<SEC-DOCUMENT>0000929638-22-001097.txt : 20220630
<SEC-HEADER>0000929638-22-001097.hdr.sgml : 20220630
<ACCEPTANCE-DATETIME>20220630161823
ACCESSION NUMBER:		0000929638-22-001097
CONFORMED SUBMISSION TYPE:	6-K/A
PUBLIC DOCUMENT COUNT:		7
CONFORMED PERIOD OF REPORT:	20220630
FILED AS OF DATE:		20220630
DATE AS OF CHANGE:		20220630

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/A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-29970
		FILM NUMBER:		221058253

	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/A
<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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            <td style="width: 100%;" valign="top">&#160; </td>
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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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            <td style="width: 100%;" valign="top">
              <div style="font-weight: bold; text-align: center; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">120 Randall Drive</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;">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>
    <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;">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>
    </div>
    <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>
    <div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">
      <div style="color: rgb(0, 0, 0); font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; text-transform: none; white-space: normal; word-spacing: 0px; text-decoration-style: initial; text-decoration-color: initial; background-color: rgb(255, 255, 255); display: block; font-family: 'Times New Roman',Times,serif;">
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        <div style="text-align: left; font-family: 'Times New Roman'; font-weight: bold;">EXPLANATORY NOTE</div>
        <div style="text-align: left; font-family: 'Times New Roman';">&#160;</div>
        <div style="text-align: left; font-family: 'Times New Roman';">This amendment on Form&#160;6-K/A amends the 6-K filed on June 2, 2022 by The Descartes Systems Group Inc. for the sole purpose adding Exhibit 99.2 furnished therewith.</div>
      </div>
    </div>
    <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-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; text-transform: none; white-space: normal; word-spacing: 0px; text-decoration-style: initial; text-decoration-color: initial; background-color: rgb(255, 255, 255); display: block; font-family: 'Times New Roman',Times,serif;"><br>
      </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>
      </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;">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;">The attached
        Quarterly Report issued June 1, 2022 is furnished herewith as Exhibit 99.2.</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;">
        <div style="color: rgb(0, 0, 0); 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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            <td style="width: 47%;" colspan="2" valign="top">&#160; </td>
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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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            <td style="width: 47%;" colspan="2" valign="top">&#160; </td>
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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>
            </td>
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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>
                </div>
              </div>
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            <td style="font-family: 'Times New Roman', Times, serif; font-variant: normal; width: 6%; 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">Title:</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: -47.05pt; TEXT-INDENT: 0pt">General Counsel</div>
            </td>
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    <div style="text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">Date:&#160; June 30, 2022<br>
    </div>
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    <div style="TEXT-ALIGN: left; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">&#160;</div>
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    <div style="TEXT-ALIGN: left; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">&#160;</div>
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    <div style="font-weight: bold; text-align: center; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">EXHIBITS</div>
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                <div style="font-weight: bold; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">Exhibit No.</div>
              </td>
              <td style="border-bottom: 1px solid #000000; vertical-align: top; width: 1345.56px; text-align: left;">
                <div style="font-weight: bold; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">Description</div>
              </td>
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              <td style="width: 237.438px;" valign="top">&#160;</td>
              <td style="width: 1345.56px;" valign="top">&#160;</td>
            </tr>
            <tr style="height: 16px;">
              <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>
              </td>
            </tr>
            <tr style="height: 16px;">
              <td rowspan="1" style="width: 237.438px;" align="left" valign="top"><a href="exhibit99-2.htm">99.2<br>
                </a> </td>
              <td rowspan="1" style="width: 1345.56px;" align="left" valign="top"><a href="exhibit99-2.htm">Quarterly Report To Shareholders issued June 1, 2022<br>
                </a> </td>
            </tr>

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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 JUNE 1, 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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  <br>
  <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">

