<SEC-DOCUMENT>0000929638-22-000992.txt : 20220602
<SEC-HEADER>0000929638-22-000992.hdr.sgml : 20220602
<ACCEPTANCE-DATETIME>20220602172756
ACCESSION NUMBER:		0000929638-22-000992
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		4
CONFORMED PERIOD OF REPORT:	20220602
FILED AS OF DATE:		20220602
DATE AS OF CHANGE:		20220602

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:		22992097

	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: 18pt; font-weight: bold; text-align: center; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">SECURITIES AND EXCHANGE COMMISSION</div>
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              <div style="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: 18pt; font-weight: bold; text-align: center; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">FORM 6-K</div>
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              <div style="font-size: 12pt; font-weight: bold; text-align: center; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">REPORT OF FOREIGN PRIVATE ISSUER</div>
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              <div style="font-size: 12pt; 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-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="text-align: center; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">For the month of June 2022<br>
              </div>
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              <div style="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-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="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-weight: bold; text-align: center; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">120 Randall Drive</div>
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              <div style="font-weight: bold; text-align: center; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">Waterloo, Ontario</div>
            </td>
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              <div style="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="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="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>
    <div style="text-align: justify; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;"><font style="display: inline;">Form 20-F [ ]</font><font style="DISPLAY: inline" face="Wingdings2">&#160;</font><font style="display: inline;">Form 40-F
        [x]</font></div>
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    <div style="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>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br>
    </div>
    <div style="text-align: justify; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;"><font style="FONT-WEIGHT: bold; DISPLAY: inline">Note</font>: Regulation S-T Rule 101(b)(1) only permits the submission in paper of a Form 6-K if
      submitted solely to provide an attached annual report to security holders.</div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br>
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    <div style="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)(7): [ ]</div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br>
    </div>
    <div style="text-align: justify; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;"><font style="FONT-WEIGHT: bold; DISPLAY: inline">Note: </font>Regulation S-T Rule 101(b)(7) only 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>
    <div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">&#160;</div>
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    <div style="font-family: 'Times New Roman', Times, serif; color: #000000; text-align: left; margin-left: 36pt; display: block;">
      <div style="color: rgb(0, 0, 0); font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; background-color: rgb(255, 255, 255); margin-left: 36pt; display: block;">The attached
        Press Release issued June 1, 2022 is furnished herewith as Exhibit 99.1.</div>
      <div style="color: rgb(0, 0, 0); font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; background-color: rgb(255, 255, 255); margin-left: 36pt; display: block;"><br>
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    <div style="font-weight: bold; text-align: center; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">SIGNATURES</div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br>
    </div>
    <div style="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-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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              <div style="text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">(Registrant)</div>
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              <div style="TEXT-ALIGN: left; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">By:</div>
            </td>
            <td style="font-family: 'Times New Roman', Times, serif; font-variant: normal; width: 94%; font-weight: normal; color: #000000; font-style: normal;" align="left" valign="top">
              <div style="TEXT-DECORATION: underline; TEXT-ALIGN: left; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">/s/ <font style="font-family: 'Times New Roman',Times,serif;">Peter V. Nguyen</font>&#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: 0pt; TEXT-INDENT: 0pt">Name:</div>
            </td>
            <td style="font-family: 'Times New Roman', Times, serif; font-variant: normal; width: 94%; font-weight: normal; color: #000000; font-style: normal;" align="left" valign="top">
              <div style="TEXT-ALIGN: left; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">
                <div style="font-family: 'Times New Roman'; font-size: 14pt;"><font style="font-size: 10pt; font-family: 'Times New Roman',Times,serif;">Peter V. Nguyen</font><br>
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              <div style="TEXT-ALIGN: left; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">Title:</div>
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            <td style="font-family: 'Times New Roman', Times, serif; font-variant: normal; width: 94%; font-weight: normal; color: #000000; font-style: normal;" align="left" valign="top">
              <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="text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">Date:&#160; June 2, 2022<br>
    </div>
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    <div style="font-weight: bold; text-align: center; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">EXHIBITS</div>
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              </td>
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                <div style="font-weight: bold; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">Description</div>
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              <td style="width: 1345.56px;" valign="top">&#160;</td>
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              <td style="width: 237.438px;" align="left" valign="top"><a href="exhibit99-1.htm">99.1</a></td>
              <td style="width: 1345.56px;" align="left" valign="top">
                <div style="font-family: 'Times New Roman', Times, serif; text-align: left; display: block; text-indent: 0pt;"><a href="exhibit99-1.htm">Press Release issued June 1, 2022</a></div>
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        <font style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; background-color: rgb(255, 255, 255); text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; display: inline !important; float: none;">&#160;</font></div>
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<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>exhibit99-1.htm
<DESCRIPTION>NEWS RELEASE ISSUED APRIL 21, 2022
<TEXT>
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  <div style="text-align: right;">Exhibit 99.1<br>
  </div>
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    <div><br>
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    <div><img src="descartes_logo.jpg"> </div>
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    <div style="text-align: center;"><img src="pressrelease_banner.jpg"></div>
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  <div style="text-align: center; font-family: Verdana, sans-serif; font-size: 16pt;"><a name="OLE_LINK1"></a><a name="OLE_LINK2"></a>DESCARTES ANNOUNCES FISCAL 2023 FIRST QUARTER </div>
  <div style="text-align: center; font-family: Verdana, sans-serif; font-size: 16pt;">FINANCIAL RESULTS</div>
  <div style="text-align: center; font-family: Verdana, sans-serif; font-size: 14pt;">&#160;Record Revenues and Income from Operations</div>
  <div><br>
  </div>
  <div style="text-align: justify; font-family: Verdana, sans-serif;"><font style="font-weight: bold;">WATERLOO, Ontario &#8212; June 1, 2022 </font>&#8212; The Descartes Systems Group Inc. (TSX:DSG)
    (Nasdaq:DSGX) announced its financial results for its fiscal 2023 first quarter (<font style="font-weight: bold;">Q1FY23</font>). All financial results referenced are in United States (<font style="font-weight: bold;">US</font>) currency and, unless otherwise indicated, are determined in accordance with US Generally Accepted Accounting Principles (GAAP).</div>
  <div><br>
  </div>
  <div style="text-align: justify; font-family: Verdana, sans-serif;">&#8220;Global supply chains continue to be impacted by a combination of issues stemming from the ongoing pandemic, geopolitical events and the current economic environment,&#8221;
    said Edward J. Ryan, Descartes&#8217; CEO. &#8220;It&#8217;s more important than ever for supply chain constituents to share, access and process information from multiple sources in real-time to help get the right goods in the right place at the right time. Our Global
    Logistics Network (GLN) is designed to do just that, helping shippers, carriers, and logistics services providers connect and collaborate to plan and execute shipments in an efficient and sustainable manner. We continue to see growth from existing
    customers and new participants on our network as we add more solutions to the GLN.&#8221;</div>
  <div><br>
  </div>
  <div style="text-align: left; margin-bottom: 6pt; font-family: Verdana, sans-serif; font-weight: bold;">Q1FY23 Financial Results</div>
  <div style="text-align: justify; font-family: Verdana, sans-serif;">As described in more detail below, key financial highlights for Descartes&#8217; Q1FY23 included:</div>
  <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="ze66fab5cae7e4136b6079d8f9c4029bc" 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 style="font-family: Verdana, sans-serif;">Revenues of $116.4 million, up 18% from $98.8 million in the first quarter of fiscal 2022 (<font style="font-weight: bold;">Q1FY22</font>)
            and up 4% from $112.4 million in the previous quarter (<font style="font-weight: bold;">Q4FY22</font>);</div>
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  </table>
  <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z7a247d7f557249f0b922e31219327947" 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;">
          <div style="font-family: Verdana, sans-serif;">Revenues were comprised of services revenues of $102.8 million (88% of total revenues), professional services and other revenues of $11.3 million (10% of total revenues) and license
            revenues of $2.3 million (2% of total revenues). Services revenues were up 16% from $88.3 million in Q1FY22 and up 3% from $99.5 million in Q4FY22;</div>
        </td>
      </tr>

  </table>
  <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zff9598c7f7344bb0b12d60c5c0370474" cellpadding="0" cellspacing="0">

      <tr>
        <td style="width: 18pt;"><br>
        </td>
        <td style="width: 18pt; vertical-align: top; align: right;">&#8226;</td>
        <td style="width: auto; vertical-align: top;">
          <div style="font-family: Verdana, sans-serif;">Cash provided by operating activities of $44.4 million, up 9% from $40.9 million in Q1FY22 and down from $45.5 million in Q4FY22;</div>
        </td>
      </tr>

  </table>
  <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zead7db09607b426a86e93c3b98e18fc2" cellpadding="0" cellspacing="0">

      <tr>
        <td style="width: 18pt;"><br>
        </td>
        <td style="width: 18pt; vertical-align: top; align: right;">&#8226;</td>
        <td style="width: auto; vertical-align: top;">
          <div style="font-family: Verdana, sans-serif;">Income from operations of $30.6 million, up 31% from $23.4 million in Q1FY22 and up 18% from $26.0 million in Q4FY22;</div>
        </td>
      </tr>

  </table>
  <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z9104a589d4824ebd8bce75da2ec6cc69" cellpadding="0" cellspacing="0">

      <tr>
        <td style="width: 18pt;"><br>
        </td>
        <td style="width: 18pt; vertical-align: top; align: right;">&#8226;</td>
        <td style="width: auto; vertical-align: top;">
          <div style="font-family: Verdana, sans-serif;">Net income of $23.1 million, up 26% from $18.4 million in Q1FY22 and up 20% from $19.2 million in Q4FY22.&#160; Net income as a percentage of revenue was 20%, compared to 19% in Q1FY22
            and 17% in Q4FY22;</div>
        </td>
      </tr>

  </table>
  <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z06480f87a3d14ce8a430d8107624950b" cellpadding="0" cellspacing="0">

      <tr>
        <td style="width: 18pt;"><br>
        </td>
        <td style="width: 18pt; vertical-align: top; align: right;">&#8226;</td>
        <td style="width: auto; vertical-align: top;">
          <div style="font-family: Verdana, sans-serif;">Earnings per share on a diluted basis of $0.27, up 29% from $0.21 in Q1FY22 and up 23% from $0.22 in Q4FY22; and</div>
        </td>
      </tr>

  </table>
  <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z0cea243b6386437b83988e6fca179589" cellpadding="0" cellspacing="0">

      <tr>
        <td style="width: 18pt;"><br>
        </td>
        <td style="width: 18pt; vertical-align: top; align: right;">&#8226;</td>
        <td style="width: auto; vertical-align: top;">
          <div style="font-family: Verdana, sans-serif;">Adjusted EBITDA of $51.2 million, up 23% from $41.5 million in Q1FY22 and up 2% from $50.1 million in Q4FY22. Adjusted EBITDA as a percentage of revenues was 44%, compared to 42% in
            Q1FY22 and 45% in Q4FY22.</div>
        </td>
      </tr>

