The acquisition-related costs were primarily for advisory services and are included in other charges in our condensed consolidated statements of operations. During the three month period ended April 30, 2019, we have recognized revenues of
        $5.7 million, and net income (excluding any interest costs on financing the acquisition) of $1.2 million from Visual Compliance since the date of acquisition in our 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 preliminary purchase price allocation for the business acquired during 2020, which has not been finalized, is as follows:</font></div>
    <table id="z4e0375a9a79848ac83c31f30aac425d7" 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;">Visual Compliance</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>
        </tr>
        <tr>
          <td style="vertical-align: top; width: 88%;" 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 Visual Compliance ($170)</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;">239,863</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-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;">9,045</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-right: 2.45pt; margin-left: 12pt;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">Net working capital adjustments (receivable) / 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;">(219</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: 88%; padding: 0px 0px 2px;">&#160;</td>
          <td colspan="1" style="border-bottom: 2px 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: 2px double rgb(0, 0, 0); vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
          <td colspan="1" style="border-bottom: 2px 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;">248,689</font></div>
          </td>
          <td colspan="1" style="border-bottom: 2px 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-right: 2.45pt;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">Allocated to:</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: 88%;" 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;">Current assets, excluding 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: 9%;" valign="bottom">
            <div><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">4,775</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-right: 2.45pt; margin-left: 12pt;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">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;">30</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-right: 2.45pt; margin-left: 12pt;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">Deferred income tax asset</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;">27,423</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-right: 2.45pt; margin-left: 12pt;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">Right-of-use 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;">1,188</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-right: 2.45pt; margin-left: 12pt;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">Current 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;">(645</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: 88%;" 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;">Deferred 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;">(10,200</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: 88%;" 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;">Lease obligations</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;">(1,188</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: 88%; 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;">Deferred 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;">(998</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; margin-right: 2.45pt;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">Net tangible assets (liabilities) assumed</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;">20,385</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-right: 2.45pt;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">Finite life intangible assets 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: 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: 88%;" valign="bottom">
            <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>
          </td>
          <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
          <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
          <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
            <div><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">32,186</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; text-indent: 13.45pt; margin-right: 2.45pt;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">Existing technology</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;">69,422</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-right: 2.45pt; margin-left: 13.45pt;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">Trade names</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;">528</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-right: 2.45pt; margin-left: 13.45pt;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">Non-compete covenants</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;">3,165</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-right: 2.45pt;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">Goodwill</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;">123,003</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%; padding: 0px 0px 2px;">&#160;</td>
          <td colspan="1" style="border-bottom: 2px 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: 2px double rgb(0, 0, 0); vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
          <td colspan="1" style="border-bottom: 2px 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;">248,689</font></div>
          </td>
          <td colspan="1" style="border-bottom: 2px 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 transaction was accounted for using the acquisition method in accordance with ASC Topic 805, &#8220;Business Combinations&#8221;. The purchase
        price allocation in the table above represents our estimates of the allocation of the purchase price and the fair value of net assets acquired. The preliminary purchase price allocation may differ from the final purchase price allocation, and these
        differences may be material. Revisions to the allocation will occur as additional information about the fair value of assets and liabilities becomes available. The final purchase price allocation will be completed within one year from the
        acquisition dates.</font></div>
  </div>
  <div style="LINE-HEIGHT: 10.85pt"><br style="LINE-HEIGHT: 10.85pt">
  </div>
  <div style="LINE-HEIGHT: 10.85pt"><br style="LINE-HEIGHT: 10.85pt">
  </div>
  <div><br>
  </div>
  <div id="DSPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; MARGIN-TOP: 10pt; CLEAR: both">
    <div id="DSPFPageNumberArea" style="TEXT-ALIGN: center"><font id="DSPFPageNumber" style="font-size: 8pt; font-family: Verdana,Geneva,&quot;sans-serif&quot;; font-weight: normal; font-style: normal;">45</font></div>
    <div id="DSPFPageBreak" style="PAGE-BREAK-AFTER: always">
      <hr style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000" noshade="noshade"> </div>
  </div>
  <div style="LINE-HEIGHT: 10.85pt">
    <div style="text-align: left; font-family: Verdana, Geneva, sans-serif; font-size: 10pt;">The acquired intangible assets are being amortized over their estimated useful lives as follows:</div>
    <div><br>
    </div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse;" id="z5c9da1b1ecc84001a1659e00049ec1b4" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 82.02%; vertical-align: top;">&#160;</td>
          <td style="width: 17.98%; 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;">Visual Compliance</font></div>
          </td>
        </tr>
        <tr>
          <td style="width: 82.02%; 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: 17.98%; vertical-align: top; border-top: #000000 1px solid;">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">14 years</font></div>
          </td>
        </tr>
        <tr>
          <td style="width: 82.02%; 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: 17.98%; vertical-align: top;">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">7 years</font></div>
          </td>
        </tr>
        <tr>
          <td style="width: 82.02%; 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: 17.98%; 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: 82.02%; 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: 17.98%; 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;"><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 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;"><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 Visual
        Compliance, PinPoint and Velocity Mail 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 Visual Compliance,</font></div>
  </div>
  <div style="LINE-HEIGHT: 10.85pt"><br style="LINE-HEIGHT: 10.85pt">
  </div>
  <div style="LINE-HEIGHT: 10.85pt"><br style="LINE-HEIGHT: 10.85pt">
  </div>
  <div id="DSPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; MARGIN-TOP: 10pt; CLEAR: both">
    <div id="DSPFPageNumberArea" style="TEXT-ALIGN: center"><font id="DSPFPageNumber" style="font-size: 8pt; font-family: Verdana,Geneva,&quot;sans-serif&quot;; font-weight: normal; font-style: normal;">46</font></div>
    <div id="DSPFPageBreak" style="PAGE-BREAK-AFTER: always">
      <hr style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000" noshade="noshade"> </div>
  </div>
  <div style="LINE-HEIGHT: 10.85pt">
    <div style="text-align: justify; font-family: Verdana, Geneva, sans-serif; font-size: 10pt;">PinPoint and Velocity Mail occurred at the beginning of the period indicated, or to project our results of operations for any future period.</div>
    <div><br>
    </div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse;" id="z48a6b863f10a4f9d9f91d19436bd434f" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 67.45%; vertical-align: top;">&#160;</td>
          <td colspan="2" style="width: 32.55%; 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;">Three Months Ended</font></div>
          </td>
        </tr>
        <tr>
          <td style="width: 67.45%; vertical-align: top;">&#160;</td>
          <td style="width: 16.27%; 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;">April 30,</font></div>
          </td>
          <td style="width: 16.27%; vertical-align: top; border-top: #000000 1px solid;">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">April 30,</font></div>
          </td>
        </tr>
        <tr>
          <td style="width: 67.45%; vertical-align: top;">&#160;</td>
          <td style="width: 16.27%; 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: 16.27%; 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="width: 67.45%; vertical-align: top;">&#160;</td>
          <td style="width: 16.27%; vertical-align: top; border-top: #000000 1px solid;">&#160;</td>
          <td style="width: 16.27%; vertical-align: top; border-top: #000000 1px solid;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 67.45%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">Revenue</font></div>
          </td>
          <td style="width: 16.27%; vertical-align: top;">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; font-weight: bold;">79,055</font></div>
          </td>
          <td style="width: 16.27%; vertical-align: top;">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">75,911</font></div>
          </td>
        </tr>
        <tr>
          <td style="width: 67.45%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">Net income</font></div>
          </td>
          <td style="width: 16.27%; vertical-align: top;">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; font-weight: bold;">6,683</font></div>
          </td>
          <td style="width: 16.27%; vertical-align: top;">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">5,609</font></div>
          </td>
        </tr>
        <tr>
          <td style="width: 67.45%; 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: 16.27%; vertical-align: top;">&#160;</td>
          <td style="width: 16.27%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 67.45%; 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: 16.27%; vertical-align: top;">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; font-weight: bold;">0.09</font></div>
          </td>
          <td style="width: 16.27%; vertical-align: top;">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">0.07</font></div>
          </td>
        </tr>
        <tr>
          <td style="width: 67.45%; 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: 16.27%; vertical-align: top;">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; font-weight: bold;">0.09</font></div>
          </td>
          <td style="width: 16.27%; vertical-align: top;">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">0.07</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="zab102adb7cf847c191c4669919d3a16a" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 18pt;"></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="z711e1dfe374c42e596975bfad2e9c9af" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 18pt;"></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="z47ba9921463946029a3f0fbafdaca9b5" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 18pt;"></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 April 30, 2019, we had equity derivatives for 273,000 Descartes common shares with a weighted average price of $20.39.</font></div>
  </div>
  <div style="LINE-HEIGHT: 10.85pt"><br style="LINE-HEIGHT: 10.85pt">
  </div>
  <div><br>
  </div>
  <div><br>
  </div>
  <div><br>
  </div>
  <div id="DSPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; MARGIN-TOP: 10pt; CLEAR: both">
    <div id="DSPFPageNumberArea" style="TEXT-ALIGN: center"><font id="DSPFPageNumber" style="font-size: 8pt; font-family: Verdana,Geneva,&quot;sans-serif&quot;; font-weight: normal; font-style: normal;">47</font></div>
    <div id="DSPFPageBreak" style="PAGE-BREAK-AFTER: always">
      <hr style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000" noshade="noshade"> </div>
  </div>
  <div style="LINE-HEIGHT: 10.85pt">
    <div style="text-align: justify; font-family: Verdana, Geneva, sans-serif; font-size: 10pt;">The following table shows the Company&#8217;s derivative instruments measured at fair value on a recurring basis as of April 30, 2019:</div>
    <div><br>
    </div>
    <div>
      <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse;" id="z32cdff4439ad44688a674915ae728df9" border="0" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 41.36%; vertical-align: top;">&#160;</td>
            <td style="width: 20%; 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-family: Verdana, Geneva, sans-serif; font-size: 10pt;">Fair Value of Derivatives Designated as Hedge Instruments</div>
            </td>
            <td style="width: 2%; vertical-align: top; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
            <td style="width: 20%; 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 of Derivatives Not Designated As Hedge Instruments</font></div>
            </td>
            <td style="width: 2%; vertical-align: top; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
            <td style="width: 15.15%; 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</font></div>
            </td>
          </tr>
          <tr>
            <td style="width: 41.36%; 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: 20%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); text-align: right;">&#160;</td>
            <td style="width: 2%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); text-align: right;">&#160;</td>
            <td style="width: 20%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); text-align: right;">&#160;</td>
            <td style="width: 2%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); text-align: right;">&#160;</td>
            <td style="width: 15.15%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); text-align: right;">&#160;</td>
          </tr>
          <tr>
            <td style="vertical-align: top; width: 41.36%; padding-bottom: 2px;">
              <div style="text-align: left;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">Equity contracts</font></div>
            </td>
            <td style="border-bottom: 2px double rgb(0, 0, 0); vertical-align: bottom; width: 20%; text-align: right;">
              <div><font style="font-size: 10pt; font-family: Verdana,Geneva,sans-serif;">-</font></div>
            </td>
            <td style="border-bottom: 2px double rgb(0, 0, 0); vertical-align: bottom; width: 2%; text-align: right;">&#160;</td>
            <td style="border-bottom: 2px double rgb(0, 0, 0); vertical-align: bottom; width: 20%; text-align: right;">
              <div><font style="font-size: 10pt; font-family: Verdana,Geneva,sans-serif;">5,304</font></div>
            </td>
            <td style="border-bottom: 2px double rgb(0, 0, 0); vertical-align: bottom; width: 2%; text-align: right;">&#160;</td>
            <td style="border-bottom: 2px double rgb(0, 0, 0); vertical-align: bottom; width: 15.15%; text-align: right;">
              <div><font style="font-size: 10pt; font-family: Verdana,Geneva,sans-serif;">5,304</font></div>
            </td>
          </tr>

      </table>
    </div>
    <div style="text-align: justify;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;"> <br>
      </font></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 three month periods ended April 30, 2019 and April 30, 2018, we recognized an expense (recovery) in general and
        administrative expenses of ($2.6) 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 5 &#8211; Trade Receivables</font></div>
    <div><br>
    </div>
    <table id="z690ad89d72ca46ad8dfb2ad390ab773e" 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;">&#160;</td>
          <td colspan="1" style="border-top: 1px solid; vertical-align: bottom;">&#160;</td>
          <td colspan="2" style="border-top: 1px solid; vertical-align: top;">
            <div style="text-align: right; text-indent: 1.5pt;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; font-weight: bold;">April 30,</font></div>
          </td>
          <td colspan="1" style="border-top: 1px solid; vertical-align: bottom; white-space: nowrap; text-align: left;">&#160;</td>
          <td colspan="1" style="border-top: 1px solid; vertical-align: bottom;">&#160;</td>
          <td colspan="2" style="border-top: 1px solid; vertical-align: top;">
            <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="border-top: 1px solid; vertical-align: bottom; white-space: nowrap; text-align: left;">&#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;">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>
        </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;">35,712</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;">33,350</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;">(1,799</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;">(1,857</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></div>
          </td>
        </tr>
        <tr>
          <td style="vertical-align: top; width: 76%; padding: 0px 0px 2px;">&#160;</td>
          <td colspan="1" style="border-bottom: 2px 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: 2px double rgb(0, 0, 0); vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
          <td colspan="1" style="border-bottom: 2px 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;">33,913</font></div>
          </td>
          <td colspan="1" style="border-bottom: 2px 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: 2px 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: 2px double rgb(0, 0, 0); vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
          <td colspan="1" style="border-bottom: 2px 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;">31,493</font></div>
          </td>
          <td colspan="1" style="border-bottom: 2px 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 $1.1 million as at April 30, 2019 ($1.0 million as at January 31,
        2019). For the three month periods ended April 30, 2019 and April 30, 2018 bad debt expense was $0.2 million and $0.1 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="z657fd198286740249d73899799e5ac81" 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;">&#160;</td>
          <td colspan="1" style="border-top: 1px solid; vertical-align: bottom;">&#160;</td>
          <td colspan="2" style="border-top: 1px solid; vertical-align: top;">
            <div style="text-align: right; text-indent: 1.5pt;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; font-weight: bold;">April 30,</font></div>
          </td>
          <td colspan="1" style="border-top: 1px solid; vertical-align: bottom; white-space: nowrap; text-align: left;">&#160;</td>
          <td colspan="1" style="border-top: 1px solid; vertical-align: bottom;">&#160;</td>
          <td colspan="2" style="border-top: 1px solid; vertical-align: top;">
            <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="border-top: 1px solid; vertical-align: bottom; white-space: nowrap; text-align: left;">&#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;">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>
        </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;">508</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;">55</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;">4,466</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;">4,276</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>
        </tr>
        <tr>
          <td style="vertical-align: top; width: 76%; padding: 0px 0px 2px;">&#160;</td>
          <td colspan="1" style="border-bottom: 2px 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: 2px double rgb(0, 0, 0); vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
          <td colspan="1" style="border-bottom: 2px 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;">4,974</font></div>
          </td>
          <td colspan="1" style="border-bottom: 2px 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: 2px 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: 2px double rgb(0, 0, 0); vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
          <td colspan="1" style="border-bottom: 2px 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;">4,331</font></div>
          </td>
          <td colspan="1" style="border-bottom: 2px 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 April 30, 2019,
        $0.5 million ($0.1 million as at January 31, 2019) 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 the acquisition of Visual Compliance.</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 April 30, 2019 and January 31, 2019, inventory is entirely comprised of finished goods inventory. Finished goods inventory consists of
        hardware and related parts for mobile asset units held for sale. For both the three month periods ended April 30, 2019 and April 30, 2018, no provision for excess or obsolete inventories has been recorded in cost of revenues.</font></div>
  </div>
  <div style="LINE-HEIGHT: 10.85pt"><br style="LINE-HEIGHT: 10.85pt">
  </div>
  <div style="LINE-HEIGHT: 10.85pt"><br style="LINE-HEIGHT: 10.85pt">
  </div>
  <div id="DSPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; MARGIN-TOP: 10pt; CLEAR: both">
    <div id="DSPFPageNumberArea" style="TEXT-ALIGN: center"><font id="DSPFPageNumber" style="font-size: 8pt; font-family: Verdana,Geneva,&quot;sans-serif&quot;; font-weight: normal; font-style: normal;">48</font></div>
    <div id="DSPFPageBreak" style="PAGE-BREAK-AFTER: always">
      <hr style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000" noshade="noshade"> </div>
  </div>
  <div style="LINE-HEIGHT: 10.85pt">
    <div style="text-align: left; font-family: Verdana, Geneva, sans-serif; font-size: 10pt; font-weight: bold;">Note 8 &#8211; Property and Equipment</div>
    <div><br>
    </div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse;" id="zf34a296acc2647eea53108896da4c1bc" border="0" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 80%; vertical-align: top;">&#160;</td>
          <td style="width: 10%; 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: 10%; 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: 80%; vertical-align: top;">&#160;</td>
          <td style="width: 10%; 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: 10%; 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;">2019</font></div>
          </td>
        </tr>
        <tr>
          <td style="width: 80%; 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: 10%; vertical-align: top;">&#160;</td>
          <td style="width: 10%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 80%; 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: 10%; vertical-align: top;">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; font-weight: bold;">35,489</font></div>
          </td>
          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">34,870</font></div>
          </td>
        </tr>
        <tr>
          <td style="width: 80%; 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: 10%; vertical-align: top;">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; font-weight: bold;">1,266</font></div>
          </td>
          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">1,262</font></div>
          </td>
        </tr>
        <tr>
          <td style="width: 80%; 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: 10%; vertical-align: top;">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; font-weight: bold;">469</font></div>
          </td>
          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">444</font></div>
          </td>
        </tr>
        <tr>
          <td style="width: 80%; vertical-align: top;">&#160;</td>
          <td style="width: 10%; 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;">37,224</font></div>
          </td>
          <td style="width: 10%; 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;">36,576</font></div>
          </td>
        </tr>
        <tr>
          <td style="width: 80%; 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: 10%; vertical-align: top;">&#160;</td>
          <td style="width: 10%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 80%; 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: 10%; vertical-align: top;">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; font-weight: bold;">23,466</font></div>
          </td>
          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">23,070</font></div>
          </td>
        </tr>
        <tr>
          <td style="width: 80%; 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: 10%; vertical-align: top;">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; font-weight: bold;">652</font></div>
          </td>
          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">634</font></div>
          </td>
        </tr>
        <tr>
          <td style="width: 80%; 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: 10%; 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;">237</font></div>
          </td>
          <td style="width: 10%; 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;">260</font></div>
          </td>
        </tr>
        <tr>
          <td style="width: 80%; vertical-align: top;">&#160;</td>
          <td style="width: 10%; 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;">24,355</font></div>
          </td>
          <td style="width: 10%; 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;">23,964</font></div>
          </td>
        </tr>
        <tr>
          <td style="vertical-align: top; width: 80%; padding-bottom: 2px;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">Net</font></div>
          </td>
          <td style="border-bottom: 2px double rgb(0, 0, 0); border-top: 1px solid; vertical-align: top; width: 10%;">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; font-weight: bold;">12,869</font></div>
          </td>
          <td style="border-bottom: 2px double rgb(0, 0, 0); border-top: 1px solid; vertical-align: top; width: 10%;">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">12,612</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="zf4cc27dc750b492b94e0848a803d8bc4" border="0" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 80%; vertical-align: top;">&#160;</td>
          <td style="width: 10%; 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: 10%; 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: 80%; vertical-align: top;">&#160;</td>
          <td style="width: 10%; 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: 10%; 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;">2019</font></div>
          </td>
        </tr>
        <tr>
          <td style="width: 80%; 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: 10%; vertical-align: top; border-top: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 10%; vertical-align: top; border-top: 1px solid rgb(0, 0, 0);">&#160;</td>
        </tr>
        <tr>
          <td style="width: 80%; 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: 10%; vertical-align: top;">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; font-weight: bold;">207,732</font></div>
          </td>
          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">177,224</font></div>
          </td>
        </tr>
        <tr>
          <td style="width: 80%; 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: 10%; vertical-align: top;">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; font-weight: bold;">250,584</font></div>
          </td>
          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">184,641</font></div>
          </td>
        </tr>
        <tr>
          <td style="width: 80%; 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: 10%; vertical-align: top;">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; font-weight: bold;">8,214</font></div>
          </td>
          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">7,754</font></div>
          </td>
        </tr>
        <tr>
          <td style="width: 80%; 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: 10%; vertical-align: top;">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; font-weight: bold;">9,275</font></div>
          </td>
          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">6,173</font></div>
          </td>
        </tr>
        <tr>
          <td style="width: 80%; vertical-align: top;">&#160;</td>
          <td style="width: 10%; 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;">475,805</font></div>
          </td>
          <td style="width: 10%; 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;">375,792</font></div>
          </td>
        </tr>
        <tr>
          <td style="width: 80%; 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: 10%; vertical-align: top;">&#160;</td>
          <td style="width: 10%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 80%; 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: 10%; vertical-align: top;">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; font-weight: bold;">84,978</font></div>
          </td>
          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">82,028</font></div>
          </td>
        </tr>
        <tr>
          <td style="width: 80%; 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: 10%; vertical-align: top;">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; font-weight: bold;">116,147</font></div>
          </td>
          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">110,051</font></div>
          </td>
        </tr>
        <tr>
          <td style="width: 80%; 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: 10%; vertical-align: top;">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; font-weight: bold;">4,564</font></div>
          </td>
          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">4,456</font></div>
          </td>
        </tr>
        <tr>
          <td style="width: 80%; 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: 10%; vertical-align: top;">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; font-weight: bold;">3,379</font></div>
          </td>
          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">3,065</font></div>
          </td>
        </tr>
        <tr>
          <td style="width: 80%; vertical-align: top;">&#160;</td>
          <td style="width: 10%; 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;">209,068</font></div>
          </td>
          <td style="width: 10%; 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;">199,600</font></div>
          </td>
        </tr>
        <tr>
          <td style="vertical-align: top; width: 80%; padding-bottom: 2px;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">Net</font></div>
          </td>
          <td style="border-bottom: 2px double rgb(0, 0, 0); border-top: 1px solid; vertical-align: top; width: 10%;">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; font-weight: bold;">266,737</font></div>
          </td>
          <td style="border-bottom: 2px double rgb(0, 0, 0); border-top: 1px solid; vertical-align: top; width: 10%;">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">176,192</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 three month period ended April 30, 2019 is primarily due to the acquisition of Visual Compliance 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 $266.7 million over the following periods: $51.6 million for the remainder of 2020, $48.5 million for 2021, $44.2 million for 2022, $36.7 million for 2023, $25.1 million for 2024, $22.1 million for 2025, and $38.5 million thereafter.
        Expected future amortization expense is subject to fluctuations in foreign exchange rates and assumes no future adjustments to acquired intangible assets.</font></div>
    <div><br>
    </div>
    <div style="text-align: left;"><font style="font-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, 2018:</font></div>
  </div>
  <div style="LINE-HEIGHT: 10.85pt"><br style="LINE-HEIGHT: 10.85pt">
  </div>
  <div id="DSPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; MARGIN-TOP: 10pt; CLEAR: both">
    <div id="DSPFPageNumberArea" style="TEXT-ALIGN: center"><font id="DSPFPageNumber" style="font-size: 8pt; font-family: Verdana,Geneva,&quot;sans-serif&quot;; font-weight: normal; font-style: normal;">49</font></div>
    <div id="DSPFPageBreak" style="PAGE-BREAK-AFTER: always">
      <hr style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000" noshade="noshade"> </div>
  </div>
  <div style="LINE-HEIGHT: 10.85pt">
    <table id="z77235235dfb442cbb33d8dbbaac58515" 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-family: Verdana, Geneva, sans-serif; font-size: 10pt; font-weight: bold;">April 30,</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;">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>
        </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 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;">378,178</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;">350,148</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 Aljex</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;">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>
        </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>
          </td>
          <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
          <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
          <td colspan="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;">8,448</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;">Acquisition of PinPoint</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;">6,306</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;">Acquisition of Visual Compliance</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;">123,003</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>
        </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;">Adjustments on account of 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;">(3,337</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;">(5,627</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 2px;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">Balance at end of year</font></div>
          </td>
          <td colspan="1" style="border-bottom: 2px 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: 2px double rgb(0, 0, 0); vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
          <td colspan="1" style="border-bottom: 2px 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;">497,844</font></div>
          </td>
          <td colspan="1" style="border-bottom: 2px 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: 2px 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: 2px double rgb(0, 0, 0); vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
          <td colspan="1" style="border-bottom: 2px 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;">378,178</font></div>
          </td>
          <td colspan="1" style="border-bottom: 2px 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 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>
    <table id="ze4a18846ba4c42f8a16b9f1de73e5799" 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;">April 30,</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;">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>
        </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;">Accrued compensation and benefits</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;">18,972</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;">16,771</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;">Accrued professional fees</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;">1,328</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;">1,137</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 accrued 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;">13,840</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;">11,484</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 2px;">&#160;</td>
          <td colspan="1" style="border-bottom: 2px 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: 2px double rgb(0, 0, 0); vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
          <td colspan="1" style="border-bottom: 2px 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;">34,140</font></div>
          </td>
          <td colspan="1" style="border-bottom: 2px 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: 2px 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: 2px double rgb(0, 0, 0); vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
          <td colspan="1" style="border-bottom: 2px 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;">29,392</font></div>
          </td>
          <td colspan="1" style="border-bottom: 2px 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 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 id="ze0e2ad1b3ce044b0a8a4eb3317d89b53" 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;">April 30,</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;">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>
        </tr>
        <tr>
          <td 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;">Credit facility</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;">242,670</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;">25,464</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%; padding: 0px 0px 2px;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">Total amount outstanding</font></div>
          </td>
          <td colspan="1" style="border-bottom: 2px 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: 2px double rgb(0, 0, 0); vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
          <td colspan="1" style="border-bottom: 2px 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;">242,670</font></div>
          </td>
          <td colspan="1" style="border-bottom: 2px 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: 2px 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: 2px double rgb(0, 0, 0); vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
          <td colspan="1" style="border-bottom: 2px 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;">25,464</font></div>
          </td>
          <td colspan="1" style="border-bottom: 2px 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 2px;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">Available for use</font></div>
          </td>
          <td colspan="1" style="border-bottom: 2px 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: 2px double rgb(0, 0, 0); vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
          <td colspan="1" style="border-bottom: 2px 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;">107,330</font></div>
          </td>
          <td colspan="1" style="border-bottom: 2px 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: 2px 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: 2px double rgb(0, 0, 0); vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
          <td colspan="1" style="border-bottom: 2px 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;">324,536</font></div>
          </td>
          <td colspan="1" style="border-bottom: 2px 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;">As at April 30, 2019, the outstanding balance of $242.7 million was required to be repaid in January 2024. We were in compliance with the
        covenants of the credit facility as of April 30, 2019.</font></div>
    <div><br>
    </div>
  </div>
  <div style="LINE-HEIGHT: 10.85pt"><br style="LINE-HEIGHT: 10.85pt">
  </div>
  <div style="LINE-HEIGHT: 10.85pt"><br style="LINE-HEIGHT: 10.85pt">
  </div>
  <div style="LINE-HEIGHT: 10.85pt"></div>
  <div id="DSPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; MARGIN-TOP: 10pt; CLEAR: both">
    <div id="DSPFPageNumberArea" style="TEXT-ALIGN: center"><font id="DSPFPageNumber" style="font-size: 8pt; font-family: Verdana,Geneva,&quot;sans-serif&quot;; font-weight: normal; font-style: normal;">50</font></div>
    <div id="DSPFPageBreak" style="PAGE-BREAK-AFTER: always">
      <hr style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000" noshade="noshade"> </div>
  </div>
  <div style="LINE-HEIGHT: 10.85pt"></div>
  <div style="LINE-HEIGHT: 10.85pt">
    <p class="MsoNormal" style="text-align:justify"><font style="font-size:9.5pt;font-family:&quot;Verdana&quot;,sans-serif;mso-bidi-font-family: Times;mso-bidi-theme-font:major-latin;mso-ansi-language:EN-GB" lang="EN-GB">As at April 30, 2019, we had
        outstanding letters of credit of approximately $0.1 million ($0.2 million as at January 31, 2019), which were not related to our credit facility.</font></p>
    <p class="MsoNormal" style="page-break-after:avoid"><a name="_Hlk8832119"><b style="mso-bidi-font-weight:normal"><font style="font-size:9.5pt;font-family: &quot;Verdana&quot;,sans-serif;mso-bidi-font-family:Times;mso-bidi-theme-font:major-latin">Note
            13 - Leases</font></b></a></p>
    <p class="MsoNormal" style="text-align:justify;page-break-after:avoid"><font style="mso-bookmark:_Hlk8832119"><font style="font-size:9.5pt;font-family:&quot;Verdana&quot;,sans-serif;
          mso-bidi-font-family:Times;mso-bidi-theme-font:major-latin;mso-bidi-font-weight: bold;mso-bidi-font-style:italic">We have operating leases for buildings, vehicles and computer equipment. Our leases have remaining terms of 1 to 7 years, some of
          which include options to extend the leases for up to 3 years. </font></font></p>
    <p class="MsoNormal" style="text-align:justify;page-break-after:avoid"><font style="mso-bookmark:_Hlk8832119"><font style="font-size:9.5pt;font-family:&quot;Verdana&quot;,sans-serif;
          mso-bidi-font-family:Times;mso-bidi-theme-font:major-latin;mso-bidi-font-weight: bold;mso-bidi-font-style:italic"></font></font></p>
    <p class="MsoNormal" style="text-align:justify;page-break-after:avoid"><font style="mso-bookmark:_Hlk8832119"><font style="font-size:9.5pt;font-family:&quot;Verdana&quot;,sans-serif;
          mso-bidi-font-family:Times;mso-bidi-theme-font:major-latin;mso-bidi-font-weight: bold;mso-bidi-font-style:italic">The components of operating lease expense were as follows: </font></font></p>
    <p class="MsoNormal" style="text-align:justify;page-break-after:avoid"><font style="mso-bookmark:_Hlk8832119"><font style="font-size:9.5pt;font-family:&quot;Verdana&quot;,sans-serif;
          mso-bidi-font-family:Times;mso-bidi-theme-font:major-latin;mso-bidi-font-weight: bold;mso-bidi-font-style:italic"></font></font></p>
    <table class="MsoNormalTable" style="border-collapse: collapse; margin: 0px 0px 0px 1.5pt; width: 100%;" border="0" cellpadding="0" cellspacing="0">