      <tr>
        <td style="width: 18pt;"><br>
        </td>
        <td style="width: 18pt; vertical-align: top; align: right;">&#8226;</td>
        <td style="width: auto; vertical-align: top; text-align: justify;">
          <div 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>
        </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="z7a247d7f557249f0b922e31219327947" 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;">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>
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        <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>
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          <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9pt; text-indent: 7pt;">Q3FY22</div>
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        <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>
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          <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9pt; text-indent: 7pt;">Q2FY22</div>
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        <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>
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          <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9pt; text-indent: 7pt;">Q1FY22</div>
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        <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>
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      <tr>
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          <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">
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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">
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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>
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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>
        <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">
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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>
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      <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">
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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;">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>
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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;">15.0</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;">13.8</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="margin-left: 9pt; font-family: Verdana, sans-serif; font-size: 9pt;">Stock-based compensation and related taxes</div>
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        <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>
        <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;">3.0</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;">3.1</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;">2.6</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 style="vertical-align: top; width: 40%; padding-bottom: 2px;" valign="bottom">
          <div style="text-align: justify; margin-left: 9pt; font-family: Verdana, sans-serif; font-size: 9pt;">Other charges (recoveries)</div>
        </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; 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>
        </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="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>
        <td style="vertical-align: top; width: 40%; padding-bottom: 1.5pt;" valign="bottom">
          <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>
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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>
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  <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_Toc396820869"></a><a name="z_Toc427650875"></a>Condensed Consolidated Balance Sheets</div>
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  <div>
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        <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>
        <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="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="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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        <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;">14,310</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;">14,075</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;">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">
          <div style="font-family: Verdana, sans-serif; font-size: 8pt;">21,974</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%; 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;">806</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;">868</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%;" 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;">292,251</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;">292,059</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 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">
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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>
        <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;">11,143</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;">10,817</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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      <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;">9,439</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;">10,571</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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      <tr>
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          <div style="font-family: Verdana, sans-serif; font-size: 8pt;">DEFERRED INCOME TAXES</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;">13,738</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;">14,962</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%;" 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;">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>
        <td colspan="1" style="vertical-align: top; width: 76%; padding-bottom: 2px;" valign="bottom">
          <div style="font-family: Verdana, sans-serif; font-size: 8pt;">GOODWILL</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;">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>
        </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 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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          <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-weight: bold; font-variant: normal; text-transform: none;">LIABILITIES
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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>
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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; 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>
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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; 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>
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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;">4,029</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; 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>
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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%;" 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>
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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">
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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;">-</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; 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>
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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;">968</div>
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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;">8,306</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>
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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>
        <td class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom">
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        <td 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>
        <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;">201,114</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 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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        <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>
        <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;">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">
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      <tr>
        <td colspan="1" style="vertical-align: top; width: 76%; padding-bottom: 2px;" valign="bottom">
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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>
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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>
      </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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  <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><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>
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      <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>
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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">
          <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="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">
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      <tr>
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        <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>
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        <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;">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>
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      <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>
        <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;">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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      <tr>
        <td style="vertical-align: top; width: 76%; padding-bottom: 0.5pt;" valign="bottom">
          <div style="margin-top: 1pt; margin-bottom: 1pt; font-weight: bold;"><font style="font-family: Verdana, sans-serif; font-size: 8pt;">GROSS MARGIN</font></div>
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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;">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>
      </tr>
      <tr>
        <td style="vertical-align: top; width: 76%;" valign="bottom">
          <div style="font-family: Verdana, sans-serif; font-size: 8pt; font-weight: bold;">EXPENSES</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;">Sales and marketing</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;">13,236</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;">11,011</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;">Research and development</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;">16,569</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;">15,219</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;">General and administrative</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;">11,642</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;">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">
          <div style="margin-left: 13.5pt; font-family: Verdana, sans-serif; font-size: 8pt;">Other charges</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;">1,482</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">
          <div style="margin-left: 13.5pt; font-family: Verdana, sans-serif; font-size: 8pt;">Amortization of intangible assets</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;">15,048</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;">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>
      </tr>
      <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">
          <div style="font-family: Verdana, sans-serif; font-size: 8pt; font-weight: bold;">INCOME 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">&#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>
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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;">4,841</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;">2,134</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%; 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>
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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">
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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>
        <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;">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="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;">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 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;">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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      <tr>
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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>
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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>
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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;">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>
        </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;">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>
        </td>
        <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>
        <td colspan="2" style="vertical-align: top;" valign="bottom">
          <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>
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      <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>
        <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>
        </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;">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>
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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;">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>
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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;">15,048</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;">13,835</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%;" 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>
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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;">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>
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        <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>
        <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="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 1.5pt solid rgb(0, 0, 0);" valign="bottom">&#160;</td>
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<DOCUMENT>
<TYPE>EX-99.2
<SEQUENCE>3
<FILENAME>exhibit99-2.htm
<DESCRIPTION>QUARTERLY REPORT TO SHAREHOLDERS ISSSUED JUNE 1
<TEXT>
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    <div style="text-align: right;"><font style="font-weight: bold;">Exhibit 99.2</font><br>
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    <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 11pt; font-variant: small-caps; font-weight: bold;">US GAAP Financial Results for the First Quarter of Fiscal 2023</div>
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              <div style="font-family: Verdana, sans-serif; font-size: 12pt; font-variant: small-caps; font-weight: bold;">Table of Contents</div>
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              <div style="font-family: Verdana, sans-serif; font-variant: small-caps;">Management&#8217;s Discussion and Analysis of Financial Condition and Results of Operations</div>
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              <div style="text-align: right; font-family: Verdana,'sans-serif';">3</div>
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              <div style="font-family: Verdana, sans-serif; font-variant: small-caps;">Overview</div>
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              <div style="text-align: right; font-family: Verdana,'sans-serif';">6</div>
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              <div style="font-family: Verdana, sans-serif; font-variant: small-caps;">Consolidated Operations</div>
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              <div style="text-align: right; font-family: Verdana,'sans-serif';">10</div>
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              <div style="text-align: right; font-family: Verdana,'sans-serif';">16</div>
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              <div style="font-family: Verdana, sans-serif; font-variant: small-caps;">Liquidity and Capital Resources</div>
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              <div style="text-align: right; font-family: Verdana,'sans-serif';">17</div>
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              <div style="font-family: Verdana, sans-serif; font-variant: small-caps;">Commitments, Contingencies and Guarantees</div>
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              <div style="text-align: right; font-family: Verdana,'sans-serif';">19</div>
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              <div style="font-family: Verdana, sans-serif; font-variant: small-caps;">Outstanding Share Data</div>
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              <div style="text-align: right; font-family: Verdana,'sans-serif';">20</div>
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              <div style="text-align: right; font-family: Verdana,'sans-serif';">21</div>
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              <div style="font-family: Verdana, sans-serif; font-variant: small-caps;">Controls and Procedures</div>
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              <div style="text-align: right; font-family: Verdana,'sans-serif';">22</div>
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              <div style="text-align: right; font-family: Verdana,'sans-serif';">22</div>
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              <div style="font-family: Verdana, sans-serif; font-variant: small-caps;">Certain Factors That May Affect Future Results</div>
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              <div style="text-align: right; font-family: Verdana,'sans-serif';">26</div>
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              <div style="font-family: Verdana, sans-serif; font-variant: small-caps;">Condensed Consolidated Balance Sheets</div>
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              <div style="text-align: right; font-family: Verdana,'sans-serif';">40</div>
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              <div style="font-family: Verdana, sans-serif; font-variant: small-caps;">Condensed Consolidated Statements of Operations</div>
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              <div style="text-align: right; font-family: Verdana,'sans-serif';">41</div>
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              <div style="font-family: Verdana, sans-serif; font-variant: small-caps;">Condensed Consolidated Statements of Comprehensive Income</div>
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              <div style="text-align: right; font-family: Verdana,'sans-serif';">42</div>
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              <div style="font-family: Verdana, sans-serif; font-variant: small-caps;">Condensed Consolidated Statements of Shareholders&#8217; Equity</div>
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              <div style="text-align: right; font-family: Verdana,'sans-serif';">43</div>
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              <div style="text-align: right; font-family: Verdana,'sans-serif';">44</div>
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              <div style="font-family: Verdana, sans-serif; font-variant: small-caps;">Notes to Condensed Consolidated Financial Statements</div>
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              <div style="text-align: right; font-family: Verdana,'sans-serif';">45</div>
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              <div style="text-align: right; font-family: Verdana,'sans-serif';">63</div>
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              <div style="font-family: Verdana, 'sans-serif'; font-size: 11pt; font-variant: small-caps; font-weight: bold;"><a name="z_Toc103007245"></a>Management&#8217;s Discussion and Analysis of </div>
              <div style="font-family: Verdana, 'sans-serif'; font-size: 11pt; font-variant: small-caps; font-weight: bold;">Financial Condition and Results of Operations</div>
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      <div style="text-align: justify; font-family: Verdana, sans-serif; font-size: 9.5pt;">Our Management&#8217;s Discussion and Analysis of Financial Condition and Results of Operations (&#8220;MD&amp;A&#8221;) contains references to Descartes using the words &#8220;we,&#8221; &#8220;us,&#8221;
        &#8220;our&#8221; and similar words and the reader is referred to using the words &#8220;you,&#8221; &#8220;your&#8221; and similar words.</div>
      <div><br>
      </div>
      <div style="text-align: justify; font-family: Verdana, sans-serif; font-size: 9.5pt;">This MD&amp;A also refers to our fiscal years. Our fiscal year commences on February 1<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">st</sup> of each year and ends on January 31<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">st</sup> of the
        following year. Our current fiscal year, which will end on January 31, 2023, is referred to as the &#8220;current fiscal year,&#8221; &#8220;fiscal 2023,&#8221; &#8220;2023&#8221; or using similar words. Our previous fiscal year, which ended on January 31, 2022, is referred to as the
        &#8220;previous fiscal year,&#8221; &#8220;fiscal 2022,&#8221; &#8220;2022&#8221; or using similar words. Other fiscal years are referenced by the applicable year during which the fiscal year ends. For example, 2024 refers to the annual period ending January 31, 2024 and the &#8220;fourth
        quarter of 2024&#8221; refers to the quarter ending January 31, 2024.</div>
      <div><br>
      </div>
      <div style="text-align: justify; font-family: Verdana, sans-serif; font-size: 9.5pt;">This MD&amp;A, which is prepared as of June 1, 2022, covers our quarter ended April 30, 2022, as compared to our quarter ended April 30, 2021. You should read this
        MD&amp;A in conjunction with our unaudited condensed consolidated financial statements for our first quarter of fiscal 2023 that appear elsewhere in this Quarterly Report to Shareholders. You should also read this MD&amp;A in conjunction with our
        audited annual consolidated financial statements, related notes thereto and the related MD&amp;A for fiscal 2022 that are included in our most recent annual report to shareholders (the &#8220;2022 Annual Report&#8221;), as filed on March 2, 2022.</div>
      <div><br>
      </div>
      <div style="text-align: justify; font-family: Verdana, sans-serif; font-size: 9.5pt;">We prepare and file our consolidated financial statements and MD&amp;A in United States (&#8220;US&#8221;) dollars and in accordance with US generally accepted accounting
        principles (&#8220;GAAP&#8221;). All dollar amounts we use in this MD&amp;A are in US currency, unless we indicate otherwise.</div>
      <div><br>
      </div>
      <div style="text-align: justify; font-family: Verdana, sans-serif; font-size: 9.5pt;">We have prepared this MD&amp;A with reference to the Form 51-102F1 MD&amp;A disclosure requirements established under National Instrument 51-102 &#8220;Continuous
        Disclosure Obligations&#8221; (&#8220;NI 51-102&#8221;) of the Canadian Securities Administrators. As it relates to our financial condition and results of operations for the interim period ended April 30, 2022, pursuant to NI 51-102, this MD&amp;A updates the
        MD&amp;A included in the 2022 Annual Report.</div>
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      <div style="text-align: justify; font-family: Verdana, sans-serif; font-size: 9.5pt;">Additional information about us, including copies of our continuous disclosure materials such as our annual information form, is available on our website at http://www.descartes.com, through the EDGAR website at http://www.sec.gov or through the SEDAR website at
        http://www.sedar.com.</div>
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      <div style="text-align: justify; font-family: Verdana, sans-serif; font-size: 9.5pt;">As of the date of this MD&amp;A, the conflict between Russia and the Ukraine (the &#8220;Ukraine Conflict&#8221;) is resulting in significant uncertainty within the global
        economy. Although we have very limited customer and other direct business dealings within either of Russia or the Ukraine, the recent escalation in conflict between the countries could impact economic and trade activity across Europe and perhaps
        worldwide as trade lanes and supply chains are impacted. Russia is a major supplier of oil and gas to numerous countries and a disruption in that supply could impact economic activity and transportation costs and general transportation availability
        on a global basis. In addition, the global impact of the extensive trade sanctions and financial controls related to Russia, Belarus or other countries are difficult to assess at the current time.</div>
      <div><br>
      </div>
      <div style="text-align: justify; font-family: Verdana, sans-serif; font-size: 9.5pt;">As of the date of this MD&amp;A, the world also continues to experience a global pandemic related to the spread of the COVID-19 virus (the &#8220;Pandemic&#8221;). <a name="z_Hlk40602226"></a>Businesses in many countries around the globe, including Canada, the United States and other countries in which we operate, have been required to close, or materially alter, their day-to-day operations due to
        government-ordered or recommended shut-downs and/or restrictions on individuals and businesses which may impact the operations of those businesses. In our own case, we have implemented measures that allow our employees to work remotely from home
        locations and for us to continue to operate our business and service our customers. The expected future impact of the Pandemic and various public health protection measures, including travel restrictions, on</div>
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      <div style="text-align: justify; font-family: Verdana, sans-serif; font-size: 9.5pt;">the business of our customers, and the ongoing demand of those customers for our products and services, is still uncertain at this time, in part due to the
        uncertainty of the duration and scope of such restrictions on a geography-by-geography basis. As of the date of this MD&amp;A, and consistent with the comments we made in our MD&amp;A from recent quarters, we continue to observe some customers with
        reduced shipment volumes across various modes of transportation and we are aware of some customers who have reduced or temporarily suspended operations or are otherwise experiencing financial hardship in their business that may temporarily or
        permanently impact their demand for our products and services. However, at the same time we have seen several other areas of our business where shipment and order volumes have remained stable or, in many cases, have seen increased volumes as a
        result of the Pandemic.</div>
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      <div style="text-align: justify; font-family: Verdana, sans-serif; font-size: 9.5pt;">We remain well positioned to adjust to market conditions to assist our customers as they work to manage their transportation, logistics and supply chain processes
        during the Pandemic. As noted above, we have been able to transition our workforce such that the majority of our workforce can work remotely and continue to service and support our customers and ensure the uninterrupted availability of our various
        solutions, most of which are delivered by way of a software-as-a-service or cloud-based delivery model. In addition, the nature of the products and services that we provide to the transportation and logistics community have been classified as an
        &#8220;essential service&#8221; in the majority of the markets in which we have personnel located which allows us, to the extent necessary, to have requisite personnel safely attend at our various data-centers and hosting facilities to ensure the continuity of
        our services under state-of-emergency and shelter-in-place orders that may be in place in various jurisdictions globally.</div>
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      <div style="text-align: justify; font-family: Verdana, sans-serif; font-size: 9.5pt;">Certain statements made in this Quarterly Report to Shareholders, constitute forward-looking information for the purposes of applicable securities laws
        (&#8220;forward-looking statements&#8221;), including, but not limited to: statements in the &#8220;Trends / Business Outlook&#8221; section and statements regarding our expectations concerning future revenues and earnings, including potential variances from period to
        period; our assessment of the current and future potential impact of both the Ukraine Conflict and the Pandemic and related public health protection measures on our business; results of operations and financial condition; our expectations regarding
        the cyclical nature of our business; mix of revenues and potential variances from period to period; our plans to focus on generating services revenues yet to continue to allow customers to elect to license technology in lieu of subscribing to
        services; our expectations on losses of revenues and customers; our baseline calibration; our ability to keep our operating expenses at a level below our baseline revenues; our future business plans and business planning process; allocation of
        purchase price for completed acquisitions; our expectations regarding future restructuring charges and cost-reduction activities; expenses, including amortization of intangible assets and stock-based compensation; goodwill impairment tests and the
        possibility of future impairment adjustments; capital expenditures; acquisition-related costs, including the potential for further performance-based contingent consideration; our liability with respect to various claims and suits arising in the
        ordinary course; any commitments referred to in the &#8220;Commitments, Contingencies and Guarantees&#8221; section of this MD&amp;A; our intention to actively explore future business combinations and other strategic transactions; our liability under
        indemnification obligations; our reinvestment of earnings of subsidiaries back into such subsidiaries; our dividend policy; the sufficiency of capital to meet working capital, capital expenditure, debt repayment requirements and our anticipated
        growth strategy; our ability to raise capital; our adoption of certain accounting standards; and other matters related to the foregoing. When used in this document, the words &#8220;believe,&#8221; &#8220;plan,&#8221; &#8220;expect,&#8221; &#8220;anticipate,&#8221; &#8220;intend,&#8221; &#8220;continue,&#8221; &#8220;may,&#8221;
        &#8220;will,&#8221; &#8220;should&#8221; or the negative of such terms and similar expressions are intended to identify forward-looking statements. These forward-looking statements are subject to risks and uncertainties and are based on assumptions that may cause future
        results to differ materially from those expected. The material assumptions made in making these forward-looking statements include the following: 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 the Ukraine Conflict or the Pandemic or other contagious illness outbreaks, a deterioration of general economic conditions or instability in the financial markets accompanied by a decrease in spending by
        our customers; global shipment volumes continuing to increase at levels consistent with the average growth rates of the global economy; countries continuing to implement and enforce existing and additional customs and security regulations relating
        to the provision of electronic information for imports and exports; countries continuing to implement and enforce existing and additional trade restrictions and sanctioned party lists with respect to doing business with certain countries,
        organizations, entities and</div>
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      <div style="text-align: justify; font-family: Verdana, sans-serif; font-size: 9.5pt;">individuals; our continued operation of a secure and reliable business network; the continued availability of the data and content that is utilized in the delivery
        of services made available over our network; relative stability of currency exchange rates and interest rates; equity and debt markets continuing to provide us with access to capital; our ability to develop solutions that keep pace with the
        continuing changes in technology, and our continued compliance with third party intellectual property rights. While management believes these assumptions to be reasonable under the circumstances, they may prove to be inaccurate. Such
        forward-looking statements also involve known and unknown risks, uncertainties and other factors that may cause our actual results, performance or achievements of, or developments in our business or industry, to differ materially from the
        anticipated results, performance or achievements or developments expressed or implied by such forward-looking statements.&#160;Such factors include, but are not limited to, the factors discussed under the heading &#8220;<font style="font-weight: bold;">Certain Factors That May Affect Future Results</font>&#8221; in this MD&amp;A and in other documents filed with the Securities and Exchange Commission, the Ontario Securities Commission and other
        securities commissions across Canada from time to time. If any of such risks actually occur, they could materially adversely affect our business, financial condition or results of operations. In that case, the trading price of our common shares
        could decline, perhaps materially. Readers are cautioned not to place undue reliance upon any such forward-looking statements, which speak only as of the date made. Forward-looking statements are provided for the purpose of providing information
        about management&#8217;s current expectations and plans relating to the future. Readers are cautioned that such information may not be appropriate for other purposes. Except as required by applicable law, we do not undertake or accept any obligation or
        undertaking to release publicly any updates or revisions to any forward-looking statements to reflect any change in our expectations or any change in events, conditions, assumptions or circumstances on which any such statements are based.</div>
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                    <div>&#160;</div>
                    <div style="font-family: Verdana, sans-serif; font-size: 11pt; font-variant: small-caps; font-weight: bold;"><a name="z_Toc103007246"></a>Overview</div>
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            <div style="text-align: justify; font-family: Verdana, sans-serif; font-size: 9.5pt;">We use technology and networks to simplify complex business processes. We are primarily focused on logistics and supply chain management business processes.
              Our solutions are predominantly cloud-based and are focused on improving the productivity, performance and security of logistics-intensive businesses. Customers use our modular, software-as-a-service (&#8220;SaaS&#8221;) and data solutions to route,
              schedule, track and measure delivery resources; plan, allocate and execute shipments; rate, audit and pay transportation invoices; access and analyze global trade data; research and perform trade tariff and duty calculations; file customs and
              security documents for imports and exports; and complete numerous other logistics processes by participating in a large, collaborative multi-modal logistics community. Our pricing model provides our customers with flexibility in purchasing
              our solutions either on a subscription, transactional or perpetual license basis. Our primary focus is on serving transportation providers (air, ocean and truck modes), logistics service providers (including third-party logistics providers,
              freight forwarders and customs brokers) and distribution-intensive companies for which logistics is either a key or a defining part of their own product or service offering, or for which our solutions can provide an opportunity to reduce
              costs, improve service levels, or support growth by optimizing the use of assets and information.</div>
            <div><br>
            </div>
            <div style="text-align: justify; font-family: Verdana,sans-serif; font-size: 9.5pt;">The Pandemic continues to have an impact on global trade. Since the start of the Pandemic in March 2020, we have observed some reduced shipment volumes across
              various modes of transportation and are aware of some customers who have reduced or temporarily suspended operations or are otherwise experiencing financial hardship. However, at the same time we have seen several other areas of our business
              where shipment and order volumes have remained stable or, in some cases, have seen increased volumes as a result of the Pandemic. We don&#8217;t know what the impact of these events will be on overall global trade volumes and the use of Descartes&#8217;
              products and services by its customers and whether an impact will only be temporary or may continue for an extended period of time. It is also not clear at this time whether, as a result of the Pandemic and related events, companies and/or
              consumers will</div>
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            <div style="text-align: justify; font-family: Verdana, sans-serif; font-size: 9.5pt;">alter trading, manufacturing and/or buying patterns over the longer-term from the patterns we have observed in the global economy in the past.</div>
            <div><br>
            </div>
            <div style="text-align: justify; font-family: Verdana, sans-serif; font-size: 9.5pt;">Logistics is the management of the flow of resources between a point of origin and a point of destination &#8211; processes that move items (such as goods, people,
              information) from point A to point B. Supply chain management is broader than logistics and includes the sourcing, procurement, conversion and storage of resources for consumption by an enterprise. Logistics and supply chain management have
              been evolving over the past several years as companies are increasingly seeking automation and real-time control of their supply chain activities. We believe companies are looking for integrated solutions for managing inventory in transit,
              conveyance units, people, data and business documents.</div>
            <div><br>
            </div>
            <div style="text-align: justify; font-family: Verdana, sans-serif; font-size: 9.5pt;">We believe logistics-intensive organizations are seeking to reduce operating costs, differentiate themselves, improve margins, and better serve customers.
              Global trade and transportation processes are often manual and complex to manage. This is a consequence of the growing number of business partners participating in companies&#8217; global supply chains and a lack of standardized business processes.</div>
            <div><br>
            </div>
            <div style="text-align: justify; font-family: Verdana, sans-serif; font-size: 9.5pt;">Additionally, global sourcing, logistics outsourcing, imposition of additional customs and regulatory requirements and the increased rate of change in
              day-to-day business requirements are adding to the overall complexities that companies face in planning and executing in their supply chains. Whether a shipment is delayed at the border, a customer changes an order or a breakdown occurs on
              the road, there are increasingly more issues that can significantly impact the execution of fulfillment schedules and associated costs.</div>
            <div><br>
            </div>
            <div style="text-align: justify; font-family: Verdana, sans-serif; font-size: 9.5pt;">The rise of e-commerce has heightened these challenges for many suppliers with end-customers increasingly demanding narrower order-to-fulfillment periods,
              lower prices and greater flexibility in scheduling and rescheduling deliveries. End customers also want real-time updates on delivery status, adding considerable burden to supply chain management as process efficiency is balanced with
              affordable service.</div>
            <div><br>
            </div>
            <div style="text-align: justify; font-family: Verdana,sans-serif; font-size: 9.5pt;">In this market, the movement and sharing of data between parties involved in the logistics process is equally important to the physical movement of goods.
              Manual, fragmented and distributed</div>
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          <div style="text-align: justify; font-family: Verdana, sans-serif; font-size: 9.5pt;">logistics solutions are often proving inadequate to address the needs of operators. Connecting manufacturers and suppliers to carriers on an individual, one-off
            basis is too costly, complex and risky for organizations dealing with many trading partners. Further, many of these solutions do not provide the flexibility required to efficiently accommodate varied processes for organizations to remain
            competitive. We believe this presents an opportunity for logistics technology providers to unite this highly fragmented community and help customers improve efficiencies in their operations.</div>
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          <div style="text-align: justify; font-family: Verdana, sans-serif; font-size: 9.5pt;">As the market continues to change, we have been evolving to meet our customers&#8217; needs. While the rate of adoption of newer logistics and supply chain management
            technologies is increasing, a large number of organizations still have manual business processes. We have been educating our prospects and customers on the value of connecting to trading partners through our Global Logistics Network (&#8220;GLN&#8221;) and
            automating, as well as standardizing, multi-party business processes. We believe that our target customers are increasingly looking for a single source, neutral, network-based solution provider who can help them manage the end-to-end shipment &#8211;
            from researching global trade information, to the booking of a shipment, to the tracking of that shipment as it moves, to the regulatory compliance filings to be made during the move and, finally, to the settlement and audit of the invoice.</div>
          <div><br>
          </div>
          <div style="text-align: justify; font-family: Verdana, sans-serif; font-size: 9.5pt;">Additionally, regulatory initiatives mandating electronic filing of shipment information with customs authorities require companies to automate aspects of their
            shipping processes to remain compliant and competitive. Our customs compliance technology helps shippers, transportation providers, freight forwarders and other logistics intermediaries to securely and electronically file shipment and
            tariff/duty information with customs authorities and self-audit their own efforts. Our technology also helps carriers and freight forwarders efficiently coordinate with customs brokers and agencies to expedite cross-border shipments. While many
            compliance initiatives started in the US, compliance has now become a global issue with significantly more international shipments crossing several borders on the way to their final destinations.</div>
          <div><br>
          </div>
          <div style="text-align: justify; font-family: Verdana,sans-serif; font-size: 9.5pt;">Increasingly, data and content have become central to supply chain planning and execution. Complex international supply chains are affected by logistics service
            provider performance, capacity,</div>
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          <div style="text-align: justify; font-family: Verdana, sans-serif; font-size: 9.5pt;">and productivity, as well as regulatory frameworks such as free trade agreements. We believe our Global Trade Data, Trade Regulations, Free-Trade-Agreement, and
            duty rate and calculation solutions help give our customers the intelligence they need to improve their sourcing, landed cost, and transportation lane and provider selection processes.</div>
          <div><br>
          </div>
          <div style="text-align: justify; font-family: Verdana, sans-serif; font-size: 9.5pt; font-style: italic; font-weight: bold;">Solutions</div>
          <div style="text-align: justify; font-family: Verdana, sans-serif; font-size: 9.5pt;">Descartes&#8217; Logistics Technology Platform unites a growing global community of logistics-focused parties, allowing them to transact business while leveraging a
            broad array of applications designed to help logistics-intensive businesses thrive.</div>
          <div><br>
          </div>
          <div style="text-align: justify; font-family: Verdana, sans-serif; font-size: 9.5pt;">The Logistics Technology Platform fuses our GLN, an extensive logistics network covering multiple transportation modes, with a broad array of modular,
            interoperable web and wireless logistics management solutions. Designed to help accelerate time-to-value and increase productivity and performance for businesses of all sizes, the Logistics Technology Platform leverages the GLN&#8217;s multimodal
            logistics community to enable companies to quickly and cost-effectively connect and collaborate.</div>
          <div><br>
          </div>
          <div style="text-align: justify; font-family: Verdana, sans-serif; font-size: 9.5pt;">Descartes&#8217; GLN, the underlying foundation of the Logistics Technology Platform, manages the flow of data and documents that track and control inventory, assets
            and people in motion. Designed expressly for logistics operations, it is native to the particularities of different transportation modes and country borders. As a state-of-the-art messaging network with wireless capabilities, the GLN helps
            manage business processes in real-time and in-motion. Its capabilities go beyond logistics, supporting common commercial transactions, regulatory compliance documents, and customer specific needs.</div>
          <div><br>
          </div>
          <div style="text-align: justify; font-family: Verdana,sans-serif; font-size: 9.5pt;">The GLN extends its reach using interconnect agreements with other general and logistics-specific networks, to offer companies access to a wide array of trading
            partners. With the flexibility to connect and collaborate in unique ways, companies can effectively route or transform data to and from partners and deploy additional Descartes solutions on the GLN. The GLN allows &#8220;low tech&#8221; partners to act and
            respond with &#8220;high tech&#8221; capabilities and connect to the transient partners that exist in many logistics operations. This inherent adaptability creates opportunities to develop logistics business processes that can help</div>
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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;">7</font></div>
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          <hr style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;" noshade="noshade"></div>
      </div>
      <div><br>
      </div>
      <div id="EFPFTCL" style="float: left; width: 48%;">
        <div>&#160;
          <div style="text-align: justify; font-family: Verdana, sans-serif; font-size: 9.5pt;">customers differentiate themselves from their competitors.</div>
          <div><br>
          </div>
          <div style="text-align: justify; font-family: Verdana, sans-serif; font-size: 9.5pt;">Descartes&#8217; Logistics Application Suite offers a wide array of modular, cloud-based, interoperable web and wireless logistics management applications. These
            solutions embody Descartes&#8217; deep domain expertise, not merely &#8220;check box&#8221; functionality. These solutions deliver value for a broad range of logistics-intensive organizations, whether they purchase transportation, run their own fleet, operate
            globally or locally, or work across air, ocean or ground transportation. Descartes&#8217; comprehensive suite of solutions includes:</div>
          <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zc6f9b5602569476a837d3a5cbf87256b" cellpadding="0" cellspacing="0">