  </table>
  <div><br>
  </div>
  <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
    <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-family: Verdana, 'sans-serif'; font-size: 8pt; font-weight: normal; font-style: normal;">1</font></div>
    <div style="page-break-after:always;" id="DSPFPageBreak">
      <hr style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;" noshade="noshade"></div>
  </div>
  <div><br>
  </div>
  <div>
    <div style="text-align: justify; font-family: Verdana, sans-serif;">Adjusted EBITDA and Adjusted EBITDA as a percentage of revenues are non-GAAP financial measures provided as a complement to financial results presented in accordance
      with GAAP. We define Adjusted EBITDA as earnings before interest, taxes, depreciation, amortization, stock-based compensation (for which we include related fees and taxes) and other charges (for which we include restructuring charges and
      acquisition-related expenses). These items are considered by management to be outside Descartes' ongoing operational results. We define Adjusted EBITDA as a percentage of revenues as the quotient, expressed as a percentage, from dividing Adjusted
      EBITDA for a period by revenues for the corresponding period. A reconciliation of Adjusted EBITDA and Adjusted EBITDA as a percentage of revenues to net income determined in accordance with GAAP is provided later in this release.</div>
  </div>
  <div><br>
  </div>
  <div style="text-align: left; font-family: Verdana, sans-serif;">The following table summarizes Descartes' results in the categories specified below over the past 5 fiscal quarters (unaudited; dollar amounts, other than per share
    amounts, in millions):</div>
  <div><br>
  </div>
  <table style="border-collapse: collapse; width: 80%; color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;" id="z795a053b3d2c437398717fa265c9eba2" align="center" border="0" 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 0.50pt solid; border-bottom: #000000 0.50pt solid;">
          <div style="text-align: right; font-family: Verdana, sans-serif; font-weight: bold;">Q1</div>
          <div style="text-align: right; font-family: Verdana, sans-serif; font-weight: bold;">FY23</div>
        </td>
        <td style="width: 11.84%; vertical-align: top; border-top: #000000 0.50pt solid; border-bottom: #000000 0.50pt solid;">
          <div style="text-align: right; font-family: Verdana, sans-serif;">Q4</div>
          <div style="text-align: right; font-family: Verdana, sans-serif;">FY22</div>
        </td>
        <td style="width: 11.84%; vertical-align: top; border-top: #000000 0.50pt solid; border-bottom: #000000 0.50pt solid;">
          <div style="text-align: right; font-family: Verdana, sans-serif;">Q3</div>
          <div style="text-align: right; font-family: Verdana, sans-serif;">FY22</div>
        </td>
        <td style="width: 11.97%; vertical-align: top; border-top: #000000 0.50pt solid; border-bottom: #000000 0.50pt solid;">
          <div style="text-align: right; font-family: Verdana, sans-serif;">Q2</div>
          <div style="text-align: right; font-family: Verdana, sans-serif;">FY22</div>
        </td>
        <td style="width: 11.97%; vertical-align: top; border-top: #000000 0.50pt solid; border-bottom: #000000 0.50pt solid;">
          <div style="text-align: right; font-family: Verdana, sans-serif;">Q1</div>
          <div style="text-align: right; font-family: Verdana, sans-serif;">FY22</div>
        </td>
      </tr>
      <tr>
        <td style="width: 40.53%; vertical-align: top;">
          <div style="font-family: Verdana, sans-serif;">Revenues</div>
        </td>
        <td style="width: 11.84%; vertical-align: top; border-top: #000000 0.50pt solid;">
          <div style="text-align: right; font-family: Verdana, sans-serif; font-weight: bold;">116.4</div>
        </td>
        <td style="width: 11.84%; vertical-align: top; border-top: #000000 0.50pt solid;">
          <div style="text-align: right; font-family: Verdana, sans-serif;">112.4</div>
        </td>
        <td style="width: 11.84%; vertical-align: top; border-top: #000000 0.50pt solid;">
          <div style="text-align: right; font-family: Verdana, sans-serif;">108.9</div>
        </td>
        <td style="width: 11.97%; vertical-align: top; border-top: #000000 0.50pt solid;">
          <div style="text-align: right; font-family: Verdana, sans-serif;">104.6</div>
        </td>
        <td style="width: 11.97%; vertical-align: top; border-top: #000000 0.50pt solid;">
          <div style="text-align: right; font-family: Verdana, sans-serif;">98.8</div>
        </td>
      </tr>
      <tr>
        <td style="width: 40.53%; vertical-align: top;">
          <div style="font-family: Verdana, sans-serif;">Services revenues</div>
        </td>
        <td style="width: 11.84%; vertical-align: top;">
          <div style="text-align: right; font-family: Verdana, sans-serif; font-weight: bold;">102.8</div>
        </td>
        <td style="width: 11.84%; vertical-align: top;">
          <div style="text-align: right; font-family: Verdana, sans-serif;">99.5</div>
        </td>
        <td style="width: 11.84%; vertical-align: top;">
          <div style="text-align: right; font-family: Verdana, sans-serif;">97.2</div>
        </td>
        <td style="width: 11.97%; vertical-align: top;">
          <div style="text-align: right; font-family: Verdana, sans-serif;">93.5</div>
        </td>
        <td style="width: 11.97%; vertical-align: top;">
          <div style="text-align: right; font-family: Verdana, sans-serif;">88.3</div>
        </td>
      </tr>
      <tr>
        <td style="width: 40.53%; vertical-align: top;">
          <div style="font-family: Verdana, sans-serif;">Gross margin</div>
        </td>
        <td style="width: 11.84%; vertical-align: top;">
          <div style="text-align: right; font-family: Verdana, sans-serif; font-weight: bold;">76%</div>
        </td>
        <td style="width: 11.84%; vertical-align: top;">
          <div style="text-align: right; font-family: Verdana, sans-serif;">76%</div>
        </td>
        <td style="width: 11.84%; vertical-align: top;">
          <div style="text-align: right; font-family: Verdana, sans-serif;">76%</div>
        </td>
        <td style="width: 11.97%; vertical-align: top;">
          <div style="text-align: right; font-family: Verdana, sans-serif;">76%</div>
        </td>
        <td style="width: 11.97%; vertical-align: top;">
          <div style="text-align: right; font-family: Verdana, sans-serif;">76%</div>
        </td>
      </tr>
      <tr>
        <td style="width: 40.53%; vertical-align: top;">
          <div style="font-family: Verdana, sans-serif;">Cash provided by operating activities</div>
        </td>
        <td style="width: 11.84%; vertical-align: top;">
          <div style="text-align: right; font-family: Verdana, sans-serif; font-weight: bold;">44.4</div>
        </td>
        <td style="width: 11.84%; vertical-align: top;">
          <div style="text-align: right; font-family: Verdana, sans-serif;">45.5</div>
        </td>
        <td style="width: 11.84%; vertical-align: top;">
          <div style="text-align: right; font-family: Verdana, sans-serif;">43.3</div>
        </td>
        <td style="width: 11.97%; vertical-align: top;">
          <div style="text-align: right; font-family: Verdana, sans-serif;">46.4</div>
        </td>
        <td style="width: 11.97%; vertical-align: top;">
          <div style="text-align: right; font-family: Verdana, sans-serif;">40.9</div>
        </td>
      </tr>
      <tr>
        <td style="width: 40.53%; vertical-align: top;">
          <div style="font-family: Verdana, sans-serif;">Income from operations</div>
        </td>
        <td style="width: 11.84%; vertical-align: top;">
          <div style="text-align: right; font-family: Verdana, sans-serif; font-weight: bold;">30.6</div>
        </td>
        <td style="width: 11.84%; vertical-align: top;">
          <div style="text-align: right; font-family: Verdana, sans-serif;">26.0</div>
        </td>
        <td style="width: 11.84%; vertical-align: top;">
          <div style="text-align: right; font-family: Verdana, sans-serif;">27.8</div>
        </td>
        <td style="width: 11.97%; vertical-align: top;">
          <div style="text-align: right; font-family: Verdana, sans-serif;">26.1</div>
        </td>
        <td style="width: 11.97%; vertical-align: top;">
          <div style="text-align: right; font-family: Verdana, sans-serif;">23.4</div>
        </td>
      </tr>
      <tr>
        <td style="width: 40.53%; vertical-align: top;">
          <div style="font-family: Verdana, sans-serif;">Net income</div>
        </td>
        <td style="width: 11.84%; vertical-align: top;">
          <div style="text-align: right; font-family: Verdana, sans-serif; font-weight: bold;">23.1</div>
        </td>
        <td style="width: 11.84%; vertical-align: top;">
          <div style="text-align: right; font-family: Verdana, sans-serif;">19.2</div>
        </td>
        <td style="width: 11.84%; vertical-align: top;">
          <div style="text-align: right; font-family: Verdana, sans-serif;">25.5</div>
        </td>
        <td style="width: 11.97%; vertical-align: top;">
          <div style="text-align: right; font-family: Verdana, sans-serif;">23.2</div>
        </td>
        <td style="width: 11.97%; vertical-align: top;">
          <div style="text-align: right; font-family: Verdana, sans-serif;">18.4</div>
        </td>
      </tr>
      <tr>
        <td style="width: 40.53%; vertical-align: top;">
          <div style="font-family: Verdana, sans-serif;">Net income as a % of revenues</div>
        </td>
        <td style="width: 11.84%; vertical-align: top;">
          <div style="text-align: right; font-family: Verdana, sans-serif; font-weight: bold;">20%</div>
        </td>
        <td style="width: 11.84%; vertical-align: top;">
          <div style="text-align: right; font-family: Verdana, sans-serif;">17%</div>
        </td>
        <td style="width: 11.84%; vertical-align: top;">
          <div style="text-align: right; font-family: Verdana, sans-serif;">23%</div>
        </td>
        <td style="width: 11.97%; vertical-align: top;">
          <div style="text-align: right; font-family: Verdana, sans-serif;">22%</div>
        </td>
        <td style="width: 11.97%; vertical-align: top;">
          <div style="text-align: right; font-family: Verdana, sans-serif;">19%</div>
        </td>
      </tr>
      <tr>
        <td style="width: 40.53%; vertical-align: top;">
          <div style="font-family: Verdana, sans-serif;">Earnings per diluted share</div>
        </td>
        <td style="width: 11.84%; vertical-align: top;">
          <div style="text-align: right; font-family: Verdana, sans-serif; font-weight: bold;">0.27</div>
        </td>
        <td style="width: 11.84%; vertical-align: top;">
          <div style="text-align: right; font-family: Verdana, sans-serif;">0.22</div>
        </td>
        <td style="width: 11.84%; vertical-align: top;">
          <div style="text-align: right; font-family: Verdana, sans-serif;">0.30</div>
        </td>
        <td style="width: 11.97%; vertical-align: top;">
          <div style="text-align: right; font-family: Verdana, sans-serif;">0.27</div>
        </td>
        <td style="width: 11.97%; vertical-align: top;">
          <div style="text-align: right; font-family: Verdana, sans-serif;">0.21</div>
        </td>
      </tr>
      <tr>
        <td style="width: 40.53%; vertical-align: top;">
          <div style="font-family: Verdana, sans-serif;">Adjusted EBITDA</div>
        </td>
        <td style="width: 11.84%; vertical-align: top;">
          <div style="text-align: right; font-family: Verdana, sans-serif; font-weight: bold;">51.2</div>
        </td>
        <td style="width: 11.84%; vertical-align: top;">
          <div style="text-align: right; font-family: Verdana, sans-serif;">50.1</div>
        </td>
        <td style="width: 11.84%; vertical-align: top;">
          <div style="text-align: right; font-family: Verdana, sans-serif;">48.2</div>
        </td>
        <td style="width: 11.97%; vertical-align: top;">
          <div style="text-align: right; font-family: Verdana, sans-serif;">45.9</div>
        </td>
        <td style="width: 11.97%; vertical-align: top;">
          <div style="text-align: right; font-family: Verdana, sans-serif;">41.5</div>
        </td>
      </tr>
      <tr>
        <td style="width: 40.53%; vertical-align: top;">
          <div style="font-family: Verdana, sans-serif;">Adjusted EBITDA as a % of revenues</div>
        </td>
        <td style="width: 11.84%; vertical-align: top;">
          <div style="text-align: right; font-family: Verdana, sans-serif; font-weight: bold;">44%</div>
        </td>
        <td style="width: 11.84%; vertical-align: top;">
          <div style="text-align: right; font-family: Verdana, sans-serif;">45%</div>
        </td>
        <td style="width: 11.84%; vertical-align: top;">
          <div style="text-align: right; font-family: Verdana, sans-serif;">44%</div>
        </td>
        <td style="width: 11.97%; vertical-align: top;">
          <div style="text-align: right; font-family: Verdana, sans-serif;">44%</div>
        </td>
        <td style="width: 11.97%; vertical-align: top;">
          <div style="text-align: right; font-family: Verdana, sans-serif;">42%</div>
        </td>
      </tr>

  </table>
  <div><br>
  </div>
  <div style="text-align: left; color: #000000; font-family: Verdana, sans-serif; font-weight: bold;">Cash Position</div>
  <div style="text-align: justify; font-family: Verdana, sans-serif;">At April 30, 2022, Descartes had $211.8 million in cash. Cash decreased by $1.6 million in Q1FY23. The table set forth below provides a summary of cash flows for Q1FY23
    in millions of dollars:</div>
  <div><br>
  </div>
  <table class="cfttable" id="z9aa9c2ec80594ad4a272b87389dab771" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left; color: #000000; width: 100%;" cellpadding="0" cellspacing="0">

      <tr>
        <td style="vertical-align: top; padding-bottom: 0.5pt;" valign="bottom">&#160;</td>
        <td class="cftguttercell" colspan="1" style="vertical-align: bottom; border-bottom: 0.5pt solid rgb(0, 0, 0); border-top: 0.5pt solid rgb(0, 0, 0);" valign="bottom">&#160;</td>
        <td colspan="2" style="vertical-align: top; border-bottom: 0.5pt solid rgb(0, 0, 0); border-top: 0.5pt solid rgb(0, 0, 0);" valign="bottom">
          <div style="text-align: right; font-family: Verdana,sans-serif; font-weight: bold;"> Q1FY23</div>
        </td>
        <td class="cftfncell" colspan="1" style="vertical-align: bottom; border-bottom: 0.5pt solid rgb(0, 0, 0); border-top: 0.5pt solid rgb(0, 0, 0);" valign="bottom" nowrap="nowrap">&#160;</td>
      </tr>
      <tr>
        <td style="vertical-align: top; width: 88%;" valign="bottom">
          <div style="text-indent: -7.5pt; margin-left: 7.5pt; font-family: Verdana, sans-serif;">Cash provided by operating activities</div>
        </td>
        <td class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
          <div style="font-family: Verdana,sans-serif; font-weight: bold;">44.4</div>
        </td>
        <td class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom" nowrap="nowrap">&#160;</td>
      </tr>
      <tr>
        <td style="vertical-align: top; width: 88%;" valign="bottom">
          <div style="text-indent: -7.5pt; margin-left: 7.5pt; font-family: Verdana, sans-serif;">Additions to property and equipment</div>
        </td>
        <td class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
          <div style="font-family: Verdana,sans-serif; font-weight: bold;">(1.6</div>
        </td>
        <td class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom" nowrap="nowrap">
          <div style="font-family: Verdana,sans-serif; font-weight: bold;">)</div>
        </td>
      </tr>
      <tr>
        <td style="vertical-align: top; width: 88%;" valign="bottom">
          <div style="text-indent: -7.5pt; margin-left: 7.5pt; font-family: Verdana, sans-serif;">Acquisitions of subsidiaries, net of cash acquired</div>
        </td>
        <td class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
          <div style="font-family: Verdana,sans-serif; font-weight: bold;">(42.9</div>
        </td>
        <td class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom" nowrap="nowrap">
          <div style="font-family: Verdana,sans-serif; font-weight: bold;">)</div>
        </td>
      </tr>
      <tr>
        <td style="vertical-align: top; width: 88%;" valign="bottom">
          <div style="text-indent: -7.5pt; margin-left: 7.5pt; font-family: Verdana, sans-serif;">Issuance of common shares for cash</div>
        </td>
        <td class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
          <div style="font-family: Verdana,sans-serif; font-weight: bold;">0.4</div>
        </td>
        <td class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom" nowrap="nowrap">&#160;</td>
      </tr>
      <tr>
        <td style="vertical-align: top; width: 88%; padding-bottom: 0.5pt;" valign="bottom">
          <div style="text-indent: -7.5pt; margin-left: 7.5pt; font-family: Verdana, sans-serif;">Effect of foreign exchange rate on cash</div>
        </td>
        <td class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 0.5pt solid rgb(0, 0, 0);" valign="bottom">&#160;</td>
        <td class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 0.5pt solid rgb(0, 0, 0);" valign="bottom">&#160;</td>
        <td class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 0.5pt solid rgb(0, 0, 0);" valign="bottom">
          <div style="font-family: Verdana,sans-serif; font-weight: bold;">(1.9</div>
        </td>
        <td class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 0.5pt solid rgb(0, 0, 0);" valign="bottom" nowrap="nowrap">
          <div style="font-family: Verdana,sans-serif; font-weight: bold;">)</div>
        </td>
      </tr>
      <tr>
        <td style="vertical-align: top; width: 88%;" valign="bottom">
          <div style="text-indent: -7.5pt; margin-left: 7.5pt; font-family: Verdana, sans-serif;">Net change in cash</div>
        </td>
        <td class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
          <div style="font-family: Verdana,sans-serif; font-weight: bold;">(1.6</div>
        </td>
        <td class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom" nowrap="nowrap">
          <div style="font-family: Verdana,sans-serif; font-weight: bold;">)</div>
        </td>
      </tr>
      <tr>
        <td style="vertical-align: top; width: 88%; padding-bottom: 0.5pt;" valign="bottom">
          <div style="text-indent: -7.5pt; margin-left: 7.5pt; font-family: Verdana, sans-serif;">Cash, beginning of period</div>
        </td>
        <td class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 0.5pt solid rgb(0, 0, 0);" valign="bottom">&#160;</td>
        <td class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 0.5pt solid rgb(0, 0, 0);" valign="bottom">&#160;</td>
        <td class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 0.5pt solid rgb(0, 0, 0);" valign="bottom">
          <div style="font-family: Verdana,sans-serif; font-weight: bold;">213.4</div>
        </td>
        <td class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 0.5pt solid rgb(0, 0, 0);" valign="bottom" nowrap="nowrap">&#160;</td>
      </tr>
      <tr>
        <td style="vertical-align: top; width: 88%; padding-bottom: 1.5pt;" valign="bottom">
          <div style="text-indent: -7.5pt; margin-left: 7.5pt; font-family: Verdana, sans-serif;">Cash, end of period</div>
        </td>
        <td class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 1.5pt solid rgb(0, 0, 0);" valign="bottom">&#160;</td>
        <td class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 1.5pt solid rgb(0, 0, 0);" valign="bottom">&#160;</td>
        <td class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 1.5pt solid rgb(0, 0, 0);" valign="bottom">
          <div style="font-family: Verdana,sans-serif; font-weight: bold;">211.8</div>
        </td>
        <td class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 1.5pt solid rgb(0, 0, 0);" valign="bottom" nowrap="nowrap">&#160;</td>
      </tr>