        <tr style="mso-yfti-irow:0;mso-yfti-firstrow:yes;height:12.9pt">
          <td style="width: 80%; padding: 0in 1.5pt; height: 12.9pt;" valign="bottom"><font style="mso-bookmark:_Hlk8832119"></font>
            <p class="MsoNormal" style="page-break-after:avoid"><font style="mso-bookmark: _Hlk8832119"><font style="font-size:9.5pt;font-family:&quot;Verdana&quot;,sans-serif; mso-bidi-font-family:Times;mso-bidi-theme-font:major-latin;layout-grid-mode:
                  line;mso-bidi-font-weight:bold">&#160;</font></font></p>
          </td>
          <td style="width: 5%; padding: 0in 1.5pt; height: 12.9pt;" valign="bottom"><font style="mso-bookmark:_Hlk8832119"></font>
            <p class="MsoNormal" style="text-align:right;page-break-after:avoid" align="right"><font style="mso-bookmark:_Hlk8832119"><b style="mso-bidi-font-weight:normal"><font style="font-size:9.5pt;font-family:&quot;Verdana&quot;,sans-serif;mso-bidi-font-family: Times;mso-bidi-theme-font:major-latin;layout-grid-mode:line">&#160;</font></b></font></p>
          </td>
          <td style="width: 5%; padding: 0in 1.5pt; height: 12.9pt;" valign="bottom"><font style="mso-bookmark:_Hlk8832119"></font>
            <p class="MsoNormal" style="text-align:right;page-break-after:avoid" align="right"><font style="mso-bookmark:_Hlk8832119"><b style="mso-bidi-font-weight:normal"><font style="font-size:9.5pt;font-family:&quot;Verdana&quot;,sans-serif;mso-bidi-font-family: Times;mso-bidi-theme-font:major-latin;layout-grid-mode:line">&#160;</font></b></font></p>
          </td>
          <td style="width: 10%; border-width: 1pt medium; border-style: solid none; border-color: windowtext -moz-use-text-color; padding: 0in 1.5pt; height: 12.9pt;" valign="bottom">
            <p class="MsoNormal" style="margin-left:9.0pt;text-align:right; page-break-after:avoid" align="right"><font style="mso-bookmark:_Hlk8832119"><b style="mso-bidi-font-weight:normal"><font style="font-size:9.5pt;font-family:
                    &quot;Verdana&quot;,sans-serif;mso-bidi-font-family:Times;mso-bidi-theme-font:major-latin; layout-grid-mode:line">Three Months Ended</font></b></font></p>
          </td>
        </tr>
        <tr style="mso-yfti-irow:1;height:12.9pt">
          <td style="width: 80%; padding: 0in 1.5pt; height: 12.9pt;" valign="bottom"><font style="mso-bookmark:_Hlk8832119"></font>
            <p class="MsoNormal" style="page-break-after:avoid"><font style="mso-bookmark: _Hlk8832119"><font style="font-size:9.5pt;font-family:&quot;Verdana&quot;,sans-serif; mso-bidi-font-family:Times;mso-bidi-theme-font:major-latin;layout-grid-mode:
                  line;mso-bidi-font-weight:bold">&#160;</font></font></p>
          </td>
          <td style="width: 5%; padding: 0in 1.5pt; height: 12.9pt;" valign="bottom"><font style="mso-bookmark:_Hlk8832119"></font>
            <p class="MsoNormal" style="text-align:right;page-break-after:avoid" align="right"><font style="mso-bookmark:_Hlk8832119"><b style="mso-bidi-font-weight:normal"><font style="font-size:9.5pt;font-family:&quot;Verdana&quot;,sans-serif;mso-bidi-font-family: Times;mso-bidi-theme-font:major-latin;layout-grid-mode:line">&#160;</font></b></font></p>
          </td>
          <td style="width: 5%; padding: 0in 1.5pt; height: 12.9pt;" valign="bottom"><font style="mso-bookmark:_Hlk8832119"></font>
            <p class="MsoNormal" style="text-align:right;page-break-after:avoid" align="right"><font style="mso-bookmark:_Hlk8832119"><b style="mso-bidi-font-weight:normal"><font style="font-size:9.5pt;font-family:&quot;Verdana&quot;,sans-serif;mso-bidi-font-family: Times;mso-bidi-theme-font:major-latin;layout-grid-mode:line">&#160;</font></b></font></p>
          </td>
          <td style="width: 10%; border-width: medium medium 1pt; border-style: none none solid; border-color: -moz-use-text-color -moz-use-text-color windowtext; -moz-border-top-colors: none; -moz-border-right-colors: none; -moz-border-bottom-colors:
            none; -moz-border-left-colors: none; border-image: none; padding: 0in 1.5pt; height: 12.9pt;" valign="bottom">
            <p class="MsoNormal" style="margin-left:9.0pt;text-align:right; page-break-after:avoid" align="right"><font style="mso-bookmark:_Hlk8832119"><b style="mso-bidi-font-weight:normal"><font style="font-size:9.5pt;font-family:
                    &quot;Verdana&quot;,sans-serif;mso-bidi-font-family:Times;mso-bidi-theme-font:major-latin; layout-grid-mode:line">April 30, 2019</font></b></font></p>
          </td>
        </tr>
        <tr style="mso-yfti-irow:2;height:12.9pt">
          <td style="width: 80%; padding: 0in 1.5pt; height: 12.9pt;" valign="top">
            <p class="MsoNormal" style="page-break-after:avoid"><font style="mso-bookmark: _Hlk8832119"><font style="font-size:9.5pt;font-family:&quot;Verdana&quot;,sans-serif; mso-bidi-font-family:Times;mso-bidi-theme-font:major-latin;layout-grid-mode:
                  line;mso-bidi-font-weight:bold">Operating lease cost</font></font></p>
          </td>
          <td style="width: 5%; padding: 0in 1.5pt; height: 12.9pt;" valign="top"><font style="mso-bookmark:_Hlk8832119"></font> </td>
          <td style="width: 5%; padding: 0in 1.5pt; height: 12.9pt;" valign="top"><font style="mso-bookmark:_Hlk8832119"></font> </td>
          <td style="width: 10%; padding: 0in 1.5pt; height: 12.9pt;" valign="top">
            <p class="MsoNormal" style="text-align:right;page-break-after:avoid" align="right"><font style="mso-bookmark:_Hlk8832119"><b style="mso-bidi-font-weight:normal"><font style="font-size:9.5pt;font-family:&quot;Verdana&quot;,sans-serif;mso-bidi-font-family: Times;mso-bidi-theme-font:major-latin;layout-grid-mode:line">1,182</font></b></font></p>
          </td>
        </tr>
        <tr style="mso-yfti-irow:3;height:12.9pt">
          <td style="width: 80%; padding: 0in 1.5pt; height: 12.9pt;" valign="top">
            <p class="MsoNormal" style="page-break-after:avoid"><font style="mso-bookmark: _Hlk8832119"><font style="font-size:9.5pt;font-family:&quot;Verdana&quot;,sans-serif; mso-bidi-font-family:Times;mso-bidi-theme-font:major-latin;layout-grid-mode:
                  line;mso-bidi-font-weight:bold">Short-term lease cost</font></font></p>
          </td>
          <td style="width: 5%; padding: 0in 1.5pt; height: 12.9pt;" valign="top"><font style="mso-bookmark:_Hlk8832119"></font> </td>
          <td style="width: 5%; padding: 0in 1.5pt; height: 12.9pt;" valign="top"><font style="mso-bookmark:_Hlk8832119"></font> </td>
          <td style="width: 10%; padding: 0in 1.5pt; height: 12.9pt;" valign="top">
            <p class="MsoNormal" style="text-align:right;page-break-after:avoid" align="right"><font style="mso-bookmark:_Hlk8832119"><b style="mso-bidi-font-weight:normal"><font style="font-size:9.5pt;font-family:&quot;Verdana&quot;,sans-serif;mso-bidi-font-family: Times;mso-bidi-theme-font:major-latin;layout-grid-mode:line">296</font></b></font></p>
          </td>
        </tr>
        <tr style="mso-yfti-irow:4;mso-yfti-lastrow:yes;height:12.9pt">
          <td style="width: 80%; padding: 0in 1.5pt; height: 12.9pt;" valign="top">
            <p class="MsoNormal"><font style="mso-bookmark:_Hlk8832119"><font style="font-size:9.5pt;font-family:&quot;Verdana&quot;,sans-serif;mso-bidi-font-family: Times;mso-bidi-theme-font:major-latin;layout-grid-mode:line;mso-bidi-font-weight: bold">Total


                  operating lease cost</font></font></p>
          </td>
          <td style="width: 5%; padding: 0in 1.5pt; height: 12.9pt;" valign="top"><font style="mso-bookmark:_Hlk8832119"></font> </td>
          <td style="width: 5%; padding: 0in 1.5pt; height: 12.9pt;" valign="top"><font style="mso-bookmark:_Hlk8832119"></font> </td>
          <td style="border-width: 1pt medium 2px; border-style: solid none double; border-color: rgb(0, 0, 0) -moz-use-text-color; height: 12.9pt; vertical-align: top; width: 10%; padding: 0in 1.5pt;">
            <p class="MsoNormal" style="text-align:right;page-break-after:avoid" align="right"><font style="mso-bookmark:_Hlk8832119"><b style="mso-bidi-font-weight:normal"><font style="font-size:9.5pt;font-family:&quot;Verdana&quot;,sans-serif;mso-bidi-font-family: Times;mso-bidi-theme-font:major-latin;layout-grid-mode:line">1,478</font></b></font></p>
          </td>
        </tr>

    </table>
    <font style="mso-bookmark:_Hlk8832119"></font><font style="mso-bookmark:_Hlk8832119"></font><font style="mso-bookmark:_Hlk8832119"></font><font style="mso-bookmark:_Hlk8832119"></font><font style="mso-bookmark:_Hlk8832119"></font><font style="mso-bookmark:_Hlk8832119"></font><font style="mso-bookmark:_Hlk8832119"></font><font style="mso-bookmark:_Hlk8832119"></font><font style="mso-bookmark:_Hlk8832119"></font><font style="mso-bookmark:_Hlk8832119"></font><font style="mso-bookmark:_Hlk8832119"></font><font style="mso-bookmark:_Hlk8832119"></font><font style="mso-bookmark:_Hlk8832119"></font><font style="mso-bookmark:_Hlk8832119"></font><font style="mso-bookmark:_Hlk8832119"></font><font style="mso-bookmark:_Hlk8832119"></font><font style="mso-bookmark:_Hlk8832119"></font><font style="mso-bookmark:_Hlk8832119"></font><font style="mso-bookmark:_Hlk8832119"></font><font style="mso-bookmark:_Hlk8832119"></font>
    <p class="MsoNormal" style="text-align:justify;page-break-after:avoid"><font style="mso-bookmark:_Hlk8832119"><font style="font-size:9.5pt;font-family:&quot;Verdana&quot;,sans-serif;
          mso-bidi-font-family:Times;mso-bidi-theme-font:major-latin;mso-bidi-font-weight: bold;mso-bidi-font-style:italic"></font></font></p>
    <p class="MsoNormal" style="text-align:justify;page-break-after:avoid"><font style="mso-bookmark:_Hlk8832119"><font style="font-size:9.5pt;font-family:&quot;Verdana&quot;,sans-serif;
          mso-bidi-font-family:Times;mso-bidi-theme-font:major-latin;mso-bidi-font-weight: bold;mso-bidi-font-style:italic">Supplemental cash flow information related to operating leases was as follows: </font></font></p>
    <p class="MsoNormal" style="text-align:justify;page-break-after:avoid"><font style="mso-bookmark:_Hlk8832119"><font style="font-size:9.5pt;font-family:&quot;Verdana&quot;,sans-serif;
          mso-bidi-font-family:Times;mso-bidi-theme-font:major-latin;mso-bidi-font-weight: bold;mso-bidi-font-style:italic"></font></font></p>
    <table class="MsoNormalTable" style="border-collapse: collapse; margin: 0px 0px 0px 1.5pt; width: 100%;" border="0" cellpadding="0" cellspacing="0">

        <tr style="mso-yfti-irow:0;mso-yfti-firstrow:yes;height:12.9pt">
          <td style="width: 80%; padding: 0in 1.5pt; height: 12.9pt;" valign="bottom"><font style="mso-bookmark:_Hlk8832119"></font>
            <p class="MsoNormal" style="page-break-after:avoid"><font style="mso-bookmark: _Hlk8832119"><font style="font-size:9.5pt;font-family:&quot;Verdana&quot;,sans-serif; mso-bidi-font-family:Times;mso-bidi-theme-font:major-latin;layout-grid-mode:
                  line;mso-bidi-font-weight:bold">&#160;</font></font></p>
          </td>
          <td style="width: 5%; padding: 0in 1.5pt; height: 12.9pt;" valign="bottom"><font style="mso-bookmark:_Hlk8832119"></font>
            <p class="MsoNormal" style="text-align:right;page-break-after:avoid" align="right"><font style="mso-bookmark:_Hlk8832119"><b style="mso-bidi-font-weight:normal"><font style="font-size:9.5pt;font-family:&quot;Verdana&quot;,sans-serif;mso-bidi-font-family: Times;mso-bidi-theme-font:major-latin;layout-grid-mode:line">&#160;</font></b></font></p>
          </td>
          <td style="width: 5%; padding: 0in 1.5pt; height: 12.9pt;" valign="bottom"><font style="mso-bookmark:_Hlk8832119"></font>
            <p class="MsoNormal" style="text-align:right;page-break-after:avoid" align="right"><font style="mso-bookmark:_Hlk8832119"><b style="mso-bidi-font-weight:normal"><font style="font-size:9.5pt;font-family:&quot;Verdana&quot;,sans-serif;mso-bidi-font-family: Times;mso-bidi-theme-font:major-latin;layout-grid-mode:line">&#160;</font></b></font></p>
          </td>
          <td style="width: 10%; border-width: 1pt medium; border-style: solid none; border-color: windowtext -moz-use-text-color; padding: 0in 1.5pt; height: 12.9pt; text-align: right; vertical-align: bottom;">
            <p class="MsoNormal" style="margin-left: 9pt; page-break-after: avoid;"><b><font style="font-size: 9.5pt; font-family: &quot;Verdana&quot;,sans-serif;">Three Months Ended</font></b></p>
          </td>
        </tr>
        <tr style="mso-yfti-irow:1;height:12.9pt">
          <td style="width: 80%; padding: 0in 1.5pt; height: 12.9pt;" valign="bottom"><font style="mso-bookmark:_Hlk8832119"></font>
            <p class="MsoNormal" style="page-break-after:avoid"><font style="mso-bookmark: _Hlk8832119"><font style="font-size:9.5pt;font-family:&quot;Verdana&quot;,sans-serif; mso-bidi-font-family:Times;mso-bidi-theme-font:major-latin;layout-grid-mode:
                  line;mso-bidi-font-weight:bold">&#160;</font></font></p>
          </td>
          <td style="width: 5%; padding: 0in 1.5pt; height: 12.9pt;" valign="bottom"><font style="mso-bookmark:_Hlk8832119"></font>
            <p class="MsoNormal" style="text-align:right;page-break-after:avoid" align="right"><font style="mso-bookmark:_Hlk8832119"><b style="mso-bidi-font-weight:normal"><font style="font-size:9.5pt;font-family:&quot;Verdana&quot;,sans-serif;mso-bidi-font-family: Times;mso-bidi-theme-font:major-latin;layout-grid-mode:line">&#160;</font></b></font></p>
          </td>
          <td style="width: 5%; padding: 0in 1.5pt; height: 12.9pt;" valign="bottom"><font style="mso-bookmark:_Hlk8832119"></font>
            <p class="MsoNormal" style="text-align:right;page-break-after:avoid" align="right"><font style="mso-bookmark:_Hlk8832119"><b style="mso-bidi-font-weight:normal"><font style="font-size:9.5pt;font-family:&quot;Verdana&quot;,sans-serif;mso-bidi-font-family: Times;mso-bidi-theme-font:major-latin;layout-grid-mode:line">&#160;</font></b></font></p>
          </td>
          <td style="width: 10%; border-width: medium medium 1pt; border-style: none none solid; border-color: -moz-use-text-color -moz-use-text-color windowtext; -moz-border-top-colors: none; -moz-border-right-colors: none; -moz-border-bottom-colors:
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            <p class="MsoNormal" style="margin-left: 9pt; page-break-after: avoid;"><b><font style="font-size: 9.5pt; font-family: &quot;Verdana&quot;,sans-serif;">April 30, 2019</font></b></p>
          </td>
        </tr>
        <tr style="mso-yfti-irow:2;height:12.9pt">
          <td style="width: 80%; padding: 0in 1.5pt; height: 12.9pt;" valign="top">
            <p class="MsoNormal" style="page-break-after:avoid"><font style="mso-bookmark: _Hlk8832119"><font style="font-size:9.5pt;font-family:&quot;Verdana&quot;,sans-serif; mso-bidi-font-family:Times;mso-bidi-theme-font:major-latin;layout-grid-mode:
                  line;mso-bidi-font-weight:bold">Operating cash outflows from operating leases included in measurement of lease liabilities</font></font></p>
          </td>
          <td style="width: 5%; padding: 0in 1.5pt; height: 12.9pt;" valign="top"><font style="mso-bookmark:_Hlk8832119"></font>
            <p class="MsoNormal" style="text-align:right;page-break-after:avoid" align="right"><font style="mso-bookmark:_Hlk8832119"><font style="font-size:9.5pt;font-family:
                  &quot;Verdana&quot;,sans-serif;mso-bidi-font-family:Times;mso-bidi-theme-font:major-latin; layout-grid-mode:line">&#160;</font></font></p>
          </td>
          <td style="width: 5%; padding: 0in 1.5pt; height: 12.9pt;" valign="top"><font style="mso-bookmark:_Hlk8832119"></font>
            <p class="MsoNormal" style="text-align:right;page-break-after:avoid" align="right"><font style="mso-bookmark:_Hlk8832119"><font style="font-size:9.5pt;font-family:
                  &quot;Verdana&quot;,sans-serif;mso-bidi-font-family:Times;mso-bidi-theme-font:major-latin; layout-grid-mode:line">&#160;</font></font></p>
          </td>
          <td style="width: 10%; padding: 0in 1.5pt; height: 12.9pt; text-align: right; vertical-align: bottom;">
            <p class="MsoNormal" style="page-break-after: avoid;"><b><font style="font-size: 9.5pt; font-family: &quot;Verdana&quot;,sans-serif;">805</font></b></p>
          </td>
        </tr>
        <tr style="mso-yfti-irow:3;mso-yfti-lastrow:yes;height:12.9pt">
          <td style="width: 80%; padding: 0in 1.5pt; height: 12.9pt;" valign="top">
            <p class="MsoNormal" style="page-break-after:avoid"><font style="mso-bookmark: _Hlk8832119"><font style="font-size:9.5pt;font-family:&quot;Verdana&quot;,sans-serif; mso-bidi-font-family:Times;mso-bidi-theme-font:major-latin;layout-grid-mode:
                  line;mso-bidi-font-weight:bold">New ROU assets obtained in exchange for lease obligations</font></font></p>
          </td>
          <td style="width: 5%; padding: 0in 1.5pt; height: 12.9pt;" valign="top"><font style="mso-bookmark:_Hlk8832119"></font>
            <p class="MsoNormal" style="text-align:right;page-break-after:avoid" align="right"><font style="mso-bookmark:_Hlk8832119"><font style="font-size:9.5pt;font-family:
                  &quot;Verdana&quot;,sans-serif;mso-bidi-font-family:Times;mso-bidi-theme-font:major-latin; layout-grid-mode:line">&#160;</font></font></p>
          </td>
          <td style="width: 5%; padding: 0in 1.5pt; height: 12.9pt;" valign="top"><font style="mso-bookmark:_Hlk8832119"></font>
            <p class="MsoNormal" style="text-align:right;page-break-after:avoid" align="right"><font style="mso-bookmark:_Hlk8832119"><font style="font-size:9.5pt;font-family:
                  &quot;Verdana&quot;,sans-serif;mso-bidi-font-family:Times;mso-bidi-theme-font:major-latin; layout-grid-mode:line">&#160;</font></font></p>
          </td>
          <td style="width: 10%; padding: 0in 1.5pt; height: 12.9pt; text-align: right; vertical-align: bottom;">
            <p class="MsoNormal" style="page-break-after: avoid;"><b><font style="font-size: 9.5pt; font-family: &quot;Verdana&quot;,sans-serif;">1,020</font></b></p>
          </td>
        </tr>

    </table>
    <font style="mso-bookmark:_Hlk8832119"></font><font style="mso-bookmark:_Hlk8832119"></font><font style="mso-bookmark:_Hlk8832119"></font><font style="mso-bookmark:_Hlk8832119"></font><font style="mso-bookmark:_Hlk8832119"></font><font style="mso-bookmark:_Hlk8832119"></font><font style="mso-bookmark:_Hlk8832119"></font><font style="mso-bookmark:_Hlk8832119"></font><font style="mso-bookmark:_Hlk8832119"></font><font style="mso-bookmark:_Hlk8832119"></font><font style="mso-bookmark:_Hlk8832119"></font><font style="mso-bookmark:_Hlk8832119"></font><font style="mso-bookmark:_Hlk8832119"></font><font style="mso-bookmark:_Hlk8832119"></font><font style="mso-bookmark:_Hlk8832119"></font><font style="mso-bookmark:_Hlk8832119"></font>
    <p class="MsoNormal" style="text-align:justify;page-break-after:avoid"><font style="mso-bookmark:_Hlk8832119"><font style="font-size:9.5pt;font-family:&quot;Verdana&quot;,sans-serif;
          mso-bidi-font-family:Times;mso-bidi-theme-font:major-latin;mso-bidi-font-weight: bold;mso-bidi-font-style:italic"></font></font></p>
    <p class="MsoNormal" style="text-align:justify;page-break-after:avoid"><font style="mso-bookmark:_Hlk8832119"><font style="font-size:9.5pt;font-family:&quot;Verdana&quot;,sans-serif;
          mso-bidi-font-family:Times;mso-bidi-theme-font:major-latin;mso-bidi-font-weight: bold;mso-bidi-font-style:italic">Supplemental information related to operating leases was as follows: </font></font></p>
    <p class="MsoNormal" style="text-align:justify;page-break-after:avoid"><font style="mso-bookmark:_Hlk8832119"><font style="font-size:9.5pt;font-family:&quot;Verdana&quot;,sans-serif;
          mso-bidi-font-family:Times;mso-bidi-theme-font:major-latin;mso-bidi-font-weight: bold;mso-bidi-font-style:italic"></font></font></p>
    <table class="MsoNormalTable" style="border-collapse: collapse; margin: 0px 0px 0px 1.5pt; width: 100%;" border="0" cellpadding="0" cellspacing="0">

        <tr style="mso-yfti-irow:0;mso-yfti-firstrow:yes;height:12.9pt">
          <td style="width: 80%; padding: 0in 1.5pt; height: 12.9pt;" valign="bottom"><font style="mso-bookmark:_Hlk8832119"></font>
            <p class="MsoNormal" style="page-break-after:avoid"><font style="mso-bookmark: _Hlk8832119"><font style="font-size:9.5pt;font-family:&quot;Verdana&quot;,sans-serif; mso-bidi-font-family:Times;mso-bidi-theme-font:major-latin;layout-grid-mode:
                  line;mso-bidi-font-weight:bold">&#160;</font></font></p>
          </td>
          <td style="width: 5%; padding: 0in 1.5pt; height: 12.9pt;" valign="bottom"><font style="mso-bookmark:_Hlk8832119"></font>
            <p class="MsoNormal" style="text-align:right;page-break-after:avoid" align="right"><font style="mso-bookmark:_Hlk8832119"><b style="mso-bidi-font-weight:normal"><font style="font-size:9.5pt;font-family:&quot;Verdana&quot;,sans-serif;mso-bidi-font-family: Times;mso-bidi-theme-font:major-latin;layout-grid-mode:line">&#160;</font></b></font></p>
          </td>
          <td style="width: 5%; padding: 0in 1.5pt; height: 12.9pt;" valign="bottom"><font style="mso-bookmark:_Hlk8832119"></font>
            <p class="MsoNormal" style="text-align:right;page-break-after:avoid" align="right"><font style="mso-bookmark:_Hlk8832119"><b style="mso-bidi-font-weight:normal"><font style="font-size:9.5pt;font-family:&quot;Verdana&quot;,sans-serif;mso-bidi-font-family: Times;mso-bidi-theme-font:major-latin;layout-grid-mode:line">&#160;</font></b></font></p>
          </td>
          <td style="width: 10%; border-width: 1pt medium; border-style: solid none; border-color: windowtext -moz-use-text-color; padding: 0in 1.5pt; height: 12.9pt;" valign="bottom">
            <p class="MsoNormal" style="margin-left:9.0pt;text-align:right; page-break-after:avoid" align="right"><font style="mso-bookmark:_Hlk8832119"><b style="mso-bidi-font-weight:normal"><font style="font-size:9.5pt;font-family:
                    &quot;Verdana&quot;,sans-serif;mso-bidi-font-family:Times;mso-bidi-theme-font:major-latin; layout-grid-mode:line">April 30, 2019</font></b></font></p>
          </td>
        </tr>
        <tr style="mso-yfti-irow:1;height:12.9pt">
          <td style="width: 80%; padding: 0in 1.5pt; height: 12.9pt;" valign="top">
            <p class="MsoNormal" style="page-break-after:avoid"><font style="mso-bookmark: _Hlk8832119"><font style="font-size:9.5pt;font-family:&quot;Verdana&quot;,sans-serif; mso-bidi-font-family:Times;mso-bidi-theme-font:major-latin;layout-grid-mode:
                  line;mso-bidi-font-weight:bold">Weighted average remaining lease term (years)</font></font></p>
          </td>
          <td style="width: 5%; padding: 0in 1.5pt; height: 12.9pt;" valign="top"><font style="mso-bookmark:_Hlk8832119"></font>
            <p class="MsoNormal" style="text-align:right;page-break-after:avoid" align="right"><font style="mso-bookmark:_Hlk8832119"><font style="font-size:9.5pt;font-family:
                  &quot;Verdana&quot;,sans-serif;mso-bidi-font-family:Times;mso-bidi-theme-font:major-latin; layout-grid-mode:line">&#160;</font></font></p>
          </td>
          <td style="width: 5%; padding: 0in 1.5pt; height: 12.9pt;" valign="top"><font style="mso-bookmark:_Hlk8832119"></font>
            <p class="MsoNormal" style="text-align:right;page-break-after:avoid" align="right"><font style="mso-bookmark:_Hlk8832119"><font style="font-size:9.5pt;font-family:
                  &quot;Verdana&quot;,sans-serif;mso-bidi-font-family:Times;mso-bidi-theme-font:major-latin; layout-grid-mode:line">&#160;</font></font></p>
          </td>
          <td style="width: 10%; padding: 0in 1.5pt; height: 12.9pt; text-align: right; vertical-align: bottom;">
            <p class="MsoNormal" style="page-break-after: avoid;"><b><font style="font-size: 9.5pt; font-family: &quot;Verdana&quot;,sans-serif;">4</font></b></p>
          </td>
        </tr>
        <tr style="mso-yfti-irow:2;mso-yfti-lastrow:yes;height:12.9pt">
          <td style="width: 80%; padding: 0in 1.5pt; height: 12.9pt;" valign="top">
            <p class="MsoNormal" style="page-break-after:avoid"><font style="mso-bookmark: _Hlk8832119"><font style="font-size:9.5pt;font-family:&quot;Verdana&quot;,sans-serif; mso-bidi-font-family:Times;mso-bidi-theme-font:major-latin;layout-grid-mode:
                  line;mso-bidi-font-weight:bold">Weighted average discount rate (%)</font></font></p>
          </td>
          <td style="width: 5%; padding: 0in 1.5pt; height: 12.9pt;" valign="top"><font style="mso-bookmark:_Hlk8832119"></font> </td>
          <td style="width: 5%; padding: 0in 1.5pt; height: 12.9pt;" valign="top"><font style="mso-bookmark:_Hlk8832119"></font> </td>
          <td style="width: 10%; padding: 0in 1.5pt; height: 12.9pt; text-align: right; vertical-align: bottom;">
            <p class="MsoNormal" style="page-break-after: avoid;"><b><font style="font-size: 9.5pt; font-family: &quot;Verdana&quot;,sans-serif;">3.4</font></b></p>
          </td>
        </tr>