              <tr>
                <td style="width: 18pt;"><br>
                </td>
                <td style="width: 18pt; vertical-align: top; align: right; font-size: 9.5pt;">&#8226;</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="font-family: Verdana, sans-serif; font-size: 9.5pt;">Routing, Mobile and Telematics;</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="z6fd2d178d30b48979cdb13b607d6e248" cellpadding="0" cellspacing="0">

              <tr>
                <td style="width: 18pt;"><br>
                </td>
                <td style="width: 18pt; vertical-align: top; align: right; font-size: 9.5pt;">&#8226;</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="font-family: Verdana, sans-serif; font-size: 9.5pt;">Transportation Management</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="z74995a96d7f84a7e8d6e3360312df0bb" cellpadding="0" cellspacing="0">

              <tr>
                <td style="width: 18pt;"><br>
                </td>
                <td style="width: 18pt; vertical-align: top; align: right; font-size: 9.5pt;">&#8226;</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="font-family: Verdana, sans-serif; font-size: 9.5pt;">Ecommerce, Shipping &amp; Fulfillment; and e-commerce enablement;</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="z72d58d8e106e473eb53e4357e087caff" cellpadding="0" cellspacing="0">

              <tr>
                <td style="width: 18pt;"><br>
                </td>
                <td style="width: 18pt; vertical-align: top; align: right; font-size: 9.5pt;">&#8226;</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="font-family: Verdana, sans-serif; font-size: 9.5pt;">Customs &amp; Regulatory Compliance;</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="z1a165d0b007d4575bfcc73710a75613c" cellpadding="0" cellspacing="0">

              <tr>
                <td style="width: 18pt;"><br>
                </td>
                <td style="width: 18pt; vertical-align: top; align: right; font-size: 9.5pt;">&#8226;</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="font-family: Verdana, sans-serif; font-size: 9.5pt;">Global Trade Intelligence;</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="za001864523634c4986e8f0a5e878f0a5" cellpadding="0" cellspacing="0">

              <tr>
                <td style="width: 18pt;"><br>
                </td>
                <td style="width: 18pt; vertical-align: top; align: right; font-size: 9.5pt;">&#8226;</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="font-family: Verdana, sans-serif; font-size: 9.5pt;">B2B Messaging &amp; Connectivity; 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="z359cb8022a99451d84675dd8af5c067a" cellpadding="0" cellspacing="0">

              <tr>
                <td style="width: 18pt;"><br>
                </td>
                <td style="width: 18pt; vertical-align: top; align: right; font-size: 9.5pt;">&#8226;</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="font-family: Verdana, sans-serif; font-size: 9.5pt;">Broker &amp; Forwarder Enterprise Systems.</div>
                </td>
              </tr>

          </table>
          <div><br>
          </div>
          <div style="text-align: justify; font-family: Verdana, sans-serif; font-size: 9.5pt;">The Descartes applications forming part of the Logistics Technology Platform are modular and interoperable to allow organizations the flexibility to deploy them
            quickly within an existing portfolio of solutions. Implementation is streamlined because these solutions use web-native or wireless user interfaces and are pre-integrated with the GLN. With interoperable and multi-party solutions, Descartes&#8217;
            solutions are designed to deliver functionality that can enhance a logistics operation&#8217;s performance and productivity both within the organization and across a complex network of partners.</div>
          <div><br>
          </div>
          <div style="text-align: justify; font-family: Verdana, sans-serif; font-size: 9.5pt;">Descartes&#8217; expanding global trade intelligence offering unites systems and people with trade information to enable organizations to work smarter by making more
            informed supply chain and logistics decisions. Our global trade intelligence solutions can help customers: research and analyze global trade movements, regulations and trends; reduce the risk of transacting with denied parties; increase trade
            compliance rates; optimize sourcing, procurement, and business development strategies; and minimize duty spend.</div>
          <div><br>
          </div>
          <div style="text-align: justify; font-family: Verdana,sans-serif; font-size: 9.5pt;">Descartes&#8217; GLN community members enjoy extended command of operations and accelerated time-to-value relative to many alternative logistics solutions. Given the
            inter-enterprise nature of logistics, quickly gaining access to partners is paramount. For this reason, Descartes has focused on growing a community that strategically attracts</div>
        </div>
      </div>
      <div id="EFPFTCR" style="float: right; width: 48%;">
        <div>&#160;
          <div style="text-align: justify; font-family: Verdana, sans-serif; font-size: 9.5pt;">and retains relevant logistics parties. Upon joining the GLN community, many companies find that a number of their trading partners are already members with an
            existing connection to the GLN. This helps to minimize the time required to integrate Descartes&#8217; logistics management applications and to begin realizing results. Descartes is committed to continuing to expand community membership. Companies
            that join the GLN community or extend their participation find a single place where their entire logistics network can exist regardless of the range of transportation modes, the number of trading partners or the variety of regulatory agencies.</div>
          <div><br>
          </div>
          <div style="text-align: justify; font-family: Verdana, sans-serif; font-size: 9.5pt; font-style: italic; font-weight: bold;">Sales and Distribution</div>
          <div style="text-align: justify; font-family: Verdana, sans-serif; font-size: 9.5pt;">Our sales efforts are primarily directed towards two specific customer markets: (a) transportation companies and logistics service providers; and (b)
            manufacturers, retailers, distributors and mobile business service providers. Our sales staff is regionally based and trained to sell across our solutions to specific customer markets. In North America and Europe, we promote our products
            primarily through direct sales efforts aimed at existing and potential users of our products. In the Asia Pacific, Indian subcontinent, South America and African regions, we focus on making our channel partners successful. Channel partners for
            our other international operations include distributors, alliance partners and value-added resellers. During the ongoing period of the Pandemic we have been encouraged by the success of our sales organization to date in being able to continue
            to execute on sales efforts and prospecting through the use of online communication platforms and virtual meetings in place of face-to-face meetings and in person trade show events.</div>
          <div><br>
          </div>
          <div style="font-family: Verdana, sans-serif; font-size: 9.5pt; font-style: italic; font-weight: bold;">United by Design</div>
          <div style="text-align: justify; font-family: Verdana, sans-serif; font-size: 9.5pt;">Descartes&#8217; &#8216;United By Design&#8217; strategic alliance program is intended to ensure complementary hardware, software and network offerings are interoperable with
            Descartes&#8217; solutions and work together seamlessly to solve multi-party business problems.</div>
          <div><br>
          </div>
          <div style="text-align: justify; font-family: Verdana,sans-serif; font-size: 9.5pt;">&#8216;United By Design&#8217; is intended to create a global ecosystem of logistics-intensive organizations working together to standardize and automate business processes
            and manage resources in motion. The program centers on Descartes&#8217; Open Standard Collaborative Interfaces, which provide a wide variety of connectivity mechanisms to</div>
        </div>
      </div>
      <div style="clear: both;"><br>
      </div>
      <div><br>
      </div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-family: Verdana, 'sans-serif'; font-size: 8pt; font-weight: normal; font-style: normal;">8</font></div>
        <div id="DSPFPageBreak" style="page-break-after: always;">
          <hr style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;" noshade="noshade"></div>
      </div>
      <div><br>
      </div>
      <div id="EFPFTCL" style="float: left; width: 48%;">
        <div>&#160;
          <div style="text-align: justify; font-family: Verdana, sans-serif; font-size: 9.5pt;">integrate a broad spectrum of applications and services.</div>
          <div><br>
          </div>
          <div style="text-align: justify; font-family: Verdana, sans-serif; font-size: 9.5pt;">Descartes has partnering relationships with multiple parties across the following three categories:</div>
          <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="ze21e5c09eb284a4cb3ea3284387b17cb" cellpadding="0" cellspacing="0">

              <tr>
                <td style="width: 18pt;"><br>
                </td>
                <td style="width: 18pt; vertical-align: top; align: right; font-size: 9.5pt;">&#8226;</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="font-family: Verdana, sans-serif; font-size: 9.5pt;">Technology Partners &#8211; Complementary hardware, software, network, and embedded technology providers that extend the functional breadth of Descartes&#8217; solution capabilities;</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="zad233e5c3dcb46b2a174015c32af1658" cellpadding="0" cellspacing="0">

              <tr>
                <td style="width: 18pt;"><br>
                </td>
                <td style="width: 18pt; vertical-align: top; align: right; font-size: 9.5pt;">&#8226;</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="font-family: Verdana, sans-serif; font-size: 9.5pt;">Consulting Partners - Large system integrators and enterprise resource planning system vendors through to vertically specialized or niche consulting organizations that
                    provide domain expertise and/or implementation services for Descartes&#8217; solutions; and</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="z524a98dcd00c402a87cd0c4a4af3fea0" cellpadding="0" cellspacing="0">

              <tr>
                <td style="width: 18pt;"><br>
                </td>
                <td style="width: 18pt; vertical-align: top; align: right; font-size: 9.5pt;">&#8226;</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="font-family: Verdana, sans-serif; font-size: 9.5pt;">Channel Partners (Value-Added Resellers) &#8211; Organizations that market, sell, implement and support Descartes' solutions to extend access and expand market share into
                    territories and markets where Descartes might not have a focused direct sales presence.</div>
                </td>
              </tr>

          </table>
          <div><br>
          </div>
          <div style="text-align: justify; font-family: Verdana, sans-serif; font-size: 9.5pt; font-style: italic; font-weight: bold;">Marketing</div>
          <div style="text-align: justify; font-family: Verdana, sans-serif; font-size: 9.5pt;">Our marketing efforts are focused on growing demand for our solutions and establishing Descartes as a thought leader and innovator across the markets we serve.
            Marketing programs are delivered through integrated initiatives designed to reach our target customer and prospect groups. These programs include digital and online marketing, partner-focused campaigns, proactive media relations, and direct
            corporate marketing efforts. These efforts have also historically included trade shows and in-person user group events, but those activities have been suspended during the Pandemic. It is anticipated that some level of in-person events will
            return to our marketing programs following the Pandemic, but it is uncertain at this point to what extent.</div>
          <div><br>
          </div>
          <div style="text-align: justify; font-family: Verdana, sans-serif; font-size: 9.5pt; font-style: italic; font-weight: bold;">Fiscal 2023 Highlights</div>
          <div style="text-align: justify; font-family: Verdana,sans-serif; font-size: 9.5pt;">As a result of the Pandemic, beginning in April 2020, many countries across the globe, including Canada, the United States and other countries in which we
            operate, ordered businesses to close or alter their day-to-day operations. In fiscal 2023, we&#8217;ve seen a mix of some countries going through various levels of lock-downs and travel restrictions in response to managing the ongoing Pandemic, while
            in other countries we have seen a trend towards more &#8220;opening&#8221; of office operations, travel, trade-shows and the like. We&#8217;ve continued</div>
        </div>
      </div>
      <div id="EFPFTCR" style="float: right; width: 48%;">
        <div>&#160;
          <div style="text-align: justify; font-family: Verdana, sans-serif; font-size: 9.5pt;">our work-from-home arrangements with our employees while slowly re-introducing some level of limited travel and face to face meetings for employees in some
            jurisdictions and continue to monitor the impacts of these shut-downs on our customers.</div>
          <div><br>
          </div>
          <div style="text-align: justify; font-family: Verdana, sans-serif; font-size: 9.5pt;">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, which was funded from cash on hand, plus potential performance-based contingent 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: justify; font-family: Verdana, sans-serif; font-size: 9.5pt;">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-size: 9.5pt;">On June 1, 2022, Descartes announced that it had filed with the Toronto Stock Exchange (TSX) a notice of intention (the &#8220;Application&#8221;) to commence a normal
            course issuer bid (the &#8220;NCIB&#8221;). If the Application is accepted by the TSX, Descartes would be permitted to repurchase for cancellation, at its 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. If the Application is accepted by the TSX, 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>
        </div>
      </div>
      <div style="clear: both;"><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;">9</font></div>
        <div style="page-break-after:always;" id="DSPFPageBreak">
          <hr style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;" noshade="noshade"></div>
      </div>
      <div><br>
      </div>
      <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="z5ef0caa032d74730822431fbc4922b3e" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 53.12%; vertical-align: top; border-top: 0.5pt solid rgb(0, 0, 0); border-bottom: 0.5pt solid rgb(0, 0, 0);">
              <div>&#160;</div>
              <div style="font-family: Verdana, sans-serif; font-size: 11pt; font-variant: small-caps; font-weight: bold;"><a name="z_Toc396820860"></a><a name="z_Toc103007247"></a>Consolidated Operations</div>
              <div>&#160;</div>
            </td>
            <td style="width: 46.88%; vertical-align: top; padding-bottom: 0.5pt;">&#160;</td>
          </tr>

      </table>
      <div><br>
      </div>
      <div><br>
      </div>
      <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="z965feb1561084b99a6f8d9724c42d3fe" cellpadding="0" cellspacing="0">