  </table>
  <div><br>
  </div>
  <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
    <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-family: Verdana, 'sans-serif'; font-size: 8pt; font-weight: normal; font-style: normal;">2</font></div>
    <div style="page-break-after:always;" id="DSPFPageBreak">
      <hr style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;" noshade="noshade"></div>
  </div>
  <div><br>
  </div>
  <div style="text-align: left; color: #000000; font-family: Verdana, sans-serif; font-weight: bold;">Acquisition of NetCHB</div>
  <div style="text-align: justify; font-family: Verdana, sans-serif;">On February 9, 2022, Descartes acquired all of the shares of NetCHB, LLC (&#8220;NetCHB&#8221;), a provider of customs filing solutions in the US. The purchase price for the
    acquisition was approximately $38.7 million, net of cash acquired. The purchase price was funded from cash on hand. There is also potential performance-based purchase price consideration of up to $60.0 million based on NetCHB achieving revenue-based
    targets over the first two years post-acquisition.</div>
  <div><br>
  </div>
  <div style="text-align: left; color: #000000; font-family: Verdana, sans-serif; font-weight: bold;">Acquisition of Foxtrot</div>
  <div style="text-align: justify; font-family: Verdana, sans-serif;">On April 21, 2022, Descartes acquired substantially all of the assets of Foxtrot, Inc. (&#8220;Foxtrot&#8221;), a provider of machine learning-based mobile route execution
    solutions. The purchase price for the acquisition was approximately $4.2 million, net of cash acquired, which was funded from cash on hand.</div>
  <div><br>
  </div>
  <div style="text-align: justify; font-family: Verdana, sans-serif; font-weight: bold;">Application to Commence Normal Course Issuer Bid (&#8220;NCIB&#8221;) for Descartes Common Shares</div>
  <div style="text-align: justify; font-family: Verdana, sans-serif;">We have filed with the Toronto Stock Exchange (TSX) a notice of intention to commence an NCIB (the &#8220;NCIB Application&#8221;). If the NCIB Application is accepted by the TSX,
    then:</div>
  <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z74d3842a4e1b4c54849aec7bca2c8adb" cellpadding="0" cellspacing="0">

      <tr>
        <td style="width: 18pt;"><br>
        </td>
        <td style="width: 18pt; vertical-align: top; align: right; font-family: 'Times New Roman', serif;">-</td>
        <td style="width: auto; vertical-align: top; text-align: justify;">
          <div style="font-family: Verdana, sans-serif;">We will issue a press release advising of the TSX&#8217;s acceptance;</div>
        </td>
      </tr>

  </table>
  <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z34213ab84ac34f2ea95159728497f9e9" cellpadding="0" cellspacing="0">

      <tr>
        <td style="width: 18pt;"><br>
        </td>
        <td style="width: 18pt; vertical-align: top; align: right; font-family: 'Times New Roman', serif;">-</td>
        <td style="width: auto; vertical-align: top; text-align: justify;">
          <div style="font-family: Verdana, sans-serif;">We expect to be permitted to repurchase for cancellation, at our discretion during the 12 months following such acceptance, up to 10% of the &#8220;public float&#8221; (calculated in accordance
            with the rules of the TSX) of Descartes&#8217; issued and outstanding common shares; and</div>
        </td>
      </tr>

  </table>
  <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z8c4f4771fda8486ea924f21a9ad07993" cellpadding="0" cellspacing="0">

      <tr>
        <td style="width: 18pt;"><br>
        </td>
        <td style="width: 18pt; vertical-align: top; align: right; font-family: 'Times New Roman', serif;">-</td>
        <td style="width: auto; vertical-align: top; text-align: justify;">
          <div style="font-family: Verdana, sans-serif;">Any purchases under the NCIB will be conducted in the open market (or as otherwise permitted), subject to the terms and limitations applicable to such NCIB, and will be made through
            the facilities of the TSX, Nasdaq, other designated exchanges and/or alternative Canadian trading systems, or by such other means as may be permitted by the Ontario Securities Commission or other applicable Canadian Securities Administrators.</div>
        </td>
      </tr>

  </table>
  <div><br>
  </div>
  <div style="text-align: justify; font-family: Verdana, sans-serif;">Descartes believes that the NCIB Application and, if accepted by the TSX, commencement of an NCIB is in Descartes&#8217; interests and that purchases made pursuant to such
    NCIB, if any, will constitute a desirable use of Descartes&#8217; funds.</div>
  <div><br>
  </div>
  <div style="text-align: justify; font-family: Verdana, sans-serif;">&#8220;We remain committed to efficient capital deployment, including continuing the profitable growth of the Global Logistics Network by acquiring and integrating
    complementary businesses,&#8221; said Allan Brett, Chief Financial Officer. &#8220;The NCIB, if approved by the TSX, will provide us with additional flexibility to respond to varied capital market conditions.&#8221;</div>
  <div><br>
  </div>
  <div style="text-align: left; color: #000000; font-family: Verdana, sans-serif; font-weight: bold;">Conference Call</div>
  <div style="text-align: justify; font-family: Verdana, sans-serif;">Members of Descartes' executive management team will host a conference call to discuss the company's financial results at <a name="SG_de381e265806467a8072cbf14a2431eb_491"></a>5:30 p.m. ET on Wednesday, June 1. Designated numbers are +1 866 455 3403 for North America and +1 647 484 8332 for international, using Passcode 67788302#.</div>
  <div>
    <div><br>
    </div>
    <div style="text-align: left; font-family: Verdana, sans-serif;">The company will simultaneously conduct an audio webcast on the Descartes website at www.descartes.com/descartes/investor-relations.
      Phone conference dial-in or webcast log-in is required approximately 10 minutes beforehand.</div>
    <div><br>
    </div>
    <div style="text-align: left; font-family: Verdana, sans-serif;">Replays of the conference call will be available until June 8, 2022, at the following address: https://onlinexperiences.com/Launch/QReg/ShowUUID=63A61ACB-E46E-44CE-B717-173ECEC7C261&amp;LangLocaleID=1033
      using Passcode EV00134916. An archived replay of the webcast will be available a<font style="color: #0000FF;"><u>t </u></font>www.descartes.com/descartes/investor-relations.</div>
  </div>
  <div><br>
  </div>
  <div style="text-align: left; font-family: Verdana, sans-serif; font-weight: bold;">About Descartes</div>
  <div><br>
  </div>
  <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
    <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-family: Verdana, 'sans-serif'; font-size: 8pt; font-weight: normal; font-style: normal;">3</font></div>
    <div style="page-break-after:always;" id="DSPFPageBreak">
      <hr style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;" noshade="noshade"></div>
  </div>
  <div><br>
  </div>
  <div style="text-align: justify; font-family: Verdana, 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;www.descartes.com, and connect with us on&#160;LinkedIn&#160;and<font style="color: #555555;">&#160;</font>Twitter<font style="color: #555555;">.&#160;</font></div>
  <div style="text-align: center; font-family: Verdana, sans-serif;"># # #</div>
  <div style="text-align: justify; font-family: Verdana, sans-serif; font-weight: bold;">Descartes Investor Contact:</div>
  <div style="text-align: justify; font-family: Verdana, sans-serif;">Laurie McCauley +1-519-746-6114 x202358</div>
  <div style="text-align: justify; font-family: Verdana, sans-serif;">investor@descartes.com</div>
  <div><br>
  </div>
  <div style="text-align: justify; font-family: Verdana, sans-serif;">Safe Harbor Statement</div>
  <div style="text-align: justify; font-family: Verdana, sans-serif;">This release may contain forward-looking information within the meaning of applicable securities laws ("forward-looking statements") that relates to Descartes'
    expectations concerning future revenues and earnings, and our projections for any future reductions in expenses or growth in margins and generation of cash; our assessment of the current and future potential impact of the war in Ukraine and the
    COVID-19 pandemic on our business, results of operations and financial condition; our application to commence a normal course issuer bid and potential purchases pursuant to such bid; continued growth and acquisitions including our assessment of any
    increased opportunity for our products and services as a result of trends in the logistics and supply chain industries; rate of profitable growth; demand for Descartes' solutions; growth of Descartes' Global Logistics Network (&#8220;GLN&#8221;); customer buying
    patterns; customer expectations of Descartes; development of the GLN and the benefits thereof to customers; and other matters. These forward-looking statements are based on certain assumptions including the following: global shipment volumes continuing
    at levels generally consistent with those experienced historically; the current war in Ukraine and the COVID-19 pandemic not having a material negative impact on shipment volumes or on the demand for the products and services of Descartes by its
    customers and the ability of those customers to continue to pay for those products and services; countries continuing to implement and enforce existing and additional customs and security regulations relating to the provision of electronic information
    for imports and exports; countries continuing to implement and enforce existing and additional trade restrictions and sanctioned party lists with respect to doing business with certain countries, organizations, entities and individuals; Descartes'
    continued operation of a secure and reliable business network; the stability of general economic and market conditions, currency exchange rates, and interest rates; equity and debt markets continuing to provide Descartes with access to capital;
    Descartes' continued ability to identify and source attractive and executable business combination opportunities; Descartes' ability to develop solutions that keep pace with the continuing changes in technology, and our continued compliance with third
    party intellectual property rights. These assumptions may prove to be inaccurate. Such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievements of
    Descartes, or developments in Descartes' business or industry, to differ materially from the anticipated results, performance or achievements or developments expressed or implied by such forward-looking statements. Such factors include, but are not
    limited to, Descartes' ability to successfully identify and execute on acquisitions and to integrate acquired businesses and assets, and to predict expenses associated with and revenues from acquisitions; the impact of network failures, information
    security breaches or other cyber-security threats; disruptions in the movement of freight and a decline in shipment volumes including as a result of contagious illness outbreaks; a deterioration of general economic conditions or instability in the
    financial markets accompanied by a decrease in spending by our customers; the ability to attract and retain key personnel and the ability to manage the departure of key personnel and the transition of our</div>
  <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
    <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-family: Verdana, 'sans-serif'; font-size: 8pt; font-weight: normal; font-style: normal;">4</font></div>
    <div style="page-break-after:always;" id="DSPFPageBreak">
      <hr style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;" noshade="noshade"></div>
  </div>
  <div><br>
  </div>
  <div style="text-align: justify; font-family: Verdana, sans-serif;">executive management team; changes in trade or transportation regulations that currently require customers to use services such as those offered by Descartes; changes in
    customer behaviour and expectations; Descartes&#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.&#160;&#160; 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: justify; font-family: Verdana, sans-serif; font-weight: bold;">Reconciliation of Non-GAAP Financial Measures - Adjusted EBITDA and Adjusted EBITDA as a percentage of revenues</div>
  <div><br>
  </div>
  <div style="text-align: justify; font-family: Verdana, 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.</div>
  <div><br>
  </div>
  <div style="text-align: justify; font-family: Verdana, 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.</div>
  <div><br>
  </div>
  <div style="text-align: justify; font-family: Verdana, sans-serif;">Management considers these non-operating expenses to be outside the scope of Descartes&#8217; ongoing operations and the related expenses are not used by management to measure
    operations. Accordingly, these expenses are excluded from Adjusted EBITDA, which we reference to both measure our operations and as a basis of comparison of our operations from period-to-period. Management believes that investors and financial analysts
    measure our business on the same basis, and we are providing the Adjusted EBITDA financial metric to assist in this evaluation and to provide a higher level of transparency into how we measure our own business. However, Adjusted EBITDA and Adjusted
    EBITDA as a percentage of revenues are non-GAAP financial measures and may not be comparable to similarly titled measures reported by other companies. Adjusted EBITDA and Adjusted EBITDA as a percentage of revenues should not be construed as a
    substitute for net income determined in accordance with GAAP or other non-GAAP measures that may be used by other companies, such as EBITDA. The use of</div>
  <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
    <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-family: Verdana, 'sans-serif'; font-size: 8pt; font-weight: normal; font-style: normal;">5</font></div>
    <div style="page-break-after:always;" id="DSPFPageBreak">
      <hr style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;" noshade="noshade"></div>
  </div>
  <div><br>
  </div>
  <div style="text-align: justify; font-family: Verdana, sans-serif;">Adjusted EBITDA and Adjusted EBITDA as a percentage of revenues does have limitations. In particular, we have completed five acquisitions since the beginning of fiscal
    2022 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-family: Verdana, sans-serif;"> </font><br>
  </div>
  <div style="text-align: justify; font-family: Verdana, 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 Q1FY23, Q4FY22, Q3FY22, Q2FY22, and Q1FY22, which we believe is the most directly comparable GAAP measure.</div>
  <div><br>
  </div>
  <table class="cfttable" id="ze10657ea027a46c4b7f5cc35858ed502" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left; color: #000000; width: 100%;" cellpadding="0" cellspacing="0">