    </table>
    <font style="mso-bookmark:_Hlk8832119"></font><font style="mso-bookmark:_Hlk8832119"></font><font style="mso-bookmark:_Hlk8832119"></font><font style="mso-bookmark:_Hlk8832119"></font><font style="mso-bookmark:_Hlk8832119"></font><font style="mso-bookmark:_Hlk8832119"></font><font style="mso-bookmark:_Hlk8832119"></font><font style="mso-bookmark:_Hlk8832119"></font><font style="mso-bookmark:_Hlk8832119"></font><font style="mso-bookmark:_Hlk8832119"></font><font style="mso-bookmark:_Hlk8832119"></font><font style="mso-bookmark:_Hlk8832119"></font>
    <p class="MsoNormal" style="text-align:justify;page-break-after:avoid"><font style="mso-bookmark:_Hlk8832119"><font style="font-size:9.5pt;font-family:&quot;Verdana&quot;,sans-serif;
          mso-bidi-font-family:Times;mso-bidi-theme-font:major-latin;mso-bidi-font-weight: bold;mso-bidi-font-style:italic">&#160;Maturities of operating lease liabilities were as follows as of April 30, 2019: </font></font></p>
    <p class="MsoNormal" style="text-align:justify;page-break-after:avoid"><font style="mso-bookmark:_Hlk8832119"><font style="font-size:9.5pt;font-family:&quot;Verdana&quot;,sans-serif;
          mso-bidi-font-family:Times;mso-bidi-theme-font:major-latin;mso-bidi-font-weight: bold;mso-bidi-font-style:italic"></font></font></p>
    <table class="MsoNormalTable" style="border-collapse: collapse; margin: 0px 0px 0px 1.5pt; width: 100%;" border="0" cellpadding="0" cellspacing="0">

        <tr style="mso-yfti-irow:0;mso-yfti-firstrow:yes;height:12.9pt">
          <td style="width: 80%; padding: 0in 1.5pt; height: 12.9pt;" valign="bottom">
            <p class="MsoNormal" style="page-break-after:avoid"><font style="mso-bookmark: _Hlk8832119"><font style="font-size:9.5pt;font-family:&quot;Verdana&quot;,sans-serif; mso-bidi-font-family:Times;mso-bidi-theme-font:major-latin;layout-grid-mode:
                  line;mso-bidi-font-weight:bold">Years Ended January 31, </font></font></p>
          </td>
          <td style="width: 5%; padding: 0in 1.5pt; height: 12.9pt;" valign="bottom"><font style="mso-bookmark:_Hlk8832119"></font>
            <p class="MsoNormal" style="text-align:right;page-break-after:avoid" align="right"><font style="mso-bookmark:_Hlk8832119"><b style="mso-bidi-font-weight:normal"><font style="font-size:9.5pt;font-family:&quot;Verdana&quot;,sans-serif;mso-bidi-font-family: Times;mso-bidi-theme-font:major-latin;layout-grid-mode:line">&#160;</font></b></font></p>
          </td>
          <td style="width: 5%; padding: 0in 1.5pt; height: 12.9pt;" valign="bottom"><font style="mso-bookmark:_Hlk8832119"></font>
            <p class="MsoNormal" style="text-align:right;page-break-after:avoid" align="right"><font style="mso-bookmark:_Hlk8832119"><b style="mso-bidi-font-weight:normal"><font style="font-size:9.5pt;font-family:&quot;Verdana&quot;,sans-serif;mso-bidi-font-family: Times;mso-bidi-theme-font:major-latin;layout-grid-mode:line">&#160;</font></b></font></p>
          </td>
          <td style="width: 10%; border-width: 1pt medium; border-style: solid none; border-color: windowtext -moz-use-text-color; padding: 0in 1.5pt; height: 12.9pt;" valign="bottom">
            <p class="MsoNormal" style="margin-left:9.0pt;text-align:right; page-break-after:avoid" align="right"><font style="mso-bookmark:_Hlk8832119"><b style="mso-bidi-font-weight:normal"><font style="font-size:9.5pt;font-family:
                    &quot;Verdana&quot;,sans-serif;mso-bidi-font-family:Times;mso-bidi-theme-font:major-latin; layout-grid-mode:line">Operating Leases</font></b></font></p>
          </td>
        </tr>
        <tr style="mso-yfti-irow:1;height:12.9pt">
          <td style="width: 80%; padding: 0in 1.5pt; height: 12.9pt;" valign="top">
            <p class="MsoNormal" style="margin-left:12.0pt;page-break-after:avoid"><font style="mso-bookmark:_Hlk8832119"><font style="font-size:9.5pt;font-family: &quot;Verdana&quot;,sans-serif;mso-bidi-font-family:Times;mso-bidi-theme-font:major-latin;
                  layout-grid-mode:line;mso-bidi-font-weight:bold">Remainder of 2020</font></font></p>
          </td>
          <td style="width: 5%; padding: 0in 1.5pt; height: 12.9pt;" valign="top"><font style="mso-bookmark:_Hlk8832119"></font> </td>
          <td style="width: 5%; padding: 0in 1.5pt; height: 12.9pt;" valign="top"><font style="mso-bookmark:_Hlk8832119"></font> </td>
          <td style="width: 10%; padding: 0in 1.5pt; height: 12.9pt;" valign="top">
            <p class="MsoNormal" style="text-align:right;page-break-after:avoid" align="right"><font style="mso-bookmark:_Hlk8832119"><b style="mso-bidi-font-weight:normal"><font style="font-size:9.5pt;font-family:&quot;Verdana&quot;,sans-serif;mso-bidi-font-family: Times;mso-bidi-theme-font:major-latin;layout-grid-mode:line">2,832</font></b></font></p>
          </td>
        </tr>
        <tr style="mso-yfti-irow:2;height:12.9pt">
          <td style="width: 80%; padding: 0in 1.5pt; height: 12.9pt;" valign="top">
            <p class="MsoNormal" style="margin-left:12.0pt;page-break-after:avoid"><font style="mso-bookmark:_Hlk8832119"><font style="font-size:9.5pt;font-family: &quot;Verdana&quot;,sans-serif;mso-bidi-font-family:Times;mso-bidi-theme-font:major-latin;
                  layout-grid-mode:line;mso-bidi-font-weight:bold">2021</font></font></p>
          </td>
          <td style="width: 5%; padding: 0in 1.5pt; height: 12.9pt;" valign="top"><font style="mso-bookmark:_Hlk8832119"></font> </td>
          <td style="width: 5%; padding: 0in 1.5pt; height: 12.9pt;" valign="top"><font style="mso-bookmark:_Hlk8832119"></font> </td>
          <td style="width: 10%; padding: 0in 1.5pt; height: 12.9pt;" valign="top">
            <p class="MsoNormal" style="text-align:right;page-break-after:avoid" align="right"><font style="mso-bookmark:_Hlk8832119"><b style="mso-bidi-font-weight:normal"><font style="font-size:9.5pt;font-family:&quot;Verdana&quot;,sans-serif;mso-bidi-font-family: Times;mso-bidi-theme-font:major-latin;layout-grid-mode:line">3,045</font></b></font></p>
          </td>
        </tr>
        <tr style="mso-yfti-irow:3;height:12.9pt">
          <td style="width: 80%; padding: 0in 1.5pt; height: 12.9pt;" valign="top">
            <p class="MsoNormal" style="margin-left:12.0pt;page-break-after:avoid"><font style="mso-bookmark:_Hlk8832119"><font style="font-size:9.5pt;font-family: &quot;Verdana&quot;,sans-serif;mso-bidi-font-family:Times;mso-bidi-theme-font:major-latin;
                  layout-grid-mode:line;mso-bidi-font-weight:bold">2022</font></font></p>
          </td>
          <td style="width: 5%; padding: 0in 1.5pt; height: 12.9pt;" valign="top"><font style="mso-bookmark:_Hlk8832119"></font> </td>
          <td style="width: 5%; padding: 0in 1.5pt; height: 12.9pt;" valign="top"><font style="mso-bookmark:_Hlk8832119"></font> </td>
          <td style="width: 10%; padding: 0in 1.5pt; height: 12.9pt;" valign="top">
            <p class="MsoNormal" style="text-align:right;page-break-after:avoid" align="right"><font style="mso-bookmark:_Hlk8832119"><b style="mso-bidi-font-weight:normal"><font style="font-size:9.5pt;font-family:&quot;Verdana&quot;,sans-serif;mso-bidi-font-family: Times;mso-bidi-theme-font:major-latin;layout-grid-mode:line">1,994</font></b></font></p>
          </td>
        </tr>
        <tr style="mso-yfti-irow:4;height:12.9pt">
          <td style="width: 80%; padding: 0in 1.5pt; height: 12.9pt;" valign="top">
            <p class="MsoNormal" style="margin-left:12.0pt;page-break-after:avoid"><font style="mso-bookmark:_Hlk8832119"><font style="font-size:9.5pt;font-family: &quot;Verdana&quot;,sans-serif;mso-bidi-font-family:Times;mso-bidi-theme-font:major-latin;
                  layout-grid-mode:line;mso-bidi-font-weight:bold">2023</font></font></p>
          </td>
          <td style="width: 5%; padding: 0in 1.5pt; height: 12.9pt;" valign="top"><font style="mso-bookmark:_Hlk8832119"></font> </td>
          <td style="width: 5%; padding: 0in 1.5pt; height: 12.9pt;" valign="top"><font style="mso-bookmark:_Hlk8832119"></font> </td>
          <td style="width: 10%; padding: 0in 1.5pt; height: 12.9pt;" valign="top">
            <p class="MsoNormal" style="text-align:right;page-break-after:avoid" align="right"><font style="mso-bookmark:_Hlk8832119"><b style="mso-bidi-font-weight:normal"><font style="font-size:9.5pt;font-family:&quot;Verdana&quot;,sans-serif;mso-bidi-font-family: Times;mso-bidi-theme-font:major-latin;layout-grid-mode:line">1,502</font></b></font></p>
          </td>
        </tr>
        <tr style="mso-yfti-irow:5;height:12.9pt">
          <td style="width: 80%; padding: 0in 1.5pt; height: 12.9pt;" valign="top">
            <p class="MsoNormal" style="margin-left:12.0pt;page-break-after:avoid"><font style="mso-bookmark:_Hlk8832119"><font style="font-size:9.5pt;font-family: &quot;Verdana&quot;,sans-serif;mso-bidi-font-family:Times;mso-bidi-theme-font:major-latin;
                  layout-grid-mode:line;mso-bidi-font-weight:bold">2024</font></font></p>
          </td>
          <td style="width: 5%; padding: 0in 1.5pt; height: 12.9pt;" valign="top"><font style="mso-bookmark:_Hlk8832119"></font> </td>
          <td style="width: 5%; padding: 0in 1.5pt; height: 12.9pt;" valign="top"><font style="mso-bookmark:_Hlk8832119"></font> </td>
          <td style="width: 10%; padding: 0in 1.5pt; height: 12.9pt;" valign="top">
            <p class="MsoNormal" style="text-align:right;page-break-after:avoid" align="right"><font style="mso-bookmark:_Hlk8832119"><b style="mso-bidi-font-weight:normal"><font style="font-size:9.5pt;font-family:&quot;Verdana&quot;,sans-serif;mso-bidi-font-family: Times;mso-bidi-theme-font:major-latin;layout-grid-mode:line">1,081</font></b></font></p>
          </td>
        </tr>
        <tr style="mso-yfti-irow:6;height:12.9pt">
          <td style="width: 80%; padding: 0in 1.5pt; height: 12.9pt;" valign="top">
            <p class="MsoNormal" style="margin-left:12.0pt;page-break-after:avoid"><font style="mso-bookmark:_Hlk8832119"><font style="font-size:9.5pt;font-family: &quot;Verdana&quot;,sans-serif;mso-bidi-font-family:Times;mso-bidi-theme-font:major-latin;
                  layout-grid-mode:line;mso-bidi-font-weight:bold">2025 and thereafter</font></font></p>
          </td>
          <td style="width: 5%; padding: 0in 1.5pt; height: 12.9pt;" valign="top"><font style="mso-bookmark:_Hlk8832119"></font> </td>
          <td style="width: 5%; padding: 0in 1.5pt; height: 12.9pt;" valign="top"><font style="mso-bookmark:_Hlk8832119"></font> </td>
          <td style="width: 10%; padding: 0in 1.5pt; height: 12.9pt;" valign="top">
            <p class="MsoNormal" style="text-align:right;page-break-after:avoid" align="right"><font style="mso-bookmark:_Hlk8832119"><b style="mso-bidi-font-weight:normal"><font style="font-size:9.5pt;font-family:&quot;Verdana&quot;,sans-serif;mso-bidi-font-family: Times;mso-bidi-theme-font:major-latin;layout-grid-mode:line">1,200</font></b></font></p>
          </td>
        </tr>
        <tr style="mso-yfti-irow:7;height:12.9pt">
          <td style="width: 80%; padding: 0in 1.5pt; height: 12.9pt;" valign="top">
            <p class="MsoNormal"><font style="mso-bookmark:_Hlk8832119"><font style="font-size:9.5pt;font-family:&quot;Verdana&quot;,sans-serif;mso-bidi-font-family: Times;mso-bidi-theme-font:major-latin;layout-grid-mode:line;mso-bidi-font-weight: bold">Total


                  lease payments</font></font></p>
          </td>
          <td style="width: 5%; padding: 0in 1.5pt; height: 12.9pt;" valign="top"><font style="mso-bookmark:_Hlk8832119"></font> </td>
          <td style="width: 5%; padding: 0in 1.5pt; height: 12.9pt;" valign="top"><font style="mso-bookmark:_Hlk8832119"></font> </td>
          <td style="width: 10%; border-width: 1pt medium medium; border-style: solid none none; border-color: windowtext -moz-use-text-color -moz-use-text-color; -moz-border-top-colors: none; -moz-border-right-colors: none; -moz-border-bottom-colors:
            none; -moz-border-left-colors: none; border-image: none; padding: 0in 1.5pt; height: 12.9pt;" valign="top">
            <p class="MsoNormal" style="text-align:right;page-break-after:avoid" align="right"><font style="mso-bookmark:_Hlk8832119"><b style="mso-bidi-font-weight:normal"><font style="font-size:9.5pt;font-family:&quot;Verdana&quot;,sans-serif;mso-bidi-font-family: Times;mso-bidi-theme-font:major-latin;layout-grid-mode:line">11,654</font></b></font></p>
          </td>
        </tr>
        <tr style="mso-yfti-irow:8;height:12.9pt">
          <td style="width: 80%; padding: 0in 1.5pt; height: 12.9pt;" valign="top">
            <p class="MsoNormal" style="margin-left:10.5pt"><font style="mso-bookmark:_Hlk8832119"><font style="font-size:9.5pt;font-family:&quot;Verdana&quot;,sans-serif;mso-bidi-font-family:
                  Times;mso-bidi-theme-font:major-latin;layout-grid-mode:line;mso-bidi-font-weight: bold">Less: imputed interest</font></font></p>
          </td>
          <td style="width: 5%; padding: 0in 1.5pt; height: 12.9pt;" valign="top"><font style="mso-bookmark:_Hlk8832119"></font> </td>
          <td style="width: 5%; padding: 0in 1.5pt; height: 12.9pt;" valign="top"><font style="mso-bookmark:_Hlk8832119"></font> </td>
          <td style="width: 10%; border-width: medium medium 1pt; border-style: none none solid; border-color: -moz-use-text-color -moz-use-text-color windowtext; -moz-border-top-colors: none; -moz-border-right-colors: none; -moz-border-bottom-colors:
            none; -moz-border-left-colors: none; border-image: none; padding: 0in 1.5pt; height: 12.9pt;" valign="top">
            <p class="MsoNormal" style="text-align:right;page-break-after:avoid" align="right"><font style="mso-bookmark:_Hlk8832119"><b style="mso-bidi-font-weight:normal"><font style="font-size:9.5pt;font-family:&quot;Verdana&quot;,sans-serif;mso-bidi-font-family: Times;mso-bidi-theme-font:major-latin;layout-grid-mode:line">(827)</font></b></font></p>
          </td>
        </tr>
        <tr style="mso-yfti-irow:9;height:12.9pt">
          <td style="width: 80%; padding-top: 0in; padding-right: 1.5pt; padding-left: 1.5pt; height: 12.9pt;" valign="top">
            <p class="MsoNormal"><font style="mso-bookmark:_Hlk8832119"><font style="font-size:9.5pt;font-family:&quot;Verdana&quot;,sans-serif;mso-bidi-font-family: Times;mso-bidi-theme-font:major-latin;layout-grid-mode:line;mso-bidi-font-weight: bold">Total


                  lease obligations</font></font></p>
          </td>
          <td style="width: 5%; padding-top: 0in; padding-right: 1.5pt; padding-left: 1.5pt; height: 12.9pt;" valign="top"><font style="mso-bookmark:_Hlk8832119"></font> </td>
          <td style="width: 5%; padding-top: 0in; padding-right: 1.5pt; padding-left: 1.5pt; height: 12.9pt;" valign="top"><font style="mso-bookmark:_Hlk8832119"></font> </td>
          <td style="border-bottom: 2px double #000000; border-left: medium none; border-right: medium none; border-top: medium none; height: 12.9pt; vertical-align: top; width: 10%; padding: 0in 1.5pt 0px;">
            <p class="MsoNormal" style="text-align:right;page-break-after:avoid" align="right"><font style="mso-bookmark:_Hlk8832119"><b style="mso-bidi-font-weight:normal"><font style="font-size:9.5pt;font-family:&quot;Verdana&quot;,sans-serif;mso-bidi-font-family: Times;mso-bidi-theme-font:major-latin;layout-grid-mode:line">10,827</font></b></font></p>
          </td>
        </tr>
        <tr style="mso-yfti-irow:10;height:12.9pt">
          <td style="width: 80%; padding: 0in 1.5pt; height: 12.9pt;" valign="top">
            <p class="MsoNormal" style="margin-left:10.5pt"><font style="mso-bookmark:_Hlk8832119"><font style="font-size:9.5pt;font-family:&quot;Verdana&quot;,sans-serif;mso-bidi-font-family:
                  Times;mso-bidi-theme-font:major-latin;layout-grid-mode:line;mso-bidi-font-weight: bold">Current</font></font></p>
          </td>
          <td style="width: 5%; padding: 0in 1.5pt; height: 12.9pt;" valign="top"><font style="mso-bookmark:_Hlk8832119"></font> </td>
          <td style="width: 5%; padding: 0in 1.5pt; height: 12.9pt;" valign="top"><font style="mso-bookmark:_Hlk8832119"></font> </td>
          <td style="width: 10%; padding: 0in 1.5pt; height: 12.9pt;" valign="top">
            <p class="MsoNormal" style="text-align:right;page-break-after:avoid" align="right"><font style="mso-bookmark:_Hlk8832119"><b style="mso-bidi-font-weight:normal"><font style="font-size:9.5pt;font-family:&quot;Verdana&quot;,sans-serif;mso-bidi-font-family: Times;mso-bidi-theme-font:major-latin;layout-grid-mode:line">3,433</font></b></font></p>
          </td>
        </tr>
        <tr style="mso-yfti-irow:11;mso-yfti-lastrow:yes;height:12.9pt">
          <td style="width: 80%; padding-top: 0in; padding-right: 1.5pt; padding-left: 1.5pt; height: 12.9pt;" valign="top">
            <p class="MsoNormal" style="margin-left:10.5pt"><font style="mso-bookmark:_Hlk8832119"><font style="font-size:9.5pt;font-family:&quot;Verdana&quot;,sans-serif;mso-bidi-font-family:
                  Times;mso-bidi-theme-font:major-latin;layout-grid-mode:line;mso-bidi-font-weight: bold">Long-term</font></font></p>
          </td>
          <td style="width: 5%; padding-top: 0in; padding-right: 1.5pt; padding-left: 1.5pt; height: 12.9pt;" valign="top"><font style="mso-bookmark:_Hlk8832119"></font> </td>
          <td style="width: 5%; padding-top: 0in; padding-right: 1.5pt; padding-left: 1.5pt; height: 12.9pt;" valign="top"><font style="mso-bookmark:_Hlk8832119"></font> </td>
          <td style="border-bottom: 2px double #000000; border-left: medium none; border-right: medium none; border-top: medium none; height: 12.9pt; vertical-align: top; width: 10%; padding: 0in 1.5pt 0px;">
            <p class="MsoNormal" style="text-align:right;page-break-after:avoid" align="right"><font style="mso-bookmark:_Hlk8832119"><b style="mso-bidi-font-weight:normal"><font style="font-size:9.5pt;font-family:&quot;Verdana&quot;,sans-serif;mso-bidi-font-family: Times;mso-bidi-theme-font:major-latin;layout-grid-mode:line">7,394</font></b></font></p>
          </td>
        </tr>