          <tr>
            <td colspan="6" style="width: 100%; vertical-align: top;">
              <div style="text-align: justify; font-family: Verdana, sans-serif; font-size: 9.5pt;">The following table shows, for the periods indicated, our results of operations in millions of dollars (except per share and weighted average share
                amounts):</div>
              <div>&#160;</div>
            </td>
          </tr>
          <tr>
            <td style="width: 54.52%; vertical-align: top;">&#160;</td>
            <td colspan="2" style="width: 22.02%; vertical-align: top;">&#160;</td>
            <td style="width: 1.45%; vertical-align: top;">&#160;</td>
            <td colspan="2" style="width: 22.02%; vertical-align: top; border-top: #000000 0.50pt solid;">
              <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">First Quarter of</div>
            </td>
          </tr>
          <tr>
            <td style="width: 54.52%; vertical-align: top;">&#160;</td>
            <td style="width: 11.01%; vertical-align: top;">&#160;</td>
            <td style="width: 11.01%; vertical-align: top;">&#160;</td>
            <td style="width: 1.45%; vertical-align: top;">&#160;</td>
            <td style="width: 11.01%; vertical-align: top; border-bottom: #000000 0.50pt solid;">
              <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">2023</div>
            </td>
            <td style="width: 11.01%; vertical-align: top; border-bottom: #000000 0.50pt solid;">
              <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt;">2022</div>
            </td>
          </tr>
          <tr>
            <td style="width: 54.52%; vertical-align: top;">
              <div style="font-family: Verdana, sans-serif; font-size: 9.5pt;">Total revenues</div>
            </td>
            <td style="width: 11.01%; vertical-align: top;">&#160;</td>
            <td style="width: 11.01%; vertical-align: top;">&#160;</td>
            <td style="width: 1.45%; vertical-align: top;">&#160;</td>
            <td style="width: 11.01%; vertical-align: top; border-top: #000000 0.50pt solid;">
              <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 9.5pt; font-weight: bold;">116.4</div>
            </td>
            <td style="width: 11.01%; vertical-align: top; border-top: #000000 0.50pt solid;">
              <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 9.5pt;">98.8</div>
            </td>
          </tr>
          <tr>
            <td style="width: 54.52%; vertical-align: top;">
              <div style="margin-left: 9pt; font-family: Verdana, sans-serif; font-size: 9.5pt;">Cost of revenues</div>
            </td>
            <td style="width: 11.01%; vertical-align: top;">&#160;</td>
            <td style="width: 11.01%; vertical-align: top;">&#160;</td>
            <td style="width: 1.45%; vertical-align: top;">&#160;</td>
            <td style="width: 11.01%; vertical-align: top; border-bottom: #000000 0.50pt solid;">
              <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 9.5pt; font-weight: bold;">27.8</div>
            </td>
            <td style="width: 11.01%; vertical-align: top; border-bottom: #000000 0.50pt solid;">
              <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 9.5pt;">23.8</div>
            </td>
          </tr>
          <tr>
            <td style="width: 54.52%; vertical-align: top;">
              <div style="font-family: Verdana, sans-serif; font-size: 9.5pt;">Gross margin</div>
            </td>
            <td style="width: 11.01%; vertical-align: top;">&#160;</td>
            <td style="width: 11.01%; vertical-align: top;">&#160;</td>
            <td style="width: 1.45%; vertical-align: top;">&#160;</td>
            <td style="width: 11.01%; vertical-align: top; border-top: #000000 0.50pt solid;">
              <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 9.5pt; font-weight: bold;">88.6</div>
            </td>
            <td style="width: 11.01%; vertical-align: top; border-top: #000000 0.50pt solid;">
              <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 9.5pt;">75.0</div>
            </td>
          </tr>
          <tr>
            <td style="width: 54.52%; vertical-align: top;">
              <div style="margin-left: 9pt; font-family: Verdana, sans-serif; font-size: 9.5pt;">Operating expenses</div>
            </td>
            <td style="width: 11.01%; vertical-align: top;">&#160;</td>
            <td style="width: 11.01%; vertical-align: top;">&#160;</td>
            <td style="width: 1.45%; vertical-align: top;">&#160;</td>
            <td style="width: 11.01%; vertical-align: top;">
              <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 9.5pt; font-weight: bold;">41.4</div>
            </td>
            <td style="width: 11.01%; vertical-align: top;">
              <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 9.5pt;">37.2</div>
            </td>
          </tr>
          <tr>
            <td style="width: 54.52%; vertical-align: top;">
              <div style="margin-left: 9pt; font-family: Verdana, sans-serif; font-size: 9.5pt;">Other charges</div>
            </td>
            <td style="width: 11.01%; vertical-align: top;">&#160;</td>
            <td style="width: 11.01%; vertical-align: top;">&#160;</td>
            <td style="width: 1.45%; vertical-align: top;">&#160;</td>
            <td style="width: 11.01%; vertical-align: top;">
              <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 9.5pt; font-weight: bold;">1.5</div>
            </td>
            <td style="width: 11.01%; vertical-align: top;">
              <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 9.5pt;">0.5</div>
            </td>
          </tr>
          <tr>
            <td style="width: 54.52%; vertical-align: top;">
              <div style="margin-left: 9pt; font-family: Verdana, sans-serif; font-size: 9.5pt;">Amortization of intangible assets</div>
            </td>
            <td style="width: 11.01%; vertical-align: top;">&#160;</td>
            <td style="width: 11.01%; vertical-align: top;">&#160;</td>
            <td style="width: 1.45%; vertical-align: top;">&#160;</td>
            <td style="width: 11.01%; vertical-align: top; border-bottom: #000000 0.50pt solid;">
              <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 9.5pt; font-weight: bold;">15.1</div>
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            <td style="width: 11.01%; vertical-align: top; border-bottom: #000000 0.50pt solid;">
              <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 9.5pt;">13.9</div>
            </td>
          </tr>
          <tr>
            <td style="width: 54.52%; vertical-align: top;">
              <div style="font-family: Verdana, sans-serif; font-size: 9.5pt;">Income from operations</div>
            </td>
            <td style="width: 11.01%; vertical-align: top;">&#160;</td>
            <td style="width: 11.01%; vertical-align: top;">&#160;</td>
            <td style="width: 1.45%; vertical-align: top;">&#160;</td>
            <td style="width: 11.01%; vertical-align: top; border-top: #000000 0.50pt solid;">
              <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 9.5pt; font-weight: bold;">30.6</div>
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            <td style="width: 11.01%; vertical-align: top; border-top: #000000 0.50pt solid;">
              <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 9.5pt;">23.4</div>
            </td>
          </tr>
          <tr>
            <td style="width: 54.52%; vertical-align: top;">
              <div style="margin-left: 9pt; font-family: Verdana, sans-serif; font-size: 9.5pt;">Investment income</div>
            </td>
            <td style="width: 11.01%; vertical-align: top;">&#160;</td>
            <td style="width: 11.01%; vertical-align: top;">&#160;</td>
            <td style="width: 1.45%; vertical-align: top;">&#160;</td>
            <td style="width: 11.01%; vertical-align: top;">
              <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 9.5pt; font-weight: bold;">0.2</div>
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            <td style="width: 11.01%; vertical-align: top;">
              <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 9.5pt;">0.1</div>
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          </tr>
          <tr>
            <td style="width: 54.52%; vertical-align: top;">
              <div style="margin-left: 9pt; font-family: Verdana, sans-serif; font-size: 9.5pt;">Interest expense</div>
            </td>
            <td style="width: 11.01%; vertical-align: top;">&#160;</td>
            <td style="width: 11.01%; vertical-align: top;">&#160;</td>
            <td style="width: 1.45%; vertical-align: top;">&#160;</td>
            <td style="width: 11.01%; vertical-align: top; border-bottom: #000000 0.50pt solid;">
              <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 9.5pt; font-weight: bold;">(0.3)</div>
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            <td style="width: 11.01%; vertical-align: top; border-bottom: #000000 0.50pt solid;">
              <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 9.5pt;">(0.3)</div>
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          </tr>
          <tr>
            <td style="width: 54.52%; vertical-align: top;">
              <div style="text-indent: -9pt; margin-left: 9pt; font-family: Verdana, sans-serif; font-size: 9.5pt;">Income before income taxes</div>
            </td>
            <td style="width: 11.01%; vertical-align: top;">&#160;</td>
            <td style="width: 11.01%; vertical-align: top;">&#160;</td>
            <td style="width: 1.45%; vertical-align: top;">&#160;</td>
            <td style="width: 11.01%; vertical-align: top; border-top: #000000 0.50pt solid;">
              <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 9.5pt; font-weight: bold;">30.5</div>
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            <td style="width: 11.01%; vertical-align: top; border-top: #000000 0.50pt solid;">
              <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 9.5pt;">23.2</div>
            </td>
          </tr>
          <tr>
            <td style="width: 54.52%; vertical-align: top;">
              <div style="text-indent: -9pt; margin-left: 9pt; font-family: Verdana, sans-serif; font-size: 9.5pt;">Income tax expense</div>
            </td>
            <td style="width: 11.01%; vertical-align: top;">&#160;</td>
            <td style="width: 11.01%; vertical-align: top;">&#160;</td>
            <td style="width: 1.45%; vertical-align: top;">&#160;</td>
            <td style="width: 11.01%; vertical-align: top; text-align: right;">&#160;</td>
            <td style="width: 11.01%; vertical-align: top; text-align: right;">&#160;</td>
          </tr>
          <tr>
            <td style="width: 54.52%; vertical-align: top;">
              <div style="text-indent: 9pt; font-family: Verdana, sans-serif; font-size: 9.5pt;">Current</div>
            </td>
            <td style="width: 11.01%; vertical-align: top;">&#160;</td>
            <td style="width: 11.01%; vertical-align: top;">&#160;</td>
            <td style="width: 1.45%; vertical-align: top;">&#160;</td>
            <td style="width: 11.01%; vertical-align: top;">
              <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 9.5pt; font-weight: bold;">4.9</div>
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            <td style="width: 11.01%; vertical-align: top;">
              <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 9.5pt;">2.2</div>
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          </tr>
          <tr>
            <td style="width: 54.52%; vertical-align: top;">
              <div style="text-indent: 9pt; font-family: Verdana, sans-serif; font-size: 9.5pt;">Deferred</div>
            </td>
            <td style="width: 11.01%; vertical-align: top;">&#160;</td>
            <td style="width: 11.01%; vertical-align: top;">&#160;</td>
            <td style="width: 1.45%; vertical-align: top;">&#160;</td>
            <td style="width: 11.01%; vertical-align: top; border-bottom: #000000 0.50pt solid;">
              <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 9.5pt; font-weight: bold;">2.5</div>
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            <td style="width: 11.01%; vertical-align: top; border-bottom: #000000 0.50pt solid;">
              <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 9.5pt;">2.6</div>
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          </tr>
          <tr>
            <td style="width: 54.52%; vertical-align: top;">
              <div style="font-family: Verdana, sans-serif; font-size: 9.5pt;">Net income</div>
            </td>
            <td style="width: 11.01%; vertical-align: top;">&#160;</td>
            <td style="width: 11.01%; vertical-align: top;">&#160;</td>
            <td style="width: 1.45%; vertical-align: top;">&#160;</td>
            <td style="width: 11.01%; vertical-align: top; border-top: #000000 0.50pt solid; border-bottom: #000000 1.50pt solid;">
              <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 9.5pt; font-weight: bold;">23.1</div>
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            <td style="width: 11.01%; vertical-align: top; border-top: #000000 0.50pt solid; border-bottom: #000000 1.50pt solid;">
              <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 9.5pt;">18.4</div>
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          <tr>
            <td style="width: 54.52%; vertical-align: top;">
              <div style="font-family: Verdana, sans-serif; font-size: 9.5pt;">EARNINGS PER SHARE</div>
            </td>
            <td style="width: 11.01%; vertical-align: top;">&#160;</td>
            <td style="width: 11.01%; vertical-align: top;">&#160;</td>
            <td style="width: 1.45%; vertical-align: top;">&#160;</td>
            <td style="width: 11.01%; vertical-align: top; text-align: right;">&#160;</td>
            <td style="width: 11.01%; vertical-align: top; text-align: right;">&#160;</td>
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          <tr>
            <td style="width: 54.52%; vertical-align: top;">
              <div style="margin-left: 9pt; font-family: Verdana, sans-serif; font-size: 9.5pt;">BASIC</div>
            </td>
            <td style="width: 11.01%; vertical-align: top;">&#160;</td>
            <td style="width: 11.01%; vertical-align: top;">&#160;</td>
            <td style="width: 1.45%; vertical-align: top;">&#160;</td>
            <td style="width: 11.01%; vertical-align: top;">
              <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">0.27</div>
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            <td style="width: 11.01%; vertical-align: top;">
              <div style="text-align: right; margin-right: 6pt; font-family: Verdana, sans-serif; font-size: 9.5pt;">0.22</div>
            </td>
          </tr>
          <tr>
            <td style="width: 54.52%; vertical-align: top;">
              <div style="margin-left: 9pt; font-family: Verdana, sans-serif; font-size: 9.5pt;">DILUTED</div>
            </td>
            <td style="width: 11.01%; vertical-align: top;">&#160;</td>
            <td style="width: 11.01%; vertical-align: top;">&#160;</td>
            <td style="width: 1.45%; vertical-align: top;">&#160;</td>
            <td style="width: 11.01%; vertical-align: top; border-bottom: #000000 1.50pt solid;">
              <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">0.27</div>
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            <td style="width: 11.01%; vertical-align: top; border-bottom: #000000 1.50pt solid;">
              <div style="text-align: right; margin-right: 6pt; font-family: Verdana, sans-serif; font-size: 9.5pt;">0.21</div>
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          <tr>
            <td style="width: 54.52%; vertical-align: top;">
              <div style="font-family: Verdana, sans-serif; font-size: 9.5pt;">WEIGHTED AVERAGE SHARES OUTSTANDING (thousands)</div>
            </td>
            <td style="width: 11.01%; vertical-align: top;">&#160;</td>
            <td style="width: 11.01%; vertical-align: top;">&#160;</td>
            <td style="width: 1.45%; vertical-align: top;">&#160;</td>
            <td style="width: 11.01%; vertical-align: top; text-align: right;">&#160;</td>
            <td style="width: 11.01%; vertical-align: top; text-align: right;">&#160;</td>
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          <tr>
            <td style="width: 54.52%; vertical-align: top;">
              <div style="margin-left: 9pt; font-family: Verdana, sans-serif; font-size: 9.5pt;">BASIC</div>
            </td>
            <td style="width: 11.01%; vertical-align: top;">&#160;</td>
            <td style="width: 11.01%; vertical-align: top;">&#160;</td>
            <td style="width: 1.45%; vertical-align: top;">&#160;</td>
            <td style="width: 11.01%; vertical-align: top;">
              <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">84,765</div>
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            <td style="width: 11.01%; vertical-align: top;">
              <div style="text-align: right; margin-right: 6pt; font-family: Verdana, sans-serif; font-size: 9.5pt;">84,501</div>
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          <tr>
            <td style="width: 54.52%; vertical-align: top;">
              <div style="margin-left: 9pt; font-family: Verdana, sans-serif; font-size: 9.5pt;">DILUTED</div>
            </td>
            <td style="width: 11.01%; vertical-align: top;">&#160;</td>
            <td style="width: 11.01%; vertical-align: top;">&#160;</td>
            <td style="width: 1.45%; vertical-align: top;">&#160;</td>
            <td style="width: 11.01%; vertical-align: top; border-bottom: #000000 1.50pt solid;">
              <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">86,348</div>
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            <td style="width: 11.01%; vertical-align: top; border-bottom: #000000 1.50pt solid;">
              <div style="text-align: right; margin-right: 6pt; font-family: Verdana, sans-serif; font-size: 9.5pt;">86,045</div>
            </td>
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      </table>
      <div><br>
      </div>
      <div style="text-align: justify; font-family: Verdana, sans-serif; font-size: 9.5pt;"><font style="font-weight: bold;">Total revenues </font>consist of <font style="font-weight: bold; font-style: italic;">license revenues, services revenues </font>and <font style="font-weight: bold; font-style: italic;">professional services
          and other revenues</font>. License revenues are derived from perpetual licenses granted to our customers to use our software products. Services revenues are comprised of ongoing transactional and/or subscription fees for use of our services and
        products by our customers and maintenance, which include revenues associated with maintenance and support of our services and products. Professional services and other revenues are comprised of professional services revenues from consulting,
        implementation and training services related to our services and products, hardware revenues and other revenues.</div>
      <div><br>
      </div>
      <div style="text-align: justify; font-family: Verdana, sans-serif; font-size: 9.5pt;">Our<font style="font-weight: bold;">&#160;</font>total revenues were $116.4 million and $98.8 million for the first
        quarter of 2023 and 2022, respectively. The increase in revenues in the first quarter of 2023 compared to the same period of 2022 was primarily due to growth in services revenues from new and existing customers which contributed an incremental $9.4
        million in revenue in the first quarter of 2023. While we saw growth across many lines of our business, services revenue growth in the first quarter of 2023 was driven by sales of our global trade intelligence solutions. The principal contributor
        to the balance of the increase in revenues in the first quarter of 2023 compared to the same period of 2022 was a full period of contribution from the acquisitions completed in 2022 (VitaDex Solutions, LLC, doing business as QuestaWeb
        (&#8220;QuestaWeb&#8221;), Portrix Logistics Software GmbH (&#8220;Portrix&#8221;), and GreenMile, LLC (&#8220;GreenMile&#8221;), collectively, the &#8220;2022 Acquisitions&#8221;).</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;">10</font></div>
        <div style="page-break-after:always;" id="DSPFPageBreak">
          <hr style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;" noshade="noshade"></div>
      </div>
      <div><br>
      </div>
      <div><br>
      </div>
      <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="z54eb931ea7c54b9fb541d93380444fc2" cellpadding="0" cellspacing="0">