      <tr>
        <td style="vertical-align: top; padding-bottom: 0.5pt;" valign="bottom">
          <div style="text-align: justify; font-family: Verdana, sans-serif; font-size: 9pt; font-weight: bold;">(US dollars in millions)</div>
        </td>
        <td class="cftguttercell" colspan="1" style="vertical-align: bottom; border-bottom: 0.5pt solid rgb(0, 0, 0); border-top: 0.5pt solid rgb(0, 0, 0);" valign="bottom">&#160;</td>
        <td colspan="2" style="vertical-align: top; border-bottom: 0.5pt solid rgb(0, 0, 0); border-top: 0.5pt solid rgb(0, 0, 0);" valign="bottom">
          <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9pt; font-weight: bold; text-indent: 7pt;">Q1FY23</div>
        </td>
        <td class="cftfncell" colspan="1" style="vertical-align: bottom; border-bottom: 0.5pt solid rgb(0, 0, 0); border-top: 0.5pt solid rgb(0, 0, 0);" valign="bottom" nowrap="nowrap">&#160;</td>
        <td class="cftguttercell" colspan="1" style="vertical-align: bottom; border-bottom: 0.5pt solid rgb(0, 0, 0); border-top: 0.5pt solid rgb(0, 0, 0);" valign="bottom">&#160;</td>
        <td colspan="2" style="vertical-align: top; border-bottom: 0.5pt solid rgb(0, 0, 0); border-top: 0.5pt solid rgb(0, 0, 0);" valign="bottom">
          <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9pt; text-indent: 7pt;">Q4FY22</div>
        </td>
        <td class="cftfncell" colspan="1" style="vertical-align: bottom; border-bottom: 0.5pt solid rgb(0, 0, 0); border-top: 0.5pt solid rgb(0, 0, 0);" valign="bottom" nowrap="nowrap">&#160;</td>
        <td class="cftguttercell" colspan="1" style="vertical-align: bottom; border-bottom: 0.5pt solid rgb(0, 0, 0); border-top: 0.5pt solid rgb(0, 0, 0);" valign="bottom">&#160;</td>
        <td colspan="2" style="vertical-align: top; border-bottom: 0.5pt solid rgb(0, 0, 0); border-top: 0.5pt solid rgb(0, 0, 0);" valign="bottom">
          <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9pt; text-indent: 7pt;">Q3FY22</div>
        </td>
        <td class="cftfncell" colspan="1" style="vertical-align: bottom; border-bottom: 0.5pt solid rgb(0, 0, 0); border-top: 0.5pt solid rgb(0, 0, 0);" valign="bottom" nowrap="nowrap">&#160;</td>
        <td class="cftguttercell" colspan="1" style="vertical-align: bottom; border-bottom: 0.5pt solid rgb(0, 0, 0); border-top: 0.5pt solid rgb(0, 0, 0);" valign="bottom">&#160;</td>
        <td colspan="2" style="vertical-align: top; border-bottom: 0.5pt solid rgb(0, 0, 0); border-top: 0.5pt solid rgb(0, 0, 0);" valign="bottom">
          <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9pt; text-indent: 7pt;">Q2FY22</div>
        </td>
        <td class="cftfncell" colspan="1" style="vertical-align: bottom; border-bottom: 0.5pt solid rgb(0, 0, 0); border-top: 0.5pt solid rgb(0, 0, 0);" valign="bottom" nowrap="nowrap">&#160;</td>
        <td class="cftguttercell" colspan="1" style="vertical-align: bottom; border-bottom: 0.5pt solid rgb(0, 0, 0); border-top: 0.5pt solid rgb(0, 0, 0);" valign="bottom">&#160;</td>
        <td colspan="2" style="vertical-align: top; border-bottom: 0.5pt solid rgb(0, 0, 0); border-top: 0.5pt solid rgb(0, 0, 0);" valign="bottom">
          <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9pt; text-indent: 7pt;">Q1FY22</div>
        </td>
        <td class="cftfncell" colspan="1" style="vertical-align: bottom; border-bottom: 0.5pt solid rgb(0, 0, 0); border-top: 0.5pt solid rgb(0, 0, 0);" valign="bottom" nowrap="nowrap">&#160;</td>
      </tr>
      <tr>
        <td style="vertical-align: top; width: 40%;" valign="bottom">
          <div style="font-family: Verdana, sans-serif; font-size: 9pt;"><font style="font-weight: bold;">Net income</font>, as reported on Consolidated Statements of Operations</div>
        </td>
        <td class="cftguttercell" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
          <div style="font-family: Verdana,sans-serif; font-size: 9pt; font-weight: bold;">23.1</div>
        </td>
        <td class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom" nowrap="nowrap">&#160;</td>
        <td class="cftguttercell" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
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        </td>
        <td class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom" nowrap="nowrap">&#160;</td>
        <td class="cftguttercell" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
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        </td>
        <td class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom" nowrap="nowrap">&#160;</td>
        <td class="cftguttercell" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
          <div style="font-family: Verdana,sans-serif; font-size: 9pt;">23.2</div>
        </td>
        <td class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom" nowrap="nowrap">&#160;</td>
        <td class="cftguttercell" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
          <div style="font-family: Verdana,sans-serif; font-size: 9pt;">18.4</div>
        </td>
        <td class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom" nowrap="nowrap">&#160;</td>
      </tr>
      <tr>
        <td style="vertical-align: top; width: 40%;" valign="bottom">
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        </td>
        <td class="cftguttercell" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">&#160;</td>
        <td class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom" nowrap="nowrap">&#160;</td>
        <td class="cftguttercell" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">&#160;</td>
        <td class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom" nowrap="nowrap">&#160;</td>
        <td class="cftguttercell" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">&#160;</td>
        <td class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom" nowrap="nowrap">&#160;</td>
        <td class="cftguttercell" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">&#160;</td>
        <td class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom" nowrap="nowrap">&#160;</td>
        <td class="cftguttercell" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">&#160;</td>
        <td class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom" nowrap="nowrap">&#160;</td>
      </tr>
      <tr>
        <td style="vertical-align: top; width: 40%;" valign="bottom">
          <div style="margin-left: 9pt; font-family: Verdana, sans-serif; font-size: 9pt;">Interest expense</div>
        </td>
        <td class="cftguttercell" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
          <div style="font-family: Verdana,sans-serif; font-size: 9pt; font-weight: bold;">0.3</div>
        </td>
        <td class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom" nowrap="nowrap">&#160;</td>
        <td class="cftguttercell" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
          <div style="font-family: Verdana,sans-serif; font-size: 9pt;">0.3</div>
        </td>
        <td class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom" nowrap="nowrap">&#160;</td>
        <td class="cftguttercell" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
          <div style="font-family: Verdana,sans-serif; font-size: 9pt;">0.3</div>
        </td>
        <td class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom" nowrap="nowrap">&#160;</td>
        <td class="cftguttercell" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
          <div style="font-family: Verdana,sans-serif; font-size: 9pt;">0.3</div>
        </td>
        <td class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom" nowrap="nowrap">&#160;</td>
        <td class="cftguttercell" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
          <div style="font-family: Verdana,sans-serif; font-size: 9pt;">0.3</div>
        </td>
        <td class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom" nowrap="nowrap">&#160;</td>
      </tr>
      <tr>
        <td style="vertical-align: top; width: 40%;" valign="bottom">
          <div style="margin-left: 9pt; font-family: Verdana, sans-serif; font-size: 9pt;">Investment income</div>
        </td>
        <td class="cftguttercell" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
          <div style="font-family: Verdana,sans-serif; font-size: 9pt; font-weight: bold;">(0.2</div>
        </td>
        <td class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom" nowrap="nowrap">
          <div style="font-family: Verdana,sans-serif; font-size: 9pt; font-weight: bold;">)</div>
        </td>
        <td class="cftguttercell" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
          <div style="font-family: Verdana,sans-serif; font-size: 9pt;">(0.1</div>
        </td>
        <td class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom" nowrap="nowrap">
          <div style="font-family: Verdana,sans-serif; font-size: 9pt;">)</div>
        </td>
        <td class="cftguttercell" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
          <div style="font-family: Verdana,sans-serif; font-size: 9pt;">(0.1</div>
        </td>
        <td class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom" nowrap="nowrap">
          <div style="font-family: Verdana,sans-serif; font-size: 9pt;">)</div>
        </td>
        <td class="cftguttercell" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
          <div style="font-family: Verdana,sans-serif; font-size: 9pt;">(0.1</div>
        </td>
        <td class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom" nowrap="nowrap">
          <div style="font-family: Verdana,sans-serif; font-size: 9pt;">)</div>
        </td>
        <td class="cftguttercell" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
          <div style="font-family: Verdana,sans-serif; font-size: 9pt;">(0.1</div>
        </td>
        <td class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom" nowrap="nowrap">
          <div style="font-family: Verdana,sans-serif; font-size: 9pt;">)</div>
        </td>
      </tr>
      <tr>
        <td style="vertical-align: top; width: 40%;" valign="bottom">
          <div style="margin-left: 9pt; font-family: Verdana, sans-serif; font-size: 9pt;">Income tax expense</div>
        </td>
        <td class="cftguttercell" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
          <div style="font-family: Verdana,sans-serif; font-size: 9pt; font-weight: bold;">7.4</div>
        </td>
        <td class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom" nowrap="nowrap">&#160;</td>
        <td class="cftguttercell" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
          <div style="font-family: Verdana,sans-serif; font-size: 9pt;">6.7</div>
        </td>
        <td class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom" nowrap="nowrap">&#160;</td>
        <td class="cftguttercell" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
          <div style="font-family: Verdana,sans-serif; font-size: 9pt;">2.1</div>
        </td>
        <td class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom" nowrap="nowrap">&#160;</td>
        <td class="cftguttercell" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
          <div style="font-family: Verdana,sans-serif; font-size: 9pt;">2.7</div>
        </td>
        <td class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom" nowrap="nowrap">&#160;</td>
        <td class="cftguttercell" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
          <div style="font-family: Verdana,sans-serif; font-size: 9pt;">4.8</div>
        </td>
        <td class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom" nowrap="nowrap">&#160;</td>
      </tr>
      <tr>
        <td style="vertical-align: top; width: 40%;" valign="bottom">
          <div style="text-align: justify; margin-left: 9pt; font-family: Verdana, sans-serif; font-size: 9pt;">Depreciation expense</div>
        </td>
        <td class="cftguttercell" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
          <div style="font-family: Verdana,sans-serif; font-size: 9pt; font-weight: bold;">1.2</div>
        </td>
        <td class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom" nowrap="nowrap">&#160;</td>
        <td class="cftguttercell" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
          <div style="font-family: Verdana,sans-serif; font-size: 9pt;">1.3</div>
        </td>
        <td class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom" nowrap="nowrap">&#160;</td>
        <td class="cftguttercell" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
          <div style="font-family: Verdana,sans-serif; font-size: 9pt;">1.3</div>
        </td>
        <td class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom" nowrap="nowrap">&#160;</td>
        <td class="cftguttercell" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
          <div style="font-family: Verdana,sans-serif; font-size: 9pt;">1.3</div>
        </td>
        <td class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom" nowrap="nowrap">&#160;</td>
        <td class="cftguttercell" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
          <div style="font-family: Verdana,sans-serif; font-size: 9pt;">1.2</div>
        </td>
        <td class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom" nowrap="nowrap">&#160;</td>
      </tr>
      <tr>
        <td style="vertical-align: top; width: 40%;" valign="bottom">
          <div style="text-align: justify; margin-left: 9pt; font-family: Verdana, sans-serif; font-size: 9pt;">Amortization of intangible assets</div>
        </td>
        <td class="cftguttercell" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
          <div style="font-family: Verdana,sans-serif; font-size: 9pt; font-weight: bold;">15.1</div>
        </td>
        <td class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom" nowrap="nowrap">&#160;</td>
        <td class="cftguttercell" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
          <div style="font-family: Verdana,sans-serif; font-size: 9pt;">15.0</div>
        </td>
        <td class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom" nowrap="nowrap">&#160;</td>
        <td class="cftguttercell" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
          <div style="font-family: Verdana,sans-serif; font-size: 9pt;">15.4</div>
        </td>
        <td class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom" nowrap="nowrap">&#160;</td>
        <td class="cftguttercell" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
          <div style="font-family: Verdana,sans-serif; font-size: 9pt;">15.0</div>
        </td>
        <td class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom" nowrap="nowrap">&#160;</td>
        <td class="cftguttercell" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
          <div style="font-family: Verdana,sans-serif; font-size: 9pt;">13.8</div>
        </td>
        <td class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom" nowrap="nowrap">&#160;</td>
      </tr>
      <tr>
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        </td>
        <td class="cftguttercell" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
          <div style="font-family: Verdana,sans-serif; font-size: 9pt; font-weight: bold;">2.9</div>
        </td>
        <td class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom" nowrap="nowrap">&#160;</td>
        <td class="cftguttercell" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
          <div style="font-family: Verdana,sans-serif; font-size: 9pt;">2.9</div>
        </td>
        <td class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom" nowrap="nowrap">&#160;</td>
        <td class="cftguttercell" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
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        <td class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom" nowrap="nowrap">&#160;</td>
        <td class="cftguttercell" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
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        <td class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom" nowrap="nowrap">&#160;</td>
        <td class="cftguttercell" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
          <div style="font-family: Verdana,sans-serif; font-size: 9pt;">2.6</div>
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        <td class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom" nowrap="nowrap">&#160;</td>
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      <tr>
        <td style="vertical-align: top; width: 40%; padding-bottom: 2px;" valign="bottom">
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        <td class="cftguttercell" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom">&#160;</td>
        <td class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom">&#160;</td>
        <td class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom">
          <div style="font-family: Verdana,sans-serif; font-size: 9pt; font-weight: bold;">1.4</div>
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        <td class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom" nowrap="nowrap">&#160;</td>
        <td class="cftguttercell" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom">&#160;</td>
        <td class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom">&#160;</td>
        <td class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom">
          <div style="font-family: Verdana,sans-serif; font-size: 9pt;">4.8</div>
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        <td class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom" nowrap="nowrap">&#160;</td>
        <td class="cftguttercell" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom">&#160;</td>
        <td class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom">&#160;</td>
        <td class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom">
          <div style="font-family: Verdana,sans-serif; font-size: 9pt;">0.7</div>
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        <td class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom" nowrap="nowrap">&#160;</td>
        <td class="cftguttercell" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom">&#160;</td>
        <td class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom">&#160;</td>
        <td class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom">
          <div style="font-family: Verdana,sans-serif; font-size: 9pt;">0.4</div>
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        <td class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom" nowrap="nowrap">&#160;</td>
        <td class="cftguttercell" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom">&#160;</td>
        <td class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom">&#160;</td>
        <td class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom">
          <div style="font-family: Verdana,sans-serif; font-size: 9pt;">0.5</div>
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        <td class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom" nowrap="nowrap">&#160;</td>
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      <tr>
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          <div style="text-align: justify; margin-left: 9pt; font-family: Verdana, sans-serif; font-size: 9pt; font-weight: bold;">Adjusted EBITDA</div>
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        <td class="cftguttercell" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; border-bottom: 1.5pt solid rgb(0, 0, 0);" valign="bottom">&#160;</td>
        <td class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 1.5pt solid rgb(0, 0, 0);" valign="bottom">&#160;</td>