    </table>
    <font style="mso-bookmark:_Hlk8832119"></font><font style="mso-bookmark:_Hlk8832119"></font><font style="mso-bookmark:_Hlk8832119"></font><font style="mso-bookmark:_Hlk8832119"></font><font style="mso-bookmark:_Hlk8832119"></font><font style="mso-bookmark:_Hlk8832119"></font><font style="mso-bookmark:_Hlk8832119"></font><font style="mso-bookmark:_Hlk8832119"></font><font style="mso-bookmark:_Hlk8832119"></font><font style="mso-bookmark:_Hlk8832119"></font><font style="mso-bookmark:_Hlk8832119"></font><font style="mso-bookmark:_Hlk8832119"></font><font style="mso-bookmark:_Hlk8832119"></font><font style="mso-bookmark:_Hlk8832119"></font><font style="mso-bookmark:_Hlk8832119"></font><font style="mso-bookmark:_Hlk8832119"></font><font style="mso-bookmark:_Hlk8832119"></font><font style="mso-bookmark:_Hlk8832119"></font><font style="mso-bookmark:_Hlk8832119"></font><font style="mso-bookmark:_Hlk8832119"></font><font style="mso-bookmark:_Hlk8832119"></font><font style="mso-bookmark:_Hlk8832119"></font><font style="mso-bookmark:_Hlk8832119"></font><font style="mso-bookmark:_Hlk8832119"></font><font style="mso-bookmark:_Hlk8832119"></font><font style="mso-bookmark:_Hlk8832119"></font><font style="mso-bookmark:_Hlk8832119"></font><font style="mso-bookmark:_Hlk8832119"></font><font style="mso-bookmark:_Hlk8832119"></font><font style="mso-bookmark:_Hlk8832119"></font><font style="mso-bookmark:_Hlk8832119"></font><font style="mso-bookmark:_Hlk8832119"></font><font style="mso-bookmark:_Hlk8832119"></font><font style="mso-bookmark:_Hlk8832119"></font><font style="mso-bookmark:_Hlk8832119"></font><font style="mso-bookmark:_Hlk8832119"></font><font style="mso-bookmark:_Hlk8832119"></font><font style="mso-bookmark:_Hlk8832119"></font><font style="mso-bookmark:_Hlk8832119"></font><font style="mso-bookmark:_Hlk8832119"></font><font style="mso-bookmark:_Hlk8832119"></font><font style="mso-bookmark:_Hlk8832119"></font><font style="mso-bookmark:_Hlk8832119"></font><font style="mso-bookmark:_Hlk8832119"></font><font style="mso-bookmark:_Hlk8832119"></font><font style="mso-bookmark:_Hlk8832119"></font><font style="mso-bookmark:_Hlk8832119"></font><font style="mso-bookmark:_Hlk8832119"></font> </div>
  <div style="LINE-HEIGHT: 10.85pt"> <br>
  </div>
  <div style="LINE-HEIGHT: 10.85pt">
    <div id="DSPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; MARGIN-TOP: 10pt; CLEAR: both">
      <div id="DSPFPageNumberArea" style="TEXT-ALIGN: center"><font id="DSPFPageNumber" style="font-size: 8pt; font-family: Verdana,Geneva,&quot;sans-serif&quot;; font-weight: normal; font-style: normal;">51</font></div>
      <div id="DSPFPageBreak" style="PAGE-BREAK-AFTER: always">
        <hr style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000" noshade="noshade"> </div>
    </div>
    <div style="LINE-HEIGHT: 10.85pt">
      <div style="text-align: justify;"><font style="font-family: Verdana, Geneva, sans-serif; font-size: 10pt;"><u>Disclosures Related to Periods Prior to Adoption of New Lease Standard</u></font></div>
      <div style="text-align: justify;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">As of January 31, 2019, future minimum lease payment obligations under non-cancelable operating and capital lease obligations 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="zd8fae53ee6714a1b863f558237bf67a0" border="0" 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</font></div>
              <div style="text-align: right;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; font-weight: bold;">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</font></div>
              <div style="text-align: right;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; font-weight: bold;">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="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;">2027</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;">271</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;">271</font></div>
            </td>
          </tr>
          <tr>
            <td style="vertical-align: top; width: 61.33%; padding-bottom: 2px;">&#160;</td>
            <td style="border-bottom: 2px double rgb(0, 0, 0); border-top: 1px solid; 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: 2px double rgb(0, 0, 0); border-top: 1px solid; 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: 2px double rgb(0, 0, 0); border-top: 1px solid; 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;">For the three month period ended April 30, 2018, rental expense from operating leases was $1.3 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 14 - 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;">As described in Note 2 to the audited consolidated financial statements for 2019 included in our 2019 Annual Report, we maintain deferred share
          unit (&#8220;DSU&#8221;) and cash-settled restricted share unit (&#8220;CRSU&#8221;) plans for our directors and employees. Any payments made pursuant to these plans are settled in cash. For DSUs and CRSUs, the units vest over time and the liability recognized at any
          given consolidated balance sheet date reflects only those units vested at that date that have not yet been settled in cash. As such, we had an unrecognized aggregate liability for the unvested CRSUs of $1.6 million at April 30, 2019. As at April
          30, 2019 there were no unvested DSUs. The ultimate liability for any payment of DSUs and CRSUs is dependent on the trading price of our common shares. To partially offset our exposure to fluctuations in our stock price, we have entered into
          equity derivative contracts, including floating-rate equity forwards. As at April 30, 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;">279,340 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 potential liability is not currently expected to have a material effect on our results of operations or
          financial position.</font></div>
      <div><br>
      </div>
      <div style="text-align: justify;"><font style="font-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 LLC, Z-Firm LLC (&#8220;ShipRush&#8221;) 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 April 30, 2019.</font></div>
    </div>
    <div style="LINE-HEIGHT: 10.85pt"><br style="LINE-HEIGHT: 10.85pt">
    </div>
    <div style="LINE-HEIGHT: 10.85pt"><br style="LINE-HEIGHT: 10.85pt">
    </div>
    <div id="DSPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; MARGIN-TOP: 10pt; CLEAR: both">
      <div id="DSPFPageNumberArea" style="TEXT-ALIGN: center"><font id="DSPFPageNumber" style="font-size: 8pt; font-family: Verdana,Geneva,&quot;sans-serif&quot;; font-weight: normal; font-style: normal;">52</font></div>
      <div id="DSPFPageBreak" style="PAGE-BREAK-AFTER: always">
        <hr style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000" noshade="noshade"> </div>
    </div>
    <div style="LINE-HEIGHT: 10.85pt">
      <div style="text-align: left; font-family: Verdana, Geneva, sans-serif; font-size: 10pt; font-style: italic; font-weight: bold;">Guarantees</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 style="text-align: left;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; font-weight: bold;">Note 15 &#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;">For the three month periods ended April 30, 2019 and April 30, 2018, cash flows provided from stock options and share units exercised were $0.7
          million and $0.5 million.</font></div>
    </div>
    <div style="LINE-HEIGHT: 10.85pt"><br style="LINE-HEIGHT: 10.85pt">
    </div>
    <div><br>
    </div>
    <div id="DSPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; MARGIN-TOP: 10pt; CLEAR: both">
      <div id="DSPFPageNumberArea" style="TEXT-ALIGN: center"><font id="DSPFPageNumber" style="font-size: 8pt; font-family: Verdana,Geneva,&quot;sans-serif&quot;; font-weight: normal; font-style: normal;">53</font></div>
      <div id="DSPFPageBreak" style="PAGE-BREAK-AFTER: always">
        <hr style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000" noshade="noshade"> </div>
    </div>
    <div style="LINE-HEIGHT: 10.85pt">
      <div style="text-align: justify; font-family: Verdana, Geneva, sans-serif; font-size: 10pt; font-weight: bold;">Note 16 - Earnings Per Share</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="zeeb075aba5d54be09d13a5c1f3760446" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 50.22%; vertical-align: top;">&#160;</td>
            <td style="width: 24.23%; vertical-align: top;">&#160;</td>
            <td style="width: 1.33%; vertical-align: top;">&#160;</td>
            <td colspan="2" style="width: 24.23%; vertical-align: top; border-top: #000000 1px solid;">
              <div style="text-align: right;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; font-weight: bold;">Three Months Ended</font></div>
            </td>
          </tr>
          <tr>
            <td style="width: 50.22%; vertical-align: top;">&#160;</td>
            <td style="width: 12.11%; vertical-align: top;">&#160;</td>
            <td rowspan="3" style="width: 1.33%; vertical-align: top;">&#160;</td>
            <td style="width: 12.11%; 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;">April 30,</font></div>
            </td>
            <td style="width: 12.11%; vertical-align: top; border-top: #000000 1px solid;">
              <div style="text-align: right;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">April 30,</font></div>
            </td>
          </tr>
          <tr>
            <td style="width: 50.22%; vertical-align: top;">&#160;</td>
            <td style="width: 12.11%; vertical-align: top;">&#160;</td>
            <td style="width: 12.11%; 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: 12.11%; 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="width: 50.22%; vertical-align: top;">&#160;</td>
            <td style="width: 12.11%; vertical-align: top;">&#160;</td>
            <td style="width: 12.11%; vertical-align: top; border-top: #000000 1px solid;">&#160;</td>
            <td style="width: 12.11%; vertical-align: top; border-top: #000000 1px solid;">&#160;</td>
          </tr>
          <tr>
            <td style="width: 50.22%; 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: 12.11%; vertical-align: bottom;">&#160;</td>
            <td rowspan="8" style="width: 1.33%; vertical-align: bottom;">&#160;</td>
            <td style="width: 12.11%; vertical-align: bottom; 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; font-weight: bold;">7,320</font></div>
            </td>
            <td style="width: 12.11%; vertical-align: bottom; 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;">6,986</font></div>
            </td>
          </tr>
          <tr>
            <td style="width: 50.22%; vertical-align: top;">&#160;</td>
            <td style="width: 12.11%; vertical-align: bottom;">&#160;</td>
            <td style="width: 12.11%; vertical-align: bottom; border-top: #000000 1px solid;">&#160;</td>
            <td style="width: 12.11%; vertical-align: bottom; border-top: #000000 1px solid;">&#160;</td>
          </tr>
          <tr>
            <td style="width: 50.22%; 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: 12.11%; vertical-align: bottom;">&#160;</td>
            <td style="width: 12.11%; vertical-align: bottom;">
              <div style="text-align: right; text-indent: 1.5pt;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; font-weight: bold;">77,149</font></div>
            </td>
            <td style="width: 12.11%; vertical-align: bottom;">
              <div style="text-align: right; text-indent: 1.5pt;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">76,793</font></div>
            </td>
          </tr>
          <tr>
            <td style="width: 50.22%; 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: 12.11%; vertical-align: bottom;">&#160;</td>
            <td style="width: 12.11%; vertical-align: bottom;">
              <div style="text-align: right; text-indent: 1.5pt;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; font-weight: bold;">288</font></div>
            </td>
            <td style="width: 12.11%; vertical-align: bottom;">
              <div style="text-align: right; text-indent: 1.5pt;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">162</font></div>
            </td>
          </tr>
          <tr>
            <td style="width: 50.22%; 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: 12.11%; vertical-align: bottom;">&#160;</td>
            <td style="width: 12.11%; vertical-align: bottom; 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; font-weight: bold;">836</font></div>
            </td>
            <td style="width: 12.11%; vertical-align: bottom; 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;">695</font></div>
            </td>
          </tr>
          <tr>
            <td style="width: 50.22%; 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: 12.11%; vertical-align: bottom;">&#160;</td>
            <td style="width: 12.11%; vertical-align: bottom; border-top: #000000 1px solid;">
              <div style="text-align: right; text-indent: 1.5pt;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; font-weight: bold;">78,273</font></div>
            </td>
            <td style="width: 12.11%; vertical-align: bottom; border-top: #000000 1px solid;">
              <div style="text-align: right; text-indent: 1.5pt;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">77,650</font></div>
            </td>
          </tr>
          <tr>
            <td style="width: 50.22%; 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: 12.11%; vertical-align: bottom;">&#160;</td>
            <td style="width: 12.11%; vertical-align: bottom;">&#160;</td>
            <td style="width: 12.11%; vertical-align: bottom;">&#160;</td>
          </tr>
          <tr>
            <td style="width: 50.22%; vertical-align: top;">
              <div style="text-align: left; margin-left: 9pt;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">Basic</font></div>
            </td>
            <td style="width: 12.11%; vertical-align: bottom;">&#160;</td>
            <td style="width: 12.11%; vertical-align: bottom;">
              <div style="text-align: right; text-indent: 1.5pt;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; font-weight: bold;">0.09</font></div>
            </td>
            <td style="width: 12.11%; vertical-align: bottom;">
              <div style="text-align: right; text-indent: 1.5pt;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">0.09</font></div>
            </td>
          </tr>
          <tr>
            <td style="width: 50.22%; vertical-align: top;">
              <div style="text-align: left; margin-left: 9pt;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">Diluted</font></div>
            </td>
            <td style="width: 12.11%; vertical-align: bottom;">&#160;</td>
            <td style="width: 1.33%; vertical-align: bottom;">&#160;</td>
            <td style="border-bottom: 2px double #000000; vertical-align: bottom; width: 12.11%;">
              <div style="text-align: right; text-indent: 1.5pt;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; font-weight: bold;">0.09</font></div>
            </td>
            <td style="border-bottom: 2px double #000000; vertical-align: bottom; width: 12.11%;">
              <div style="text-align: right; text-indent: 1.5pt;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">0.09</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 three month periods ended April 30, 2019 and April 30, 2018, 361,264 and 272,144 options, respectively, were excluded from the
          calculation of diluted EPS as those options had an exercise price greater than or equal to the average market value of our common shares during the applicable periods and their inclusion would have been anti-dilutive. For the three month periods
          ended April 30, 2019 and April 30, 2018, the application of the treasury stock method excluded nil and 2,475 options, respectively, from the calculation of diluted EPS as the assumed proceeds from the unrecognized stock-based compensation expense
          of such options that are attributed to future service periods made such options anti-dilutive.</font></div>
      <div><br>
      </div>
      <div style="text-align: justify;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">Additionally, for the three month periods ended April 30, 2019 and April 30, 2018, the application of the treasury stock method excluded PSUs
          and RSUs of 91,340 and 54,351, respectively, from the calculation of diluted EPS as the unrecognized stock-based compensation expense of such PSUs and RSUs that are attributed to future service periods made such PSUs and RSUs 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 17 - 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="zd5a05017aefa4bfb8348e9f1e5086f14" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 50.16%; vertical-align: top;">&#160;</td>
            <td colspan="2" style="width: 24.25%; vertical-align: top;">&#160;</td>
            <td style="width: 1.33%; vertical-align: top;">&#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;">Three Months Ended</font></div>
            </td>
          </tr>
          <tr>
            <td style="width: 50.16%; vertical-align: top;">&#160;</td>
            <td style="width: 12.12%; vertical-align: top;">&#160;</td>
            <td style="width: 12.13%; vertical-align: top;">&#160;</td>
            <td style="width: 1.33%; vertical-align: top;">&#160;</td>
            <td style="width: 12.13%; 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;">April 30,</font></div>
            </td>
            <td style="width: 12.13%; vertical-align: top; border-top: #000000 1px solid;">
              <div style="text-align: right;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">April 30,</font></div>
            </td>
          </tr>
          <tr>
            <td style="width: 50.16%; vertical-align: top;">&#160;</td>
            <td style="width: 12.12%; vertical-align: top;">&#160;</td>
            <td style="width: 12.13%; vertical-align: top;">&#160;</td>
            <td style="width: 1.33%; vertical-align: top;">&#160;</td>
            <td style="width: 12.13%; 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: 12.13%; 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="width: 50.16%; vertical-align: top;">&#160;</td>
            <td style="width: 12.12%; vertical-align: top;">&#160;</td>
            <td style="width: 12.13%; vertical-align: bottom;">&#160;</td>
            <td style="width: 1.33%; vertical-align: top;">&#160;</td>
            <td style="width: 12.13%; vertical-align: top; border-top: #000000 1px solid;">&#160;</td>
            <td style="width: 12.13%; vertical-align: top; border-top: #000000 1px solid;">&#160;</td>
          </tr>
          <tr>
            <td style="width: 50.16%; vertical-align: top;">
              <div style="text-align: left;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">Cost of revenues</font></div>
            </td>
            <td style="width: 12.12%; vertical-align: top;">&#160;</td>
            <td style="width: 12.13%; vertical-align: bottom;">&#160;</td>
            <td style="width: 1.33%; vertical-align: top;">&#160;</td>
            <td style="width: 12.13%; vertical-align: top;">
              <div style="text-align: right; text-indent: 1.5pt;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; font-weight: bold;">44</font></div>
            </td>
            <td style="width: 12.13%; vertical-align: top;">
              <div style="text-align: right; text-indent: 1.5pt;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">31</font></div>
            </td>
          </tr>
          <tr>
            <td style="width: 50.16%; vertical-align: top;">
              <div style="text-align: left;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">Sales and marketing</font></div>
            </td>
            <td style="width: 12.12%; vertical-align: top;">&#160;</td>
            <td style="width: 12.13%; vertical-align: bottom;">&#160;</td>
            <td style="width: 1.33%; vertical-align: top;">&#160;</td>
            <td style="width: 12.13%; vertical-align: top;">
              <div style="text-align: right; text-indent: 1.5pt;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; font-weight: bold;">127</font></div>
            </td>
            <td style="width: 12.13%; vertical-align: top;">
              <div style="text-align: right; text-indent: 1.5pt;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">85</font></div>
            </td>
          </tr>
          <tr>
            <td style="width: 50.16%; vertical-align: top;">
              <div style="text-align: left;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">Research and development</font></div>
            </td>
            <td style="width: 12.12%; vertical-align: top;">&#160;</td>
            <td style="width: 12.13%; vertical-align: bottom;">&#160;</td>
            <td style="width: 1.33%; vertical-align: top;">&#160;</td>
            <td style="width: 12.13%; vertical-align: top;">
              <div style="text-align: right; text-indent: 1.5pt;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; font-weight: bold;">56</font></div>
            </td>
            <td style="width: 12.13%; vertical-align: top;">
              <div style="text-align: right; text-indent: 1.5pt;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">33</font></div>
            </td>
          </tr>
          <tr>
            <td style="width: 50.16%; vertical-align: top;">
              <div style="text-align: left;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">General and administrative</font></div>
            </td>
            <td style="width: 12.12%; vertical-align: top;">&#160;</td>
            <td style="width: 12.13%; vertical-align: bottom;">&#160;</td>
            <td rowspan="2" style="width: 1.33%; vertical-align: top; padding-bottom: 4px;">&#160;</td>
            <td style="width: 12.13%; vertical-align: top;">
              <div style="text-align: right; text-indent: 1.5pt;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; font-weight: bold;">712</font></div>
            </td>
            <td style="width: 12.13%; vertical-align: top;">
              <div style="text-align: right; text-indent: 1.5pt;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">584</font></div>
            </td>
          </tr>
          <tr>
            <td style="width: 50.16%; vertical-align: top; padding-bottom: 4px;">
              <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="width: 12.12%; vertical-align: top; padding-bottom: 4px;">&#160;</td>
            <td style="width: 12.13%; vertical-align: bottom; padding-bottom: 4px;">&#160;</td>
            <td style="border-bottom: 2px double #000000; border-top: 1px solid #000000; vertical-align: top; width: 12.13%;">
              <div style="text-align: right; text-indent: 1.5pt;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; font-weight: bold;">939</font></div>
            </td>
            <td style="border-bottom: 2px double #000000; border-top: 1px solid #000000; vertical-align: top; width: 12.13%;">
              <div style="text-align: right; text-indent: 1.5pt;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">733</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</font></div>
    </div>
    <div id="DSPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; MARGIN-TOP: 10pt; CLEAR: both">
      <div id="DSPFPageNumberArea" style="TEXT-ALIGN: center"><font id="DSPFPageNumber" style="font-size: 8pt; font-family: Verdana,Geneva,&quot;sans-serif&quot;; font-weight: normal; font-style: normal;">54</font></div>
      <div id="DSPFPageBreak" style="PAGE-BREAK-AFTER: always">
        <hr style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000" noshade="noshade"> </div>
    </div>
    <div style="LINE-HEIGHT: 10.85pt">
      <div style="FONT-SIZE: 9.5pt; FONT-FAMILY: Verdana, sans-serif; COLOR: #000000; TEXT-ALIGN: justify; LINE-HEIGHT: 10.85pt">
        <p class="MsoNormal" style="text-align:justify;mso-pagination:none;mso-layout-grid-align: none;text-autospace:none"><font style="font-size:9.5pt;font-family:&quot;Verdana&quot;,sans-serif;
            mso-bidi-font-family:Times;color:black;mso-bidi-font-weight:bold">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, 2019) recognized in the United States. We realized a nominal tax benefit in connection with stock options exercised during both the three month periods ended April 30, 2019 and April 30, 2018.</font><font style="font-size:9.5pt;font-family:&quot;Verdana&quot;,sans-serif;color:black"></font></p>
        <p class="MsoNormal" style="text-align:justify;mso-layout-grid-align:none; text-autospace:none"><font style="font-size:9.5pt;font-family:&quot;Verdana&quot;,sans-serif; mso-bidi-font-family:Times;color:black;background:yellow;mso-highlight:yellow;
            mso-bidi-font-weight:bold"></font></p>
        <p class="MsoNormal" style="text-align:justify;page-break-after:avoid"><b><i style="mso-bidi-font-style:normal"><font style="font-size:9.5pt;font-family: &quot;Verdana&quot;,sans-serif;mso-bidi-font-family:Times;mso-bidi-theme-font:major-latin">Stock


                Options</font></i></b></p>
        <p class="MsoNormal" style="text-align:justify"><font style="font-size:9.5pt; font-family:&quot;Verdana&quot;,sans-serif;mso-bidi-font-family:Times;mso-bidi-theme-font: major-latin;color:black;mso-bidi-font-weight:bold"></font></p>
        <p class="MsoNormal" style="text-align:justify"><font style="font-size:9.5pt; font-family:&quot;Verdana&quot;,sans-serif;mso-bidi-font-family:Times;mso-bidi-theme-font: major-latin">As of April 30, 2019, we had 1,072,492 stock options granted and
            outstanding under our shareholder-approved stock option plan and </font><font style="font-size:9.5pt;font-family:&quot;Verdana&quot;,sans-serif;mso-bidi-font-family: Verdana">3,643,874 </font><font style="font-size:9.5pt;font-family:&quot;Verdana&quot;,sans-serif; mso-bidi-font-family:Times;mso-bidi-theme-font:major-latin">remained available for grant. </font><font style="font-size:9.5pt;font-family:&quot;Verdana&quot;,sans-serif">In
            addition, we had 106,500 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></p>
        <p class="MsoNormal" style="text-align:justify;mso-pagination:widow-orphan lines-together; page-break-after:avoid;mso-layout-grid-align:none;text-autospace:none"><font style="font-size:9.5pt;font-family:&quot;Verdana&quot;,sans-serif;mso-bidi-font-family: Times;mso-bidi-theme-font:major-latin"></font></p>
        <p class="MsoNormal" style="text-align:justify"><a name="OLE_LINK14"><font style="font-size:9.5pt;font-family:&quot;Verdana&quot;,sans-serif;mso-bidi-font-family: Times;color:black;mso-bidi-font-weight:bold">As of April 30, 2019, $4.9 million of
              total unrecognized compensation costs related to non-vested stock option awards is expected to be recognized over a weighted average period of 3.3 years. The total fair value of stock options vested </font></a><font style="mso-bookmark:OLE_LINK14"><font style="font-size:9.5pt;font-family:&quot;Verdana&quot;,sans-serif; color:black">during the three month period ended April 30, 2019 </font></font><font style="mso-bookmark:OLE_LINK14"><font style="font-size:9.5pt;font-family:&quot;Verdana&quot;,sans-serif; mso-bidi-font-family:Times;color:black;mso-bidi-font-weight:bold">was nominal.</font></font></p>
        <p class="MsoNormal" style="text-align:justify"><font style="mso-bookmark:OLE_LINK14"><font style="font-size:9.5pt;font-family:&quot;Verdana&quot;,sans-serif;mso-bidi-font-family:
              Times;mso-bidi-theme-font:major-latin;color:black;mso-bidi-font-weight:bold"></font></font></p>
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        <p class="MsoNormal" style="text-align:justify"><font style="font-size:9.5pt; font-family:&quot;Verdana&quot;,sans-serif;mso-bidi-font-family:Times;color:black; mso-bidi-font-weight:bold">The total number of options granted during the three month
            periods ended April 30, 2019 and April 30, 2018 were 361,264 and 272,144, respectively. The weighted average grant-date fair value of options granted during the three month periods ended April 30, 2019 and April 30, 2018 was $8.94 and $7.10 per
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        <p class="MsoNormal" style="text-align:justify;page-break-after:avoid"><font style="font-size:9.5pt;font-family:&quot;Verdana&quot;,sans-serif;mso-bidi-font-family: Times;mso-bidi-theme-font:major-latin;mso-ansi-language:EN-GB" lang="EN-GB">The
            weighted-average assumptions were as follows:</font></p>
        <p class="MsoNormal" style="text-align:justify;page-break-after:avoid"><font style="font-size:9.5pt;font-family:&quot;Verdana&quot;,sans-serif;mso-bidi-font-family: Times;mso-bidi-theme-font:major-latin;mso-ansi-language:EN-GB" lang="EN-GB"></font></p>
        <table class="MsoNormalTable" style="border-collapse: collapse; width: 100%;" border="0" cellpadding="0" cellspacing="0">