          <tr>
            <td colspan="6" style="width: 100%; vertical-align: top;">
              <div style="text-align: justify; font-family: Verdana, sans-serif; font-size: 9.5pt;">The following table provides additional analysis of our revenues by type (in millions of dollars and as a percentage of total revenues) generated over each
                of the periods indicated:</div>
            </td>
          </tr>
          <tr>
            <td style="width: 53.69%; vertical-align: top;">&#160;</td>
            <td colspan="2" style="width: 22.45%; vertical-align: top;">&#160;</td>
            <td style="width: 1.41%; vertical-align: top;">&#160;</td>
            <td colspan="2" style="width: 22.45%; vertical-align: top; border-top: #000000 0.25pt solid;">
              <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">First Quarter of</div>
            </td>
          </tr>
          <tr>
            <td style="width: 53.69%; vertical-align: top;">&#160;</td>
            <td style="width: 11.22%; vertical-align: top;">&#160;</td>
            <td style="width: 11.22%; vertical-align: top;">&#160;</td>
            <td style="width: 1.41%; vertical-align: top;">&#160;</td>
            <td style="width: 11.22%; vertical-align: top; border-bottom: #000000 0.50pt solid;">
              <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">2023</div>
            </td>
            <td style="width: 11.22%; vertical-align: top; border-bottom: #000000 0.50pt solid;">
              <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt;">2022</div>
            </td>
          </tr>
          <tr>
            <td style="width: 53.69%; vertical-align: top;">
              <div style="font-family: Verdana, sans-serif; font-size: 9.5pt;">License</div>
            </td>
            <td style="width: 11.22%; vertical-align: top;">&#160;</td>
            <td style="width: 11.22%; vertical-align: top;">&#160;</td>
            <td style="width: 1.41%; vertical-align: top;">&#160;</td>
            <td style="width: 11.22%; vertical-align: top;">
              <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">2.3</div>
            </td>
            <td style="width: 11.22%; vertical-align: top;">
              <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt;">1.3</div>
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          </tr>
          <tr>
            <td style="width: 53.69%; vertical-align: top;">
              <div style="font-family: Verdana, sans-serif; font-size: 9.5pt; font-style: italic;">Percentage of total revenues</div>
            </td>
            <td style="width: 11.22%; vertical-align: top;">&#160;</td>
            <td style="width: 11.22%; vertical-align: top;">&#160;</td>
            <td style="width: 1.41%; vertical-align: top;">&#160;</td>
            <td style="width: 11.22%; vertical-align: top;">
              <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt; font-style: italic; font-weight: bold;">2%</div>
            </td>
            <td style="width: 11.22%; vertical-align: top;">
              <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt; font-style: italic;">1%</div>
            </td>
          </tr>
          <tr>
            <td style="width: 53.69%; vertical-align: top;">&#160;</td>
            <td style="width: 11.22%; vertical-align: top;">&#160;</td>
            <td style="width: 11.22%; vertical-align: top;">&#160;</td>
            <td style="width: 1.41%; vertical-align: top;">&#160;</td>
            <td style="width: 11.22%; vertical-align: top;">&#160;</td>
            <td style="width: 11.22%; vertical-align: top;">&#160;</td>
          </tr>
          <tr>
            <td style="width: 53.69%; vertical-align: top;">
              <div style="font-family: Verdana, sans-serif; font-size: 9.5pt;">Services</div>
            </td>
            <td style="width: 11.22%; vertical-align: top;">&#160;</td>
            <td style="width: 11.22%; vertical-align: top;">&#160;</td>
            <td style="width: 1.41%; vertical-align: top;">&#160;</td>
            <td style="width: 11.22%; vertical-align: top;">
              <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">102.8</div>
            </td>
            <td style="width: 11.22%; vertical-align: top;">
              <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt;">88.3</div>
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          <tr>
            <td style="width: 53.69%; vertical-align: top;">
              <div style="font-family: Verdana, sans-serif; font-size: 9.5pt; font-style: italic;">Percentage of total revenues</div>
            </td>
            <td style="width: 11.22%; vertical-align: top;">&#160;</td>
            <td style="width: 11.22%; vertical-align: top;">&#160;</td>
            <td style="width: 1.41%; vertical-align: top;">&#160;</td>
            <td style="width: 11.22%; vertical-align: top;">
              <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt; font-style: italic; font-weight: bold;">88%</div>
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            <td style="width: 11.22%; vertical-align: top;">
              <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt; font-style: italic;">90%</div>
            </td>
          </tr>
          <tr>
            <td style="width: 53.69%; vertical-align: top;">&#160;</td>
            <td style="width: 11.22%; vertical-align: top;">&#160;</td>
            <td style="width: 11.22%; vertical-align: top;">&#160;</td>
            <td style="width: 1.41%; vertical-align: top;">&#160;</td>
            <td style="width: 11.22%; vertical-align: top;">&#160;</td>
            <td style="width: 11.22%; vertical-align: top;">&#160;</td>
          </tr>
          <tr>
            <td style="width: 53.69%; vertical-align: top;">
              <div style="font-family: Verdana, sans-serif; font-size: 9.5pt;">Professional services and other</div>
            </td>
            <td style="width: 11.22%; vertical-align: top;">&#160;</td>
            <td style="width: 11.22%; vertical-align: top;">&#160;</td>
            <td style="width: 1.41%; vertical-align: top;">&#160;</td>
            <td style="width: 11.22%; vertical-align: top;">
              <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">11.3</div>
            </td>
            <td style="width: 11.22%; vertical-align: top;">
              <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt;">9.2</div>
            </td>
          </tr>
          <tr>
            <td style="width: 53.69%; vertical-align: top;">
              <div style="font-family: Verdana, sans-serif; font-size: 9.5pt; font-style: italic;">Percentage of total revenues</div>
            </td>
            <td style="width: 11.22%; vertical-align: top;">&#160;</td>
            <td style="width: 11.22%; vertical-align: top;">&#160;</td>
            <td style="width: 1.41%; vertical-align: top;">&#160;</td>
            <td style="width: 11.22%; vertical-align: top; border-bottom: #000000 0.25pt solid;">
              <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt; font-style: italic; font-weight: bold;">10%</div>
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            <td style="width: 11.22%; vertical-align: top; border-bottom: #000000 0.25pt solid;">
              <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt; font-style: italic;">9%</div>
            </td>
          </tr>
          <tr>
            <td style="width: 53.69%; vertical-align: top;">
              <div style="font-family: Verdana, sans-serif; font-size: 9.5pt;">Total revenues</div>
            </td>
            <td style="width: 11.22%; vertical-align: top;">&#160;</td>
            <td style="width: 11.22%; vertical-align: top;">&#160;</td>
            <td style="width: 1.41%; vertical-align: top;">&#160;</td>
            <td style="width: 11.22%; vertical-align: top; border-top: #000000 0.25pt solid; border-bottom: #000000 1.50pt solid;">
              <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">116.4</div>
            </td>
            <td style="width: 11.22%; vertical-align: top; border-top: #000000 0.25pt solid; border-bottom: #000000 1.50pt solid;">
              <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt;">98.8</div>
            </td>
          </tr>

      </table>
      <div><br>
      </div>
      <div style="text-align: justify; font-family: Verdana, sans-serif; font-size: 9.5pt;">Our<font style="font-weight: bold;">&#160;</font><font style="font-weight: bold; font-style: italic;">license revenues</font> were $2.3 million and $1.3 million for the first quarter of 2023 and 2022, respectively, representing 2% and 1% of total revenues for the first quarter of 2023 and 2022,
        respectively. While our sales focus has been on generating services revenues in our SaaS business model, we continue to see a market for licensing the products in our omni-channel retailing and home delivery logistics solutions. The amount of
        license revenues in a period is dependent on our customers&#8217; preference to license our solutions instead of purchasing our solutions as a service and we anticipate variances from period to period.</div>
      <div><br>
      </div>
      <div style="text-align: justify; font-family: Verdana, sans-serif; font-size: 9.5pt;">Our<font style="font-weight: bold;">&#160;</font><font style="font-weight: bold; font-style: italic;">services revenues</font> were $102.8 million and $88.3 million for the first quarter of 2023 and 2022, respectively, representing 88% and 90% of total revenues for the first quarter of 2023 and 2022,
        respectively. The increase in revenues in the first quarter of 2023 compared to the same period of 2022 was primarily due to growth in revenue from new and existing customers which contributed an incremental $9.4 million in revenue in the first
        quarter of 2023. The growth in services revenues in the first quarter of 2023 was driven by sales of our global trade intelligence solutions. The principal contributor to the balance of the increase in services revenues in the first quarter of 2023
        compared to the same period of 2022 was a full period of contribution from the 2022 Acquisitions, including growth of new and existing customers from the 2022 Acquisitions, which contributed an incremental $3.2 million.</div>
      <div><br>
      </div>
      <div style="text-align: justify; font-family: Verdana, sans-serif; font-size: 9.5pt;">Our <font style="font-weight: bold; font-style: italic;">professional services and other revenues</font> were
        $11.3 million and $9.2 million for the first quarter of 2023 and 2022, respectively, representing 10% and 9% of total revenues for the first quarter of 2023 and 2022, respectively. The increase in the first quarter of 2023 compared to the same
        period of 2022 was primarily due growth in revenue from new and existing customers which contributed an incremental $0.8 million. The principal contributor to the balance of the increase in professional services and other revenues in the first
        quarter of 2023 compared to the same period of 2022 was the inclusion of a full period of revenues from the 2022 Acquisitions including growth of new and existing customers from the 2022 Acquisitions, which contributed an incremental $0.7 million.</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;">11</font></div>
        <div style="page-break-after:always;" id="DSPFPageBreak">
          <hr style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;" noshade="noshade"></div>
      </div>
      <div><br>
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      <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="zcde78fdb9aff49518afcbed4c2399186" cellpadding="0" cellspacing="0">

          <tr>
            <td colspan="6" style="width: 100%; vertical-align: top;">
              <div style="text-align: justify; font-family: Verdana, sans-serif; font-size: 9.5pt;">We operate in one business segment providing logistics technology solutions. The following table provides additional analysis of our revenues by geographic
                location of customers<font style="font-style: italic;">&#160;</font>(in millions of dollars and as a percentage of total revenues):</div>
            </td>
          </tr>
          <tr>
            <td style="width: 56.14%; vertical-align: top;">&#160;</td>
            <td colspan="2" style="width: 21.25%; vertical-align: top;">&#160;</td>
            <td style="width: 1.37%; vertical-align: top;">&#160;</td>
            <td colspan="2" style="width: 21.25%; vertical-align: top; border-top: #000000 0.25pt solid;">
              <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">First Quarter of</div>
            </td>
          </tr>
          <tr>
            <td style="width: 56.14%; vertical-align: top;">&#160;</td>
            <td style="width: 12.48%; vertical-align: top;">&#160;</td>
            <td style="width: 8.77%; vertical-align: top;">&#160;</td>
            <td style="width: 1.37%; vertical-align: top;">&#160;</td>
            <td style="width: 10.62%; vertical-align: top; border-bottom: #000000 0.50pt solid;">
              <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">2023</div>
            </td>
            <td style="width: 10.62%; vertical-align: top; border-bottom: #000000 0.50pt solid;">
              <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt;">2022</div>
            </td>
          </tr>
          <tr>
            <td style="width: 56.14%; vertical-align: top;">
              <div style="font-family: Verdana, sans-serif; font-size: 9.5pt;">United States</div>
            </td>
            <td style="width: 12.48%; vertical-align: top;">&#160;</td>
            <td style="width: 8.77%; vertical-align: top;">&#160;</td>
            <td style="width: 1.37%; vertical-align: top;">&#160;</td>
            <td style="width: 10.62%; vertical-align: top;">
              <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">69.1</div>
            </td>
            <td style="width: 10.62%; vertical-align: top;">
              <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt;">55.2</div>
            </td>
          </tr>
          <tr>
            <td style="width: 56.14%; vertical-align: top;">
              <div style="font-family: Verdana, sans-serif; font-size: 9.5pt; font-style: italic;">Percentage of total revenues</div>
            </td>
            <td style="width: 12.48%; vertical-align: top;">&#160;</td>
            <td style="width: 8.77%; vertical-align: top;">&#160;</td>
            <td style="width: 1.37%; vertical-align: top;">&#160;</td>
            <td style="width: 10.62%; vertical-align: top;">
              <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt; font-style: italic; font-weight: bold;">59%</div>
            </td>
            <td style="width: 10.62%; vertical-align: top;">
              <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt; font-style: italic;">56%</div>
            </td>
          </tr>
          <tr>
            <td style="width: 56.14%; vertical-align: top;">&#160;</td>
            <td style="width: 12.48%; vertical-align: top;">&#160;</td>
            <td style="width: 8.77%; vertical-align: top;">&#160;</td>
            <td style="width: 1.37%; vertical-align: top;">&#160;</td>
            <td style="width: 10.62%; vertical-align: top;">&#160;</td>
            <td style="width: 10.62%; vertical-align: top;">&#160;</td>
          </tr>
          <tr>
            <td style="width: 56.14%; vertical-align: top;">
              <div style="font-family: Verdana, sans-serif; font-size: 9.5pt;">Europe, Middle-East and Africa (&#8220;EMEA&#8221;)</div>
            </td>
            <td style="width: 12.48%; vertical-align: bottom;">&#160;</td>
            <td style="width: 8.77%; vertical-align: bottom;">&#160;</td>
            <td style="width: 1.37%; vertical-align: bottom;">&#160;</td>
            <td style="width: 10.62%; vertical-align: bottom;">
              <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">34.6</div>
            </td>
            <td style="width: 10.62%; vertical-align: bottom;">
              <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt;">31.1</div>
            </td>
          </tr>
          <tr>
            <td style="width: 56.14%; vertical-align: top;">
              <div style="font-family: Verdana, sans-serif; font-size: 9.5pt; font-style: italic;">Percentage of total revenues</div>
            </td>
            <td style="width: 12.48%; vertical-align: top;">&#160;</td>
            <td style="width: 8.77%; vertical-align: top;">&#160;</td>
            <td style="width: 1.37%; vertical-align: top;">&#160;</td>
            <td style="width: 10.62%; vertical-align: top;">
              <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt; font-style: italic; font-weight: bold;">30%</div>
            </td>
            <td style="width: 10.62%; vertical-align: top;">
              <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt; font-style: italic;">31%</div>
            </td>
          </tr>
          <tr>
            <td style="width: 56.14%; vertical-align: top;">&#160;</td>
            <td style="width: 12.48%; vertical-align: top;">&#160;</td>
            <td style="width: 8.77%; vertical-align: top;">&#160;</td>
            <td style="width: 1.37%; vertical-align: top;">&#160;</td>
            <td style="width: 10.62%; vertical-align: top;">&#160;</td>
            <td style="width: 10.62%; vertical-align: top;">&#160;</td>
          </tr>
          <tr>
            <td style="width: 56.14%; vertical-align: top;">
              <div style="font-family: Verdana, sans-serif; font-size: 9.5pt;">Canada</div>
            </td>
            <td style="width: 12.48%; vertical-align: top;">&#160;</td>
            <td style="width: 8.77%; vertical-align: top;">&#160;</td>
            <td style="width: 1.37%; vertical-align: top;">&#160;</td>
            <td style="width: 10.62%; vertical-align: top;">
              <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">8.3</div>
            </td>
            <td style="width: 10.62%; vertical-align: top;">
              <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt;">8.4</div>
            </td>
          </tr>
          <tr>
            <td style="width: 56.14%; vertical-align: top;">
              <div style="font-family: Verdana, sans-serif; font-size: 9.5pt; font-style: italic;">Percentage of total revenues</div>
            </td>
            <td style="width: 12.48%; vertical-align: top;">&#160;</td>
            <td style="width: 8.77%; vertical-align: top;">&#160;</td>
            <td style="width: 1.37%; vertical-align: top;">&#160;</td>
            <td style="width: 10.62%; vertical-align: top;">
              <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt; font-style: italic; font-weight: bold;">7%</div>
            </td>
            <td style="width: 10.62%; vertical-align: top;">
              <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt; font-style: italic;">9%</div>
            </td>
          </tr>
          <tr>
            <td style="width: 56.14%; vertical-align: top;">&#160;</td>
            <td style="width: 12.48%; vertical-align: top;">&#160;</td>
            <td style="width: 8.77%; vertical-align: top;">&#160;</td>
            <td style="width: 1.37%; vertical-align: top;">&#160;</td>
            <td style="width: 10.62%; vertical-align: top;">&#160;</td>
            <td style="width: 10.62%; vertical-align: top;">&#160;</td>
          </tr>
          <tr>
            <td style="width: 56.14%; vertical-align: top;">
              <div style="font-family: Verdana, sans-serif; font-size: 9.5pt;">Asia Pacific</div>
            </td>
            <td style="width: 12.48%; vertical-align: top;">&#160;</td>
            <td style="width: 8.77%; vertical-align: top;">&#160;</td>
            <td style="width: 1.37%; vertical-align: top;">&#160;</td>
            <td style="width: 10.62%; vertical-align: top;">
              <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">4.4</div>
            </td>
            <td style="width: 10.62%; vertical-align: top;">
              <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt;">4.1</div>
            </td>
          </tr>
          <tr>
            <td style="width: 56.14%; vertical-align: top;">
              <div style="font-family: Verdana, sans-serif; font-size: 9.5pt; font-style: italic;">Percentage of total revenues</div>
            </td>
            <td style="width: 12.48%; vertical-align: top;">&#160;</td>
            <td style="width: 8.77%; vertical-align: top;">&#160;</td>
            <td style="width: 1.37%; vertical-align: top;">&#160;</td>
            <td style="width: 10.62%; vertical-align: top;">
              <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt; font-style: italic; font-weight: bold;">4%</div>
            </td>
            <td style="width: 10.62%; vertical-align: top;">
              <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt; font-style: italic;">4%</div>
            </td>
          </tr>
          <tr>
            <td style="width: 56.14%; vertical-align: top;">&#160;</td>
            <td style="width: 12.48%; vertical-align: top;">&#160;</td>
            <td style="width: 8.77%; vertical-align: top;">&#160;</td>
            <td style="width: 1.37%; vertical-align: top;">&#160;</td>
            <td style="width: 10.62%; vertical-align: top;">&#160;</td>
            <td style="width: 10.62%; vertical-align: top;">&#160;</td>
          </tr>
          <tr>
            <td style="width: 56.14%; vertical-align: top;">
              <div style="font-family: Verdana, sans-serif; font-size: 9.5pt;">Total revenues</div>
            </td>
            <td style="width: 12.48%; vertical-align: top;">&#160;</td>
            <td style="width: 8.77%; vertical-align: top;">&#160;</td>
            <td style="width: 1.37%; vertical-align: top;">&#160;</td>
            <td style="width: 10.62%; vertical-align: top; border-top: #000000 0.25pt solid; border-bottom: #000000 1.50pt solid;">
              <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">116.4</div>
            </td>
            <td style="width: 10.62%; vertical-align: top; border-top: #000000 0.25pt solid; border-bottom: #000000 1.50pt solid;">
              <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt;">98.8</div>
            </td>
          </tr>