        <td class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 1.5pt solid rgb(0, 0, 0);" valign="bottom">
          <div style="font-family: Verdana,sans-serif; font-size: 9pt; font-weight: bold;">51.2</div>
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        <td class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 1.5pt solid rgb(0, 0, 0);" valign="bottom" nowrap="nowrap">&#160;</td>
        <td class="cftguttercell" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; border-bottom: 1.5pt solid rgb(0, 0, 0);" valign="bottom">&#160;</td>
        <td class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 1.5pt solid rgb(0, 0, 0);" valign="bottom">&#160;</td>
        <td class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 1.5pt solid rgb(0, 0, 0);" valign="bottom">
          <div style="font-family: Verdana,sans-serif; font-size: 9pt;">50.1</div>
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        <td class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 1.5pt solid rgb(0, 0, 0);" valign="bottom" nowrap="nowrap">&#160;</td>
        <td class="cftguttercell" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; border-bottom: 1.5pt solid rgb(0, 0, 0);" valign="bottom">&#160;</td>
        <td class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 1.5pt solid rgb(0, 0, 0);" valign="bottom">&#160;</td>
        <td class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 1.5pt solid rgb(0, 0, 0);" valign="bottom">
          <div style="font-family: Verdana,sans-serif; font-size: 9pt;">48.2</div>
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        <td class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 1.5pt solid rgb(0, 0, 0);" valign="bottom" nowrap="nowrap">&#160;</td>
        <td class="cftguttercell" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; border-bottom: 1.5pt solid rgb(0, 0, 0);" valign="bottom">&#160;</td>
        <td class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 1.5pt solid rgb(0, 0, 0);" valign="bottom">&#160;</td>
        <td class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 1.5pt solid rgb(0, 0, 0);" valign="bottom">
          <div style="font-family: Verdana,sans-serif; font-size: 9pt;">45.9</div>
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        <td class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 1.5pt solid rgb(0, 0, 0);" valign="bottom" nowrap="nowrap">&#160;</td>
        <td class="cftguttercell" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; border-bottom: 1.5pt solid rgb(0, 0, 0);" valign="bottom">&#160;</td>
        <td class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 1.5pt solid rgb(0, 0, 0);" valign="bottom">&#160;</td>
        <td class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 1.5pt solid rgb(0, 0, 0);" valign="bottom">
          <div style="font-family: Verdana,sans-serif; font-size: 9pt;">41.5</div>
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        <td class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 1.5pt solid rgb(0, 0, 0);" valign="bottom" nowrap="nowrap">&#160;</td>
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      <tr>
        <td style="vertical-align: top; width: 40%;" valign="bottom">&#160;</td>
        <td class="cftguttercell" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">&#160;</td>
        <td class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom" nowrap="nowrap">&#160;</td>
        <td class="cftguttercell" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">&#160;</td>
        <td class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom" nowrap="nowrap">&#160;</td>
        <td class="cftguttercell" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">&#160;</td>
        <td class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom" nowrap="nowrap">&#160;</td>
        <td class="cftguttercell" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">&#160;</td>
        <td class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom" nowrap="nowrap">&#160;</td>
        <td class="cftguttercell" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">&#160;</td>
        <td class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom" nowrap="nowrap">&#160;</td>
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      <tr>
        <td style="vertical-align: top; width: 40%;" valign="bottom">
          <div style="text-align: justify; font-family: Verdana, sans-serif; font-size: 9pt; font-weight: bold;">Revenues</div>
        </td>
        <td class="cftguttercell" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
          <div style="font-family: Verdana, sans-serif; font-size: 9pt; font-weight: bold;">116.4</div>
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        <td class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom" nowrap="nowrap">&#160;</td>
        <td class="cftguttercell" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
          <div style="font-family: Verdana, sans-serif; font-size: 9pt;">112.4</div>
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        <td class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom" nowrap="nowrap">&#160;</td>
        <td class="cftguttercell" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
          <div style="font-family: Verdana, sans-serif; font-size: 9pt;">108.9</div>
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        <td class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom" nowrap="nowrap">&#160;</td>
        <td class="cftguttercell" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
          <div style="font-family: Verdana, sans-serif; font-size: 9pt;">104.6</div>
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        <td class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom" nowrap="nowrap">&#160;</td>
        <td class="cftguttercell" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
          <div style="font-family: Verdana, sans-serif; font-size: 9pt;">98.8</div>
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        <td class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom" nowrap="nowrap">&#160;</td>
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      <tr>
        <td style="vertical-align: top; width: 40%;" valign="bottom">
          <div style="font-family: Verdana, sans-serif; font-size: 9pt; font-weight: bold;">Net income as % of revenues</div>
        </td>
        <td class="cftguttercell" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
          <div style="font-family: Verdana, sans-serif; font-size: 9pt; font-weight: bold;">20</div>
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        <td class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom" nowrap="nowrap">
          <div style="font-family: Verdana, sans-serif; font-size: 9pt; font-weight: bold;">%</div>
        </td>
        <td class="cftguttercell" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
          <div style="font-family: Verdana, sans-serif; font-size: 9pt;">17</div>
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        <td class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom" nowrap="nowrap">
          <div style="font-family: Verdana, sans-serif; font-size: 9pt;">%</div>
        </td>
        <td class="cftguttercell" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
          <div style="font-family: Verdana, sans-serif; font-size: 9pt;">23</div>
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        <td class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom" nowrap="nowrap">
          <div style="font-family: Verdana, sans-serif; font-size: 9pt;">%</div>
        </td>
        <td class="cftguttercell" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
          <div style="font-family: Verdana, sans-serif; font-size: 9pt;">22</div>
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        <td class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom" nowrap="nowrap">
          <div style="font-family: Verdana, sans-serif; font-size: 9pt;">%</div>
        </td>
        <td class="cftguttercell" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
          <div style="font-family: Verdana, sans-serif; font-size: 9pt;">19</div>
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        <td class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom" nowrap="nowrap">
          <div style="font-family: Verdana, sans-serif; font-size: 9pt;">%</div>
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      </tr>
      <tr>
        <td style="vertical-align: top; width: 40%; padding-bottom: 1.5pt;" valign="bottom">
          <div style="text-align: justify; font-family: Verdana, sans-serif; font-size: 9pt; font-weight: bold;">Adjusted EBITDA as % of revenues</div>
        </td>
        <td class="cftguttercell" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; border-bottom: 1.5pt solid rgb(0, 0, 0);" valign="bottom">&#160;</td>
        <td class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 1.5pt solid rgb(0, 0, 0);" valign="bottom">&#160;</td>
        <td class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 1.5pt solid rgb(0, 0, 0);" valign="bottom">
          <div style="font-family: Verdana, sans-serif; font-size: 9pt; font-weight: bold;">44</div>
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        <td class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 1.5pt solid rgb(0, 0, 0);" valign="bottom" nowrap="nowrap">
          <div style="font-family: Verdana, sans-serif; font-size: 9pt; font-weight: bold;">%</div>
        </td>
        <td class="cftguttercell" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; border-bottom: 1.5pt solid rgb(0, 0, 0);" valign="bottom">&#160;</td>
        <td class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 1.5pt solid rgb(0, 0, 0);" valign="bottom">&#160;</td>
        <td class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 1.5pt solid rgb(0, 0, 0);" valign="bottom">
          <div style="font-family: Verdana, sans-serif; font-size: 9pt;">45</div>
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        <td class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 1.5pt solid rgb(0, 0, 0);" valign="bottom" nowrap="nowrap">
          <div style="font-family: Verdana, sans-serif; font-size: 9pt;">%</div>
        </td>
        <td class="cftguttercell" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; border-bottom: 1.5pt solid rgb(0, 0, 0);" valign="bottom">&#160;</td>
        <td class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 1.5pt solid rgb(0, 0, 0);" valign="bottom">&#160;</td>
        <td class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 1.5pt solid rgb(0, 0, 0);" valign="bottom">
          <div style="font-family: Verdana, sans-serif; font-size: 9pt;">44</div>
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        <td class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 1.5pt solid rgb(0, 0, 0);" valign="bottom" nowrap="nowrap">
          <div style="font-family: Verdana, sans-serif; font-size: 9pt;">%</div>
        </td>
        <td class="cftguttercell" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; border-bottom: 1.5pt solid rgb(0, 0, 0);" valign="bottom">&#160;</td>
        <td class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 1.5pt solid rgb(0, 0, 0);" valign="bottom">&#160;</td>
        <td class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 1.5pt solid rgb(0, 0, 0);" valign="bottom">
          <div style="font-family: Verdana, sans-serif; font-size: 9pt;">44</div>
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        <td class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 1.5pt solid rgb(0, 0, 0);" valign="bottom" nowrap="nowrap">
          <div style="font-family: Verdana, sans-serif; font-size: 9pt;">%</div>
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  <div><br>
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  <div style="text-align: left; font-family: Verdana, sans-serif; font-size: 11pt; font-variant: small-caps; font-weight: bold;">The Descartes Systems Group Inc.</div>
  <div style="text-align: left; font-family: Verdana, sans-serif; font-size: 11pt; font-variant: small-caps; font-weight: bold;"><a name="z_Toc396820869"></a><a name="z_Toc427650875"></a>Condensed Consolidated Balance Sheets</div>
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  <div>
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        <td class="cftfncell" colspan="1" style="vertical-align: bottom;" valign="bottom" nowrap="nowrap">&#160;</td>
        <td class="cftguttercell" colspan="1" style="vertical-align: bottom;" valign="bottom">&#160;</td>
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        <td class="cftfncell" colspan="1" style="vertical-align: bottom;" valign="bottom" nowrap="nowrap">&#160;</td>
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        <td class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">&#160;</td>
        <td class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom" nowrap="nowrap">&#160;</td>
        <td class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">&#160;</td>
        <td class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom" nowrap="nowrap">&#160;</td>
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        <td class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
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        <td class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
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          <div style="font-family: Verdana, sans-serif; font-size: 8pt; font-weight: bold;">14,310</div>
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        <td class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
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        <td class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
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          <div style="font-family: Verdana, sans-serif; font-size: 8pt; font-weight: bold;">20,174</div>
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        <td class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
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        <td class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom" nowrap="nowrap">&#160;</td>
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        <td class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom">&#160;</td>
        <td class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom">&#160;</td>
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        <td class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom">&#160;</td>
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        <td class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
          <div style="font-family: Verdana, sans-serif; font-size: 8pt; font-weight: bold;">292,251</div>
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        <td class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
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        <td class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
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          <div style="font-family: Verdana, sans-serif; font-size: 8pt; font-weight: bold;">19,191</div>
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        <td class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
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        <td class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
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          <div style="font-family: Verdana, sans-serif; font-size: 8pt; font-weight: bold;">11,143</div>
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        <td class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
          <div style="font-family: Verdana, sans-serif; font-size: 8pt;">10,817</div>
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        <td class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom" nowrap="nowrap">&#160;</td>
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        <td class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
          <div style="font-family: Verdana, sans-serif; font-size: 8pt; font-weight: bold;">9,439</div>
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        <td class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
          <div style="font-family: Verdana, sans-serif; font-size: 8pt;">10,571</div>
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        <td class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom" nowrap="nowrap">&#160;</td>
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        <td class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
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        <td class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom" nowrap="nowrap">&#160;</td>
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        <td class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
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          <div style="font-family: Verdana, sans-serif; font-size: 8pt; font-weight: bold;">239,768</div>
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        <td class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom" nowrap="nowrap">&#160;</td>
        <td class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
          <div style="font-family: Verdana, sans-serif; font-size: 8pt;">229,609</div>
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        <td class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom" nowrap="nowrap">&#160;</td>
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      <tr>
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        <td class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom">&#160;</td>
        <td class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom">&#160;</td>
        <td class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom">
          <div style="font-family: Verdana, sans-serif; font-size: 8pt; font-weight: bold;">630,076</div>
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        <td class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom" nowrap="nowrap">&#160;</td>
        <td class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom">&#160;</td>
        <td class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom">&#160;</td>
        <td class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom">
          <div style="font-family: Verdana, sans-serif; font-size: 8pt;">608,761</div>
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        <td class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom" nowrap="nowrap">&#160;</td>
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      <tr>
        <td colspan="1" style="vertical-align: top; width: 76%; padding-bottom: 1.5pt; background-color: rgb(255, 255, 255); font-weight: bold; color: rgb(0, 0, 0); font-family: Verdana,'sans-serif'; font-size: 8pt; font-style: normal; font-variant: normal; text-transform: none;" valign="bottom">&#160;</td>
        <td class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 1.5pt solid rgb(0, 0, 0);" valign="bottom">&#160;</td>
        <td class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 1.5pt solid rgb(0, 0, 0);" valign="bottom">&#160;</td>
        <td class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 1.5pt solid rgb(0, 0, 0);" valign="bottom">
          <div style="font-family: Verdana, sans-serif; font-size: 8pt; font-weight: bold;">1,215,606</div>
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        <td class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 1.5pt solid rgb(0, 0, 0);" valign="bottom" nowrap="nowrap">&#160;</td>