            <tr style="mso-yfti-irow:0;mso-yfti-firstrow:yes;height:13.5pt">
              <td style="width: 75%; padding: 0in 1.5pt; height: 13.5pt;" valign="top">
                <p class="MsoNormal" style="margin-top:1.0pt;margin-right:0in;margin-bottom: 1.0pt;margin-left:0in;page-break-after:avoid"><i style="mso-bidi-font-style: normal"><font style="font-size:9.5pt;font-family:&quot;Verdana&quot;,sans-serif;
                      mso-bidi-font-family:Times;mso-bidi-theme-font:major-latin;layout-grid-mode: line">&#160;</font></i></p>
              </td>
              <td style="width: 5%; padding: 0in 1.5pt; height: 13.5pt;" valign="bottom">
                <p class="MsoNormal" style="margin-top:1.0pt;margin-right:0in; margin-bottom:1.0pt;margin-left:0in;text-align:right;page-break-after:avoid" align="right"><b><font style="font-size:9.5pt;font-family:&quot;Verdana&quot;,sans-serif;mso-bidi-font-family: Times;mso-bidi-theme-font:major-latin;layout-grid-mode:line">&#160;</font></b></p>
              </td>
              <td colspan="2" style="border-width: 1pt medium; border-style: solid none; border-color: windowtext -moz-use-text-color; padding: 0in 1.5pt; height: 13.5pt;" valign="bottom">
                <p class="MsoNormal" style="margin-top:1.0pt;margin-right:0in; margin-bottom:1.0pt;margin-left:0in;text-align:right;page-break-after:avoid" align="right"><b><font style="font-size:9.5pt;font-family:&quot;Verdana&quot;,sans-serif;mso-bidi-font-family: Times;mso-bidi-theme-font:major-latin;layout-grid-mode:line">Three Months Ended</font></b></p>
              </td>
            </tr>
            <tr style="mso-yfti-irow:1;height:13.5pt">
              <td style="width: 75%; padding: 0in 1.5pt; height: 13.5pt;" valign="top">
                <p class="MsoNormal" style="margin-top:1.0pt;margin-right:0in;margin-bottom: 1.0pt;margin-left:0in;page-break-after:avoid"><i style="mso-bidi-font-style: normal"><font style="font-size:9.5pt;font-family:&quot;Verdana&quot;,sans-serif;
                      mso-bidi-font-family:Times;mso-bidi-theme-font:major-latin;layout-grid-mode: line">&#160;</font></i></p>
              </td>
              <td style="width: 5%; padding: 0in 1.5pt; height: 13.5pt;" valign="bottom">
                <p class="MsoNormal" style="margin-top:1.0pt;margin-right:0in; margin-bottom:1.0pt;margin-left:0in;text-align:right;page-break-after:avoid" align="right"><b><font style="font-size:9.5pt;font-family:&quot;Verdana&quot;,sans-serif;mso-bidi-font-family: Times;mso-bidi-theme-font:major-latin;layout-grid-mode:line">&#160;</font></b></p>
              </td>
              <td style="width: 10%; border-width: medium medium 1pt; border-style: none none solid; border-color: -moz-use-text-color -moz-use-text-color windowtext; -moz-border-top-colors: none; -moz-border-right-colors: none; -moz-border-bottom-colors:
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              </td>
              <td style="width: 10%; border-width: 1pt medium; border-style: solid none; border-color: windowtext -moz-use-text-color; padding: 0in 1.5pt; height: 13.5pt;" valign="bottom">
                <p class="MsoNormal" style="margin-top:1.0pt;margin-right:0in; margin-bottom:1.0pt;margin-left:0in;text-align:right;page-break-after:avoid" align="right"><font style="font-size:9.5pt;font-family:&quot;Verdana&quot;,sans-serif;mso-bidi-font-family: Times;mso-bidi-theme-font:major-latin;layout-grid-mode:line;mso-bidi-font-weight: bold">April 30, 2018</font></p>
              </td>
            </tr>
            <tr style="mso-yfti-irow:2;height:15.85pt">
              <td style="width: 75%; padding: 0in 1.5pt; height: 15.85pt;" valign="top">
                <p class="MsoNormal" style="page-break-after:avoid"><font style="font-size: 9.5pt;font-family:&quot;Verdana&quot;,sans-serif;mso-bidi-font-family:Times;mso-bidi-theme-font: major-latin;layout-grid-mode:line;mso-bidi-font-weight:bold"><font style="mso-spacerun:yes">&#160; </font>Expected dividend yield (%)</font></p>
              </td>
              <td style="width: 5%; padding: 0in 1.5pt; height: 15.85pt;">
                <p class="MsoNormal" style="text-align:right;page-break-after:avoid" align="right"><b style="mso-bidi-font-weight:normal"><font style="font-size:9.5pt;font-family:
                      &quot;Verdana&quot;,sans-serif;mso-bidi-font-family:Times;mso-bidi-theme-font:major-latin; layout-grid-mode:line">&#160;</font></b></p>
              </td>
              <td style="width: 10%; border: medium none; padding: 0in 1.5pt; height: 15.85pt;">
                <p class="MsoNormal" style="text-align:right;page-break-after:avoid" align="right"><b style="mso-bidi-font-weight:normal"><font style="font-size:9.5pt;font-family:
                      &quot;Verdana&quot;,sans-serif;mso-bidi-font-family:Times;mso-bidi-theme-font:major-latin; layout-grid-mode:line">-</font></b><font style="font-size:9.5pt;font-family:
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              </td>
              <td style="width: 10%; border: medium none; padding: 0in 1.5pt; height: 15.85pt;">
                <p class="MsoNormal" style="text-align:right;page-break-after:avoid" align="right"><font style="font-size:9.5pt;font-family:&quot;Verdana&quot;,sans-serif;mso-bidi-font-family: Times;mso-bidi-theme-font:major-latin;layout-grid-mode:line">-</font></p>
              </td>
            </tr>
            <tr style="mso-yfti-irow:3;height:15.85pt">
              <td style="width: 75%; padding: 0in 1.5pt; height: 15.85pt;" valign="top">
                <p class="MsoNormal" style="page-break-after:avoid"><font style="font-size: 9.5pt;font-family:&quot;Verdana&quot;,sans-serif;mso-bidi-font-family:Times;mso-bidi-theme-font: major-latin;layout-grid-mode:line;mso-bidi-font-weight:bold"><font style="mso-spacerun:yes">&#160; </font>Expected volatility (%)</font></p>
              </td>
              <td style="width: 5%; padding: 0in 1.5pt; height: 15.85pt;">
                <p class="MsoNormal" style="text-align:right;page-break-after:avoid" align="right"><b><font style="font-size:9.5pt;font-family:&quot;Verdana&quot;,sans-serif;mso-bidi-font-family: Times;mso-bidi-theme-font:major-latin;layout-grid-mode:line">&#160;</font></b></p>
              </td>
              <td style="width: 10%; padding: 0in 1.5pt; height: 15.85pt;">
                <p class="MsoNormal" style="text-align:right;page-break-after:avoid" align="right"><b><font style="font-size:9.5pt;font-family:&quot;Verdana&quot;,sans-serif;mso-bidi-font-family: Times;mso-bidi-theme-font:major-latin;layout-grid-mode:line">23.5</font></b><font style="font-size:9.5pt;font-family:&quot;Verdana&quot;,sans-serif;mso-bidi-font-family: Times;mso-bidi-theme-font:major-latin;layout-grid-mode:line;mso-bidi-font-weight: bold"></font></p>
              </td>
              <td style="width: 10%; padding: 0in 1.5pt; height: 15.85pt;">
                <p class="MsoNormal" style="text-align:right;page-break-after:avoid" align="right"><font style="font-size:9.5pt;font-family:&quot;Verdana&quot;,sans-serif;mso-bidi-font-family:
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              </td>
            </tr>
            <tr style="mso-yfti-irow:4;height:13.5pt">
              <td style="width: 75%; padding: 0in 1.5pt; height: 13.5pt;" valign="top">
                <p class="MsoNormal" style="page-break-after:avoid"><font style="font-size: 9.5pt;font-family:&quot;Verdana&quot;,sans-serif;mso-bidi-font-family:Times;mso-bidi-theme-font: major-latin;layout-grid-mode:line"><font style="mso-spacerun:yes">&#160;
                    </font>Risk-free rate (%)</font></p>
              </td>
              <td style="width: 5%; padding: 0in 1.5pt; height: 13.5pt;">
                <p class="MsoNormal" style="text-align:right;page-break-after:avoid" align="right"><b><font style="font-size:9.5pt;font-family:&quot;Verdana&quot;,sans-serif;mso-bidi-font-family: Times;mso-bidi-theme-font:major-latin;layout-grid-mode:line">&#160;</font></b></p>
              </td>
              <td style="width: 10%; padding: 0in 1.5pt; height: 13.5pt;">
                <p class="MsoNormal" style="text-align:right;page-break-after:avoid" align="right"><b><font style="font-size:9.5pt;font-family:&quot;Verdana&quot;,sans-serif;mso-bidi-font-family: Times;mso-bidi-theme-font:major-latin;layout-grid-mode:line">1.4</font></b><font style="font-size:9.5pt;font-family:&quot;Verdana&quot;,sans-serif;mso-bidi-font-family: Times;mso-bidi-theme-font:major-latin;layout-grid-mode:line;mso-bidi-font-weight: bold"></font></p>
              </td>
              <td style="width: 10%; padding: 0in 1.5pt; height: 13.5pt;">
                <p class="MsoNormal" style="text-align:right;page-break-after:avoid" align="right"><font style="font-size:9.5pt;font-family:&quot;Verdana&quot;,sans-serif;mso-bidi-font-family:
                    Times;mso-bidi-theme-font:major-latin;layout-grid-mode:line;mso-bidi-font-weight: bold">2.0</font></p>
              </td>
            </tr>
            <tr style="mso-yfti-irow:5;mso-yfti-lastrow:yes;height:13.5pt">
              <td style="width: 75%; padding: 0in 1.5pt; height: 13.5pt;" valign="top">
                <p class="MsoNormal"><font style="font-size:9.5pt;font-family:&quot;Verdana&quot;,sans-serif; mso-bidi-font-family:Times;mso-bidi-theme-font:major-latin;layout-grid-mode: line"><font style="mso-spacerun:yes">&#160; </font>Expected option life
                    (years)</font></p>
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              <td style="width: 5%; padding: 0in 1.5pt; height: 13.5pt;">
                <p class="MsoNormal" style="text-align:right;mso-pagination:widow-orphan lines-together; page-break-after:avoid" align="right"><b><font style="font-size:9.5pt;font-family:&quot;Verdana&quot;,sans-serif;
                      mso-bidi-font-family:Times;mso-bidi-theme-font:major-latin;layout-grid-mode: line">&#160;</font></b></p>
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              <td style="width: 10%; padding: 0in 1.5pt; height: 13.5pt;">
                <p class="MsoNormal" style="text-align:right;mso-pagination:widow-orphan lines-together; page-break-after:avoid" align="right"><b><font style="font-size:9.5pt;font-family:&quot;Verdana&quot;,sans-serif;
                      mso-bidi-font-family:Times;mso-bidi-theme-font:major-latin;layout-grid-mode: line">5</font></b><font style="font-size:9.5pt;font-family:&quot;Verdana&quot;,sans-serif;
                    mso-bidi-font-family:Times;mso-bidi-theme-font:major-latin;layout-grid-mode: line;mso-bidi-font-weight:bold"></font></p>
              </td>
              <td style="width: 10%; padding: 0in 1.5pt; height: 13.5pt;">
                <p class="MsoNormal" style="text-align:right;mso-pagination:widow-orphan lines-together; page-break-after:avoid" align="right"><font style="font-size:9.5pt;font-family:&quot;Verdana&quot;,sans-serif;
                    mso-bidi-font-family:Times;mso-bidi-theme-font:major-latin;layout-grid-mode: line;mso-bidi-font-weight:bold">5</font></p>
              </td>
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        </table>
        <p class="MsoNormal" style="text-align:justify"><font style="font-size:9.5pt;font-family:&quot;Verdana&quot;,sans-serif;mso-bidi-font-family: Times;mso-bidi-theme-font:major-latin;background:yellow;mso-highlight:yellow; mso-ansi-language:EN-GB" lang="EN-GB"></font></p>
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            <tr style="height: 12.4pt;">
              <td style="height: 12.4pt; vertical-align: bottom; padding: 0in 1.5pt 1px;">
                <p class="MsoNormal" style="text-align: center; mso-pagination: widow-orphan lines-together; page-break-after: avoid;" align="center"><font style="font-size: 9.5pt; font-family: &amp;quot; mso-bidi-font-family: Times; mso-bidi-theme-font:
                    major-latin; layout-grid-mode: line; mso-bidi-font-weight: bold;">&#160;</font></p>
              </td>
              <td colspan="1" style="border-bottom: 1px solid rgb(0, 0, 0); border-left: medium none; border-top: 1pt solid; height: 12.4pt; vertical-align: bottom; padding-top: 0px; padding-right: 0px; padding-left: 0px;">&#160;</td>
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                <p class="MsoNormal" style="text-align: right; mso-pagination: widow-orphan lines-together; page-break-after: avoid;" align="right"><font style="font-size: 9.5pt; font-family: &amp;quot; mso-bidi-font-family: Times; mso-bidi-theme-font:
                    major-latin; layout-grid-mode: line; mso-bidi-font-weight: bold;">Number of Stock Options Outstanding</font></p>
              </td>
              <td colspan="1" style="border-bottom: 1px solid rgb(0, 0, 0); border-right: medium none; border-top: 1pt solid; height: 12.4pt; 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-left: medium none; border-top: 1pt solid; height: 12.4pt; 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: 1pt solid; height: 12.4pt; vertical-align: bottom;">
                <p class="MsoNormal" style="text-align: right; mso-pagination: widow-orphan lines-together; page-break-after: avoid;" align="right"><font style="font-size: 9.5pt; font-family: &amp;quot; mso-bidi-font-family: Times; mso-bidi-theme-font:
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              </td>
              <td colspan="1" style="border-bottom: 1px solid rgb(0, 0, 0); border-right: medium none; border-top: 1pt solid; height: 12.4pt; 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-left: medium none; border-top: 1pt solid; height: 12.4pt; 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: 1pt solid; height: 12.4pt; vertical-align: bottom;">
                <p class="MsoNormal" style="text-align: right; mso-pagination: widow-orphan lines-together; page-break-after: avoid;" align="right"><font style="font-size: 9.5pt; font-family: &amp;quot; mso-bidi-font-family: Times; mso-bidi-theme-font:
                    major-latin; layout-grid-mode: line; mso-bidi-font-weight: bold;">Weighted- Average Remaining Contractual Life (years)</font></p>
              </td>
              <td colspan="1" style="border-bottom: 1px solid rgb(0, 0, 0); border-right: medium none; border-top: 1pt solid; height: 12.4pt; 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-left: medium none; border-top: 1pt solid; height: 12.4pt; 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: 1pt solid; height: 12.4pt; vertical-align: bottom;">
                <p class="MsoNormal" style="text-align: right; mso-pagination: widow-orphan lines-together; page-break-after: avoid;" align="right"><font style="font-size: 9.5pt; font-family: &amp;quot; mso-bidi-font-family: Times; mso-bidi-theme-font:
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              </td>
              <td colspan="1" style="border-bottom: 1px solid rgb(0, 0, 0); border-right: medium none; border-top: 1pt solid; height: 12.4pt; vertical-align: bottom; white-space: nowrap; padding-top: 0px; padding-right: 0px; padding-left: 0px; text-align:
                left;">&#160;</td>
            </tr>
            <tr style="height: 12.4pt;">
              <td style="padding: 0in 1.5pt; height: 12.4pt; width: 52%;" valign="bottom">
                <p class="MsoNormal" style="mso-pagination: widow-orphan lines-together; page-break-after: avoid;"><font style="font-size: 9.5pt; font-family: &amp;quot; mso-bidi-font-family: Times; mso-bidi-theme-font: major-latin; layout-grid-mode: line;
                    mso-bidi-font-weight: bold;">Balance at January 31, 2019</font></p>
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              <td colspan="1" style="height: 12.4pt; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
              <td colspan="1" style="height: 12.4pt; text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
              <td colspan="1" style="height: 12.4pt; vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
                <p class="MsoNormal" style="mso-pagination: widow-orphan lines-together; page-break-after: avoid; tab-stops: decimal 63.3pt;"><font style="font-size: 9.5pt; font-family: &amp;quot; mso-bidi-font-family: Times; mso-bidi-theme-font:
                    major-latin; layout-grid-mode: line; mso-bidi-font-weight: bold;">879,338</font></p>
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              <td colspan="1" style="height: 12.4pt; text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">&#160;</td>
              <td colspan="1" style="height: 12.4pt; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
              <td colspan="1" style="height: 12.4pt; text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">
                <p class="MsoNormal" style="mso-pagination: widow-orphan lines-together; page-break-after: avoid; tab-stops: decimal 51.75pt;"><font style="font-size: 9.5pt; font-family: &amp;quot; mso-bidi-font-family: Times; mso-bidi-theme-font:
                    major-latin; layout-grid-mode: line; mso-bidi-font-weight: bold;">$</font></p>
              </td>
              <td colspan="1" style="height: 12.4pt; vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
                <p class="MsoNormal" style="mso-pagination: widow-orphan lines-together; page-break-after: avoid; tab-stops: decimal 51.75pt;"><font style="font-size: 9.5pt; font-family: &amp;quot; mso-bidi-font-family: Times; mso-bidi-theme-font:
                    major-latin; layout-grid-mode: line; mso-bidi-font-weight: bold;">21.41</font></p>
              </td>
              <td colspan="1" style="height: 12.4pt; text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">&#160;</td>
              <td colspan="1" style="height: 12.4pt; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
              <td colspan="1" style="height: 12.4pt; text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
              <td colspan="1" style="height: 12.4pt; vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
                <p class="MsoNormal" style="mso-pagination: widow-orphan lines-together; page-break-after: avoid;"><font style="font-size: 9.5pt; font-family: &amp;quot; mso-bidi-font-family: Times; mso-bidi-theme-font: major-latin; layout-grid-mode:
                    line;">4.7</font></p>
              </td>
              <td colspan="1" style="height: 12.4pt; text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">&#160;</td>
              <td colspan="1" style="height: 12.4pt; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
              <td colspan="1" style="height: 12.4pt; text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
              <td colspan="1" style="height: 12.4pt; vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
                <p class="MsoNormal" style="mso-pagination: widow-orphan lines-together; page-break-after: avoid;"><font style="font-size: 9.5pt; font-family: &amp;quot; mso-bidi-font-family: Times; mso-bidi-theme-font: major-latin; layout-grid-mode: line;
                    mso-bidi-font-weight: bold;">8.7</font></p>
              </td>
              <td colspan="1" style="height: 12.4pt; text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">&#160;</td>
            </tr>
            <tr style="height: 12.4pt;">
              <td style="padding: 0in 1.5pt; height: 12.4pt; width: 52%;" valign="bottom">
                <p class="MsoNormal" style="margin-left: 12.25pt; text-indent: 2.75pt; mso-pagination: widow-orphan lines-together; page-break-after: avoid;"><font style="font-size: 9.5pt; font-family: &amp;quot; mso-bidi-font-family: Times;
                    mso-bidi-theme-font: major-latin; layout-grid-mode: line; mso-bidi-font-weight: bold;">Granted</font></p>
              </td>
              <td colspan="1" style="height: 12.4pt; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
              <td colspan="1" style="height: 12.4pt; text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
              <td colspan="1" style="height: 12.4pt; vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
                <p class="MsoNormal" style="mso-pagination: widow-orphan lines-together; page-break-after: avoid; tab-stops: decimal 63.3pt;"><b><font style="font-size: 9.5pt; font-family: &amp;quot; mso-bidi-font-family: Times; mso-bidi-theme-font:
                      major-latin; layout-grid-mode: line;">361,264</font></b></p>
              </td>
              <td colspan="1" style="height: 12.4pt; text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">&#160;</td>
              <td colspan="1" style="height: 12.4pt; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
              <td colspan="1" style="height: 12.4pt; text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">
                <p class="MsoNormal" style="mso-pagination: widow-orphan lines-together; page-break-after: avoid; tab-stops: decimal 51.75pt;"><b><font style="font-size: 9.5pt; font-family: &amp;quot; mso-bidi-font-family: Times; mso-bidi-theme-font:
                      major-latin; layout-grid-mode: line;">$</font></b></p>
              </td>
              <td colspan="1" style="height: 12.4pt; vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
                <p class="MsoNormal" style="mso-pagination: widow-orphan lines-together; page-break-after: avoid; tab-stops: decimal 51.75pt;"><b><font style="font-size: 9.5pt; font-family: &amp;quot; mso-bidi-font-family: Times; mso-bidi-theme-font:
                      major-latin; layout-grid-mode: line;">37.84</font></b></p>
              </td>
              <td colspan="1" style="height: 12.4pt; text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">&#160;</td>
              <td colspan="1" style="height: 12.4pt; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
              <td colspan="1" style="height: 12.4pt; text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
              <td colspan="1" style="height: 12.4pt; vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">&#160;</td>
              <td colspan="1" style="height: 12.4pt; text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">&#160;</td>
              <td colspan="1" style="height: 12.4pt; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
              <td colspan="1" style="height: 12.4pt; text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
              <td colspan="1" style="height: 12.4pt; vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">&#160;</td>
              <td colspan="1" style="height: 12.4pt; text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">&#160;</td>
            </tr>
            <tr style="height: 12.4pt;">
              <td style="height: 12.4pt; vertical-align: bottom; width: 52%; padding: 0in 1.5pt 1px;">
                <p class="MsoNormal" style="margin-left: 12.0pt; text-indent: 2.75pt; mso-pagination: widow-orphan lines-together; page-break-after: avoid;"><font style="font-size: 9.5pt; font-family: &amp;quot; mso-bidi-font-family: Times;
                    mso-bidi-theme-font: major-latin; layout-grid-mode: line; mso-bidi-font-weight: bold;">Exercised</font></p>
              </td>
              <td colspan="1" style="border-bottom: 1px solid rgb(0, 0, 0); height: 12.4pt; vertical-align: bottom; width: 1%;">&#160;</td>
              <td colspan="1" style="border-bottom: 1px solid rgb(0, 0, 0); height: 12.4pt; vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
              <td colspan="1" style="border-bottom: 1px solid rgb(0, 0, 0); height: 12.4pt; vertical-align: bottom; width: 9%; text-align: right;">
                <p class="MsoNormal" style="mso-pagination: widow-orphan lines-together; page-break-after: avoid; tab-stops: decimal 63.3pt;"><b><font style="font-size: 9.5pt; font-family: &amp;quot; mso-bidi-font-family: Times; mso-bidi-theme-font:
                      major-latin; layout-grid-mode: line;">(61,610</font></b></p>
              </td>
              <td colspan="1" style="border-bottom: 1px solid rgb(0, 0, 0); height: 12.4pt; vertical-align: bottom; white-space: nowrap; width: 1%; text-align: left;">
                <p class="MsoNormal" style="mso-pagination: widow-orphan lines-together; page-break-after: avoid; tab-stops: decimal 63.3pt;"><b><font style="font-size: 9.5pt; font-family: &amp;quot; mso-bidi-font-family: Times; mso-bidi-theme-font:
                      major-latin; layout-grid-mode: line;">)</font></b></p>
              </td>
              <td colspan="1" style="border-bottom: 1px solid rgb(0, 0, 0); height: 12.4pt; vertical-align: bottom; width: 1%;">&#160;</td>
              <td colspan="1" style="border-bottom: 1px solid rgb(0, 0, 0); height: 12.4pt; vertical-align: bottom; width: 1%; text-align: left;">
                <p class="MsoNormal" style="mso-pagination: widow-orphan lines-together; page-break-after: avoid; tab-stops: decimal 51.75pt;"><b><font style="font-size: 9.5pt; font-family: &amp;quot; mso-bidi-font-family: Times; mso-bidi-theme-font:
                      major-latin; layout-grid-mode: line;">$</font></b></p>
              </td>
              <td colspan="1" style="border-bottom: 1px solid rgb(0, 0, 0); height: 12.4pt; vertical-align: bottom; width: 9%; text-align: right;">
                <p class="MsoNormal" style="mso-pagination: widow-orphan lines-together; page-break-after: avoid; tab-stops: decimal 51.75pt;"><b><font style="font-size: 9.5pt; font-family: &amp;quot; mso-bidi-font-family: Times; mso-bidi-theme-font:
                      major-latin; layout-grid-mode: line;">11.69</font></b></p>
              </td>
              <td colspan="1" style="border-bottom: 1px solid rgb(0, 0, 0); height: 12.4pt; 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); height: 12.4pt; vertical-align: bottom; width: 1%;">&#160;</td>
              <td colspan="1" style="border-bottom: 1px solid rgb(0, 0, 0); height: 12.4pt; vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
              <td colspan="1" style="border-bottom: 1px solid rgb(0, 0, 0); height: 12.4pt; vertical-align: bottom; width: 9%; text-align: right;">&#160;</td>
              <td colspan="1" style="border-bottom: 1px solid rgb(0, 0, 0); height: 12.4pt; 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); height: 12.4pt; vertical-align: bottom; width: 1%;">&#160;</td>
              <td colspan="1" style="border-bottom: 1px solid rgb(0, 0, 0); height: 12.4pt; vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
              <td colspan="1" style="border-bottom: 1px solid rgb(0, 0, 0); height: 12.4pt; vertical-align: bottom; width: 9%; text-align: right;">&#160;</td>
              <td colspan="1" style="border-bottom: 1px solid rgb(0, 0, 0); height: 12.4pt; vertical-align: bottom; white-space: nowrap; width: 1%; text-align: left;">&#160;</td>
            </tr>
            <tr style="height: 12.4pt;">
              <td style="height: 12.4pt; vertical-align: bottom; width: 52%; padding: 0in 1.5pt 2px;">
                <p class="MsoNormal" style="mso-pagination: widow-orphan lines-together; page-break-after: avoid;"><font style="font-size: 9.5pt; font-family: &amp;quot; mso-bidi-font-family: Times; mso-bidi-theme-font: major-latin; layout-grid-mode: line;
                    mso-bidi-font-weight: bold;">Balance at April 30, 2019</font></p>
              </td>
              <td colspan="1" style="border-bottom: 2px double rgb(0, 0, 0); border-left: medium none; height: 12.4pt; vertical-align: bottom; width: 1%; padding-top: 0px; padding-right: 0px; padding-left: 0px;">&#160;</td>
              <td colspan="1" style="border-bottom: 2px double rgb(0, 0, 0); height: 12.4pt; vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
              <td colspan="1" style="border-bottom: 2px double rgb(0, 0, 0); height: 12.4pt; vertical-align: bottom; width: 9%; text-align: right;">
                <p class="MsoNormal" style="mso-pagination: widow-orphan lines-together; page-break-after: avoid; tab-stops: decimal 63.3pt;"><b><font style="font-size: 9.5pt; font-family: &amp;quot; mso-bidi-font-family: Times; mso-bidi-theme-font:
                      major-latin; layout-grid-mode: line;">1,178,992</font></b></p>
              </td>
              <td colspan="1" style="border-bottom: 2px double rgb(0, 0, 0); border-right: medium none; height: 12.4pt; 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: 2px double rgb(0, 0, 0); border-left: medium none; height: 12.4pt; vertical-align: bottom; width: 1%; padding-top: 0px; padding-right: 0px; padding-left: 0px;">&#160;</td>
              <td colspan="1" style="border-bottom: 2px double rgb(0, 0, 0); height: 12.4pt; vertical-align: bottom; width: 1%; text-align: left;">
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                      major-latin; layout-grid-mode: line;">$</font></b></p>
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              <td colspan="1" style="height: 12.4pt; text-align: left; vertical-align: bottom; width: 1%; border-right: medium none;" nowrap="nowrap" valign="bottom">&#160;</td>
              <td colspan="1" style="height: 12.4pt; vertical-align: bottom; width: 1%; border-left: medium none;" valign="bottom">&#160;</td>
              <td colspan="1" style="height: 12.4pt; text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
              <td colspan="1" style="height: 12.4pt; vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">&#160;</td>
              <td colspan="1" style="height: 12.4pt; text-align: left; vertical-align: bottom; width: 1%; border-right: medium none;" nowrap="nowrap" valign="bottom">&#160;</td>
              <td colspan="1" style="height: 12.4pt; vertical-align: bottom; width: 1%; border-left: medium none;" valign="bottom">&#160;</td>
              <td colspan="1" style="height: 12.4pt; text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
              <td colspan="1" style="height: 12.4pt; vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">&#160;</td>
              <td colspan="1" style="height: 12.4pt; text-align: left; vertical-align: bottom; width: 1%; border-right: medium none;" nowrap="nowrap" valign="bottom">&#160;</td>
              <td colspan="1" style="height: 12.4pt; vertical-align: bottom; width: 1%; border-left: medium none;" valign="bottom">&#160;</td>
              <td colspan="1" style="height: 12.4pt; text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
              <td colspan="1" style="height: 12.4pt; vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">&#160;</td>
              <td colspan="1" style="height: 12.4pt; text-align: left; vertical-align: bottom; width: 1%; border-right: medium none;" nowrap="nowrap" valign="bottom">&#160;</td>
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                <p class="MsoNormal" style="mso-pagination: widow-orphan lines-together; page-break-after: avoid;"><font style="font-size: 9.5pt; font-family: &amp;quot; mso-bidi-font-family: Times; mso-bidi-theme-font: major-latin; layout-grid-mode: line;
                    mso-bidi-font-weight: bold;">Vested or expected to vest at April 30, 2019</font></p>
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              <td colspan="1" style="border-bottom: 2px double rgb(0, 0, 0); height: 12.4pt; vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
              <td colspan="1" style="border-bottom: 2px double rgb(0, 0, 0); height: 12.4pt; vertical-align: bottom; width: 9%; text-align: right;">
                <p class="MsoNormal" style="mso-pagination: widow-orphan lines-together; page-break-after: avoid;"><b style="mso-bidi-font-weight: normal;"><font style="font-size: 9.5pt; font-family: &amp;quot; mso-bidi-font-family: Times;
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              <td colspan="1" style="border-bottom: 2px double rgb(0, 0, 0); border-left: medium none; height: 12.4pt; vertical-align: bottom; width: 1%; padding-top: 0px; padding-right: 0px; padding-left: 0px;">&#160;</td>
              <td colspan="1" style="border-bottom: 2px double rgb(0, 0, 0); height: 12.4pt; vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
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            <tr style="height: 12.4pt;">
              <td style="padding: 0in 1.5pt; height: 12.4pt; width: 52%;" valign="bottom">
                <p class="MsoNormal" style="mso-pagination: widow-orphan lines-together; page-break-after: avoid;"><font style="font-size: 9.5pt; font-family: &amp;quot; mso-bidi-font-family: Times; mso-bidi-theme-font: major-latin; layout-grid-mode: line;
                    mso-bidi-font-weight: bold;">&#160;</font></p>
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              <td colspan="1" style="height: 12.4pt; vertical-align: bottom; width: 1%; border-left: medium none;" valign="bottom">&#160;</td>
              <td colspan="1" style="height: 12.4pt; text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
              <td colspan="1" style="height: 12.4pt; vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">&#160;</td>
              <td colspan="1" style="height: 12.4pt; text-align: left; vertical-align: bottom; width: 1%; border-right: medium none;" nowrap="nowrap" valign="bottom">&#160;</td>
              <td colspan="1" style="height: 12.4pt; vertical-align: bottom; width: 1%; border-left: medium none;" valign="bottom">&#160;</td>
              <td colspan="1" style="height: 12.4pt; text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
              <td colspan="1" style="height: 12.4pt; vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">&#160;</td>
              <td colspan="1" style="height: 12.4pt; text-align: left; vertical-align: bottom; width: 1%; border-right: medium none;" nowrap="nowrap" valign="bottom">&#160;</td>
              <td colspan="1" style="height: 12.4pt; vertical-align: bottom; width: 1%; border-left: medium none;" valign="bottom">&#160;</td>
              <td colspan="1" style="height: 12.4pt; text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
              <td colspan="1" style="height: 12.4pt; vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">&#160;</td>
              <td colspan="1" style="height: 12.4pt; text-align: left; vertical-align: bottom; width: 1%; border-right: medium none;" nowrap="nowrap" valign="bottom">&#160;</td>
              <td colspan="1" style="height: 12.4pt; vertical-align: bottom; width: 1%; border-left: medium none;" valign="bottom">&#160;</td>
              <td colspan="1" style="height: 12.4pt; text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
              <td colspan="1" style="height: 12.4pt; vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">&#160;</td>
              <td colspan="1" style="height: 12.4pt; text-align: left; vertical-align: bottom; width: 1%; border-right: medium none;" nowrap="nowrap" valign="bottom">&#160;</td>
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            <tr style="height: 12.4pt;">
              <td style="height: 12.4pt; vertical-align: bottom; width: 52%; padding: 0in 1.5pt 2px;">
                <p class="MsoNormal" style="mso-pagination: widow-orphan lines-together; page-break-after: avoid;"><font style="font-size: 9.5pt; font-family: &amp;quot; mso-bidi-font-family: Times; mso-bidi-theme-font: major-latin; layout-grid-mode: line;
                    mso-bidi-font-weight: bold;">Exercisable at April 30, 2019</font></p>
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              <td colspan="1" style="border-bottom: 2px double rgb(0, 0, 0); border-left: medium none; height: 12.4pt; vertical-align: bottom; width: 1%; padding-top: 0px; padding-right: 0px; padding-left: 0px;">&#160;</td>
              <td colspan="1" style="border-bottom: 2px double rgb(0, 0, 0); height: 12.4pt; vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
              <td colspan="1" style="border-bottom: 2px double rgb(0, 0, 0); height: 12.4pt; vertical-align: bottom; width: 9%; text-align: right;">
                <p class="MsoNormal" style="mso-pagination: widow-orphan lines-together; page-break-after: avoid; tab-stops: decimal 63.3pt;"><b><font style="font-size: 9.5pt; font-family: &amp;quot; mso-bidi-font-family: Times; mso-bidi-theme-font:
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              <td colspan="1" style="border-bottom: 2px double rgb(0, 0, 0); border-left: medium none; height: 12.4pt; vertical-align: bottom; width: 1%; padding-top: 0px; padding-right: 0px; padding-left: 0px;">&#160;</td>
              <td colspan="1" style="border-bottom: 2px double rgb(0, 0, 0); height: 12.4pt; vertical-align: bottom; width: 1%; text-align: left;">
                <p class="MsoNormal" style="mso-pagination: widow-orphan lines-together; page-break-after: avoid; tab-stops: decimal 51.75pt;"><b><font style="font-size: 9.5pt; font-family: &amp;quot; mso-bidi-font-family: Times; mso-bidi-theme-font:
                      major-latin; layout-grid-mode: line;">$</font></b></p>
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              <td colspan="1" style="border-bottom: 2px double rgb(0, 0, 0); height: 12.4pt; vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
              <td colspan="1" style="border-bottom: 2px double rgb(0, 0, 0); height: 12.4pt; vertical-align: bottom; width: 9%; text-align: right;">
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              <td colspan="1" style="border-bottom: 2px double rgb(0, 0, 0); height: 12.4pt; vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
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                <p class="MsoNormal" style="mso-pagination: widow-orphan lines-together; page-break-after: avoid;"><b><font style="font-size: 9.5pt; font-family: &amp;quot; mso-bidi-font-family: Times; mso-bidi-theme-font: major-latin; layout-grid-mode:
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        <p class="MsoNormal" style="text-align:justify;mso-pagination:none"><font style="font-size:9.5pt;font-family:&quot;Verdana&quot;,sans-serif;mso-bidi-font-family: Times;mso-bidi-theme-font:major-latin;color:black;mso-bidi-font-weight:bold"></font></p>
        <p class="MsoNormal" style="text-align:justify"><font style="font-size:9.5pt; font-family:&quot;Verdana&quot;,sans-serif;mso-bidi-font-family:Times;mso-bidi-theme-font: major-latin;color:black;mso-bidi-font-weight:bold">The total intrinsic value of
            options exercised during the three month periods ended April 30, 2019 and April 30, 2018 was $1.5 million and $0.7 million, respectively. </font></p>
      </div>
      <div style="FONT-SIZE: 9.5pt; FONT-FAMILY: Verdana, sans-serif; COLOR: #000000; TEXT-ALIGN: justify; LINE-HEIGHT: 10.85pt"> <br>
      </div>
      <div id="DSPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; MARGIN-TOP: 10pt; CLEAR: both">
        <div id="DSPFPageNumberArea" style="TEXT-ALIGN: center"><font id="DSPFPageNumber" style="font-size: 8pt; font-family: Verdana,Geneva,&quot;sans-serif&quot;; font-weight: normal; font-style: normal;">55</font></div>
        <div id="DSPFPageBreak" style="PAGE-BREAK-AFTER: always">
          <hr style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000" noshade="noshade"> </div>
      </div>
      <div style="LINE-HEIGHT: 10.85pt">
        <div style="text-align: justify; font-family: Verdana, Geneva, sans-serif; font-size: 10pt; font-style: italic; font-weight: bold;">Performance Share Units</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>
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            <tr>
              <td style="width: 41.96%; vertical-align: top;">&#160;</td>
              <td style="width: 2.32%; vertical-align: top;">&#160;</td>
              <td style="width: 13.93%; vertical-align: bottom; border-top: 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;">Number of PSUs Outstanding</font></div>
              </td>
              <td style="width: 13.93%; vertical-align: bottom; 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;">Weighted-</font></div>
                <div style="text-align: right;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">Average </font></div>
                <div style="text-align: right;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">Granted Date</font></div>
                <div style="text-align: right;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">Fair Value</font></div>
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              <td style="width: 13.93%; vertical-align: bottom; 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;">Weighted- </font></div>
                <div style="text-align: right;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">Average </font></div>
                <div style="text-align: right;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">Remaining </font></div>
                <div style="text-align: right;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">Contractual Life (years)</font></div>
              </td>
              <td style="width: 13.93%; vertical-align: bottom; 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;">Aggregate </font></div>
                <div style="text-align: right;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">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;">&#160;(in millions)</font></div>
              </td>
            </tr>
            <tr>
              <td style="width: 41.96%; vertical-align: top;">
                <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 style="width: 2.32%; vertical-align: top;">&#160;</td>
              <td style="width: 13.93%; vertical-align: bottom; text-align: right;">
                <div style="margin-right: 3.9pt;"><font style="font-size: 10pt; font-family: Verdana,Geneva,sans-serif;">530,383</font></div>
              </td>
              <td style="width: 13.93%; vertical-align: bottom; text-align: right;">
                <div style="margin-right: 3.9pt;"><font style="font-size: 10pt; font-family: Verdana,Geneva,sans-serif;">$18.02</font></div>
              </td>
              <td style="width: 13.93%; vertical-align: bottom; text-align: right;">
                <div style="margin-right: 3.6pt;"><font style="font-size: 10pt; font-family: Verdana,Geneva,sans-serif;">5.5</font></div>
              </td>
              <td style="width: 13.93%; vertical-align: bottom; text-align: right;">
                <div style="margin-right: 3.6pt;"><font style="font-size: 10pt; font-family: Verdana,Geneva,sans-serif;">16.6</font></div>
              </td>
            </tr>
            <tr>
              <td style="width: 41.96%; vertical-align: top;">
                <div style="text-align: left; margin-left: 12.25pt;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">Granted</font></div>
              </td>
              <td style="width: 2.32%; vertical-align: top;">&#160;</td>
              <td style="width: 13.93%; vertical-align: bottom; text-align: right;">
                <div style="margin-right: 3.9pt;"><font style="font-size: 10pt; font-family: Verdana,Geneva,sans-serif; font-weight: bold;">53,729</font></div>
              </td>
              <td style="width: 13.93%; vertical-align: bottom; text-align: right;">
                <div style="margin-right: 3.9pt;"><font style="font-size: 10pt; font-family: Verdana,Geneva,sans-serif; font-weight: bold;">$53.38</font></div>
              </td>
              <td style="width: 13.93%; vertical-align: bottom; text-align: right;">&#160;</td>
              <td style="width: 13.93%; vertical-align: bottom; text-align: right;">&#160;</td>
            </tr>
            <tr>
              <td style="width: 41.96%; vertical-align: top;">
                <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 style="width: 2.32%; vertical-align: top;">&#160;</td>
              <td style="width: 13.93%; vertical-align: bottom; text-align: right;">
                <div style="margin-right: 3.9pt;"><font style="font-size: 10pt; font-family: Verdana,Geneva,sans-serif; font-weight: bold;">45,762</font></div>
              </td>
              <td style="width: 13.93%; vertical-align: bottom; text-align: right;">
                <div style="margin-right: 3.9pt;"><font style="font-size: 10pt; font-family: Verdana,Geneva,sans-serif; font-weight: bold;">$23.12</font></div>
              </td>
              <td style="width: 13.93%; vertical-align: bottom; text-align: right;">&#160;</td>
              <td style="width: 13.93%; vertical-align: bottom; text-align: right;">&#160;</td>
            </tr>
            <tr>
              <td style="vertical-align: top; width: 41.96%; padding-bottom: 2px;">
                <div style="text-align: left;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">Balance at April 30, 2019</font></div>
              </td>
              <td style="vertical-align: top; width: 2.32%; padding-bottom: 2px;">&#160;</td>
              <td style="border-bottom: 2px double rgb(0, 0, 0); border-top: 1px solid; vertical-align: bottom; width: 13.93%; text-align: right;">
                <div style="margin-right: 3.9pt;"><font style="font-size: 10pt; font-family: Verdana,Geneva,sans-serif; font-weight: bold;">629,874</font></div>
              </td>
              <td style="border-bottom: 2px double rgb(0, 0, 0); border-top: 1px solid; vertical-align: bottom; width: 13.93%; text-align: right;">
                <div style="margin-right: 3.9pt;"><font style="font-size: 10pt; font-family: Verdana,Geneva,sans-serif; font-weight: bold;">$21.08</font></div>
              </td>
              <td style="border-bottom: 2px double rgb(0, 0, 0); border-top: 1px solid; vertical-align: bottom; width: 13.93%; text-align: right;">
                <div style="margin-right: 3.9pt;"><font style="font-size: 10pt; font-family: Verdana,Geneva,sans-serif; font-weight: bold;">5.8</font></div>
              </td>
              <td style="border-bottom: 2px double rgb(0, 0, 0); border-top: 1px solid; vertical-align: bottom; width: 13.93%; text-align: right;">
                <div style="margin-right: 3.9pt;"><font style="font-size: 10pt; font-family: Verdana,Geneva,sans-serif; font-weight: bold;">25.3</font></div>
              </td>
            </tr>
            <tr>
              <td style="width: 41.96%; vertical-align: top;">&#160;</td>
              <td style="width: 2.32%; vertical-align: top;">&#160;</td>
              <td style="width: 13.93%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); text-align: right;">&#160;</td>
              <td style="width: 13.93%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); text-align: right;">&#160;</td>
              <td style="width: 13.93%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); text-align: right;">&#160;</td>
              <td style="width: 13.93%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); text-align: right;">&#160;</td>
            </tr>
            <tr>
              <td style="vertical-align: top; width: 41.96%; padding-bottom: 2px;">
                <div style="text-align: left;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">Vested or expected to vest at April 30, 2019</font></div>
              </td>
              <td style="vertical-align: top; width: 2.32%; padding-bottom: 2px;">&#160;</td>
              <td style="border-bottom: 2px double rgb(0, 0, 0); vertical-align: bottom; width: 13.93%; text-align: right;">
                <div style="margin-right: 3.9pt;"><font style="font-size: 10pt; font-family: Verdana,Geneva,sans-serif; font-weight: bold;">629,874</font></div>
              </td>
              <td style="border-bottom: 2px double rgb(0, 0, 0); vertical-align: bottom; width: 13.93%; text-align: right;">
                <div style="margin-right: 3.9pt;"><font style="font-size: 10pt; font-family: Verdana,Geneva,sans-serif; font-weight: bold;">$21.08</font></div>
              </td>
              <td style="border-bottom: 2px double rgb(0, 0, 0); vertical-align: bottom; width: 13.93%; text-align: right;">
                <div style="margin-right: 3.9pt;"><font style="font-size: 10pt; font-family: Verdana,Geneva,sans-serif; font-weight: bold;">5.8</font></div>
              </td>
              <td style="border-bottom: 2px double rgb(0, 0, 0); vertical-align: bottom; width: 13.93%; text-align: right;">
                <div style="margin-right: 3.9pt;"><font style="font-size: 10pt; font-family: Verdana,Geneva,sans-serif; font-weight: bold;">25.3</font></div>
              </td>
            </tr>
            <tr>
              <td style="width: 41.96%; vertical-align: top;">&#160;</td>
              <td style="width: 2.32%; vertical-align: top;">&#160;</td>
              <td style="width: 13.93%; vertical-align: bottom; border-top: 1px double rgb(0, 0, 0); text-align: right;">&#160;</td>
              <td style="width: 13.93%; vertical-align: bottom; border-top: 1px double rgb(0, 0, 0); text-align: right;">&#160;</td>
              <td style="width: 13.93%; vertical-align: bottom; border-top: 1px double rgb(0, 0, 0); text-align: right;">&#160;</td>
              <td style="width: 13.93%; vertical-align: bottom; border-top: 1px double rgb(0, 0, 0); text-align: right;">&#160;</td>
            </tr>
            <tr>
              <td style="vertical-align: top; width: 41.96%; padding-bottom: 2px;">
                <div style="text-align: left;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">Exercisable at April 30, 2019</font></div>
              </td>
              <td style="vertical-align: top; width: 2.32%; padding-bottom: 2px;">&#160;</td>
              <td style="border-bottom: 2px double rgb(0, 0, 0); vertical-align: bottom; width: 13.93%; text-align: right;">
                <div style="margin-right: 3.9pt;"><font style="font-size: 10pt; font-family: Verdana,Geneva,sans-serif; font-weight: bold;">470,673</font></div>
              </td>
              <td style="border-bottom: 2px double rgb(0, 0, 0); vertical-align: bottom; width: 13.93%; text-align: right;">
                <div style="margin-right: 3.9pt;"><font style="font-size: 10pt; font-family: Verdana,Geneva,sans-serif; font-weight: bold;">$19.94</font></div>
              </td>
              <td style="border-bottom: 2px double rgb(0, 0, 0); vertical-align: bottom; width: 13.93%; text-align: right;">
                <div style="margin-right: 3.9pt;"><font style="font-size: 10pt; font-family: Verdana,Geneva,sans-serif; font-weight: bold;">4.8</font></div>
              </td>
              <td style="border-bottom: 2px double rgb(0, 0, 0); vertical-align: bottom; width: 13.93%; text-align: right;">
                <div style="margin-right: 3.9pt;"><font style="font-size: 10pt; font-family: Verdana,Geneva,sans-serif; font-weight: bold;">18.9</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;">The aggregate intrinsic value represents the total pre-tax intrinsic value (the aggregate closing share price of our common
            shares on April 30, 2019) that would have been received by PSU holders if all PSUs had been vested on April 30, 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 April 30, 2019, $4.3 million of total unrecognized compensation costs related to non-vested awards is expected to be
            recognized over a weighted average period of 1.8 years. The total fair value of PSUs vested during the three month period ended April 30, 2019 was $1.1 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;">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>
        <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse;" id="z8b69871658fd47359a9acedac33af436" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 41.96%; vertical-align: top;">&#160;</td>
              <td style="width: 2.32%; vertical-align: top;">&#160;</td>
              <td style="width: 13.93%; vertical-align: bottom; border-top: #000000 1px solid; border-bottom: #000000 1px solid;">
                <div style="text-align: right;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">Number of </font></div>
                <div style="text-align: right;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">RSUs </font></div>
                <div style="text-align: right;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">Outstanding</font></div>
              </td>
              <td style="width: 13.93%; vertical-align: bottom; border-top: #000000 1px solid; border-bottom: #000000 1px solid;">
                <div style="text-align: right;"><font style="font-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 </font></div>
                <div style="text-align: right;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">Granted Date</font></div>
                <div style="text-align: right;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">Fair Value</font></div>
              </td>
              <td style="width: 13.93%; vertical-align: bottom; border-top: #000000 1px solid; border-bottom: #000000 1px solid;">
                <div style="text-align: right;"><font style="font-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 </font></div>
                <div style="text-align: right;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">Remaining Contractual </font></div>
                <div style="text-align: right;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">Life (years)</font></div>
              </td>
              <td style="width: 13.93%; vertical-align: bottom; border-top: #000000 1px solid; border-bottom: #000000 1px solid;">
                <div style="text-align: right;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">Aggregate </font></div>
                <div style="text-align: right;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">Intrinsic</font></div>
                <div style="text-align: right;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;"> &#160;Value</font></div>
                <div style="text-align: right;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">(in millions)</font></div>
              </td>
            </tr>
            <tr>
              <td style="width: 41.96%; vertical-align: top;">
                <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 style="width: 2.32%; vertical-align: top;">&#160;</td>
              <td style="width: 13.93%; vertical-align: bottom; text-align: right;">
                <div style="margin-right: 3.9pt;"><font style="font-size: 10pt; font-family: Verdana,Geneva,sans-serif;">337,066</font></div>
              </td>
              <td style="width: 13.93%; vertical-align: bottom; text-align: right;">
                <div style="margin-right: 3.9pt;"><font style="font-size: 10pt; font-family: Verdana,Geneva,sans-serif;">$14.42</font></div>
              </td>
              <td style="width: 13.93%; vertical-align: bottom; text-align: right;">
                <div style="margin-right: 6pt;"><font style="font-size: 10pt; font-family: Verdana,Geneva,sans-serif;">5.6</font></div>
              </td>
              <td style="width: 13.93%; vertical-align: bottom; text-align: right;">
                <div style="margin-right: 4.5pt;"><font style="font-size: 10pt; font-family: Verdana,Geneva,sans-serif;">10.6</font></div>
              </td>
            </tr>
            <tr>
              <td style="width: 41.96%; vertical-align: top;">
                <div style="text-align: left; margin-left: 12.25pt;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">Granted</font></div>
              </td>
              <td style="width: 2.32%; vertical-align: top;">&#160;</td>
              <td style="width: 13.93%; vertical-align: bottom; text-align: right;">
                <div style="margin-right: 3.9pt;"><font style="font-size: 10pt; font-family: Verdana,Geneva,sans-serif; font-weight: bold;">37,611</font></div>
              </td>
              <td style="width: 13.93%; vertical-align: bottom; text-align: right;">
                <div style="margin-right: 3.9pt;"><font style="font-size: 10pt; font-family: Verdana,Geneva,sans-serif; font-weight: bold;">$37.84</font></div>
              </td>
              <td style="width: 13.93%; vertical-align: bottom; text-align: right;">&#160;</td>
              <td style="width: 13.93%; vertical-align: bottom; text-align: right;">&#160;</td>
            </tr>
            <tr>
              <td style="vertical-align: top; width: 41.96%; padding-bottom: 2px;">
                <div style="text-align: left;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">Balance at April 30, 2019</font></div>
              </td>
              <td style="vertical-align: top; width: 2.32%; padding-bottom: 2px;">&#160;</td>
              <td style="border-bottom: 2px double rgb(0, 0, 0); border-top: 1px solid; vertical-align: bottom; width: 13.93%; text-align: right;">
                <div style="margin-right: 3.9pt;"><font style="font-size: 10pt; font-family: Verdana,Geneva,sans-serif; font-weight: bold;">374,677</font></div>
              </td>
              <td style="border-bottom: 2px double rgb(0, 0, 0); border-top: 1px solid; vertical-align: bottom; width: 13.93%; text-align: right;">
                <div style="margin-right: 3.9pt;"><font style="font-size: 10pt; font-family: Verdana,Geneva,sans-serif; font-weight: bold;">$16.49</font></div>
              </td>
              <td style="border-bottom: 2px double rgb(0, 0, 0); border-top: 1px solid; vertical-align: bottom; width: 13.93%; text-align: right;">
                <div style="margin-right: 3.9pt;"><font style="font-size: 10pt; font-family: Verdana,Geneva,sans-serif; font-weight: bold;">5.8</font></div>
              </td>
              <td style="border-bottom: 2px double rgb(0, 0, 0); border-top: 1px solid; vertical-align: bottom; width: 13.93%; text-align: right;">
                <div style="margin-right: 3.9pt;"><font style="font-size: 10pt; font-family: Verdana,Geneva,sans-serif; font-weight: bold;">15.1</font></div>
              </td>
            </tr>
            <tr>
              <td style="width: 41.96%; vertical-align: top;">&#160;</td>
              <td style="width: 2.32%; vertical-align: top;">&#160;</td>
              <td style="width: 13.93%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); text-align: right;">&#160;</td>
              <td style="width: 13.93%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); text-align: right;">&#160;</td>
              <td style="width: 13.93%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); text-align: right;">&#160;</td>
              <td style="width: 13.93%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); text-align: right;">&#160;</td>
            </tr>
            <tr>
              <td style="vertical-align: top; width: 41.96%; padding-bottom: 2px;">
                <div style="text-align: left;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">Vested or expected to vest at April 30, 2019</font></div>
              </td>
              <td style="vertical-align: top; width: 2.32%; padding-bottom: 2px;">&#160;</td>
              <td style="border-bottom: 2px double rgb(0, 0, 0); vertical-align: bottom; width: 13.93%; text-align: right;">
                <div style="margin-right: 3.9pt;"><font style="font-size: 10pt; font-family: Verdana,Geneva,sans-serif; font-weight: bold;">374,677</font></div>
              </td>
              <td style="border-bottom: 2px double rgb(0, 0, 0); vertical-align: bottom; width: 13.93%; text-align: right;">
                <div style="margin-right: 3.9pt;"><font style="font-size: 10pt; font-family: Verdana,Geneva,sans-serif; font-weight: bold;">$16.49</font></div>
              </td>
              <td style="border-bottom: 2px double rgb(0, 0, 0); vertical-align: bottom; width: 13.93%; text-align: right;">
                <div style="margin-right: 3.9pt;"><font style="font-size: 10pt; font-family: Verdana,Geneva,sans-serif; font-weight: bold;">5.8</font></div>
              </td>
              <td style="border-bottom: 2px double rgb(0, 0, 0); vertical-align: bottom; width: 13.93%; text-align: right;">
                <div style="margin-right: 3.9pt;"><font style="font-size: 10pt; font-family: Verdana,Geneva,sans-serif; font-weight: bold;">15.1</font></div>
              </td>
            </tr>
            <tr>
              <td style="width: 41.96%; vertical-align: top;">&#160;</td>
              <td style="width: 2.32%; vertical-align: top;">&#160;</td>
              <td style="width: 13.93%; vertical-align: bottom; border-top: 1px double rgb(0, 0, 0); text-align: right;">&#160;</td>
              <td style="width: 13.93%; vertical-align: bottom; border-top: 1px double rgb(0, 0, 0); text-align: right;">&#160;</td>
              <td style="width: 13.93%; vertical-align: bottom; border-top: 1px double rgb(0, 0, 0); text-align: right;">&#160;</td>
              <td style="width: 13.93%; vertical-align: bottom; border-top: 1px double rgb(0, 0, 0); text-align: right;">&#160;</td>
            </tr>
            <tr>
              <td style="vertical-align: top; width: 41.96%; padding-bottom: 2px;">
                <div style="text-align: left;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">Exercisable at April 30, 2019</font></div>
              </td>
              <td style="vertical-align: top; width: 2.32%; padding-bottom: 2px;">&#160;</td>
              <td style="border-bottom: 2px double rgb(0, 0, 0); vertical-align: bottom; width: 13.93%; text-align: right;">
                <div style="margin-right: 3.9pt;"><font style="font-size: 10pt; font-family: Verdana,Geneva,sans-serif; font-weight: bold;">299,773</font></div>
              </td>
              <td style="border-bottom: 2px double rgb(0, 0, 0); vertical-align: bottom; width: 13.93%; text-align: right;">
                <div style="margin-right: 3.9pt;"><font style="font-size: 10pt; font-family: Verdana,Geneva,sans-serif; font-weight: bold;">$12.65</font></div>
              </td>
              <td style="border-bottom: 2px double rgb(0, 0, 0); vertical-align: bottom; width: 13.93%; text-align: right;">
                <div style="margin-right: 3.9pt;"><font style="font-size: 10pt; font-family: Verdana,Geneva,sans-serif; font-weight: bold;">4.9</font></div>
              </td>
              <td style="border-bottom: 2px double rgb(0, 0, 0); vertical-align: bottom; width: 13.93%; text-align: right;">
                <div style="margin-right: 3.9pt;"><font style="font-size: 10pt; font-family: Verdana,Geneva,sans-serif; font-weight: bold;">12.0</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;">The aggregate intrinsic value represents the total pre-tax intrinsic value (the aggregate closing share price of our common
            shares on April 30, 2019) that would have been received by RSU holders if all RSUs had been vested on April 30, 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 April 30, 2019, $2.2 million of total unrecognized compensation costs related to non-vested awards is expected to be
            recognized over a weighted average period of 2.1 years. The total fair value of RSUs vested during the three month period ended April 30, 2019 was nil.</font></div>
      </div>
      <div style="LINE-HEIGHT: 10.85pt"><br style="LINE-HEIGHT: 10.85pt">
      </div>
      <div id="DSPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; MARGIN-TOP: 10pt; CLEAR: both">
        <div id="DSPFPageNumberArea" style="TEXT-ALIGN: center"><font id="DSPFPageNumber" style="font-size: 8pt; font-family: Verdana,Geneva,&quot;sans-serif&quot;; font-weight: normal; font-style: normal;">56</font></div>
        <div id="DSPFPageBreak" style="PAGE-BREAK-AFTER: always">
          <hr style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000" noshade="noshade"> </div>
      </div>
      <div style="LINE-HEIGHT: 10.85pt">
        <div style="text-align: justify; font-family: Verdana, Geneva, sans-serif; font-size: 10pt; font-style: italic; font-weight: bold;">Deferred Share Unit Plan</div>
        <div><br>
        </div>
        <div style="text-align: justify;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; color: #000000;">As at April 30, 2019, the total number of DSUs held by participating directors was 279,340 (277,390 at January 31, 2019),
            representing an aggregate accrued liability of $11.1 million ($8.6 million at January 31, 2019). During the three month period ended April 30, 2019, 1,950 DSUs were granted. 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 during the three month periods ended April 30, 2019 and April 30, 2018 was $2.7 million and $0.7 million, 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;">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>
        <table id="zb74de75059a3459fa5d325aac4692097" 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; 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; vertical-align: bottom;">
                <div style="text-align: right;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">Number of CRSUs Outstanding</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;">&#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;">&#160;</td>
              <td colspan="2" style="border-bottom: 1px solid rgb(0, 0, 0); border-top: 1px solid; 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 solid; 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, 2019</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;">45,063</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;">1.6</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: 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;">30,086</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;">(7,667</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 2px;">
                <div style="text-align: left;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">Balance at April 30, 2019</font></div>
              </td>
              <td colspan="1" style="border-bottom: 2px 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: 2px double rgb(0, 0, 0); vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
              <td colspan="1" style="border-bottom: 2px 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;">67,482</font></div>
              </td>
              <td colspan="1" style="border-bottom: 2px 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: 2px 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: 2px double rgb(0, 0, 0); vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
              <td colspan="1" style="border-bottom: 2px 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;">2.0</font></div>
              </td>
              <td colspan="1" style="border-bottom: 2px 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 2px;">
                <div style="text-align: left;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">Non-vested at April 30, 2019</font></div>
              </td>
              <td colspan="1" style="border-bottom: 2px 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: 2px solid rgb(0, 0, 0); vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
              <td colspan="1" style="border-bottom: 2px 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;">67,482</font></div>
              </td>
              <td colspan="1" style="border-bottom: 2px 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: 2px 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: 2px solid rgb(0, 0, 0); vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
              <td colspan="1" style="border-bottom: 2px 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;">2.0</font></div>
              </td>
              <td colspan="1" style="border-bottom: 2px 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>