      </table>
      <div><br>
      </div>
      <div style="text-align: justify; font-family: Verdana, sans-serif; font-size: 9.5pt;"><font style="font-weight: bold; font-style: italic;">Revenues from the United States</font> were $69.1 million
        and $55.2 million for the first quarter of 2023 and 2022, respectively. The increase in the first quarter of 2023 compared to the same period of 2022 was primarily due to growth in services revenues from new and existing customers which contributed
        an incremental $6.2 million in revenue in the first quarter of 2023. The growth in the first quarter of 2023 was primarily driven by sales of our global trade intelligence solutions. The principal contributor to the balance of the increase in
        revenues in the first quarter of 2023 as compared to the same period of 2022 was primarily a result of the inclusion of a full period of revenues from the 2022 Acquisitions including growth of new and existing customers from the 2022 Acquisitions
        as well as revenues from the acquisition of NetCHB.</div>
      <div><br>
      </div>
      <div style="text-align: justify; font-family: Verdana, sans-serif; font-size: 9.5pt;"><font style="font-weight: bold; font-style: italic;">Revenues from the EMEA</font>&#160;<font style="font-weight: bold; font-style: italic;">region</font> were $34.6 million and $31.1 million for the first quarter of 2023 and 2022, respectively. The increase in the first quarter of 2023 compared to the same
        period of 2022 was primarily due to growth in services revenues from new and existing customers which contributed an incremental $2.0 million in revenue in the first quarter of 2023. The principal contributor to the balance of the increase in
        revenues in the first quarter of 2023 as compared to the same period of 2022 was primarily a result of the inclusion of a full period of revenues from the 2022 Acquisitions including growth of new and existing customers from the 2022 Acquisitions.
        The increase in revenues in the first quarter of 2023 as compared to the same period of 2022 was partially offset by the weakening of the British pound sterling and euro compared to the US dollar.</div>
      <div><br>
      </div>
      <div style="text-align: justify; font-family: Verdana, sans-serif; font-size: 9.5pt;"><font style="font-weight: bold; font-style: italic;">Revenues from Canada</font> were $8.3 million and $8.4
        million for the first quarter of 2023 and 2022, respectively. The decrease in the first quarter of 2023 as compared to the same period of 2022 was primarily a result of lower license revenues in Canada in the first quarter of 2023.</div>
      <div><br>
      </div>
      <div style="text-align: justify; font-family: Verdana, sans-serif; font-size: 9.5pt;"><font style="font-weight: bold; font-style: italic;">Revenues from the Asia Pacific region</font> were $4.4
        million and $4.1 million for the first quarter of 2023 and 2022, respectively. The increase in the first quarter of 2023 compared to the same period of 2022 was primarily due to growth in services revenues from new and existing customers which
        contributed an incremental $0.2 million in revenue in the first quarter of 2023.</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;">12</font></div>
        <div style="page-break-after:always;" id="DSPFPageBreak">
          <hr style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;" noshade="noshade"></div>
      </div>
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      <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="za219fc76357042238efbab1cb8d9fdba" cellpadding="0" cellspacing="0">