        <td class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 1.5pt solid rgb(0, 0, 0);" valign="bottom">&#160;</td>
        <td class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 1.5pt solid rgb(0, 0, 0);" valign="bottom">&#160;</td>
        <td class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 1.5pt solid rgb(0, 0, 0);" valign="bottom">
          <div style="font-family: Verdana, sans-serif; font-size: 8pt;">1,185,431</div>
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        <td class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 1.5pt solid rgb(0, 0, 0);" valign="bottom" nowrap="nowrap">&#160;</td>
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      <tr>
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        <td class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">&#160;</td>
        <td class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom" nowrap="nowrap">&#160;</td>
        <td class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">&#160;</td>
        <td class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom" nowrap="nowrap">&#160;</td>
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      <tr>
        <td colspan="1" style="vertical-align: top; width: 76%; font-weight: normal;" valign="bottom">
          <div style="margin-top: 2pt;"><font style="font-family: Verdana,'sans-serif'; font-size: 8pt; font-style: normal; color: rgb(0, 0, 0); background-color: rgb(255, 255, 255); font-variant: normal; text-transform: none;">CURRENT
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        <td class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">&#160;</td>
        <td class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom" nowrap="nowrap">&#160;</td>
        <td class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">&#160;</td>
        <td class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom" nowrap="nowrap">&#160;</td>
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      <tr>
        <td colspan="1" style="vertical-align: top; padding-left: 9pt; width: 76%;" valign="bottom">
          <div style="font-family: Verdana, sans-serif; font-size: 8pt;">Accounts payable</div>
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        <td class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
          <div style="font-family: Verdana, sans-serif; font-size: 8pt; font-weight: bold;">9,662</div>
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        <td class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom" nowrap="nowrap">&#160;</td>
        <td class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
          <div style="font-family: Verdana, sans-serif; font-size: 8pt;">10,566</div>
        </td>
        <td class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom" nowrap="nowrap">&#160;</td>
      </tr>
      <tr>
        <td colspan="1" style="vertical-align: top; padding-left: 9pt; width: 76%;" valign="bottom">
          <div style="font-family: Verdana, sans-serif; font-size: 8pt;">Accrued liabilities</div>
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        <td class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
          <div style="font-family: Verdana, sans-serif; font-size: 8pt; font-weight: bold;">67,884</div>
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        <td class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom" nowrap="nowrap">&#160;</td>
        <td class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
          <div style="font-family: Verdana, sans-serif; font-size: 8pt;">56,442</div>
        </td>
        <td class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom" nowrap="nowrap">&#160;</td>
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      <tr>
        <td colspan="1" style="vertical-align: top; padding-left: 9pt; width: 76%;" valign="bottom">
          <div style="font-family: Verdana, sans-serif; font-size: 8pt;">Lease obligations</div>
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        <td class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
          <div style="font-family: Verdana, sans-serif; font-size: 8pt; font-weight: bold;">3,872</div>
        </td>
        <td class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom" nowrap="nowrap">&#160;</td>
        <td class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
          <div style="font-family: Verdana, sans-serif; font-size: 8pt;">4,029</div>
        </td>
        <td class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom" nowrap="nowrap">&#160;</td>
      </tr>
      <tr>
        <td colspan="1" style="vertical-align: top; padding-left: 9pt; width: 76%;" valign="bottom">
          <div style="font-family: Verdana, sans-serif; font-size: 8pt;">Income taxes payable</div>
        </td>
        <td class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
          <div style="font-family: Verdana, sans-serif; font-size: 8pt; font-weight: bold;">4,888</div>
        </td>
        <td class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom" nowrap="nowrap">&#160;</td>
        <td class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
          <div style="font-family: Verdana, sans-serif; font-size: 8pt;">5,616</div>
        </td>
        <td class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom" nowrap="nowrap">&#160;</td>
      </tr>
      <tr>
        <td colspan="1" style="vertical-align: top; padding-left: 9pt; width: 76%; padding-bottom: 2px;" valign="bottom">
          <div style="font-family: Verdana, sans-serif; font-size: 8pt;">Deferred revenue</div>
        </td>
        <td class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom">&#160;</td>
        <td class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom">&#160;</td>
        <td class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom">
          <div style="font-family: Verdana, sans-serif; font-size: 8pt; font-weight: bold;">62,340</div>
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        <td class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom" nowrap="nowrap">&#160;</td>
        <td class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom">&#160;</td>
        <td class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom">&#160;</td>
        <td class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom">
          <div style="font-family: Verdana, sans-serif; font-size: 8pt;">56,780</div>
        </td>
        <td class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom" nowrap="nowrap">&#160;</td>
      </tr>
      <tr>
        <td colspan="1" style="vertical-align: top; width: 76%;" valign="bottom">&#160;</td>
        <td class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
          <div style="font-family: Verdana, sans-serif; font-size: 8pt; font-weight: bold;">148,646</div>
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        <td class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom" nowrap="nowrap">&#160;</td>
        <td class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
          <div style="font-family: Verdana, sans-serif; font-size: 8pt;">133,433</div>
        </td>
        <td class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom" nowrap="nowrap">&#160;</td>
      </tr>
      <tr>
        <td colspan="1" style="vertical-align: top; width: 76%;" valign="bottom">
          <div style="font-family: Verdana, sans-serif; font-size: 8pt;">LONG-TERM DEBT</div>
        </td>
        <td class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
          <div style="font-family: Verdana, sans-serif; font-size: 8pt; font-weight: bold;">-</div>
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        <td class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom" nowrap="nowrap">&#160;</td>
        <td class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
          <div style="font-family: Verdana, sans-serif; font-size: 8pt; font-weight: bold;">-</div>
        </td>
        <td class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom" nowrap="nowrap">&#160;</td>
      </tr>
      <tr>
        <td colspan="1" style="vertical-align: top; width: 76%;" valign="bottom">
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        <td class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
          <div style="font-family: Verdana, sans-serif; font-size: 8pt; font-weight: bold;">6,288</div>
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        <td class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom" nowrap="nowrap">&#160;</td>
        <td class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
          <div style="font-family: Verdana, sans-serif; font-size: 8pt;">7,382</div>
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        <td class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom" nowrap="nowrap">&#160;</td>
      </tr>
      <tr>
        <td colspan="1" style="vertical-align: top; width: 76%;" valign="bottom">
          <div style="font-family: Verdana, sans-serif; font-size: 8pt;">DEFERRED REVENUE</div>
        </td>
        <td class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
          <div style="font-family: Verdana, sans-serif; font-size: 8pt; font-weight: bold;">968</div>
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        <td class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom" nowrap="nowrap">&#160;</td>
        <td class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
          <div style="font-family: Verdana, sans-serif; font-size: 8pt;">1,920</div>
        </td>
        <td class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom" nowrap="nowrap">&#160;</td>
      </tr>
      <tr>
        <td colspan="1" style="vertical-align: top; width: 76%;" valign="bottom">
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        <td class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
          <div style="font-family: Verdana, sans-serif; font-size: 8pt; font-weight: bold;">8,306</div>
        </td>
        <td class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom" nowrap="nowrap">&#160;</td>
        <td class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
          <div style="font-family: Verdana, sans-serif; font-size: 8pt;">7,354</div>
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        <td class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom">&#160;</td>
        <td class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom">&#160;</td>
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        <td colspan="1" style="vertical-align: top; width: 76%;" valign="bottom">&#160;</td>
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        <td class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
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        <td class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
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        <td class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom" nowrap="nowrap">&#160;</td>
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      <tr>
        <td colspan="1" style="vertical-align: top; width: 76%;" valign="bottom">&#160;</td>
        <td class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">&#160;</td>
        <td class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom" nowrap="nowrap">&#160;</td>
        <td class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">&#160;</td>
        <td class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom" nowrap="nowrap">&#160;</td>
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      <tr>
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        <td class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">&#160;</td>
        <td class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom" nowrap="nowrap">&#160;</td>
        <td class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">&#160;</td>
        <td class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom" nowrap="nowrap">&#160;</td>
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      <tr>
        <td colspan="1" style="vertical-align: bottom; width: 76%;" valign="bottom">
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        <td class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
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          <div style="font-family: Verdana, sans-serif; font-size: 8pt; font-weight: bold;">536,842</div>
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        <td class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom" nowrap="nowrap">&#160;</td>
        <td class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
          <div style="font-family: Verdana, sans-serif; font-size: 8pt;">536,297</div>
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        <td class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom" nowrap="nowrap">&#160;</td>
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        <td class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
          <div style="font-family: Verdana, sans-serif; font-size: 8pt; font-weight: bold;">475,934</div>
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        <td class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom" nowrap="nowrap">&#160;</td>
        <td class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
          <div style="font-family: Verdana, sans-serif; font-size: 8pt;">473,303</div>
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        <td class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom" nowrap="nowrap">&#160;</td>
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        <td class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
          <div style="font-family: Verdana, sans-serif; font-size: 8pt; font-weight: bold;">(24,011</div>
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        <td class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom" nowrap="nowrap">
          <div style="font-family: Verdana, sans-serif; font-size: 8pt; font-weight: bold;">)</div>
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        <td class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
          <div style="font-family: Verdana, sans-serif; font-size: 8pt;">(12,393</div>
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        <td class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom" nowrap="nowrap">
          <div style="font-family: Verdana, sans-serif; font-size: 8pt;">)</div>
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      <tr>
        <td colspan="1" style="vertical-align: top; width: 76%; padding-bottom: 2px;" valign="bottom">
          <div style="font-family: Verdana, sans-serif; font-size: 8pt;">Retained earnings</div>
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        <td class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom">&#160;</td>
        <td class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom">&#160;</td>
        <td class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom">
          <div style="font-family: Verdana, sans-serif; font-size: 8pt; font-weight: bold;">25,727</div>
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        <td class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom" nowrap="nowrap">&#160;</td>
        <td class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom">&#160;</td>
        <td class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom">&#160;</td>
        <td class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom">
          <div style="font-family: Verdana, sans-serif; font-size: 8pt;">2,612</div>
        </td>
        <td class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom" nowrap="nowrap">&#160;</td>
      </tr>
      <tr>
        <td colspan="1" style="vertical-align: top; width: 76%; padding-bottom: 2px;" valign="bottom">&#160;</td>
        <td class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom">&#160;</td>
        <td class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom">&#160;</td>
        <td class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom">
          <div style="font-family: Verdana, sans-serif; font-size: 8pt; font-weight: bold;">1,014,492</div>
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        <td class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom" nowrap="nowrap">&#160;</td>
        <td class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom">&#160;</td>
        <td class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom">&#160;</td>
        <td class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom">
          <div style="font-family: Verdana, sans-serif; font-size: 8pt;">999,819</div>
        </td>
        <td class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom" nowrap="nowrap">&#160;</td>
      </tr>
      <tr>
        <td colspan="1" style="vertical-align: top; width: 76%; padding-bottom: 1.5pt;" valign="bottom">&#160;</td>
        <td class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 1.5pt solid rgb(0, 0, 0);" valign="bottom">&#160;</td>
        <td class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 1.5pt solid rgb(0, 0, 0);" valign="bottom">&#160;</td>
        <td class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 1.5pt solid rgb(0, 0, 0);" valign="bottom">
          <div style="font-family: Verdana, sans-serif; font-size: 8pt; font-weight: bold;">1,215,606</div>
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        <td class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 1.5pt solid rgb(0, 0, 0);" valign="bottom" nowrap="nowrap">&#160;</td>
        <td class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 1.5pt solid rgb(0, 0, 0);" valign="bottom">&#160;</td>
        <td class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 1.5pt solid rgb(0, 0, 0);" valign="bottom">&#160;</td>
        <td class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 1.5pt solid rgb(0, 0, 0);" valign="bottom">
          <div style="font-family: Verdana, sans-serif; font-size: 8pt;">1,185,431</div>
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        <td class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 1.5pt solid rgb(0, 0, 0);" valign="bottom" nowrap="nowrap">&#160;</td>
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  </table>
  <div><br>
  </div>
  <div><br>
  </div>
  <div><br>
  </div>
  <div><br>
  </div>
  <div><br>
  </div>
  <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
    <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-family: Verdana, 'sans-serif'; font-size: 8pt; font-weight: normal; font-style: normal;">7</font></div>
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  </div>
  <div><br>
  </div>
  <div style="text-align: left; font-family: Verdana, sans-serif; font-size: 11pt; font-variant: small-caps; font-weight: bold;">The Descartes Systems Group Inc.</div>
  <div style="text-align: left; font-family: Verdana, sans-serif; font-size: 11pt; font-variant: small-caps; font-weight: bold;"><a name="z_Toc396820870"></a><a name="z_Toc427650876"></a>Consolidated Statements of Operations</div>
  <div style="text-align: left; font-family: Verdana, sans-serif; font-variant: small-caps;">(US dollars in thousands, except per share and weighted average share amounts; US GAAP; Unaudited)</div>
  <div>
    <div>
      <hr style="height: 2px; color: #000000; background-color: #000000; text-align: center; margin-left: auto; margin-right: auto; border: none;" align="center" noshade="noshade"></div>
    <div><br>
    </div>
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  <table class="cfttable" id="z999e944268894c5981adfb042604ee61" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left; color: #000000; width: 100%;" cellpadding="0" cellspacing="0">