        </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 $1.1 million at April 30, 2019 ($0.6 million at January 31, 2019). As at April 30, 2019, the unrecognized aggregate liability for the unvested CRSUs was $1.6 million ($0.8 million at January 31, 2019).
            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 during the three month periods ended April 30, 2019 and April 30, 2018
            was $0.3 million and $0.2 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 18 - Income Taxes</font></div>
        <div><br>
        </div>
        <div style="text-align: justify;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">The effective tax rate (which is the provision for income taxes expressed as a percentage of income before income taxes) was 26% and 25% for
            the three month periods ended April 30, 2019 and 2018, respectively. The increase in the three month period ended April 30, 2019 compared to the same period in fiscal 2019 was primarily a result of an increase in taxable income in the US
            partially offset by a decrease in taxable income in Canada as a result of more income being sheltered by tax attributes. The remainder of the differences are due to normal course movements and non-material items.</font></div>
      </div>
      <div style="LINE-HEIGHT: 10.85pt"><br style="LINE-HEIGHT: 10.85pt">
      </div>
      <div style="LINE-HEIGHT: 10.85pt"><br style="LINE-HEIGHT: 10.85pt">
      </div>
      <div style="LINE-HEIGHT: 10.85pt"><br style="LINE-HEIGHT: 10.85pt">
      </div>
      <div style="LINE-HEIGHT: 10.85pt"><br style="LINE-HEIGHT: 10.85pt">
      </div>
      <div id="DSPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; MARGIN-TOP: 10pt; CLEAR: both">
        <div id="DSPFPageNumberArea" style="TEXT-ALIGN: center"><font id="DSPFPageNumber" style="font-size: 8pt; font-family: Verdana,Geneva,&quot;sans-serif&quot;; font-weight: normal; font-style: normal;">57</font></div>
        <div id="DSPFPageBreak" style="PAGE-BREAK-AFTER: always">
          <hr style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000" noshade="noshade"> </div>
      </div>
      <div>
        <div style="text-align: left; font-family: Verdana, Geneva, sans-serif; font-size: 10pt; font-weight: bold;">Note 19 &#8211; Contract Balances, Performance Obligations and Contract Costs</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>
        <table id="z31010bef05c346e99e88191e67466223" 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-bottom: 1px;">&#160;</td>
              <td colspan="1" style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: bottom;">&#160;</td>
              <td colspan="2" style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: top;">&#160;</td>
              <td colspan="1" style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; text-align: left;">&#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;">Deferred Revenue</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: 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, 2019</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;">35,091</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;">(4,622</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;">5,937</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;">6,432</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="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;">(269</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 2px;">
                <div style="text-align: left; text-indent: -15pt; margin-left: 15pt;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">Balance at April 30, 2019</font></div>
              </td>
              <td colspan="1" style="border-bottom: 2px 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: 2px double rgb(0, 0, 0); vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
              <td colspan="1" style="border-bottom: 2px 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;">42,569</font></div>
              </td>
              <td colspan="1" style="border-bottom: 2px 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">
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              </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 2px;">
                <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: 2px 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: 2px double rgb(0, 0, 0); vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
              <td colspan="1" style="border-bottom: 2px 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;">1,050</font></div>
              </td>
              <td colspan="1" style="border-bottom: 2px 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 April 30, 2019, approximately $199.4 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="z5b9273be39ce4542ae3982a676f3e9c4" 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; 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; 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; 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, 2019</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;">813</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;">(116</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;">267</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;">(7</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 2px;">
                <div style="text-align: left; text-indent: -15pt; margin-left: 15pt;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">Balance at April 30, 2019</font></div>
              </td>
              <td colspan="1" style="border-bottom: 2px 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: 2px double rgb(0, 0, 0); vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
              <td colspan="1" style="border-bottom: 2px 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;">955</font></div>
              </td>
              <td colspan="1" style="border-bottom: 2px 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 $8.0 million at April 30, 2019 ($7.3 million at January 31, 2019). 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;">For the three
              month periods ended April 30, 2019 an April 30, 2018, the total contract cost amortization included in sales and marketing expenses was $0.5 million and $0.4 million, respectively. </font>For both the three month periods ended April 30, 2019
            and April 30, 2018,<font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; color: #000000;"> there was no impairment loss in relation to the capitalized contract costs</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;">Note 20 - 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 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>
      <div><br>
      </div>
      <div id="DSPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; MARGIN-TOP: 10pt; CLEAR: both">
        <div id="DSPFPageNumberArea" style="TEXT-ALIGN: center"><font id="DSPFPageNumber" style="font-size: 8pt; font-family: Verdana,Geneva,&quot;sans-serif&quot;; font-weight: normal; font-style: normal;">58</font></div>
        <div id="DSPFPageBreak" style="PAGE-BREAK-AFTER: always">
          <hr style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000" noshade="noshade"> </div>
      </div>
      <div style="LINE-HEIGHT: 10.85pt">
        <div style="text-align: justify; font-family: Verdana, Geneva, sans-serif; font-size: 10pt;">The following tables shows the components of other charges as follows:</div>
        <div><br>
        </div>
        <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse;" id="z79192f5f571f429b9cc938a920820acc" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 49.96%; vertical-align: top;">&#160;</td>
              <td colspan="2" style="width: 24.36%; vertical-align: top;">&#160;</td>
              <td style="width: 1.32%; vertical-align: top;">&#160;</td>
              <td colspan="2" style="width: 24.36%; 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;">Three Months Ended</font></div>
              </td>
            </tr>
            <tr>
              <td style="width: 49.96%; vertical-align: top;">&#160;</td>
              <td style="width: 12.18%; vertical-align: top;">&#160;</td>
              <td style="width: 12.18%; vertical-align: top;">&#160;</td>
              <td style="width: 1.32%; vertical-align: top;">&#160;</td>
              <td style="width: 12.18%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); text-align: right;">
                <div><font style="font-size: 10pt; font-family: Verdana,Geneva,sans-serif; font-weight: bold;">April 30,</font></div>
              </td>
              <td style="width: 12.18%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); text-align: right;">
                <div><font style="font-size: 10pt; font-family: Verdana,Geneva,sans-serif;">April 30,</font></div>
              </td>
            </tr>
            <tr>
              <td style="width: 49.96%; vertical-align: top;">&#160;</td>
              <td style="width: 12.18%; vertical-align: top;">&#160;</td>
              <td style="width: 12.18%; vertical-align: top;">&#160;</td>
              <td rowspan="3" style="width: 1.32%; vertical-align: top;">&#160;</td>
              <td style="width: 12.18%; 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;">2019</font></div>
              </td>
              <td style="width: 12.18%; 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;">2018</font></div>
              </td>
            </tr>
            <tr>
              <td style="width: 49.96%; 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: 12.18%; vertical-align: top;">&#160;</td>
              <td style="width: 12.18%; vertical-align: top;">&#160;</td>
              <td style="width: 12.18%; vertical-align: bottom; text-align: right;">
                <div><font style="font-size: 10pt; font-family: Verdana,Geneva,sans-serif; font-weight: bold;">2,064</font></div>
              </td>
              <td style="width: 12.18%; vertical-align: bottom; text-align: right;">
                <div><font style="font-size: 10pt; font-family: Verdana,Geneva,sans-serif;">1,121</font></div>
              </td>
            </tr>
            <tr>
              <td style="width: 49.96%; vertical-align: top;">
                <div style="text-align: left;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">Restructuring plans</font></div>
              </td>
              <td style="width: 12.18%; vertical-align: top;">&#160;</td>
              <td style="width: 12.18%; vertical-align: top;">&#160;</td>
              <td style="width: 12.18%; vertical-align: bottom; text-align: right;">
                <div><font style="font-size: 10pt; font-family: Verdana,Geneva,sans-serif; font-weight: bold;">-</font></div>
              </td>
              <td style="width: 12.18%; vertical-align: bottom; text-align: right;">
                <div><font style="font-size: 10pt; font-family: Verdana,Geneva,sans-serif;">19</font></div>
              </td>
            </tr>
            <tr>
              <td style="vertical-align: top; width: 49.96%; padding-bottom: 2px;">&#160;</td>
              <td style="vertical-align: top; width: 12.18%; padding-bottom: 2px;">&#160;</td>
              <td style="vertical-align: top; width: 12.18%; padding-bottom: 2px;">&#160;</td>
              <td style="vertical-align: top; width: 1.32%; padding-bottom: 2px;">&#160;</td>
              <td style="border-bottom: 2px double rgb(0, 0, 0); border-top: 1px solid; vertical-align: bottom; width: 12.18%; text-align: right;">
                <div><font style="font-size: 10pt; font-family: Verdana,Geneva,sans-serif; font-weight: bold;">2,064</font></div>
              </td>
              <td style="border-bottom: 2px double rgb(0, 0, 0); border-top: 1px solid; vertical-align: bottom; width: 12.18%; text-align: right;">
                <div><font style="font-size: 10pt; font-family: Verdana,Geneva,sans-serif;">1,140</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 - 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="z1f90fd95c7a341149c8a365dbb52b057" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 51.91%; vertical-align: top;">&#160;</td>
              <td colspan="2" style="width: 23.2%; vertical-align: top;">&#160;</td>
              <td style="width: 1.67%; vertical-align: top;">&#160;</td>
              <td colspan="2" style="width: 23.21%; 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;">Three Months Ended</font></div>
              </td>
            </tr>
            <tr>
              <td style="width: 51.91%; vertical-align: top;">&#160;</td>
              <td style="width: 11.6%; vertical-align: top;">&#160;</td>
              <td style="width: 11.61%; vertical-align: top;">&#160;</td>
              <td rowspan="5" style="width: 1.67%; vertical-align: top;">&#160;</td>
              <td style="width: 11.61%; 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;">April 30,</font></div>
              </td>
              <td style="width: 11.61%; vertical-align: top; border-top: #000000 1px solid;">
                <div style="text-align: right;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">April 30,</font></div>
              </td>
            </tr>
            <tr>
              <td style="width: 51.91%; vertical-align: top;">&#160;</td>
              <td style="width: 11.6%; vertical-align: top;">&#160;</td>
              <td style="width: 11.61%; vertical-align: top;">&#160;</td>
              <td style="width: 11.61%; 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: 11.61%; 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="width: 51.91%; 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: 11.6%; vertical-align: top;">&#160;</td>
              <td style="width: 11.61%; vertical-align: top;">&#160;</td>
              <td style="width: 11.61%; vertical-align: top;">&#160;</td>
              <td style="width: 11.61%; vertical-align: top;">&#160;</td>
            </tr>
            <tr>
              <td style="width: 51.91%; 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: 11.6%; vertical-align: top;">&#160;</td>
              <td style="width: 11.61%; vertical-align: top;">&#160;</td>
              <td style="width: 11.61%; vertical-align: top;">
                <div style="text-align: right;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; font-weight: bold;">48,804</font></div>
              </td>
              <td style="width: 11.61%; vertical-align: top;">
                <div style="text-align: right;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">39,483</font></div>
              </td>
            </tr>
            <tr>
              <td style="width: 51.91%; 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: 11.6%; vertical-align: top;">&#160;</td>
              <td style="width: 11.61%; vertical-align: top;">&#160;</td>
              <td style="width: 11.61%; vertical-align: top;">
                <div style="text-align: right;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; font-weight: bold;">19,404</font></div>
              </td>
              <td style="width: 11.61%; vertical-align: top;">
                <div style="text-align: right;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">20,700</font></div>
              </td>
            </tr>
            <tr>
              <td style="width: 51.91%; 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: 11.6%; vertical-align: top;">&#160;</td>
              <td style="width: 11.61%; vertical-align: top;">&#160;</td>
              <td style="width: 1.67%; vertical-align: top;">&#160;</td>
              <td style="width: 11.61%; vertical-align: top;">
                <div style="text-align: right;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; font-weight: bold;">6,704</font></div>
              </td>
              <td style="width: 11.61%; vertical-align: top;">
                <div style="text-align: right;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">3,783</font></div>
              </td>
            </tr>
            <tr>
              <td style="width: 51.91%; vertical-align: top;">
                <div style="text-align: left; margin-left: 7.5pt;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">Asia Pacific</font></div>
              </td>
              <td style="width: 11.6%; vertical-align: top;">&#160;</td>
              <td style="width: 11.61%; vertical-align: top;">&#160;</td>
              <td rowspan="2" style="vertical-align: top; width: 1.67%; padding-bottom: 2px;">&#160;</td>
              <td style="width: 11.61%; 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;">3,092</font></div>
              </td>
              <td style="width: 11.61%; vertical-align: top; border-bottom: #000000 1px solid;">
                <div style="text-align: right;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">3,052</font></div>
              </td>
            </tr>
            <tr>
              <td style="vertical-align: top; width: 51.91%; padding-bottom: 2px;">&#160;</td>
              <td style="vertical-align: top; width: 11.6%; padding-bottom: 2px;">&#160;</td>
              <td style="vertical-align: top; width: 11.61%; padding-bottom: 2px;">&#160;</td>
              <td style="border-bottom: 2px double rgb(0, 0, 0); border-top: 1px solid; vertical-align: top; width: 11.61%;">
                <div style="text-align: right;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; font-weight: bold;">78,004</font></div>
              </td>
              <td style="border-bottom: 2px double rgb(0, 0, 0); border-top: 1px solid; vertical-align: top; width: 11.61%;">
                <div style="text-align: right;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">67,018</font></div>
              </td>
            </tr>