          <tr>
            <td colspan="6" style="width: 100%; vertical-align: top;">
              <div style="text-align: justify; font-family: Verdana, sans-serif; font-size: 9.5pt;">The following table provides analysis of cost of revenues (in millions of dollars) and the related gross margins for the periods indicated:</div>
            </td>
          </tr>
          <tr>
            <td style="width: 56.14%; vertical-align: top;">&#160;</td>
            <td colspan="2" style="width: 21.25%; vertical-align: top;">&#160;</td>
            <td style="width: 1.37%; vertical-align: top;">&#160;</td>
            <td colspan="2" style="width: 21.25%; vertical-align: top; border-top: 0.25pt solid rgb(0, 0, 0);">
              <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">First Quarter of</div>
            </td>
          </tr>
          <tr>
            <td style="width: 56.14%; vertical-align: top; padding-bottom: 0.5pt;">&#160;</td>
            <td style="width: 10.62%; vertical-align: top; padding-bottom: 0.5pt;">&#160;</td>
            <td style="width: 10.62%; vertical-align: top; padding-bottom: 0.5pt;">&#160;</td>
            <td style="width: 1.37%; vertical-align: top; padding-bottom: 0.5pt;">&#160;</td>
            <td style="width: 10.62%; vertical-align: top; border-bottom: 0.5pt solid rgb(0, 0, 0);">
              <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">2023</div>
            </td>
            <td style="width: 10.62%; vertical-align: top; border-bottom: 0.5pt solid rgb(0, 0, 0);">
              <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt;">2022</div>
            </td>
          </tr>
          <tr>
            <td style="width: 56.14%; vertical-align: top;">
              <div style="font-family: Verdana, sans-serif; font-size: 9.5pt;">License</div>
            </td>
            <td style="width: 10.62%; vertical-align: top;">&#160;</td>
            <td style="width: 10.62%; vertical-align: top;">&#160;</td>
            <td style="width: 1.37%; vertical-align: top;">&#160;</td>
            <td style="width: 10.62%; vertical-align: top;">&#160;</td>
            <td style="width: 10.62%; vertical-align: top;">&#160;</td>
          </tr>
          <tr>
            <td style="width: 56.14%; vertical-align: top;">
              <div style="font-family: Verdana, sans-serif; font-size: 9.5pt;">License revenues</div>
            </td>
            <td style="width: 10.62%; vertical-align: top;">&#160;</td>
            <td style="width: 10.62%; vertical-align: top;">&#160;</td>
            <td style="width: 1.37%; vertical-align: top;">&#160;</td>
            <td style="width: 10.62%; vertical-align: top;">
              <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">2.3</div>
            </td>
            <td style="width: 10.62%; vertical-align: top;">
              <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt;">1.3</div>
            </td>
          </tr>
          <tr>
            <td style="width: 56.14%; vertical-align: top; padding-bottom: 0.5pt;">
              <div style="font-family: Verdana, sans-serif; font-size: 9.5pt;">Cost of license revenues</div>
            </td>
            <td style="width: 10.62%; vertical-align: top; padding-bottom: 0.5pt;">&#160;</td>
            <td style="width: 10.62%; vertical-align: top; padding-bottom: 0.5pt;">&#160;</td>
            <td style="width: 1.37%; vertical-align: top; padding-bottom: 0.5pt;">&#160;</td>
            <td style="width: 10.62%; vertical-align: top; border-bottom: 0.5pt solid rgb(0, 0, 0);">
              <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">0.3</div>
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            <td style="width: 10.62%; vertical-align: top; border-bottom: 0.5pt solid rgb(0, 0, 0);">
              <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt;">0.2</div>
            </td>
          </tr>
          <tr>
            <td style="width: 56.14%; vertical-align: top; padding-bottom: 1.5pt;">
              <div style="font-family: Verdana, sans-serif; font-size: 9.5pt;">Gross margin</div>
            </td>
            <td style="width: 10.62%; vertical-align: top; padding-bottom: 1.5pt;">&#160;</td>
            <td style="width: 10.62%; vertical-align: top; padding-bottom: 1.5pt;">&#160;</td>
            <td style="width: 1.37%; vertical-align: top; padding-bottom: 1.5pt;">&#160;</td>
            <td style="width: 10.62%; vertical-align: top; border-top: 0.5pt solid rgb(0, 0, 0); border-bottom: 1.5pt solid rgb(0, 0, 0);">
              <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">2.0</div>
            </td>
            <td style="width: 10.62%; vertical-align: top; border-top: 0.5pt solid rgb(0, 0, 0); border-bottom: 1.5pt solid rgb(0, 0, 0);">
              <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt;">1.1</div>
            </td>
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          <tr>
            <td style="width: 56.14%; vertical-align: top;">
              <div style="font-family: Verdana, sans-serif; font-size: 9.5pt; font-style: italic;">Gross margin percentage</div>
            </td>
            <td style="width: 10.62%; vertical-align: top;">&#160;</td>
            <td style="width: 10.62%; vertical-align: top;">&#160;</td>
            <td style="width: 1.37%; vertical-align: top;">&#160;</td>
            <td style="width: 10.62%; vertical-align: top; border-top: 1.5pt solid rgb(0, 0, 0);">
              <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt; font-style: italic; font-weight: bold;">87%</div>
            </td>
            <td style="width: 10.62%; vertical-align: top; border-top: 1.5pt solid rgb(0, 0, 0);">
              <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt; font-style: italic;">85%</div>
            </td>
          </tr>
          <tr>
            <td style="width: 56.14%; vertical-align: top;">&#160;</td>
            <td style="width: 10.62%; vertical-align: top;">&#160;</td>
            <td style="width: 10.62%; vertical-align: top;">&#160;</td>
            <td style="width: 1.37%; vertical-align: top;">&#160;</td>
            <td style="width: 10.62%; vertical-align: top;">&#160;</td>
            <td style="width: 10.62%; vertical-align: top;">&#160;</td>
          </tr>
          <tr>
            <td style="width: 56.14%; vertical-align: top;">
              <div style="font-family: Verdana, sans-serif; font-size: 9.5pt;">Services</div>
            </td>
            <td style="width: 10.62%; vertical-align: top;">&#160;</td>
            <td style="width: 10.62%; vertical-align: top;">&#160;</td>
            <td style="width: 1.37%; vertical-align: top;">&#160;</td>
            <td style="width: 10.62%; vertical-align: top;">&#160;</td>
            <td style="width: 10.62%; vertical-align: top;">&#160;</td>
          </tr>
          <tr>
            <td style="width: 56.14%; vertical-align: top;">
              <div style="font-family: Verdana, sans-serif; font-size: 9.5pt;">Services revenues</div>
            </td>
            <td style="width: 10.62%; vertical-align: top;">&#160;</td>
            <td style="width: 10.62%; vertical-align: top;">&#160;</td>
            <td style="width: 1.37%; vertical-align: top;">&#160;</td>
            <td style="width: 10.62%; vertical-align: top;">
              <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">102.8</div>
            </td>
            <td style="width: 10.62%; vertical-align: top;">
              <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt;">88.3</div>
            </td>
          </tr>
          <tr>
            <td style="width: 56.14%; vertical-align: top; padding-bottom: 0.25pt;">
              <div style="font-family: Verdana, sans-serif; font-size: 9.5pt;">Cost of services revenues</div>
            </td>
            <td style="width: 10.62%; vertical-align: top; padding-bottom: 0.25pt;">&#160;</td>
            <td style="width: 10.62%; vertical-align: top; padding-bottom: 0.25pt;">&#160;</td>
            <td style="width: 1.37%; vertical-align: top; padding-bottom: 0.25pt;">&#160;</td>
            <td style="width: 10.62%; vertical-align: top; border-bottom: 0.25pt solid rgb(0, 0, 0);">
              <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">21.4</div>
            </td>
            <td style="width: 10.62%; vertical-align: top; border-bottom: 0.25pt solid rgb(0, 0, 0);">
              <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt;">18.2</div>
            </td>
          </tr>
          <tr>
            <td style="width: 56.14%; vertical-align: top; padding-bottom: 1.5pt;">
              <div style="font-family: Verdana, sans-serif; font-size: 9.5pt;">Gross margin</div>
            </td>
            <td style="width: 10.62%; vertical-align: top; padding-bottom: 1.5pt;">&#160;</td>
            <td style="width: 10.62%; vertical-align: top; padding-bottom: 1.5pt;">&#160;</td>
            <td style="width: 1.37%; vertical-align: top; padding-bottom: 1.5pt;">&#160;</td>
            <td style="width: 10.62%; vertical-align: top; border-top: 0.25pt solid rgb(0, 0, 0); border-bottom: 1.5pt solid rgb(0, 0, 0);">
              <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">81.4</div>
            </td>
            <td style="width: 10.62%; vertical-align: top; border-top: 0.25pt solid rgb(0, 0, 0); border-bottom: 1.5pt solid rgb(0, 0, 0);">
              <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt;">70.1</div>
            </td>
          </tr>
          <tr>
            <td style="width: 56.14%; vertical-align: top;">
              <div style="font-family: Verdana, sans-serif; font-size: 9.5pt; font-style: italic;">Gross margin percentage</div>
            </td>
            <td style="width: 10.62%; vertical-align: top;">&#160;</td>
            <td style="width: 10.62%; vertical-align: top;">&#160;</td>
            <td style="width: 1.37%; vertical-align: top;">&#160;</td>
            <td style="width: 10.62%; vertical-align: top; border-top: 1.5pt solid rgb(0, 0, 0);">
              <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt; font-style: italic; font-weight: bold;">79%</div>
            </td>
            <td style="width: 10.62%; vertical-align: top; border-top: 1.5pt solid rgb(0, 0, 0);">
              <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt; font-style: italic;">79%</div>
            </td>
          </tr>
          <tr>
            <td style="width: 56.14%; vertical-align: top;">
              <div style="font-family: Verdana, sans-serif; font-size: 9.5pt;">Professional services and other</div>
            </td>
            <td style="width: 10.62%; vertical-align: top;">&#160;</td>
            <td style="width: 10.62%; vertical-align: top;">&#160;</td>
            <td style="width: 1.37%; vertical-align: top;">&#160;</td>
            <td style="width: 10.62%; vertical-align: top;">&#160;</td>
            <td style="width: 10.62%; vertical-align: top;">&#160;</td>
          </tr>
          <tr>
            <td style="width: 56.14%; vertical-align: top;">
              <div style="font-family: Verdana, sans-serif; font-size: 9.5pt;">Professional services and other revenues</div>
            </td>
            <td style="width: 10.62%; vertical-align: top;">&#160;</td>
            <td style="width: 10.62%; vertical-align: top;">&#160;</td>
            <td style="width: 1.37%; vertical-align: top;">&#160;</td>
            <td style="width: 10.62%; vertical-align: top;">
              <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">11.3</div>
            </td>
            <td style="width: 10.62%; vertical-align: top;">
              <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt;">9.2</div>
            </td>
          </tr>
          <tr>
            <td style="width: 56.14%; vertical-align: top; padding-bottom: 0.25pt;">
              <div style="font-family: Verdana, sans-serif; font-size: 9.5pt;">Cost of professional services and other revenues</div>
            </td>
            <td style="width: 10.62%; vertical-align: top; padding-bottom: 0.25pt;">&#160;</td>
            <td style="width: 10.62%; vertical-align: top; padding-bottom: 0.25pt;">&#160;</td>
            <td style="width: 1.37%; vertical-align: top; padding-bottom: 0.25pt;">&#160;</td>
            <td style="width: 10.62%; vertical-align: top; border-bottom: 0.25pt solid rgb(0, 0, 0);">
              <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">6.1</div>
            </td>
            <td style="width: 10.62%; vertical-align: top; border-bottom: 0.25pt solid rgb(0, 0, 0);">
              <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt;">5.4</div>
            </td>
          </tr>
          <tr>
            <td style="width: 56.14%; vertical-align: top; padding-bottom: 1.5pt;">
              <div style="font-family: Verdana, sans-serif; font-size: 9.5pt;">Gross margin</div>
            </td>
            <td style="width: 10.62%; vertical-align: top; padding-bottom: 1.5pt;">&#160;</td>
            <td style="width: 10.62%; vertical-align: top; padding-bottom: 1.5pt;">&#160;</td>
            <td style="width: 1.37%; vertical-align: top; padding-bottom: 1.5pt;">&#160;</td>
            <td style="width: 10.62%; vertical-align: top; border-top: 0.25pt solid rgb(0, 0, 0); border-bottom: 1.5pt solid rgb(0, 0, 0);">
              <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">5.2</div>
            </td>
            <td style="width: 10.62%; vertical-align: top; border-top: 0.25pt solid rgb(0, 0, 0); border-bottom: 1.5pt solid rgb(0, 0, 0);">
              <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt;">3.8</div>
            </td>
          </tr>
          <tr>
            <td style="width: 56.14%; vertical-align: top;">
              <div style="font-family: Verdana, sans-serif; font-size: 9.5pt; font-style: italic;">Gross margin percentage</div>
            </td>
            <td style="width: 10.62%; vertical-align: top;">&#160;</td>
            <td style="width: 10.62%; vertical-align: top;">&#160;</td>
            <td style="width: 1.37%; vertical-align: top;">&#160;</td>
            <td style="width: 10.62%; vertical-align: top; border-top: 1.5pt solid rgb(0, 0, 0);">
              <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt; font-style: italic; font-weight: bold;">46%</div>
            </td>
            <td style="width: 10.62%; vertical-align: top; border-top: 1.5pt solid rgb(0, 0, 0);">
              <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt; font-style: italic;">41%</div>
            </td>
          </tr>
          <tr>
            <td style="width: 56.14%; vertical-align: top;">
              <div style="font-family: Verdana, sans-serif; font-size: 9.5pt;">Total</div>
            </td>
            <td style="width: 10.62%; vertical-align: top;">&#160;</td>
            <td style="width: 10.62%; vertical-align: top;">&#160;</td>
            <td style="width: 1.37%; vertical-align: top;">&#160;</td>
            <td style="width: 10.62%; vertical-align: top;">&#160;</td>
            <td style="width: 10.62%; vertical-align: top;">&#160;</td>
          </tr>
          <tr>
            <td style="width: 56.14%; vertical-align: top;">
              <div style="font-family: Verdana, sans-serif; font-size: 9.5pt;">Revenues</div>
            </td>
            <td style="width: 10.62%; vertical-align: top;">&#160;</td>
            <td style="width: 10.62%; vertical-align: top;">&#160;</td>
            <td style="width: 1.37%; vertical-align: top;">&#160;</td>
            <td style="width: 10.62%; vertical-align: top;">
              <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">116.4</div>
            </td>
            <td style="width: 10.62%; vertical-align: top;">
              <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt;">98.8</div>
            </td>
          </tr>
          <tr>
            <td style="width: 56.14%; vertical-align: top; padding-bottom: 0.25pt;">
              <div style="font-family: Verdana, sans-serif; font-size: 9.5pt;">Cost of revenues</div>
            </td>
            <td style="width: 10.62%; vertical-align: top; padding-bottom: 0.25pt;">&#160;</td>
            <td style="width: 10.62%; vertical-align: top; padding-bottom: 0.25pt;">&#160;</td>
            <td style="width: 1.37%; vertical-align: top; padding-bottom: 0.25pt;">&#160;</td>
            <td style="width: 10.62%; vertical-align: top; border-bottom: 0.25pt solid rgb(0, 0, 0);">
              <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">27.8</div>
            </td>
            <td style="width: 10.62%; vertical-align: top; border-bottom: 0.25pt solid rgb(0, 0, 0);">
              <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt;">23.8</div>
            </td>
          </tr>
          <tr>
            <td style="width: 56.14%; vertical-align: top; padding-bottom: 1.5pt;">
              <div style="font-family: Verdana, sans-serif; font-size: 9.5pt;">Gross margin</div>
            </td>
            <td style="width: 10.62%; vertical-align: top; padding-bottom: 1.5pt;">&#160;</td>
            <td style="width: 10.62%; vertical-align: top; padding-bottom: 1.5pt;">&#160;</td>
            <td style="width: 1.37%; vertical-align: top; padding-bottom: 1.5pt;">&#160;</td>
            <td style="width: 10.62%; vertical-align: top; border-top: 0.25pt solid rgb(0, 0, 0); border-bottom: 1.5pt solid rgb(0, 0, 0);">
              <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">88.6</div>
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            <td style="width: 10.62%; vertical-align: top; border-top: 0.25pt solid rgb(0, 0, 0); border-bottom: 1.5pt solid rgb(0, 0, 0);">
              <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt;">75.0</div>
            </td>
          </tr>
          <tr>
            <td style="width: 56.14%; vertical-align: top;">
              <div style="font-family: Verdana, sans-serif; font-size: 9.5pt; font-style: italic;">Gross margin percentage</div>
            </td>
            <td style="width: 10.62%; vertical-align: top;">&#160;</td>
            <td style="width: 10.62%; vertical-align: top;">&#160;</td>
            <td style="width: 1.37%; vertical-align: top;">&#160;</td>
            <td style="width: 10.62%; vertical-align: top; border-top: 1.5pt solid rgb(0, 0, 0);">
              <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt; font-style: italic; font-weight: bold;">76%</div>
            </td>
            <td style="width: 10.62%; vertical-align: top; border-top: 1.5pt solid rgb(0, 0, 0);">
              <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt; font-style: italic;">76%</div>
            </td>
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      </table>
      <div><br>
      </div>
      <div style="text-align: justify; font-family: Verdana, sans-serif; font-size: 9.5pt;"><font style="font-weight: bold; font-style: italic;">Cost of license revenues</font> consists of costs related
        to our sale of third-party technology, such as third-party map license fees and royalties.</div>
      <div><br>
      </div>
      <div style="text-align: justify; font-family: Verdana, sans-serif; font-size: 9.5pt;"><font style="font-weight: bold; font-style: italic;">Gross margin percentage for license revenues</font> was 87%
        and 85% for the first quarter of 2023 and 2022, respectively. Our gross margin on license revenues is dependent on the proportion of our license revenues that involve third-party technology. Consequently, our gross margin percentage for license
        revenues is higher when a lower proportion of our license revenues attracts third-party technology costs, and vice versa.</div>
      <div><br>
      </div>
      <div style="text-align: justify; font-family: Verdana, sans-serif; font-size: 9.5pt;"><font style="font-weight: bold; font-style: italic;">Cost of services revenues</font> consists of internal costs
        of running our systems and applications and other personnel-related expenses incurred in providing maintenance, including customer support.</div>
      <div><br>
      </div>
      <div style="text-align: justify; font-family: Verdana, sans-serif; font-size: 9.5pt;"><font style="font-weight: bold; font-style: italic;">Gross margin percentage for services revenues</font><font style="font-style: italic;">&#160;</font>was 79% for both the first quarter of 2023 and 2022.</div>
      <div><br>
      </div>
      <div style="text-align: justify; font-family: Verdana, sans-serif; font-size: 9.5pt;"><font style="font-weight: bold; font-style: italic;">Cost of professional services and other revenues</font>
        consists of personnel-related expenses incurred in providing professional services, hardware installation as well as hardware costs.</div>
      <div><br>
      </div>
      <div style="text-align: justify; font-family: Verdana, sans-serif; font-size: 9.5pt;"><font style="font-weight: bold; font-style: italic;">Gross margin percentage for professional services and other
          revenues</font><font style="font-style: italic;">&#160;</font>was 46% and 41% for the first quarter of 2023 and 2022, respectively. Hardware and other revenues typically have lower margins than our
        professional services revenues and as such variances in gross margin can occur from period to period as a result of the sales mix. Overall, the margin in the first quarter of 2023 compared to the first quarter of 2022 was positively impacted by an
        increased proportion of professional services revenues compared to hardware and other revenues.</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;">13</font></div>
        <div style="page-break-after:always;" id="DSPFPageBreak">
          <hr style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;" noshade="noshade"></div>
      </div>
      <div><br>
      </div>
      <div><br>
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      <div style="text-align: justify; font-family: Verdana, sans-serif; font-size: 9.5pt;"><font style="font-weight: bold; font-style: italic;">Operating expenses</font>, consisting of sales and
        marketing, research and development and general and administrative expenses, were $41.4 million and $37.2 million for the first quarter of 2023 and 2022, respectively. Operating expenses were higher in the first quarter of 2023 compared to the same
        period of 2022 primarily due to a full period of costs from the 2022 Acquisitions, which added approximately $2.8 million to operating expenses. The principal contributor to the balance of the increase in operating expenses in the first quarter of
        2023 compared to the same period of 2022 was increased headcount-related costs.</div>
      <div><br>
      </div>
      <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="z6b8962996f7f4b23b5c71459e347bf3a" cellpadding="0" cellspacing="0">