      <tr>
        <td style="vertical-align: top;" valign="bottom">&#160;</td>
        <td class="cftguttercell" colspan="1" style="vertical-align: bottom; border-top: 0.5pt solid rgb(0, 0, 0);" valign="bottom">&#160;</td>
        <td colspan="6" style="vertical-align: top; border-top: 0.5pt solid rgb(0, 0, 0);" valign="bottom">
          <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 8pt; font-weight: bold;">Three Months Ended</div>
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        <td class="cftfncell" colspan="1" style="vertical-align: bottom; border-top: 0.5pt solid rgb(0, 0, 0);" valign="bottom" nowrap="nowrap">&#160;</td>
      </tr>
      <tr>
        <td style="vertical-align: top;" valign="bottom">&#160;</td>
        <td class="cftguttercell" colspan="1" style="vertical-align: bottom;" valign="bottom">&#160;</td>
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          <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 8pt; font-weight: bold;">April 30,</div>
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        <td class="cftfncell" colspan="1" style="text-align: right; vertical-align: bottom;" valign="bottom" nowrap="nowrap">&#160;</td>
        <td class="cftguttercell" colspan="1" style="vertical-align: bottom; text-align: right;" valign="bottom">&#160;</td>
        <td colspan="2" style="vertical-align: top;" valign="bottom">
          <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 8pt;">April 30,</div>
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        <td class="cftfncell" colspan="1" style="vertical-align: bottom;" valign="bottom" nowrap="nowrap">&#160;</td>
      </tr>
      <tr>
        <td style="vertical-align: top; padding-bottom: 0.5pt;" valign="bottom">&#160;</td>
        <td class="cftguttercell" colspan="1" style="vertical-align: bottom; border-bottom: 0.5pt solid rgb(0, 0, 0);" valign="bottom">&#160;</td>
        <td colspan="2" style="vertical-align: top; border-bottom: 0.5pt solid rgb(0, 0, 0);" valign="bottom">
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        <td class="cftfncell" colspan="1" style="text-align: right; vertical-align: bottom; border-bottom: 0.5pt solid rgb(0, 0, 0);" valign="bottom" nowrap="nowrap">&#160;</td>
        <td class="cftguttercell" colspan="1" style="vertical-align: bottom; border-bottom: 0.5pt solid rgb(0, 0, 0); text-align: right;" valign="bottom">&#160;</td>
        <td colspan="2" style="vertical-align: top; border-bottom: 0.5pt solid rgb(0, 0, 0);" valign="bottom">
          <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 8pt;">2021</div>
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        <td class="cftfncell" colspan="1" style="vertical-align: bottom; border-bottom: 0.5pt solid rgb(0, 0, 0);" valign="bottom" nowrap="nowrap">&#160;</td>
      </tr>
      <tr>
        <td style="vertical-align: top;" valign="bottom">
          <div style="margin-top: 2pt;"><br>
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        </td>
        <td class="cftguttercell" colspan="1" style="vertical-align: bottom;" valign="bottom">&#160;</td>
        <td colspan="2" style="vertical-align: top;" valign="bottom">&#160;</td>
        <td class="cftfncell" colspan="1" style="vertical-align: bottom;" valign="bottom" nowrap="nowrap">&#160;</td>
        <td class="cftguttercell" colspan="1" style="vertical-align: bottom;" valign="bottom">&#160;</td>
        <td colspan="2" style="vertical-align: top;" valign="bottom">&#160;</td>
        <td class="cftfncell" colspan="1" style="vertical-align: bottom;" valign="bottom" nowrap="nowrap">&#160;</td>
      </tr>
      <tr>
        <td style="vertical-align: top; width: 76%;" valign="bottom">
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        <td class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
          <div style="font-family: Verdana, sans-serif; font-size: 8pt; font-weight: bold;">116,395</div>
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        <td class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom" nowrap="nowrap">&#160;</td>
        <td class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
          <div style="font-family: Verdana, sans-serif; font-size: 8pt;">98,838</div>
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        <td class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom" nowrap="nowrap">&#160;</td>
      </tr>
      <tr>
        <td style="vertical-align: top; width: 76%; padding-bottom: 0.5pt;" valign="bottom">
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        <td class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 0.5pt solid rgb(0, 0, 0);" valign="bottom">&#160;</td>
        <td class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 0.5pt solid rgb(0, 0, 0);" valign="bottom">&#160;</td>
        <td class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 0.5pt solid rgb(0, 0, 0);" valign="bottom">
          <div style="font-family: Verdana, sans-serif; font-size: 8pt; font-weight: bold;">27,823</div>
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        <td class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 0.5pt solid rgb(0, 0, 0);" valign="bottom" nowrap="nowrap">&#160;</td>
        <td class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 0.5pt solid rgb(0, 0, 0);" valign="bottom">&#160;</td>
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          <div style="font-family: Verdana, sans-serif; font-size: 8pt;">23,849</div>
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        <td class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 0.5pt solid rgb(0, 0, 0);" valign="bottom" nowrap="nowrap">&#160;</td>
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        <td class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 0.5pt solid rgb(0, 0, 0);" valign="bottom">&#160;</td>
        <td class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 0.5pt solid rgb(0, 0, 0);" valign="bottom">
          <div style="font-family: Verdana, sans-serif; font-size: 8pt; font-weight: bold;">88,572</div>
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        <td class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 0.5pt solid rgb(0, 0, 0);" valign="bottom" nowrap="nowrap">&#160;</td>
        <td class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 0.5pt solid rgb(0, 0, 0);" valign="bottom">&#160;</td>
        <td class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 0.5pt solid rgb(0, 0, 0);" valign="bottom">&#160;</td>
        <td class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 0.5pt solid rgb(0, 0, 0);" valign="bottom">
          <div style="font-family: Verdana, sans-serif; font-size: 8pt;">74,989</div>
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        <td class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 0.5pt solid rgb(0, 0, 0);" valign="bottom" nowrap="nowrap">&#160;</td>
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      <tr>
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        <td class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">&#160;</td>
        <td class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom" nowrap="nowrap">&#160;</td>
        <td class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">&#160;</td>
        <td class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom" nowrap="nowrap">&#160;</td>
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      <tr>
        <td style="vertical-align: top; width: 76%;" valign="bottom">
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        <td class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
          <div style="font-family: Verdana, sans-serif; font-size: 8pt; font-weight: bold;">13,236</div>
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        <td class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom" nowrap="nowrap">&#160;</td>
        <td class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
          <div style="font-family: Verdana, sans-serif; font-size: 8pt;">11,011</div>
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        <td class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom" nowrap="nowrap">&#160;</td>
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      <tr>
        <td style="vertical-align: top; width: 76%;" valign="bottom">
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        </td>
        <td class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
          <div style="font-family: Verdana, sans-serif; font-size: 8pt; font-weight: bold;">16,569</div>
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        <td class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom" nowrap="nowrap">&#160;</td>
        <td class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
          <div style="font-family: Verdana, sans-serif; font-size: 8pt;">15,219</div>
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        <td class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom" nowrap="nowrap">&#160;</td>
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      <tr>
        <td style="vertical-align: top; width: 76%;" valign="bottom">
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        </td>
        <td class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
          <div style="font-family: Verdana, sans-serif; font-size: 8pt; font-weight: bold;">11,642</div>
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        <td class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom" nowrap="nowrap">&#160;</td>
        <td class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
          <div style="font-family: Verdana, sans-serif; font-size: 8pt;">11,006</div>
        </td>
        <td class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom" nowrap="nowrap">&#160;</td>
      </tr>
      <tr>
        <td style="vertical-align: top; width: 76%;" valign="bottom">
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        </td>
        <td class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
          <div style="font-family: Verdana, sans-serif; font-size: 8pt; font-weight: bold;">1,482</div>
        </td>
        <td class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom" nowrap="nowrap">&#160;</td>
        <td class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
          <div style="font-family: Verdana, sans-serif; font-size: 8pt;">520</div>
        </td>
        <td class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom" nowrap="nowrap">&#160;</td>
      </tr>
      <tr>
        <td style="vertical-align: top; width: 76%; padding-bottom: 2px;" valign="bottom">
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        </td>
        <td class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom">&#160;</td>
        <td class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom">&#160;</td>
        <td class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom">
          <div style="font-family: Verdana, sans-serif; font-size: 8pt; font-weight: bold;">15,048</div>
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        <td class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom" nowrap="nowrap">&#160;</td>
        <td class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom">&#160;</td>
        <td class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom">&#160;</td>
        <td class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom">
          <div style="font-family: Verdana, sans-serif; font-size: 8pt;">13,835</div>
        </td>
        <td class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom" nowrap="nowrap">&#160;</td>
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      <tr>
        <td style="vertical-align: top; width: 76%; padding-bottom: 2px;" valign="bottom">&#160;</td>
        <td class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom">&#160;</td>
        <td class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom">&#160;</td>
        <td class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom">
          <div style="font-family: Verdana, sans-serif; font-size: 8pt; font-weight: bold;">57,977</div>
        </td>
        <td class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom" nowrap="nowrap">&#160;</td>
        <td class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom">&#160;</td>
        <td class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom">&#160;</td>
        <td class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom">
          <div style="font-family: Verdana, sans-serif; font-size: 8pt;">51,591</div>
        </td>
        <td class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom" nowrap="nowrap">&#160;</td>
      </tr>
      <tr>
        <td style="vertical-align: top; width: 76%;" valign="bottom">
          <div style="font-family: Verdana, sans-serif; font-size: 8pt; font-weight: bold;">INCOME FROM OPERATIONS</div>
        </td>
        <td class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
          <div style="font-family: Verdana, sans-serif; font-size: 8pt; font-weight: bold;">30,595</div>
        </td>
        <td class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom" nowrap="nowrap">&#160;</td>
        <td class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
          <div style="font-family: Verdana, sans-serif; font-size: 8pt;">23,398</div>
        </td>
        <td class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom" nowrap="nowrap">&#160;</td>
      </tr>
      <tr>
        <td style="vertical-align: top; width: 76%;" valign="bottom">
          <div style="font-family: Verdana, sans-serif; font-size: 8pt; font-weight: bold;">INTEREST EXPENSE</div>
        </td>
        <td class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
          <div style="font-family: Verdana, sans-serif; font-size: 8pt; font-weight: bold;">(278</div>
        </td>
        <td class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom" nowrap="nowrap">
          <div style="font-family: Verdana, sans-serif; font-size: 8pt; font-weight: bold;">)</div>
        </td>
        <td class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
          <div style="font-family: Verdana, sans-serif; font-size: 8pt;">(277</div>
        </td>
        <td class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom" nowrap="nowrap">
          <div style="font-family: Verdana, sans-serif; font-size: 8pt;">)</div>
        </td>
      </tr>
      <tr>
        <td style="vertical-align: top; width: 76%; padding-bottom: 2px;" valign="bottom">
          <div style="font-family: Verdana, sans-serif; font-size: 8pt; font-weight: bold;">INVESTMENT INCOME</div>
        </td>
        <td class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom">&#160;</td>
        <td class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom">&#160;</td>
        <td class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom">
          <div style="font-family: Verdana, sans-serif; font-size: 8pt; font-weight: bold;">153</div>
        </td>
        <td class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom" nowrap="nowrap">&#160;</td>
        <td class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom">&#160;</td>
        <td class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom">&#160;</td>
        <td class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom">
          <div style="font-family: Verdana, sans-serif; font-size: 8pt;">63</div>
        </td>
        <td class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom" nowrap="nowrap">&#160;</td>
      </tr>
      <tr>
        <td style="vertical-align: top; width: 76%; background-color: rgb(255, 255, 255); font-weight: bold; color: rgb(0, 0, 0); font-family: Verdana,'sans-serif'; font-size: 8pt; font-style: normal; font-variant: normal; text-transform: none;" valign="bottom">
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        </td>
        <td class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
          <div style="font-family: Verdana, sans-serif; font-size: 8pt; font-weight: bold;">30,470</div>
        </td>
        <td class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom" nowrap="nowrap">&#160;</td>
        <td class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
          <div style="font-family: Verdana, sans-serif; font-size: 8pt;">23,184</div>
        </td>
        <td class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom" nowrap="nowrap">&#160;</td>
      </tr>
      <tr>
        <td style="vertical-align: top; width: 76%;" valign="bottom">
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        </td>
        <td class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">&#160;</td>
        <td class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom" nowrap="nowrap">&#160;</td>
        <td class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">&#160;</td>
        <td class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom" nowrap="nowrap">&#160;</td>
      </tr>
      <tr>
        <td style="vertical-align: top; width: 76%;" valign="bottom">
          <div style="margin-left: 13.5pt; font-family: Verdana, sans-serif; font-size: 8pt;">Current</div>
        </td>
        <td class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
          <div style="font-family: Verdana, sans-serif; font-size: 8pt; font-weight: bold;">4,841</div>
        </td>
        <td class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom" nowrap="nowrap">&#160;</td>
        <td class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
          <div style="font-family: Verdana, sans-serif; font-size: 8pt;">2,134</div>
        </td>
        <td class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom" nowrap="nowrap">&#160;</td>
      </tr>
      <tr>
        <td style="vertical-align: top; width: 76%; padding-bottom: 2px;" valign="bottom">
          <div style="margin-left: 13.5pt; font-family: Verdana, sans-serif; font-size: 8pt;">Deferred</div>
        </td>
        <td class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom">&#160;</td>
        <td class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom">&#160;</td>
        <td class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom">
          <div style="font-family: Verdana, sans-serif; font-size: 8pt; font-weight: bold;">2,514</div>
        </td>
        <td class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom" nowrap="nowrap">&#160;</td>
        <td class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom">&#160;</td>
        <td class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom">&#160;</td>
        <td class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom">
          <div style="font-family: Verdana, sans-serif; font-size: 8pt;">2,629</div>
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        <td class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom" nowrap="nowrap">&#160;</td>
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        <td style="vertical-align: top; width: 76%; padding-bottom: 2px;" valign="bottom">&#160;</td>
        <td class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom">&#160;</td>
        <td class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom">&#160;</td>
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          <div style="font-family: Verdana, sans-serif; font-size: 8pt; font-weight: bold;">7,355</div>
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        <td class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom" nowrap="nowrap">&#160;</td>
        <td class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom">&#160;</td>
        <td class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom">&#160;</td>
        <td class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom">
          <div style="font-family: Verdana, sans-serif; font-size: 8pt;">4,763</div>
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        <td class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom" nowrap="nowrap">&#160;</td>
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      <tr>
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        <td class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 1.5pt solid rgb(0, 0, 0);" valign="bottom">&#160;</td>
        <td class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 1.5pt solid rgb(0, 0, 0);" valign="bottom">
          <div style="font-family: Verdana, sans-serif; font-size: 8pt; font-weight: bold;">23,115</div>
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        <td class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 1.5pt solid rgb(0, 0, 0);" valign="bottom">&#160;</td>
        <td class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 1.5pt solid rgb(0, 0, 0);" valign="bottom">&#160;</td>
        <td class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 1.5pt solid rgb(0, 0, 0);" valign="bottom">
          <div style="font-family: Verdana, sans-serif; font-size: 8pt;">18,421</div>
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        <td class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">&#160;</td>
        <td class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom" nowrap="nowrap">&#160;</td>
        <td class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">&#160;</td>
        <td class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom" nowrap="nowrap">&#160;</td>
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        <td class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
          <div style="font-family: Verdana, sans-serif; font-size: 8pt; font-weight: bold;">0.27</div>
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        <td class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom" nowrap="nowrap">&#160;</td>
        <td class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
          <div style="font-family: Verdana, sans-serif; font-size: 8pt;">0.22</div>
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        <td class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom" nowrap="nowrap">&#160;</td>
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        <td style="vertical-align: top; width: 76%; padding-bottom: 1.5pt;" valign="bottom">
          <div style="margin-left: 13.5pt; font-family: Verdana, sans-serif; font-size: 8pt;">Diluted</div>
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        <td class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 1.5pt solid rgb(0, 0, 0);" valign="bottom">&#160;</td>
        <td class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 1.5pt solid rgb(0, 0, 0);" valign="bottom">&#160;</td>
        <td class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 1.5pt solid rgb(0, 0, 0);" valign="bottom">
          <div style="font-family: Verdana, sans-serif; font-size: 8pt; font-weight: bold;">0.27</div>
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        <td class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 1.5pt solid rgb(0, 0, 0);" valign="bottom" nowrap="nowrap">&#160;</td>
        <td class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 1.5pt solid rgb(0, 0, 0);" valign="bottom">&#160;</td>
        <td class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 1.5pt solid rgb(0, 0, 0);" valign="bottom">&#160;</td>
        <td class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 1.5pt solid rgb(0, 0, 0);" valign="bottom">
          <div style="font-family: Verdana, sans-serif; font-size: 8pt;">0.21</div>
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        <td class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 1.5pt solid rgb(0, 0, 0);" valign="bottom" nowrap="nowrap">&#160;</td>
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        <td class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">&#160;</td>
        <td class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom" nowrap="nowrap">&#160;</td>
        <td class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">&#160;</td>
        <td class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom" nowrap="nowrap">&#160;</td>
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      <tr>
        <td style="vertical-align: top; width: 76%;" valign="bottom">
          <div style="margin-left: 13.5pt; font-family: Verdana, sans-serif; font-size: 8pt;">Basic</div>
        </td>
        <td class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
          <div style="font-family: Verdana, sans-serif; font-size: 8pt; font-weight: bold;">84,765</div>
        </td>
        <td class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom" nowrap="nowrap">&#160;</td>
        <td class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
          <div style="font-family: Verdana, sans-serif; font-size: 8pt;">84,501</div>
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        <td class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom" nowrap="nowrap">&#160;</td>
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      <tr>
        <td style="vertical-align: top; width: 76%; padding-bottom: 1.5pt;" valign="bottom">
          <div style="margin-left: 13.5pt; font-family: Verdana, sans-serif; font-size: 8pt;">Diluted</div>
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        <td class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 1.5pt solid rgb(0, 0, 0);" valign="bottom">&#160;</td>
        <td class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 1.5pt solid rgb(0, 0, 0);" valign="bottom">&#160;</td>
        <td class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 1.5pt solid rgb(0, 0, 0);" valign="bottom">
          <div style="font-family: Verdana, sans-serif; font-size: 8pt; font-weight: bold;">86,348</div>
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        <td class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 1.5pt solid rgb(0, 0, 0);" valign="bottom" nowrap="nowrap">&#160;</td>
        <td class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 1.5pt solid rgb(0, 0, 0);" valign="bottom">&#160;</td>
        <td class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 1.5pt solid rgb(0, 0, 0);" valign="bottom">&#160;</td>
        <td class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 1.5pt solid rgb(0, 0, 0);" valign="bottom">
          <div style="font-family: Verdana, sans-serif; font-size: 8pt;">86,045</div>
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        <td class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 1.5pt solid rgb(0, 0, 0);" valign="bottom" nowrap="nowrap">&#160;</td>
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    <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-family: Verdana, 'sans-serif'; font-size: 8pt; font-weight: normal; font-style: normal;">8</font></div>
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  </div>
  <div><br>
  </div>
  <div style="text-align: left; font-family: Verdana, sans-serif; font-size: 11pt; font-variant: small-caps; font-weight: bold;">The Descartes Systems Group Inc.</div>
  <div style="text-align: left; font-family: Verdana, sans-serif; font-size: 11pt; font-variant: small-caps; font-weight: bold;"><a name="z_Toc427650879"></a><a name="z_Toc396820873"></a>Condensed Consolidated Statements of Cash Flows</div>
  <div style="text-align: left; font-family: Verdana, sans-serif; font-variant: small-caps;">(US dollars in thousands; US GAAP; Unaudited)</div>
  <div>
    <div>
      <hr style="height: 2px; color: #000000; background-color: #000000; text-align: center; margin-left: auto; margin-right: auto; border: none;" align="center" noshade="noshade"></div>
    <div><br>
    </div>
  </div>
  <table class="cfttable" id="zaa50b3c9d19a41bf8192ee887a2e77b5" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left; color: #000000; width: 100%;" cellpadding="0" cellspacing="0">