        </table>
        <div><br>
        </div>
        <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse;" id="z15d2d389969e47599369e98d67042aec" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 51.91%; vertical-align: top;">&#160;</td>
              <td colspan="2" style="width: 23.2%; vertical-align: top;">&#160;</td>
              <td style="width: 1.67%; vertical-align: top;">&#160;</td>
              <td colspan="2" style="width: 23.21%; 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;">Three Months Ended</font></div>
              </td>
            </tr>
            <tr>
              <td style="width: 51.91%; vertical-align: top;">&#160;</td>
              <td style="width: 11.6%; vertical-align: top;">&#160;</td>
              <td style="width: 11.61%; vertical-align: top;">&#160;</td>
              <td rowspan="7" style="vertical-align: top; width: 1.67%; padding-bottom: 2px;">&#160;</td>
              <td style="width: 11.61%; 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;">April 30,</font></div>
              </td>
              <td style="width: 11.61%; vertical-align: top; border-top: #000000 1px solid;">
                <div style="text-align: right;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">April 30,</font></div>
              </td>
            </tr>
            <tr>
              <td style="width: 51.91%; vertical-align: top;">&#160;</td>
              <td style="width: 11.6%; vertical-align: top;">&#160;</td>
              <td style="width: 11.61%; vertical-align: top;">&#160;</td>
              <td style="width: 11.61%; 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: 11.61%; 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="width: 51.91%; 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: 11.6%; vertical-align: top;">&#160;</td>
              <td style="width: 11.61%; vertical-align: top;">&#160;</td>
              <td style="width: 11.61%; vertical-align: top;">&#160;</td>
              <td style="width: 11.61%; vertical-align: top;">&#160;</td>
            </tr>
            <tr>
              <td style="width: 51.91%; vertical-align: top;">
                <div style="text-align: left; margin-left: 7.5pt;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">Services</font></div>
              </td>
              <td style="width: 11.6%; vertical-align: top;">&#160;</td>
              <td style="width: 11.61%; vertical-align: top;">&#160;</td>
              <td style="width: 11.61%; vertical-align: top;">
                <div style="text-align: right;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; font-weight: bold;">67,004</font></div>
              </td>
              <td style="width: 11.61%; vertical-align: top;">
                <div style="text-align: right;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">57,806</font></div>
              </td>
            </tr>
            <tr>
              <td style="width: 51.91%; vertical-align: top;">
                <div style="text-align: left; margin-left: 7.5pt;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">Professional services and other</font></div>
              </td>
              <td style="width: 11.6%; vertical-align: top;">&#160;</td>
              <td style="width: 11.61%; vertical-align: top;">&#160;</td>
              <td style="width: 11.61%; vertical-align: top;">
                <div style="text-align: right;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; font-weight: bold;">8,679</font></div>
              </td>
              <td style="width: 11.61%; vertical-align: top;">
                <div style="text-align: right;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">7,268</font></div>
              </td>
            </tr>
            <tr>
              <td style="width: 51.91%; vertical-align: top;">
                <div style="text-align: left; margin-left: 7.5pt;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">License</font></div>
              </td>
              <td style="width: 11.6%; vertical-align: top;">&#160;</td>
              <td style="width: 11.61%; vertical-align: top;">&#160;</td>
              <td style="width: 11.61%; 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;">2,321</font></div>
              </td>
              <td style="width: 11.61%; vertical-align: top; border-bottom: #000000 1px solid;">
                <div style="text-align: right;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">1,944</font></div>
              </td>
            </tr>
            <tr>
              <td style="vertical-align: top; width: 51.91%; padding-bottom: 2px;">&#160;</td>
              <td style="vertical-align: top; width: 11.6%; padding-bottom: 2px;">&#160;</td>
              <td style="vertical-align: top; width: 11.61%; padding-bottom: 2px;">&#160;</td>
              <td style="border-bottom: 2px double rgb(0, 0, 0); border-top: 1px solid; vertical-align: top; width: 11.61%;">
                <div style="text-align: right;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; font-weight: bold;">78,004</font></div>
              </td>
              <td style="border-bottom: 2px double rgb(0, 0, 0); border-top: 1px solid; vertical-align: top; width: 11.61%;">
                <div style="text-align: right;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">67,018</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>
      </div>
      <div><br>
      </div>
      <div id="DSPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; MARGIN-TOP: 10pt; CLEAR: both">
        <div id="DSPFPageNumberArea" style="TEXT-ALIGN: center"><font id="DSPFPageNumber" style="font-size: 8pt; font-family: Verdana,Geneva,&quot;sans-serif&quot;; font-weight: normal; font-style: normal;">59</font></div>
        <div id="DSPFPageBreak" style="PAGE-BREAK-AFTER: always">
          <hr style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000" noshade="noshade"> </div>
      </div>
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        <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse;" id="z9590aa8649d345e98541e96a478cc69b" 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-family: Verdana, Geneva, sans-serif; font-size: 10pt; font-weight: bold;">April 30,</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;">2019</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;">126,225</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;">119,958</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;">26,258</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;">28,433</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;">127,123</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;">40,413</font></div>
              </td>
            </tr>
            <tr>
              <td style="vertical-align: top; width: 72.82%; padding-bottom: 2px;">&#160;</td>
              <td style="border-bottom: 2px double rgb(0, 0, 0); border-top: 1px solid; 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;">279,606</font></div>
              </td>
              <td style="border-bottom: 2px double rgb(0, 0, 0); border-top: 1px solid; 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;">188,804</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 22 &#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 May 10, 2019, Descartes acquired Core Transport Technologies NZ Limited (&#8220;CORE&#8221;), an electronic transportation network that provides
            global air carriers and ground handlers with shipment scanning and tracking solutions. The purchase price for the acquisition was approximately $22.0 million, net of cash acquired, which was funded from drawing on Descartes&#8217; existing credit
            facility. Additional contingent consideration of up to $9.0 million in cash is payable if certain revenue performance targets are met by CORE in the two years following the acquisition. 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>
      <div><br>
        <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>
        <br>
      </div>
      <div id="DSPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; MARGIN-TOP: 10pt; CLEAR: both">
        <div id="DSPFPageNumberArea" style="TEXT-ALIGN: center"><font id="DSPFPageNumber" style="font-size: 8pt; font-family: Verdana,Geneva,&quot;sans-serif&quot;; font-weight: normal; font-style: normal;">60</font></div>
        <div id="DSPFPageBreak" style="PAGE-BREAK-AFTER: always">
          <hr style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000" noshade="noshade"> </div>
      </div>
      <div style="FONT-SIZE: 11pt; FONT-FAMILY: Verdana, sans-serif; FONT-VARIANT: small-caps; FONT-WEIGHT: bold; TEXT-ALIGN: left; LINE-HEIGHT: 12.55pt">
        <table id="z69bc07fc232e446a9609f0148dc9b799" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 50%; BORDER-COLLAPSE: collapse" border="0" cellpadding="0" cellspacing="0">

            <tr>
              <td style="BORDER-TOP: #000000 1px solid; WIDTH: 100%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 1px solid">
                <div style="FONT-SIZE: 11pt; FONT-FAMILY: Verdana, sans-serif; FONT-VARIANT: small-caps; FONT-WEIGHT: bold; TEXT-ALIGN: left; LINE-HEIGHT: 12.55pt">&#160;</div>
                <div style="FONT-SIZE: 11pt; FONT-FAMILY: Verdana, sans-serif; FONT-VARIANT: small-caps; FONT-WEIGHT: bold; TEXT-ALIGN: left; LINE-HEIGHT: 12.55pt">Corporate Information</div>
                <div style="FONT-SIZE: 11pt; FONT-FAMILY: Verdana, sans-serif; FONT-VARIANT: small-caps; FONT-WEIGHT: bold; TEXT-ALIGN: left; LINE-HEIGHT: 12.55pt">&#160;</div>
              </td>
            </tr>

        </table>
      </div>
      <div style="LINE-HEIGHT: 12.55pt"><br style="LINE-HEIGHT: 12.55pt">
      </div>
      <div>
        <div style="text-align: left; font-family: Verdana, Geneva, sans-serif; font-size: 10pt; font-weight: bold;">Stock Exchange Information</div>
        <div style="margin: 0px 40% 0px 0px; text-align: justify;"><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="z02ddc907096c46fc80037e316ddf9e4e" 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 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 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; color: rgb(0, 0, 255);"><u><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">www.descartes.com</font></u></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="z8e65d10268e54acdb853c88720526bb1" border="0" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 55px; 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>
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              <td style="width: 55px; 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>
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              <td style="width: 55px; 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>
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        </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>
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<DOCUMENT>
<TYPE>EX-99.2
<SEQUENCE>3
<FILENAME>exhibit99-2.htm
<DESCRIPTION>PRESS RELEASE ISSUED MAY 29, 2019
<TEXT>
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    <div style="FONT-WEIGHT: bold; TEXT-ALIGN: right; LINE-HEIGHT: 18.25pt">Exhibit 99.2</div>
    <div style="TEXT-ALIGN: left; LINE-HEIGHT: 18.25pt">&#160;</div>
    <div style="TEXT-ALIGN: left; LINE-HEIGHT: 18.25pt"><img src="descartes_logo.jpg"></div>
    <div style="TEXT-ALIGN: left; LINE-HEIGHT: 18.25pt">&#160;</div>
    <div style="TEXT-ALIGN: left; LINE-HEIGHT: 18.25pt">&#160;</div>
    <div style="TEXT-ALIGN: left; LINE-HEIGHT: 18.25pt">&#160;</div>
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    &#160;
    <div style="FONT-SIZE: 16pt; FONT-FAMILY: Verdana, sans-serif; TEXT-ALIGN: center; LINE-HEIGHT: 18.25pt">DESCARTES ANNOUNCES FISCAL 2020 FIRST QUARTER RESULTS</div>
    <div style="FONT-SIZE: 14pt; FONT-FAMILY: Verdana, sans-serif; TEXT-ALIGN: center; LINE-HEIGHT: 15.95pt">Record Revenues and Income from Operations</div>
    <div style="LINE-HEIGHT: 15.95pt"><font style="font-family: Verdana,&quot;sans-serif&quot;;"><br style="LINE-HEIGHT: 15.95pt">
      </font> </div>
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    <div style="font-family: Verdana,Geneva,sans-serif; font-size: 10pt; text-align: justify;"><strong>WATERLOO, Ontario &#8212; May 29, 2019 </strong>&#8212; The Descartes Systems Group Inc. (TSX:DSG) (Nasdaq:DSGX) announced its financial results for its fiscal 2020
      first quarter (<b>Q1FY20</b>). All financial results referenced are in United States (<b>US</b>) currency and, unless otherwise indicated, are determined in accordance with US Generally Accepted Accounting Principles (<b>GAAP</b>).</div>
    <font style="font-family: Verdana,&quot;sans-serif&quot;;"> </font>
    <div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, sans-serif; TEXT-ALIGN: justify; LINE-HEIGHT: 11.4pt"><font style="font-family: Verdana,&quot;sans-serif&quot;;"> </font>
      <p style="text-align: justify; font-family: Verdana,&quot;sans-serif&quot;;"><a name="_Hlk9430692"><font style="font-size: 10pt;" lang="EN-CA">&#8220;Our customers continue to benefit from our investments that have expanded the Global Logistics Network
            with new technologies, content and trading partners,&#8221; said Edward J. Ryan, Descartes&#8217; CEO. &#8220;Our customers are passionate about sharing their many ideas on acquisitions and enhanced solutions that can benefit the broader GLN community. So, we
            remain focused on operating a business with strong margins and that generates cash to make these types of investments possible.&#8221;</font></a></p>
      <font style="mso-bookmark:_Hlk9430692"></font>
      <p class="MsoNormal" style="text-align:justify;page-break-after:avoid;mso-layout-grid-align: none;text-autospace:none"><b style="mso-bidi-font-weight:normal"><font style="font-size:10.0pt;font-family:&quot;Verdana&quot;,sans-serif;mso-bidi-font-family: Tahoma" lang="EN-CA">Q1FY20 Financial Results</font></b></p>
      <p class="MsoNormal" style="text-align:justify;page-break-after:avoid;mso-layout-grid-align: none;text-autospace:none"><font style="font-size:10.0pt;font-family: &quot;Verdana&quot;,sans-serif;mso-bidi-font-family:Tahoma" lang="EN-CA">As described in
          more detail below, key financial highlights for Descartes&#8217; Q1FY20 included:</font></p>
      <table style="font-family: &quot;Times New Roman&quot;,Times,serif; font-size: 10pt; width: 100%; border-collapse: collapse;" id="z80c67e80f95c4d758845219331a2e199" border="0" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36pt; vertical-align: top; text-align: center;">
              <div style="font-family: Verdana,Geneva,sans-serif; font-size: 10pt;">&#8226;</div>
            </td>
            <td style="vertical-align: top;">
              <div style="text-align: justify;"><font style="font-size: 10pt; font-family: Verdana,Geneva,sans-serif;">Revenues of $78.0 million, up 16% from $67.0 million in the first quarter of fiscal 2019 (<font style="font-size: 10pt; font-family:
                    Verdana,Geneva,sans-serif; font-weight: bold;">Q1FY19</font>) and up 10% from $71.0 million in the previous quarter (<font style="font-size: 10pt; font-family: Verdana,Geneva,sans-serif; font-weight: bold;">Q4FY19</font>);</font></div>
            </td>
          </tr>
          <tr>
            <td style="width: 36pt; vertical-align: top; text-align: center;">
              <div><font style="font-size: 10pt; font-family: Verdana,Geneva,sans-serif;">&#8226;</font></div>
            </td>
            <td style="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 $67.0 million (86% of total revenues), professional services and other revenues of $8.7
                  million (11% of total revenues) and license revenues of $2.3 million (3% of total revenues). Services revenues were up 16% from $57.8 million in Q1FY19 and up 7% from $62.9 million in Q4FY19;</font></div>
            </td>
          </tr>
          <tr>
            <td style="width: 36pt; vertical-align: top; text-align: center;">
              <div><font style="font-size: 10pt; font-family: Verdana,Geneva,sans-serif;">&#8226;</font></div>
            </td>
            <td style="vertical-align: top;">
              <div style="text-align: justify;"><font style="font-size: 10pt; font-family: Verdana,Geneva,sans-serif;">Cash provided by operating activities of $23.4 million, up 24% from $18.9 million in Q1FY19 and up 7% from $21.8 million in Q4FY19;</font></div>
            </td>
          </tr>
          <tr>
            <td style="width: 36pt; vertical-align: top; text-align: center;">
              <div><font style="font-size: 10pt; font-family: Verdana,Geneva,sans-serif;">&#8226;</font></div>
            </td>
            <td style="vertical-align: top;">
              <div style="text-align: justify;"><font style="font-size: 10pt; font-family: Verdana,Geneva,sans-serif;">Income from operations of $11.9 million, up 21% from $9.8 million in Q1FY19 and up 12% from $10.6 million in Q4FY19;</font></div>
            </td>
          </tr>
          <tr>
            <td style="width: 36pt; vertical-align: top; text-align: center;">
              <div><font style="font-size: 10pt; font-family: Verdana,Geneva,sans-serif;">&#8226;</font></div>
            </td>
            <td style="vertical-align: top;">
              <div style="text-align: justify;"><font style="font-size: 10pt; font-family: Verdana,Geneva,sans-serif;">Net income of $7.3 million, up 4% from $7.0 million in Q1FY19 down from $7.9 million in Q4FY19. Q1FY20 included $1.7 million in
                  additional interest charges over Q4FY19 primarily as a result of incremental borrowing under the credit facility to complete the acquisition of Visual Compliance, which transaction is described further below. Net income as a percentage of
                  revenues was 9%, compared to 10% in Q1FY19 and 11% in Q4FY19;</font></div>
            </td>
          </tr>
          <tr>
            <td style="width: 36pt; vertical-align: top; text-align: center;">
              <div><font style="font-size: 10pt; font-family: Verdana,Geneva,sans-serif;">&#8226;</font></div>
            </td>
            <td style="vertical-align: top;">
              <div style="text-align: justify;"><font style="font-size: 10pt; font-family: Verdana,Geneva,sans-serif;">Earnings per share on a diluted basis of $0.09, compared to $0.09 in Q1FY19 and $0.10 in Q4FY19; and</font></div>
            </td>
          </tr>
          <tr>
            <td style="width: 36pt; vertical-align: top; text-align: center;">
              <div><font style="font-size: 10pt; font-family: Verdana,Geneva,sans-serif;">&#8226;</font></div>
            </td>
            <td style="vertical-align: top;">
              <div style="text-align: justify;"><font style="font-size: 10pt; font-family: Verdana,Geneva,sans-serif;">Adjusted EBITDA of $28.7 million, up 30% from $22.1 million in Q1FY19 and up 15% from $25.0 million in Q4FY19. Adjusted EBITDA as a
                  percentage of revenues was 37%, compared to 33% in Q1FY19 and 35% in Q4FY19.</font></div>
            </td>
          </tr>