      <tr>
        <td style="vertical-align: top;" valign="bottom">&#160;</td>
        <td class="cftguttercell" colspan="1" style="vertical-align: bottom; border-top: 0.5pt solid rgb(0, 0, 0);" valign="bottom">&#160;</td>
        <td colspan="6" style="vertical-align: top; border-top: 0.5pt solid rgb(0, 0, 0);" valign="bottom">
          <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 8pt; font-weight: bold;">Three Months Ended</div>
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        <td class="cftfncell" colspan="1" style="vertical-align: bottom; border-top: 0.5pt solid rgb(0, 0, 0);" valign="bottom" nowrap="nowrap">&#160;</td>
      </tr>
      <tr>
        <td style="vertical-align: top;" valign="bottom">&#160;</td>
        <td class="cftguttercell" colspan="1" style="vertical-align: bottom;" valign="bottom">&#160;</td>
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          <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 8pt; font-weight: bold;">April 30,</div>
        </td>
        <td class="cftfncell" colspan="1" style="vertical-align: bottom;" valign="bottom" nowrap="nowrap">&#160;</td>
        <td class="cftguttercell" colspan="1" style="vertical-align: bottom;" valign="bottom">&#160;</td>
        <td colspan="2" style="vertical-align: top;" valign="bottom">
          <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 8pt;">April 30,</div>
        </td>
        <td class="cftfncell" colspan="1" style="vertical-align: bottom;" valign="bottom" nowrap="nowrap">&#160;</td>
      </tr>
      <tr>
        <td style="vertical-align: top; padding-bottom: 0.5pt;" valign="bottom">&#160;</td>
        <td class="cftguttercell" colspan="1" style="vertical-align: bottom; border-bottom: 0.5pt solid rgb(0, 0, 0);" valign="bottom">&#160;</td>
        <td colspan="2" style="vertical-align: top; border-bottom: 0.5pt solid rgb(0, 0, 0);" valign="bottom">
          <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 8pt; font-weight: bold;"> 2022</div>
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        <td class="cftfncell" colspan="1" style="vertical-align: bottom; border-bottom: 0.5pt solid rgb(0, 0, 0);" valign="bottom" nowrap="nowrap">&#160;</td>
        <td class="cftguttercell" colspan="1" style="vertical-align: bottom; border-bottom: 0.5pt solid rgb(0, 0, 0);" valign="bottom">&#160;</td>
        <td colspan="2" style="vertical-align: top; border-bottom: 0.5pt solid rgb(0, 0, 0);" valign="bottom">
          <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 8pt;">2021</div>
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        <td class="cftfncell" colspan="1" style="vertical-align: bottom; border-bottom: 0.5pt solid rgb(0, 0, 0);" valign="bottom" nowrap="nowrap">&#160;</td>
      </tr>
      <tr>
        <td style="vertical-align: top;" valign="bottom">
          <div style="font-family: Verdana, sans-serif; font-size: 8pt; font-weight: bold;">OPERATING ACTIVITIES</div>
        </td>
        <td class="cftguttercell" colspan="1" style="vertical-align: bottom;" valign="bottom">&#160;</td>
        <td colspan="2" style="vertical-align: top;" valign="bottom">&#160;</td>
        <td class="cftfncell" colspan="1" style="vertical-align: bottom;" valign="bottom" nowrap="nowrap">&#160;</td>
        <td class="cftguttercell" colspan="1" style="vertical-align: bottom;" valign="bottom">&#160;</td>
        <td colspan="2" style="vertical-align: top;" valign="bottom">&#160;</td>
        <td class="cftfncell" colspan="1" style="vertical-align: bottom;" valign="bottom" nowrap="nowrap">&#160;</td>
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      <tr>
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        <td class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
          <div style="font-family: Verdana, sans-serif; font-size: 8pt; font-weight: bold;">23,115</div>
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        <td class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom" nowrap="nowrap">&#160;</td>
        <td class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
          <div style="font-family: Verdana, sans-serif; font-size: 8pt;">18,421</div>
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        <td class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom" nowrap="nowrap">&#160;</td>
      </tr>
      <tr>
        <td style="vertical-align: top; width: 76%;" valign="bottom">
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        </td>
        <td class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">&#160;</td>
        <td class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom" nowrap="nowrap">&#160;</td>
        <td class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">&#160;</td>
        <td class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom" nowrap="nowrap">&#160;</td>
      </tr>
      <tr>
        <td style="vertical-align: top; width: 76%;" valign="bottom">
          <div style="margin-left: 13.5pt; font-family: Verdana, sans-serif; font-size: 8pt;">Depreciation</div>
        </td>
        <td class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
          <div style="font-family: Verdana, sans-serif; font-size: 8pt; font-weight: bold;">1,245</div>
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        <td class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom" nowrap="nowrap">&#160;</td>
        <td class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
          <div style="font-family: Verdana, sans-serif; font-size: 8pt;">1,215</div>
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        <td class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom" nowrap="nowrap">&#160;</td>
      </tr>
      <tr>
        <td style="vertical-align: top; width: 76%;" valign="bottom">
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        </td>
        <td class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
          <div style="font-family: Verdana, sans-serif; font-size: 8pt; font-weight: bold;">15,048</div>
        </td>
        <td class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom" nowrap="nowrap">&#160;</td>
        <td class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
          <div style="font-family: Verdana, sans-serif; font-size: 8pt;">13,835</div>
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        <td class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom" nowrap="nowrap">&#160;</td>
      </tr>
      <tr>
        <td style="vertical-align: top; width: 76%;" valign="bottom">
          <div style="margin-left: 13.5pt; font-family: Verdana, sans-serif; font-size: 8pt;">Stock-based compensation expense</div>
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        <td class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
          <div style="font-family: Verdana, sans-serif; font-size: 8pt; font-weight: bold;">2,787</div>
        </td>
        <td class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom" nowrap="nowrap">&#160;</td>
        <td class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
          <div style="font-family: Verdana, sans-serif; font-size: 8pt;">2,152</div>
        </td>
        <td class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom" nowrap="nowrap">&#160;</td>
      </tr>
      <tr>
        <td style="vertical-align: top; width: 76%;" valign="bottom">
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        </td>
        <td class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
          <div style="font-family: Verdana, sans-serif; font-size: 8pt; font-weight: bold;">(17</div>
        </td>
        <td class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom" nowrap="nowrap">
          <div style="font-family: Verdana, sans-serif; font-size: 8pt; font-weight: bold;">)</div>
        </td>
        <td class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
          <div style="font-family: Verdana, sans-serif; font-size: 8pt;">276</div>
        </td>
        <td class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom" nowrap="nowrap">&#160;</td>
      </tr>
      <tr>
        <td style="vertical-align: top; width: 76%;" valign="bottom">
          <div style="margin-left: 13.5pt; font-family: Verdana, sans-serif; font-size: 8pt;">Deferred tax expense</div>
        </td>
        <td class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
          <div style="font-family: Verdana, sans-serif; font-size: 8pt; font-weight: bold;">2,514</div>
        </td>
        <td class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom" nowrap="nowrap">&#160;</td>
        <td class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
          <div style="font-family: Verdana, sans-serif; font-size: 8pt;">2,629</div>
        </td>
        <td class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom" nowrap="nowrap">&#160;</td>
      </tr>
      <tr>
        <td style="vertical-align: top; width: 76%; padding-bottom: 2px;" valign="bottom">
          <div style="font-family: Verdana, sans-serif; font-size: 8pt;">&#160;&#160;&#160;&#160;&#160;Changes in operating assets and liabilities</div>
        </td>
        <td class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom">&#160;</td>
        <td class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom">&#160;</td>
        <td class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom">
          <div style="font-family: Verdana, sans-serif; font-size: 8pt; font-weight: bold;">(260</div>
        </td>
        <td class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom" nowrap="nowrap">
          <div style="font-family: Verdana, sans-serif; font-size: 8pt; font-weight: bold;">)</div>
        </td>
        <td class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom">&#160;</td>
        <td class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom">&#160;</td>
        <td class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom">
          <div style="font-family: Verdana, sans-serif; font-size: 8pt;">2,378</div>
        </td>
        <td class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom" nowrap="nowrap">&#160;</td>
      </tr>
      <tr>
        <td style="vertical-align: top; width: 76%; padding-bottom: 2px;" valign="bottom">
          <div style="font-family: Verdana, sans-serif; font-size: 8pt;">Cash provided by operating activities</div>
        </td>
        <td class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom">&#160;</td>
        <td class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom">&#160;</td>
        <td class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom">
          <div style="font-family: Verdana, sans-serif; font-size: 8pt; font-weight: bold;">44,432</div>
        </td>
        <td class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom" nowrap="nowrap">&#160;</td>
        <td class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom">&#160;</td>
        <td class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom">&#160;</td>
        <td class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom">
          <div style="font-family: Verdana, sans-serif; font-size: 8pt;">40,906</div>
        </td>
        <td class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom" nowrap="nowrap">&#160;</td>
      </tr>
      <tr>
        <td style="vertical-align: top; width: 76%;" valign="bottom">
          <div style="font-family: Verdana, sans-serif; font-size: 8pt; font-weight: bold;">INVESTING ACTIVITIES</div>
        </td>
        <td class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">&#160;</td>
        <td class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom" nowrap="nowrap">&#160;</td>
        <td class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">&#160;</td>
        <td class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom" nowrap="nowrap">&#160;</td>
      </tr>
      <tr>
        <td style="vertical-align: top; width: 76%;" valign="bottom">
          <div style="margin-left: 13.5pt; font-family: Verdana, sans-serif; font-size: 8pt;">Additions to property and equipment</div>
        </td>
        <td class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
          <div style="font-family: Verdana, sans-serif; font-size: 8pt; font-weight: bold;">(1,636</div>
        </td>
        <td class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom" nowrap="nowrap">
          <div style="font-family: Verdana, sans-serif; font-size: 8pt; font-weight: bold;">)</div>
        </td>
        <td class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
          <div style="font-family: Verdana, sans-serif; font-size: 8pt;">(1,655</div>
        </td>
        <td class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom" nowrap="nowrap">
          <div style="font-family: Verdana, sans-serif; font-size: 8pt;">)</div>
        </td>
      </tr>
      <tr>
        <td style="vertical-align: top; width: 76%; padding-bottom: 2px;" valign="bottom">
          <div style="text-indent: -4.5pt; margin-left: 18pt; font-family: Verdana, sans-serif; font-size: 8pt;">Acquisition of subsidiaries, net of cash acquired</div>
        </td>
        <td class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom">&#160;</td>
        <td class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom">&#160;</td>
        <td class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom">
          <div style="font-family: Verdana, sans-serif; font-size: 8pt; font-weight: bold;">(42,892</div>
        </td>
        <td class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom" nowrap="nowrap">
          <div style="font-family: Verdana, sans-serif; font-size: 8pt; font-weight: bold;">)</div>
        </td>
        <td class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom">&#160;</td>
        <td class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom">&#160;</td>
        <td class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom">
          <div style="font-family: Verdana, sans-serif; font-size: 8pt;">(35,860</div>
        </td>
        <td class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom" nowrap="nowrap">
          <div style="font-family: Verdana, sans-serif; font-size: 8pt;">)</div>
        </td>
      </tr>
      <tr>
        <td style="vertical-align: top; width: 76%; padding-bottom: 2px;" valign="bottom">
          <div style="font-family: Verdana, sans-serif; font-size: 8pt;">Cash used in investing activities</div>
        </td>
        <td class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom">&#160;</td>
        <td class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom">&#160;</td>
        <td class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom">
          <div style="font-family: Verdana, sans-serif; font-size: 8pt; font-weight: bold;">(44,528</div>
        </td>
        <td class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom" nowrap="nowrap">
          <div style="font-family: Verdana, sans-serif; font-size: 8pt; font-weight: bold;">)</div>
        </td>
        <td class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom">&#160;</td>
        <td class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom">&#160;</td>
        <td class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom">
          <div style="font-family: Verdana, sans-serif; font-size: 8pt;">(37,515</div>
        </td>
        <td class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom" nowrap="nowrap">
          <div style="font-family: Verdana, sans-serif; font-size: 8pt;">)</div>
        </td>
      </tr>
      <tr>
        <td style="vertical-align: top; width: 76%;" valign="bottom">
          <div style="font-family: Verdana, sans-serif; font-size: 8pt; font-weight: bold;">FINANCING ACTIVITIES</div>
        </td>
        <td class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">&#160;</td>
        <td class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom" nowrap="nowrap">&#160;</td>
        <td class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">&#160;</td>
        <td class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom" nowrap="nowrap">&#160;</td>
      </tr>
      <tr>
        <td style="vertical-align: top; width: 76%;" valign="bottom">
          <div style="margin-left: 13.5pt; font-family: Verdana, sans-serif; font-size: 8pt;">Payment of debt issuance costs</div>
        </td>
        <td class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
          <div style="font-family: Verdana, sans-serif; font-size: 8pt; font-weight: bold;">(66</div>
        </td>
        <td class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom" nowrap="nowrap">
          <div style="font-family: Verdana, sans-serif; font-size: 8pt; font-weight: bold;">)</div>
        </td>
        <td class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
          <div style="font-family: Verdana, sans-serif; font-size: 8pt;">(60</div>
        </td>
        <td class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom" nowrap="nowrap">
          <div style="font-family: Verdana, sans-serif; font-size: 8pt;">)</div>
        </td>
      </tr>
      <tr>
        <td style="vertical-align: top; width: 76%; padding-bottom: 2px;" valign="bottom">
          <div style="margin-left: 13.5pt; font-family: Verdana, sans-serif; font-size: 8pt;">Issuance of common shares for cash, net of issuance costs</div>
        </td>
        <td class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom">&#160;</td>
        <td class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom">&#160;</td>
        <td class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom">
          <div style="font-family: Verdana, sans-serif; font-size: 8pt; font-weight: bold;">388</div>
        </td>
        <td class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom" nowrap="nowrap">&#160;</td>
        <td class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom">&#160;</td>
        <td class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom">&#160;</td>
        <td class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom">
          <div style="font-family: Verdana, sans-serif; font-size: 8pt;">647</div>
        </td>
        <td class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom" nowrap="nowrap">&#160;</td>
      </tr>
      <tr>
        <td style="vertical-align: top; width: 76%; padding-bottom: 2px;" valign="bottom">
          <div style="font-family: Verdana, sans-serif; font-size: 8pt;">Cash provided by financing activities</div>
        </td>
        <td class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom">&#160;</td>
        <td class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom">&#160;</td>
        <td class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom">
          <div style="font-family: Verdana, sans-serif; font-size: 8pt; font-weight: bold;">322</div>
        </td>
        <td class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom" nowrap="nowrap">&#160;</td>
        <td class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom">&#160;</td>
        <td class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom">&#160;</td>
        <td class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom">
          <div style="font-family: Verdana, sans-serif; font-size: 8pt;">587</div>
        </td>
        <td class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom" nowrap="nowrap">&#160;</td>
      </tr>
      <tr>
        <td style="vertical-align: top; width: 76%; padding-bottom: 2px;" valign="bottom">
          <div style="font-family: Verdana, sans-serif; font-size: 8pt;">Effect of foreign exchange rate changes on cash</div>
        </td>
        <td class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom">&#160;</td>
        <td class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom">&#160;</td>
        <td class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom">
          <div style="font-family: Verdana, sans-serif; font-size: 8pt; font-weight: bold;">(1,884</div>
        </td>
        <td class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom" nowrap="nowrap">
          <div style="font-family: Verdana, sans-serif; font-size: 8pt; font-weight: bold;">)</div>
        </td>
        <td class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom">&#160;</td>
        <td class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom">&#160;</td>
        <td class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom">
          <div style="font-family: Verdana, sans-serif; font-size: 8pt;">498</div>
        </td>
        <td class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom" nowrap="nowrap">&#160;</td>
      </tr>
      <tr>
        <td style="vertical-align: top; width: 76%;" valign="bottom">
          <div style="font-family: Verdana, sans-serif; font-size: 8pt; font-weight: bold;">(Decrease) / increase in cash</div>
        </td>
        <td class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
          <div style="font-family: Verdana, sans-serif; font-size: 8pt; font-weight: bold;">(1,658</div>
        </td>
        <td class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom" nowrap="nowrap">
          <div style="font-family: Verdana, sans-serif; font-size: 8pt; font-weight: bold;">)</div>
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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