      </table>
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    <div id="DSPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; MARGIN-TOP: 10pt; CLEAR: both">
      <div id="DSPFPageNumberArea" style="TEXT-ALIGN: center"><font id="DSPFPageNumber" style="FONT-SIZE: 8pt; FONT-FAMILY: Verdana, Geneva, 'sans-serif'; FONT-WEIGHT: normal; FONT-STYLE: normal">1</font></div>
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    <div style="LINE-HEIGHT: 11.4pt">
      <div style="text-align: justify; font-family: Verdana,Geneva,sans-serif; font-size: 10pt;">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):</div>
      <div><br>
      </div>
      <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse;" id="zf3f6df6d29404e9a9020388cb9164af9" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 40.53%; 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;">Q1</font></div>
              <div style="text-align: right;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; font-weight: bold;">FY20</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;">Q4</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;">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: 11.97%; 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;">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>
          </tr>
          <tr>
            <td style="width: 40.53%; 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: bottom; border-top: 1px solid rgb(0, 0, 0); text-align: right;">
              <div><font style="font-size: 10pt; font-family: Verdana,Geneva,sans-serif; font-weight: bold;">78.0</font></div>
            </td>
            <td style="width: 11.84%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); text-align: right;">
              <div><font style="font-size: 10pt; font-family: Verdana,Geneva,sans-serif;">71.0</font></div>
            </td>
            <td style="width: 11.84%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); text-align: right;">
              <div><font style="font-size: 10pt; font-family: Verdana,Geneva,sans-serif;">70.0</font></div>
            </td>
            <td style="width: 11.97%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); text-align: right;">
              <div><font style="font-size: 10pt; font-family: Verdana,Geneva,sans-serif;">67.1</font></div>
            </td>
            <td style="width: 11.97%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); text-align: right;">
              <div><font style="font-size: 10pt; font-family: Verdana,Geneva,sans-serif;">67.0</font></div>
            </td>
          </tr>
          <tr>
            <td style="width: 40.53%; 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: bottom; text-align: right;">
              <div><font style="font-size: 10pt; font-family: Verdana,Geneva,sans-serif; font-weight: bold;">67.0</font></div>
            </td>
            <td style="width: 11.84%; vertical-align: bottom; text-align: right;">
              <div><font style="font-size: 10pt; font-family: Verdana,Geneva,sans-serif;">62.9</font></div>
            </td>
            <td style="width: 11.84%; vertical-align: bottom; text-align: right;">
              <div><font style="font-size: 10pt; font-family: Verdana,Geneva,sans-serif;">61.1</font></div>
            </td>
            <td style="width: 11.97%; vertical-align: bottom; text-align: right;">
              <div><font style="font-size: 10pt; font-family: Verdana,Geneva,sans-serif;">59.7</font></div>
            </td>
            <td style="width: 11.97%; vertical-align: bottom; text-align: right;">
              <div><font style="font-size: 10pt; font-family: Verdana,Geneva,sans-serif;">57.8</font></div>
            </td>
          </tr>
          <tr>
            <td style="width: 40.53%; 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: bottom; text-align: right;">
              <div><font style="font-size: 10pt; font-family: Verdana,Geneva,sans-serif; font-weight: bold;">74%</font></div>
            </td>
            <td style="width: 11.84%; vertical-align: bottom; text-align: right;">
              <div><font style="font-size: 10pt; font-family: Verdana,Geneva,sans-serif;">73%</font></div>
            </td>
            <td style="width: 11.84%; vertical-align: bottom; text-align: right;">
              <div><font style="font-size: 10pt; font-family: Verdana,Geneva,sans-serif;">73%</font></div>
            </td>
            <td style="width: 11.97%; vertical-align: bottom; text-align: right;">
              <div><font style="font-size: 10pt; font-family: Verdana,Geneva,sans-serif;">73%</font></div>
            </td>
            <td style="width: 11.97%; vertical-align: bottom; text-align: right;">
              <div><font style="font-size: 10pt; font-family: Verdana,Geneva,sans-serif;">72%</font></div>
            </td>
          </tr>
          <tr>
            <td style="width: 40.53%; 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: bottom; text-align: right;">
              <div><font style="font-size: 10pt; font-family: Verdana,Geneva,sans-serif; font-weight: bold;">23.4</font></div>
            </td>
            <td style="width: 11.84%; vertical-align: bottom; text-align: right;">
              <div><font style="font-size: 10pt; font-family: Verdana,Geneva,sans-serif;">21.8</font></div>
            </td>
            <td style="width: 11.84%; vertical-align: bottom; text-align: right;">
              <div><font style="font-size: 10pt; font-family: Verdana,Geneva,sans-serif;">19.2</font></div>
            </td>
            <td style="width: 11.97%; vertical-align: bottom; text-align: right;">
              <div><font style="font-size: 10pt; font-family: Verdana,Geneva,sans-serif;">18.2</font></div>
            </td>
            <td style="width: 11.97%; vertical-align: bottom; text-align: right;">
              <div><font style="font-size: 10pt; font-family: Verdana,Geneva,sans-serif;">18.9</font></div>
            </td>
          </tr>
          <tr>
            <td style="width: 40.53%; 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: bottom; text-align: right;">
              <div><font style="font-size: 10pt; font-family: Verdana,Geneva,sans-serif; font-weight: bold;">11.9</font></div>
            </td>
            <td style="width: 11.84%; vertical-align: bottom; text-align: right;">
              <div><font style="font-size: 10pt; font-family: Verdana,Geneva,sans-serif;">10.6</font></div>
            </td>
            <td style="width: 11.84%; vertical-align: bottom; text-align: right;">
              <div><font style="font-size: 10pt; font-family: Verdana,Geneva,sans-serif;">10.8</font></div>
            </td>
            <td style="width: 11.97%; vertical-align: bottom; text-align: right;">
              <div><font style="font-size: 10pt; font-family: Verdana,Geneva,sans-serif;">10.1</font></div>
            </td>
            <td style="width: 11.97%; vertical-align: bottom; text-align: right;">
              <div><font style="font-size: 10pt; font-family: Verdana,Geneva,sans-serif;">9.8</font></div>
            </td>
          </tr>
          <tr>
            <td style="width: 40.53%; 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: bottom; text-align: right;">
              <div><font style="font-size: 10pt; font-family: Verdana,Geneva,sans-serif; font-weight: bold;">7.3</font></div>
            </td>
            <td style="width: 11.84%; vertical-align: bottom; text-align: right;">
              <div><font style="font-size: 10pt; font-family: Verdana,Geneva,sans-serif;">7.9</font></div>
            </td>
            <td style="width: 11.84%; vertical-align: bottom; text-align: right;">
              <div><font style="font-size: 10pt; font-family: Verdana,Geneva,sans-serif;">7.9</font></div>
            </td>
            <td style="width: 11.97%; vertical-align: bottom; text-align: right;">
              <div><font style="font-size: 10pt; font-family: Verdana,Geneva,sans-serif;">8.5</font></div>
            </td>
            <td style="width: 11.97%; vertical-align: bottom; text-align: right;">
              <div><font style="font-size: 10pt; font-family: Verdana,Geneva,sans-serif;">7.0</font></div>
            </td>
          </tr>
          <tr>
            <td style="width: 40.53%; 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: bottom; text-align: right;">
              <div><font style="font-size: 10pt; font-family: Verdana,Geneva,sans-serif; font-weight: bold;">9%</font></div>
            </td>
            <td style="width: 11.84%; vertical-align: bottom; text-align: right;">
              <div><font style="font-size: 10pt; font-family: Verdana,Geneva,sans-serif;">11%</font></div>
            </td>
            <td style="width: 11.84%; vertical-align: bottom; text-align: right;">
              <div><font style="font-size: 10pt; font-family: Verdana,Geneva,sans-serif;">11%</font></div>
            </td>
            <td style="width: 11.97%; vertical-align: bottom; text-align: right;">
              <div><font style="font-size: 10pt; font-family: Verdana,Geneva,sans-serif;">13%</font></div>
            </td>
            <td style="width: 11.97%; vertical-align: bottom; text-align: right;">
              <div><font style="font-size: 10pt; font-family: Verdana,Geneva,sans-serif;">10%</font></div>
            </td>
          </tr>
          <tr>
            <td style="width: 40.53%; 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: bottom; text-align: right;">
              <div><font style="font-size: 10pt; font-family: Verdana,Geneva,sans-serif; font-weight: bold;">0.09</font></div>
            </td>
            <td style="width: 11.84%; vertical-align: bottom; text-align: right;">
              <div><font style="font-size: 10pt; font-family: Verdana,Geneva,sans-serif;">0.10</font></div>
            </td>
            <td style="width: 11.84%; vertical-align: bottom; text-align: right;">
              <div><font style="font-size: 10pt; font-family: Verdana,Geneva,sans-serif;">0.10</font></div>
            </td>
            <td style="width: 11.97%; vertical-align: bottom; text-align: right;">
              <div><font style="font-size: 10pt; font-family: Verdana,Geneva,sans-serif;">0.11</font></div>
            </td>
            <td style="width: 11.97%; vertical-align: bottom; text-align: right;">
              <div><font style="font-size: 10pt; font-family: Verdana,Geneva,sans-serif;">0.09</font></div>
            </td>
          </tr>
          <tr>
            <td style="width: 40.53%; 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: bottom; text-align: right;">
              <div><font style="font-size: 10pt; font-family: Verdana,Geneva,sans-serif; font-weight: bold;">28.7</font></div>
            </td>
            <td style="width: 11.84%; vertical-align: bottom; text-align: right;">
              <div><font style="font-size: 10pt; font-family: Verdana,Geneva,sans-serif;">25.0</font></div>
            </td>
            <td style="width: 11.84%; vertical-align: bottom; text-align: right;">
              <div><font style="font-size: 10pt; font-family: Verdana,Geneva,sans-serif;">24.0</font></div>
            </td>
            <td style="width: 11.97%; vertical-align: bottom; text-align: right;">
              <div><font style="font-size: 10pt; font-family: Verdana,Geneva,sans-serif;">22.8</font></div>
            </td>
            <td style="width: 11.97%; vertical-align: bottom; text-align: right;">
              <div><font style="font-size: 10pt; font-family: Verdana,Geneva,sans-serif;">22.1</font></div>
            </td>
          </tr>
          <tr>
            <td style="width: 40.53%; 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: bottom; text-align: right;">
              <div><font style="font-size: 10pt; font-family: Verdana,Geneva,sans-serif; font-weight: bold;">37%</font></div>
            </td>
            <td style="width: 11.84%; vertical-align: bottom; text-align: right;">
              <div><font style="font-size: 10pt; font-family: Verdana,Geneva,sans-serif;">35%</font></div>
            </td>
            <td style="width: 11.84%; vertical-align: bottom; text-align: right;">
              <div><font style="font-size: 10pt; font-family: Verdana,Geneva,sans-serif;">34%</font></div>
            </td>
            <td style="width: 11.97%; vertical-align: bottom; text-align: right;">
              <div><font style="font-size: 10pt; font-family: Verdana,Geneva,sans-serif;">34%</font></div>
            </td>
            <td style="width: 11.97%; vertical-align: bottom; text-align: right;">
              <div><font style="font-size: 10pt; font-family: Verdana,Geneva,sans-serif;">33%</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 April 30, 2019, Descartes had $29.6 million in cash. Cash increased $2.3 million in Q1FY20 primarily due to cash provided from operations
          partially offset by credit facility repayments. The table set forth below provides a summary of cash flows for Q1FY20 in millions of dollars:</font></div>
      <div><br>
      </div>
      <table id="zd53929ed53c249c289709848f6e25b96" 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; 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; vertical-align: top;">
              <div style="text-align: right;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; font-weight: bold;"> Q1FY20</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;">&#160;</td>
          </tr>
          <tr>
            <td style="vertical-align: top; width: 88%;" 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: 9%;" valign="bottom">
              <div><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; font-weight: bold;">23.4</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%;" 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: 9%;" valign="bottom">
              <div><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; font-weight: bold;">(1.4</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; 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: 9%;" valign="bottom">
              <div><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; font-weight: bold;">(239.8</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; 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>
            </td>
            <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
            <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
            <td colspan="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;">241.2</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: 88%;" 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>
            </td>
            <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
            <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
            <td colspan="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;">(19.9</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; text-indent: -7.5pt; margin-left: 7.5pt;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">Payment of debt issuance costs</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;">(1.4</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; text-indent: -7.5pt; margin-left: 7.5pt;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">Issuance of common shares, net of issuance costs</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;">0.7</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: 88%; 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: 9%; border-bottom: 1px solid rgb(0, 0, 0);">
              <div><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; font-weight: bold;">(0.5</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%;" 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: 9%;" valign="bottom">
              <div><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; font-weight: bold;">2.3</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: 88%; 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;">Cash, beginning of period</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;">27.3</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: 88%; padding: 0px 0px 2px;">
              <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, end of period</font></div>
            </td>
            <td colspan="1" style="border-bottom: 2px 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: 2px double rgb(0, 0, 0); vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
            <td colspan="1" style="border-bottom: 2px 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;">29.6</font></div>
            </td>
            <td colspan="1" style="border-bottom: 2px 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-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 $248.9 million (CAD $330 million), 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 style="text-align: justify;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;"> <br>
        </font></div>
      <div style="text-align: justify;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;"> <br>
        </font></div>
    </div>
    <div id="DSPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; MARGIN-TOP: 10pt; CLEAR: both">
      <div id="DSPFPageNumberArea" style="TEXT-ALIGN: center"><font id="DSPFPageNumber" style="FONT-SIZE: 8pt; FONT-FAMILY: Verdana, Geneva, 'sans-serif'; FONT-WEIGHT: normal; FONT-STYLE: normal">2</font></div>
      <div id="DSPFPageBreak" style="PAGE-BREAK-AFTER: always">
        <hr style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000" noshade="noshade"> </div>
    </div>
    <div style="LINE-HEIGHT: 11.4pt">
      <div style="text-align: justify; color: #000000; font-family: Verdana, Geneva, sans-serif; font-size: 10pt; font-weight: bold;">Acquisition of CORE</div>
      <div style="text-align: justify;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">On May 10, 2019, Descartes acquired CORE Transport Technologies NZ Limited (&#8220;CORE&#8221;), an electronic transportation network that provides global
          air carriers and ground handlers with shipment scanning and tracking solutions. The purchase price for the acquisition was approximately $22.0 million, net of cash acquired, which was funded from drawing on Descartes&#8217; existing credit facility.
          Additional contingent consideration of up to $9.0 million in cash is payable if certain revenue performance targets are met by CORE in the two years following the acquisition.</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, May 29. Designated numbers are +1 888 465-5079 for North America and +1 416 216-4169 for international, using Passcode 9303615#.</font></div>
      <div><br>
      </div>
      <div style="text-align: justify;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">The company will simultaneously conduct an audio webcast on the Descartes Web site at <font style="color: rgb(0, 0, 255);"><u><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">www.descartes.com/descartes/investor-relations</font></u></font>. Phone conference dial-in or webcast log-in is required approximately 10 minutes beforehand.</font></div>
      <div><br>
      </div>
      <div style="text-align: justify;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">Replays of the conference call will be available following the call from 8:00 p.m. ET, and until June 5, 2019, by dialing +1 888 843-7419 or +1
          630 652-3042 followed by Passcode 9303615#. An archived replay of the webcast will be available at <font style="color: rgb(0, 0, 255);"><u><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">www.descartes.com/descartes/investor-relations</font></u></font>.</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, 0, 255);"><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, 0, 255);"><u><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">LinkedIn</font></u></font>&#160;and<font style="background-color: #FFFFFF; font-size: 10pt; font-family: Verdana,
            Geneva, sans-serif; color: #555555;">&#160;</font><font style="color: rgb(0, 0, 255);"><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 and generation of cash; continued growth and acquisitions; rate of profitable growth; demand for Descartes' solutions; growth of Descartes' Global Logistics Network; customer buying patterns; customer
          expectations of Descartes; development of the GLN and the benefits thereof to customers; and other matters. These forward-looking statements are based on certain assumptions including the following: global shipment volumes continuing to increase
          at levels consistent with the average growth rates of the global economy; countries continuing to implement and enforce existing and additional customs and security regulations relating to the provision of electronic information for imports and
          exports; <font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">countries continuing to implement and enforce existing and additional trade restrictions and sanctioned party lists with respect to doing business with certain
            countries, organizations, entities and individuals; </font>Descartes' continued operation of a secure and reliable business network; the stability of general economic and market conditions, currency exchange rates, and interest rates; equity
          and debt markets</font></div>
    </div>
    <font style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, sans-serif"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, sans-serif"></font></font>
    <div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, sans-serif"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, sans-serif"> </font></font><br style="LINE-HEIGHT: 11.4pt">
    </div>
    <div id="DSPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; MARGIN-TOP: 10pt; CLEAR: both">
      <div id="DSPFPageNumberArea" style="TEXT-ALIGN: center"><font id="DSPFPageNumber" style="FONT-SIZE: 8pt; FONT-FAMILY: Verdana, Geneva, 'sans-serif'; FONT-WEIGHT: normal; FONT-STYLE: normal">3</font></div>
      <div id="DSPFPageBreak" style="PAGE-BREAK-AFTER: always">
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    </div>
    <div style="LINE-HEIGHT: 11.4pt">
      <div style="text-align: justify; font-family: Verdana, Geneva, sans-serif; font-size: 10pt;">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.</div>
      <div><br>
      </div>
      <div style="text-align: left;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; font-weight: bold;">Reconciliation of Non-GAAP Financial Measures - Adjusted EBITDA and Adjusted EBITDA as a percentage of revenues</font></div>
      <div><br>
      </div>
      <div style="text-align: justify;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">We prepare and release quarterly unaudited and annual audited financial statements prepared in accordance with GAAP. We also disclose and
          discuss certain non-GAAP financial information, used to evaluate our performance, in this and other earnings releases and investor conference calls as a complement to results provided in accordance with GAAP. We believe that current shareholders
          and potential investors in our company use non-GAAP financial measures, such as Adjusted EBITDA and Adjusted EBITDA as a percentage of revenues, in making investment decisions about our company and measuring our operational results.</font></div>
      <div><br>
      </div>
      <div style="text-align: justify;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">The term &#8220;Adjusted EBITDA&#8221; refers to a financial measure that we define as earnings before certain charges that management considers to be
          non-operating expenses and which consist of interest, taxes, depreciation, amortization, stock-based compensation (for which we include related fees and taxes) and other charges (for which we include restructuring charges and acquisition-related
          expenses). Adjusted EBITDA as a percentage of revenues divides Adjusted EBITDA for a period by the revenues for the corresponding period and expresses the quotient as a percentage.</font></div>
    </div>
    <div style="LINE-HEIGHT: 11.4pt"><br style="LINE-HEIGHT: 11.4pt">
    </div>
    <div id="DSPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; MARGIN-TOP: 10pt; CLEAR: both">
      <div id="DSPFPageNumberArea" style="TEXT-ALIGN: center"><font id="DSPFPageNumber" style="FONT-SIZE: 8pt; FONT-FAMILY: Verdana, Geneva, 'sans-serif'; FONT-WEIGHT: normal; FONT-STYLE: normal">4</font></div>
      <div id="DSPFPageBreak" style="PAGE-BREAK-AFTER: always">
        <hr style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000" noshade="noshade"> </div>
    </div>
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    <div style="LINE-HEIGHT: 11.4pt">
      <div style="text-align: justify; font-family: Verdana, Geneva, sans-serif; font-size: 10pt;">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 four acquisitions since the beginning of fiscal 2019 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.</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 Q1FY20, Q4FY19, Q3FY19, Q2FY19 and Q1FY19, which we believe is the most directly comparable GAAP measure.</font></div>
      <div><br>
      </div>
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            <td style="vertical-align: top; padding: 0px 0px 1px;">
              <div style="text-align: left; 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="border-bottom: 1px solid rgb(0, 0, 0); border-top: 1px solid; vertical-align: bottom; padding-top: 0px; padding-right: 0px; padding-left: 0px;">&#160;</td>
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              <div style="text-align: right; text-indent: 7pt;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; font-weight: bold;">Q1FY20</font></div>
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            <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;">&#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;">&#160;</td>
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              <div style="text-align: right; text-indent: 7pt;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">Q4FY19</font></div>
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            <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;">&#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;">&#160;</td>
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            <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;">&#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;">&#160;</td>
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              <div style="text-align: right; text-indent: 7pt;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">Q2FY19</font></div>
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            <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;">&#160;</td>
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              <div style="text-align: right; text-indent: 7pt;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">Q1FY19</font></div>
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            <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;">&#160;</td>
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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;">Net income</font>, as reported on Consolidated
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            <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
            <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
            <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
              <div><font style="font-size: 10pt; font-family: Verdana,Geneva,sans-serif; font-weight: bold;">7.3</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="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;">7.9</font></div>
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            <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">&#160;</td>
            <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
            <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
            <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
              <div><font style="font-size: 10pt; font-family: Verdana,Geneva,sans-serif;">7.9</font></div>
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            <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">&#160;</td>
            <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
            <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
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              <div><font style="font-size: 10pt; font-family: Verdana,Geneva,sans-serif;">8.5</font></div>
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            <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">&#160;</td>
            <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
            <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
            <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
              <div><font style="font-size: 10pt; font-family: Verdana,Geneva,sans-serif;">7.0</font></div>
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              <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="text-align: right; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
            <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
            <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">&#160;</td>
            <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">&#160;</td>
            <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
            <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
            <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">&#160;</td>
            <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">&#160;</td>
            <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
            <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
            <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">&#160;</td>
            <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">&#160;</td>
            <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
            <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
            <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">&#160;</td>
            <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">&#160;</td>
            <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
            <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
            <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">&#160;</td>
            <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">&#160;</td>
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            <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
            <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
            <td colspan="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;">2.2</font></div>
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            <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">&#160;</td>
            <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
            <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
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              <div><font style="font-size: 10pt; font-family: Verdana,Geneva,sans-serif;">0.5</font></div>
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            <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">&#160;</td>
            <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
            <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
            <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
              <div><font style="font-size: 10pt; font-family: Verdana,Geneva,sans-serif;">0.6</font></div>
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            <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">&#160;</td>
            <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
            <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
            <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
              <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="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;">0.6</font></div>
            </td>
            <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">&#160;</td>
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          <tr>
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              <div style="text-align: left; margin-left: 9pt;"><font style="font-size: 10pt; font-family: Verdana,Geneva,sans-serif;">Investment income</font></div>
            </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;">(0.1</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="text-align: right; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
            <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
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              <div><font style="font-size: 10pt; font-family: Verdana,Geneva,sans-serif;">(0.1</font></div>
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            <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">
              <div><font style="font-size: 10pt; font-family: Verdana,Geneva,sans-serif;">)</font></div>
            </td>
            <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
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            <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
            <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
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            <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
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            <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
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            <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
            <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
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            <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
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            <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
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            <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
            <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
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            <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">&#160;</td>
            <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
            <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
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            <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">&#160;</td>
            <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
            <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
            <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
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            <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">&#160;</td>
            <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
            <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
            <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
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            <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
            <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
            <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
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            <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
            <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
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            <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">&#160;</td>
            <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
            <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
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            <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">&#160;</td>
            <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
            <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
            <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
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            <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">&#160;</td>
            <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
            <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
            <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
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            <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">&#160;</td>
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            <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
            <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
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              <div><font style="font-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: right; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
            <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
            <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
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            <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">&#160;</td>
            <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
            <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
            <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
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            <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
            <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
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              <div><font style="font-size: 10pt; font-family: Verdana,Geneva,sans-serif;">1.0</font></div>
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            <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
            <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
            <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
              <div><font style="font-size: 10pt; font-family: Verdana,Geneva,sans-serif;">0.8</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; width: 1%; text-align: right;">&#160;</td>
            <td colspan="1" style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
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              <div><font style="font-size: 10pt; font-family: Verdana,Geneva,sans-serif;">1.5</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;">&#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; width: 1%; text-align: left;">&#160;</td>
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            <td colspan="1" style="border-bottom: 2px double rgb(0, 0, 0); vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
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            <td colspan="1" style="border-bottom: 2px double rgb(0, 0, 0); vertical-align: bottom; width: 1%; padding-top: 0px; padding-right: 0px; padding-left: 0px; text-align: right;">&#160;</td>
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            <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
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            <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">&#160;</td>
            <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">&#160;</td>
            <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
            <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
            <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">&#160;</td>
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            <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
            <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
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            <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
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      <div style="FONT-SIZE: 11pt; FONT-FAMILY: Verdana, sans-serif; FONT-VARIANT: small-caps; FONT-WEIGHT: bold; TEXT-ALIGN: left; LINE-HEIGHT: 12.55pt">The Descartes Systems Group Inc.</div>
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              <td colspan="2" style="vertical-align: top;" valign="bottom">&#160;</td>
              <td colspan="1" style="text-align: left; vertical-align: bottom;" nowrap="nowrap" valign="bottom">&#160;</td>
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              <td colspan="1" style="text-align: left; vertical-align: bottom;" nowrap="nowrap" valign="bottom">&#160;</td>
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              <td colspan="1" style="vertical-align: bottom; text-align: right; 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%;" valign="bottom">&#160;</td>
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              <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
              <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
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              <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">&#160;</td>
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                <div style="text-align: left; margin-left: 27pt;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">Other</font></div>
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              <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
              <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
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              <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">&#160;</td>
              <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
              <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
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              <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">&#160;</td>
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                <div style="text-align: left; margin-left: 13.5pt;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">Prepaid expenses and other</font></div>
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              <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
              <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
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              <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">&#160;</td>
              <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
              <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
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              <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">&#160;</td>
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                <div style="text-align: left; margin-left: 13.5pt;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">Inventory</font></div>
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              <td colspan="1" style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: bottom; width: 1%;">&#160;</td>
              <td colspan="1" style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
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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;">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>
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              <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
              <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
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              <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">&#160;</td>
              <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
              <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
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              <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">&#160;</td>
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            <tr>
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                <div style="text-align: left;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">OTHER LONG-TERM 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>
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                <div><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; font-weight: bold;">11,296</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;">10,510</font></div>
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              <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">&#160;</td>
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              <td colspan="1" style="vertical-align: top; width: 76%;" valign="bottom">
                <div style="text-align: left;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">PROPERTY AND EQUIPMENT, NET</font></div>
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              <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
              <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
              <td colspan="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;">12,869</font></div>
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              <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">&#160;</td>
              <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
              <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
              <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
                <div><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">12,612</font></div>
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              <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">&#160;</td>
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                <div style="text-align: left;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">RIGHT-OF-USE 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>
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                <div><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; font-weight: bold;">10,444</font></div>
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              <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">&#160;</td>
              <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
              <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
              <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
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              <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">&#160;</td>
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                <div style="text-align: left;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">DEFERRED INCOME TAXES</font></div>
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              <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
              <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
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                <div><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; font-weight: bold;">23,535</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;">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>
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              <td colspan="1" style="vertical-align: bottom; width: 1%;" 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;">266,737</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;">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>
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                <div style="text-align: left;"><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; font-weight: bold;">497,844</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;">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>
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              <td colspan="1" style="vertical-align: top; width: 76%; padding: 0px 0px 2px;">&#160;</td>
              <td colspan="1" style="border-bottom: 2px 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: 2px double rgb(0, 0, 0); vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
              <td colspan="1" style="border-bottom: 2px 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;">903,535</font></div>
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              <td colspan="1" style="border-bottom: 2px 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: 2px 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: 2px double rgb(0, 0, 0); vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
              <td colspan="1" style="border-bottom: 2px 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;">653,334</font></div>
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              <td colspan="1" style="border-bottom: 2px 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: bottom; width: 1%;" valign="bottom">&#160;</td>
              <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
              <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">&#160;</td>
              <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">&#160;</td>
              <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
              <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
              <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">&#160;</td>
              <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">&#160;</td>
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                <div style="text-align: left;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; color: #000000;">CURRENT LIABILITIES</font></div>
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              <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
              <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
              <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">&#160;</td>
              <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">&#160;</td>
              <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
              <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
              <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">&#160;</td>
              <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">&#160;</td>
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                <div style="text-align: left;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">Accounts payable</font></div>
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              <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
              <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
              <td colspan="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;">5,294</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;">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>
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              <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
              <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
              <td colspan="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;">34,140</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;">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>
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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;">Lease obligations</font></div>
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              <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
              <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
              <td colspan="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;">3,433</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="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; 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; 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">&#160;</td>
              <td colspan="1" style="vertical-align: bottom; width: 1%;" 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;">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>
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                <div><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; font-weight: bold;">7,590</font></div>
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              <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">&#160;</td>
              <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
              <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
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                <div><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">7,634</font></div>
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                <div style="text-align: left;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">DEFERRED INCOME TAXES</font></div>
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              <td colspan="1" style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: bottom; width: 1%;">&#160;</td>
              <td colspan="1" style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
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                <div><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; font-weight: bold;">9,575</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;">15,507</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;">354,505</font></div>
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              <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">&#160;</td>
              <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
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              <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">&#160;</td>
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              <td colspan="1" style="vertical-align: top; width: 76%;" valign="bottom">&#160;</td>
              <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
              <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
              <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">&#160;</td>
              <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">&#160;</td>
              <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
              <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
              <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">&#160;</td>
              <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">&#160;</td>
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                <div style="text-align: left;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">SHAREHOLDERS&#8217; EQUITY</font></div>
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              <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
              <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
              <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">&#160;</td>
              <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">&#160;</td>
              <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
              <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
              <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">&#160;</td>
              <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">&#160;</td>
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                <div style="text-align: left; text-indent: -4.5pt; margin-left: 4.5pt;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">Common shares &#8211; unlimited shares authorized; Shares issued and outstanding totaled 77,222,956
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              <td colspan="1" style="vertical-align: bottom; width: 1%;" 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;">286,714</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;">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>
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                <div style="text-align: left;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">Additional paid-in capital</font></div>
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              <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
              <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
              <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
                <div><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; font-weight: bold;">455,478</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;">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>
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              <td colspan="1" style="vertical-align: top; width: 76%;" valign="bottom">
                <div style="text-align: left;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">Accumulated other comprehensive loss</font></div>
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              <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
              <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
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                <div><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; font-weight: bold;">(27,715</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: bottom; width: 1%;" valign="bottom">&#160;</td>
              <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
              <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
                <div><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">(25,201</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></div>
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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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                <div><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; font-weight: bold;">(165,447</font></div>
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                <div><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; font-weight: bold;">)</font></div>
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              <td colspan="1" style="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;">(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></div>
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            <tr>
              <td colspan="1" style="vertical-align: top; width: 76%; padding: 0px 0px 2px;">&#160;</td>
              <td colspan="1" style="border-bottom: 2px 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: 2px double rgb(0, 0, 0); vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
              <td colspan="1" style="border-bottom: 2px 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;">549,030</font></div>
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              <td colspan="1" style="border-bottom: 2px 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: 2px 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: 2px double rgb(0, 0, 0); vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
              <td colspan="1" style="border-bottom: 2px 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;">533,507</font></div>
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              <td colspan="1" style="border-bottom: 2px 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="LINE-HEIGHT: 12.55pt"><br style="LINE-HEIGHT: 12.55pt">
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      <div style="LINE-HEIGHT: 12.55pt"><br style="LINE-HEIGHT: 12.55pt">
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      <div style="FONT-SIZE: 11pt; FONT-FAMILY: Verdana, sans-serif; FONT-VARIANT: small-caps; FONT-WEIGHT: bold; TEXT-ALIGN: left; LINE-HEIGHT: 12.55pt">Consolidated Statements of Operations</div>
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              <td colspan="1" style="vertical-align: bottom; width: 1%;" 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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              <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
              <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
              <td colspan="1" style="vertical-align: bottom; text-align: right; 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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                <div><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; font-weight: bold;">10,132</font></div>
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              <td colspan="1" style="vertical-align: bottom; width: 1%;" 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;">12,728</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;">11,937</font></div>
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              <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">&#160;</td>
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                <div style="text-align: left; margin-left: 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;">8,478</font></div>
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              <td colspan="1" style="vertical-align: bottom; width: 1%;" 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;">2,064</font></div>
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              <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">&#160;</td>
              <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
              <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
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                <div><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">1,140</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;">12,777</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;">9,552</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: 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;">46,179</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;">38,689</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;">11,969</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="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;">(546</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>
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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>
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              <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
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              <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
              <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
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              <td colspan="1" style="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;">826</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;">323</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: 76%; padding: 0px 0px 1px;">&#160;</td>
              <td colspan="1" style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: bottom; width: 1%; padding-top: 0px; padding-right: 0px; padding-left: 0px;">&#160;</td>
              <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
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                <div><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; font-weight: bold;">2,561</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;">2,267</font></div>
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              <td colspan="1" style="border-bottom: 2px 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: 2px 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;">7,320</font></div>
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              <td colspan="1" style="border-bottom: 2px 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: 2px 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;">6,986</font></div>
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              <td colspan="1" style="border-bottom: 2px double rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; width: 1%; padding-top: 0px; padding-right: 0px; padding-left: 0px; text-align: left;">&#160;</td>
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                <div style="text-align: left;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; font-weight: bold;">EARNINGS PER SHARE</font></div>
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              <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
              <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
              <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">&#160;</td>
              <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">&#160;</td>
              <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
              <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
              <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">&#160;</td>
              <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">&#160;</td>
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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>
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                <div><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; font-weight: bold;">0.09</font></div>
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              <td colspan="1" style="vertical-align: bottom; width: 1%;" 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;">0.09</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;">Diluted</font></div>
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              <td colspan="1" style="border-bottom: 2px 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: 2px 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;">0.09</font></div>
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              <td colspan="1" style="border-bottom: 2px 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: 2px double 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; width: 1%;" valign="bottom">&#160;</td>
              <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
              <td colspan="1" style="vertical-align: bottom; text-align: right; 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>
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                <div><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; font-weight: bold;">77,149</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;">76,793</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: 76%; padding: 0px 0px 2px;">
                <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: 2px 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: 2px double rgb(0, 0, 0); vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
              <td colspan="1" style="border-bottom: 2px 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;">78,273</font></div>
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              <td colspan="1" style="border-bottom: 2px 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: 2px 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: 2px 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;">77,650</font></div>
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      </div>
      <div style="LINE-HEIGHT: 4.55pt"><br style="LINE-HEIGHT: 4.55pt">
      </div>
      <div style="LINE-HEIGHT: 4.55pt"><br style="LINE-HEIGHT: 4.55pt">
      </div>
      <div style="LINE-HEIGHT: 4.55pt"><br style="LINE-HEIGHT: 4.55pt">
      </div>
      <div style="LINE-HEIGHT: 12.55pt"> </div>
      <div id="DSPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; MARGIN-TOP: 10pt; CLEAR: both">
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      <div style="FONT-SIZE: 11pt; FONT-FAMILY: Verdana, sans-serif; FONT-VARIANT: small-caps; FONT-WEIGHT: bold; TEXT-ALIGN: left; LINE-HEIGHT: 12.55pt">The Descartes Systems Group Inc.</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>
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                <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
                <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
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                <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
                <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">&#160;</td>
                <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">&#160;</td>
                <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
                <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
                <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">&#160;</td>
                <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">&#160;</td>
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                <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
                <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
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                <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
                <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
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                <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
                <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
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                <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
                <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
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                <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
                <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
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                <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
                <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
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                <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
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                <td style="vertical-align: top; width: 76%;" valign="bottom">
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                <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
                <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
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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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                <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
                <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
                <td colspan="1" style="vertical-align: bottom; text-align: right; 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: 18pt;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">&#160;&#160;&#160;Trade</font></div>
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                <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
                <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
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                <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" 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="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>
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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: 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%;">&#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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              <tr>
                <td style="vertical-align: top; width: 76%;" valign="bottom">
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                <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
                <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
                <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">&#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>
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                <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">&#160;</td>
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              <tr>
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                <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">
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                <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
                <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
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                <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">
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              <tr>
                <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;">Payment of debt issuance costs</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: bottom; width: 1%;" valign="bottom">&#160;</td>
                <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
                <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
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              <tr>
                <td style="vertical-align: top; width: 76%; padding-bottom: 1px;">
                  <div style="text-align: left; margin-left: 9pt;"><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="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;">
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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: 76%; padding: 0px 0px 1px;">
                  <div style="text-align: left;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">Cash 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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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