          <tr>
            <td colspan="6" style="width: 100%; vertical-align: top;">
              <div style="text-align: justify; font-family: Verdana, sans-serif; font-size: 9.5pt;">The following table provides analysis of operating expenses (in millions of dollars and as a percentage of total revenues) for the periods indicated:</div>
            </td>
          </tr>
          <tr>
            <td style="width: 56.14%; vertical-align: top;">&#160;</td>
            <td colspan="2" style="width: 21.25%; vertical-align: top;">&#160;</td>
            <td style="width: 1.37%; vertical-align: top;">&#160;</td>
            <td colspan="2" style="width: 21.25%; vertical-align: top; border-top: #000000 0.25pt solid;">
              <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">First Quarter of</div>
            </td>
          </tr>
          <tr>
            <td style="width: 56.14%; vertical-align: top;">&#160;</td>
            <td style="width: 10.62%; vertical-align: top;">&#160;</td>
            <td style="width: 10.62%; vertical-align: top;">&#160;</td>
            <td style="width: 1.37%; vertical-align: top;">&#160;</td>
            <td style="width: 10.62%; vertical-align: top; border-bottom: #000000 0.25pt solid;">
              <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">2023</div>
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            <td style="width: 10.62%; vertical-align: top; border-bottom: #000000 0.25pt solid;">
              <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt;">2022</div>
            </td>
          </tr>
          <tr>
            <td style="width: 56.14%; vertical-align: top;">
              <div style="font-family: Verdana, sans-serif; font-size: 9.5pt;">Total revenues</div>
            </td>
            <td style="width: 10.62%; vertical-align: top;">&#160;</td>
            <td style="width: 10.62%; vertical-align: top;">&#160;</td>
            <td style="width: 1.37%; vertical-align: top;">&#160;</td>
            <td style="width: 10.62%; vertical-align: top; border-top: #000000 0.25pt solid; border-bottom: #000000 0.25pt solid;">
              <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">116.4</div>
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            <td style="width: 10.62%; vertical-align: top; border-top: #000000 0.25pt solid; border-bottom: #000000 0.25pt solid;">
              <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt;">98.8</div>
            </td>
          </tr>
          <tr>
            <td style="width: 56.14%; vertical-align: top;">&#160;</td>
            <td style="width: 10.62%; vertical-align: top;">&#160;</td>
            <td style="width: 10.62%; vertical-align: top;">&#160;</td>
            <td style="width: 1.37%; vertical-align: top;">&#160;</td>
            <td style="width: 10.62%; vertical-align: top; border-top: #000000 0.25pt solid;">&#160;</td>
            <td style="width: 10.62%; vertical-align: top; border-top: #000000 0.25pt solid;">&#160;</td>
          </tr>
          <tr>
            <td style="width: 56.14%; vertical-align: top;">
              <div style="font-family: Verdana, sans-serif; font-size: 9.5pt;">Sales and marketing expenses</div>
            </td>
            <td style="width: 10.62%; vertical-align: top;">&#160;</td>
            <td style="width: 10.62%; vertical-align: top;">&#160;</td>
            <td style="width: 1.37%; vertical-align: top;">&#160;</td>
            <td style="width: 10.62%; vertical-align: top;">
              <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">13.2</div>
            </td>
            <td style="width: 10.62%; vertical-align: top;">
              <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt;">11.0</div>
            </td>
          </tr>
          <tr>
            <td style="width: 56.14%; vertical-align: top;">
              <div style="font-family: Verdana, sans-serif; font-size: 9.5pt; font-style: italic;">Percentage of total revenues</div>
            </td>
            <td style="width: 10.62%; vertical-align: top;">&#160;</td>
            <td style="width: 10.62%; vertical-align: top;">&#160;</td>
            <td style="width: 1.37%; vertical-align: top;">&#160;</td>
            <td style="width: 10.62%; vertical-align: top;">
              <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt; font-style: italic; font-weight: bold;">11%</div>
            </td>
            <td style="width: 10.62%; vertical-align: top;">
              <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt; font-style: italic;">11%</div>
            </td>
          </tr>
          <tr>
            <td style="width: 56.14%; vertical-align: top;">&#160;</td>
            <td style="width: 10.62%; vertical-align: top;">&#160;</td>
            <td style="width: 10.62%; vertical-align: top;">&#160;</td>
            <td style="width: 1.37%; vertical-align: top;">&#160;</td>
            <td style="width: 10.62%; vertical-align: top;">&#160;</td>
            <td style="width: 10.62%; vertical-align: top;">&#160;</td>
          </tr>
          <tr>
            <td style="width: 56.14%; vertical-align: top;">
              <div style="font-family: Verdana, sans-serif; font-size: 9.5pt;">Research and development expenses</div>
            </td>
            <td style="width: 10.62%; vertical-align: top;">&#160;</td>
            <td style="width: 10.62%; vertical-align: top;">&#160;</td>
            <td style="width: 1.37%; vertical-align: top;">&#160;</td>
            <td style="width: 10.62%; vertical-align: top;">
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            <td style="width: 10.62%; vertical-align: top;">
              <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt;">15.2</div>
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          </tr>
          <tr>
            <td style="width: 56.14%; vertical-align: top;">
              <div style="font-family: Verdana, sans-serif; font-size: 9.5pt; font-style: italic;">Percentage of total revenues</div>
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            <td style="width: 10.62%; vertical-align: top;">&#160;</td>
            <td style="width: 10.62%; vertical-align: top;">&#160;</td>
            <td style="width: 1.37%; vertical-align: top;">&#160;</td>
            <td style="width: 10.62%; vertical-align: top;">
              <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt; font-style: italic; font-weight: bold;">14%</div>
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            <td style="width: 10.62%; vertical-align: top;">
              <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt; font-style: italic;">15%</div>
            </td>
          </tr>
          <tr>
            <td style="width: 56.14%; vertical-align: top;">&#160;</td>
            <td style="width: 10.62%; vertical-align: top;">&#160;</td>
            <td style="width: 10.62%; vertical-align: top;">&#160;</td>
            <td style="width: 1.37%; vertical-align: top;">&#160;</td>
            <td style="width: 10.62%; vertical-align: top;">&#160;</td>
            <td style="width: 10.62%; vertical-align: top;">&#160;</td>
          </tr>
          <tr>
            <td style="width: 56.14%; vertical-align: top;">
              <div style="font-family: Verdana, sans-serif; font-size: 9.5pt;">General and administrative expenses</div>
            </td>
            <td style="width: 10.62%; vertical-align: top;">&#160;</td>
            <td style="width: 10.62%; vertical-align: top;">&#160;</td>
            <td style="width: 1.37%; vertical-align: top;">&#160;</td>
            <td style="width: 10.62%; vertical-align: top;">
              <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">11.6</div>
            </td>
            <td style="width: 10.62%; vertical-align: top;">
              <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt;">11.0</div>
            </td>
          </tr>
          <tr>
            <td style="width: 56.14%; vertical-align: top;">
              <div style="font-family: Verdana, sans-serif; font-size: 9.5pt; font-style: italic;">Percentage of total revenues</div>
            </td>
            <td style="width: 10.62%; vertical-align: top;">&#160;</td>
            <td style="width: 10.62%; vertical-align: top;">&#160;</td>
            <td style="width: 1.37%; vertical-align: top;">&#160;</td>
            <td style="width: 10.62%; vertical-align: top;">
              <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt; font-style: italic; font-weight: bold;">10%</div>
            </td>
            <td style="width: 10.62%; vertical-align: top;">
              <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt; font-style: italic;">11%</div>
            </td>
          </tr>
          <tr>
            <td style="width: 56.14%; vertical-align: top;">&#160;</td>
            <td style="width: 10.62%; vertical-align: top;">&#160;</td>
            <td style="width: 10.62%; vertical-align: top;">&#160;</td>
            <td style="width: 1.37%; vertical-align: top;">&#160;</td>
            <td style="width: 10.62%; vertical-align: top; border-bottom: #000000 0.25pt solid;">&#160;</td>
            <td style="width: 10.62%; vertical-align: top; border-bottom: #000000 0.25pt solid;">&#160;</td>
          </tr>
          <tr>
            <td style="width: 56.14%; vertical-align: top;">
              <div style="font-family: Verdana, sans-serif; font-size: 9.5pt;">Total operating expenses</div>
              <div style="font-family: Verdana, sans-serif; font-size: 9.5pt; font-style: italic;">Percentage of total revenues</div>
            </td>
            <td style="width: 10.62%; vertical-align: top;">&#160;</td>
            <td style="width: 10.62%; vertical-align: top;">&#160;</td>
            <td style="width: 1.37%; vertical-align: top;">&#160;</td>
            <td style="width: 10.62%; vertical-align: top; border-top: #000000 0.25pt solid; border-bottom: #000000 1.50pt solid;">
              <div style="text-align: right; margin-left: 9pt; font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">41.4</div>
              <div style="text-align: right; margin-left: 9pt; font-family: Verdana, sans-serif; font-size: 9.5pt; font-style: italic; font-weight: bold;">36%</div>
            </td>
            <td style="width: 10.62%; vertical-align: top; border-top: #000000 0.25pt solid; border-bottom: #000000 1.50pt solid;">
              <div style="text-align: right; margin-left: 9pt; font-family: Verdana, sans-serif; font-size: 9.5pt;">37.2</div>
              <div style="text-align: right; margin-left: 9pt; font-family: Verdana, sans-serif; font-size: 9.5pt; font-style: italic;">38%</div>
            </td>
          </tr>

      </table>
      <div><br>
      </div>
      <div style="text-align: justify; font-family: Verdana, sans-serif; font-size: 9.5pt;"><font style="font-weight: bold; font-style: italic;">Sales and marketing</font>&#160;<font style="font-weight: bold; font-style: italic;">expenses</font> consist primarily of salaries, commissions, stock-based compensation and other personnel-related costs, bad debt expenses, travel expenses, advertising
        programs and services, and other promotional activities associated with selling and marketing our services and products. Sales and marketing expenses were $13.2 million and $11.0 million for the first quarter of 2023 and 2022, respectively,
        representing 11% of total revenues in both the first quarter of 2023 and 2022. The increase in sales and marketing expenses in the first quarter of 2023 compared to the same period of 2022 was primarily due to increased headcount-related costs.</div>
      <div><br>
      </div>
      <div style="text-align: justify; font-family: Verdana, sans-serif; font-size: 9.5pt;"><font style="font-weight: bold; font-style: italic;">Research and development</font>&#160;<font style="font-weight: bold; font-style: italic;">expenses</font> consist primarily of salaries, stock-based compensation and other personnel-related costs of technical and engineering personnel associated with our
        research and product development activities, as well as costs for third-party outsourced development providers. We expensed all costs related to research and development in the first quarter of 2023 and 2022. Research and development expenses were
        $16.6 million and $15.2 million for the first quarter of 2023 and 2022, respectively, representing 14% and 15% of total revenues in the first quarter of 2023 and 2022, respectively. The increase in research and development expenses in the first
        quarter of 2023 compared to the same period of 2022 was primarily due to headcount-related costs from the 2022 Acquisitions.</div>
      <div><br>
      </div>
      <div style="text-align: justify; font-family: Verdana, sans-serif; font-size: 9.5pt;"><font style="font-weight: bold; font-style: italic;">General and administrative</font>&#160;<font style="font-weight: bold; font-style: italic;">expenses</font> consist primarily of salaries, stock-based compensation and other personnel-related costs of administrative personnel, as well as professional fees and
        other administrative expenses. General and administrative costs were $11.6 million and $11.0 million for the first quarter of 2023 and 2022, respectively, representing 10% and 11% of total revenues in the first quarter of 2023 and 2022,
        respectively. The increase in general and administrative expenses in the first quarter of 2023 compared to the same period of 2022 was primarily due to headcount-related costs.</div>
      <div><br>
      </div>
      <div style="text-align: justify; font-family: Verdana, sans-serif; font-size: 9.5pt;"><font style="font-weight: bold; font-style: italic;">Other charges </font>consist primarily of
        acquisition-related costs with respect to completed and prospective acquisitions, contingent consideration adjustments and restructuring charges. Acquisition-related costs</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;">14</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; font-size: 9.5pt;">primarily include advisory services, brokerage services, administrative costs and retention bonuses, and relate to completed and prospective acquisitions.
        Restructuring costs relate to the integration of previously completed acquisitions and other cost-reduction activities. Other charges were $1.5 million and $0.5 million for the first quarter of 2023 and 2022, respectively. The increase in other
        charges in the first quarter of 2023 compared to the same period of 2022 was primarily a result of contingent considerations adjustments in the first quarter of 2023.</div>
      <div><br>
      </div>
      <div style="text-align: justify; font-family: Verdana, sans-serif; font-size: 9.5pt;"><font style="font-weight: bold; font-style: italic;">Amortization of intangible assets</font> is amortization of
        the value attributable to intangible assets, including customer agreements and relationships, non-compete covenants, existing technologies and trade names, in each case associated with acquisitions completed by us as of the end of each reporting
        period. Intangible assets with a finite life are amortized to income over their useful life. The amount of amortization expense in a fiscal period is dependent on our acquisition activities. Amortization of intangible assets was $15.1 million and
        $13.9 million in the first quarter of 2023 and 2022, respectively. Amortization expense increased in the first quarter of 2023 compared to the same period of 2022 primarily due to the 2022 Acquisitions, which resulted in an incremental $1.5 million
        of amortization expense. As at April 30, 2022, the unamortized portion of all intangible assets amounted to $239.8 million.</div>
      <div><br>
      </div>
      <div style="text-align: justify; font-family: Verdana, sans-serif; font-size: 9.5pt;">We test the carrying value of our finite life intangible assets for recoverability when events or changes in circumstances indicate that there may be evidence of
        impairment. We write down intangible assets or asset groups with a finite life to fair value when the related undiscounted cash flows are not expected to allow for recovery of the carrying value. Fair value of intangible assets or asset groups is
        determined by discounting the expected related cash flows. No finite life intangible asset or asset group impairment has been identified or recorded for any of the fiscal periods reported.</div>
      <div><br>
      </div>
      <div style="text-align: justify; font-family: Verdana, sans-serif; font-size: 9.5pt;"><font style="font-weight: bold; font-style: italic;">Investment income</font> was $0.2 million and $0.1 million
        in the first quarter of 2023 and 2022, respectively. Investment income is generally earned on excess cash balances.</div>
      <div><br>
      </div>
      <div style="text-align: justify; font-family: Verdana, sans-serif; font-size: 9.5pt;"><font style="font-weight: bold; font-style: italic;">Interest expense</font> was $0.3 million in both the first
        quarter of 2023 and 2022. Interest expense is primarily comprised of interest expense on the amount borrowed and outstanding on our revolving debt facility, debt standby charges as well as the amortization of deferred financing charges.</div>
      <div><br>
      </div>
      <div style="text-align: justify; font-family: Verdana, sans-serif; font-size: 9.5pt;"><a name="z_Hlk8935357"></a><a name="z_Hlk56103160"></a><a name="z_Hlk64022472"></a><font style="font-weight: bold; font-style: italic;">Income tax expense</font><font style="font-weight: bold;">&#160;</font>is comprised of current and deferred income tax expense. Income tax expense for the first quarter of
        2023 and 2022 was 24.1% and 20.5% of income before income taxes, respectively. The income tax rate as a percentage of income before income taxes increased in the first quarter of 2023 compared to the same period of 2022 primarily as a result of a
        release in valuation allowances on tax losses carried forward during the comparative period and a release in tax reserves due to statue barred periods for the comparative period. Overall, the tax rate in the first quarter of 2023 remained lower
        than our statutory tax rate as a result of the recovery of certain tax attributes in the US.</div>
      <div><br>
      </div>
      <div style="text-align: justify; font-family: Verdana, sans-serif; font-size: 9.5pt;"><a name="z_Hlk506199867"></a><font style="font-weight: bold; font-style: italic;">Income tax expense &#8211; current</font>
        was $4.9 million and $2.2 million in the first quarter of 2023 and 2022, respectively. Current income tax expense increased in the first quarter of 2023 compared to the same period of 2022 primarily due to the first quarter of 2023 including the
        impact of restrictions on loss utilization in the UK, the availability of lower tax attributes that can shelter income in Canada and the first quarter of 2022 including a release in tax reserves due to statute barred periods.</div>
      <div><br>
      </div>
      <div style="text-align: justify; font-family: Verdana, sans-serif; font-size: 9.5pt;"><a name="z_Hlk506992315"></a><font style="font-weight: bold; font-style: italic;">Income tax expense &#8211; deferred</font>
        was $2.5 million and $2.6 million in the first quarter of 2023 and 2022, respectively. Deferred income tax expense decreased in the first quarter of 2023 compared to the same period of 2022 primarily due to a recovery of certain deferred tax
        attributes in the US recorded in the first quarter of 2023, partially offset by normal course changes in timing differences in Canada in the first quarter of 2023.</div>
      <div><br>
      </div>
      <div style="text-align: justify; font-family: Verdana, sans-serif; font-size: 9.5pt;"><font style="font-weight: bold; font-style: italic;">Net income</font> was $23.1 million and $18.4 million for
        the first quarter of 2023 and 2022, respectively. Net income increased in the first quarter of 2023 compared to the same period of 2022 primarily due to the growth in services revenues. The acquisitions completed in 2023 (NetCHB and Foxtrot,
        collectively, the &#8220;2023 Acquisitions&#8221;) also contributed an incremental $0.8 million to net income in the first quarter of 2023.</div>
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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;">15</font></div>
        <div style="page-break-after:always;" id="DSPFPageBreak">
          <hr style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;" noshade="noshade"></div>
      </div>
      <div><br>
      </div>
      <div><br>
      </div>
      <div><br>
      </div>
      <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="zf933e9d0ed3e4496993e2f44d9330f85" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 53.12%; vertical-align: top; border-top: 0.5pt solid rgb(0, 0, 0); border-bottom: 0.5pt solid rgb(0, 0, 0);">
              <div style="font-family: Verdana, sans-serif; font-size: 11pt; font-variant: small-caps; font-weight: bold;"><a name="z_Toc396820861"></a><a name="z_Toc103007248"></a><a name="OLE_LINK15"></a></div>
              <div style="font-family: Verdana, sans-serif; font-size: 11pt; font-variant: small-caps; font-weight: bold;"> <br>
              </div>
              <div style="font-family: Verdana, sans-serif; font-size: 11pt; font-variant: small-caps; font-weight: bold;">Quarterly Operating Results</div>
              <div style="font-family: Verdana, sans-serif; font-size: 11pt; font-variant: small-caps; font-weight: bold;"> <br>
              </div>
            </td>
            <td style="width: 46.88%; vertical-align: top; padding-bottom: 0.5pt;">&#160;</td>
          </tr>

      </table>
      <div><br>
      </div>
      <div><br>
      </div>
      <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="zd523fc539f1c4551b296f718598d3b0d" cellpadding="0" cellspacing="0">

          <tr>
            <td colspan="4" style="width: 100%; vertical-align: top;">
              <div style="text-align: justify; font-family: Verdana, sans-serif; font-size: 9.5pt;">The following table provides an analysis of our unaudited operating results (in thousands of dollars, except per share and weighted average number of share
                amounts) for each of the quarters indicated:</div>
            </td>
          </tr>
          <tr>
            <td style="width: 26.33%; vertical-align: top; border-right: #000000 0.50pt solid;">&#160;</td>
            <td style="width: 27.51%; vertical-align: top; border-left: #000000 0.50pt solid; border-right: #000000 0.50pt solid; border-top: #000000 0.50pt solid; border-bottom: #000000 0.50pt solid;">
              <div style="text-align: center; font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">Fiscal</div>
              <div style="text-align: center; font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">2021</div>
            </td>
            <td style="width: 37.28%; vertical-align: top; border-left: #000000 0.50pt solid; border-right: #000000 0.50pt solid; border-top: #000000 0.50pt solid; border-bottom: #000000 0.50pt solid;">
              <div style="text-align: center; font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">Fiscal</div>
              <div style="text-align: center; font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">2022</div>
            </td>
            <td style="width: 8.88%; vertical-align: top; border-left: #000000 0.50pt solid; border-right: #000000 0.50pt solid; border-top: #000000 0.50pt solid; border-bottom: #000000 0.50pt solid;">
              <div style="text-align: center; font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">Fiscal </div>
              <div style="text-align: center; font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">2023</div>
            </td>
          </tr>

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

          <tr>
            <td style="width: 26.33%; vertical-align: top;">&#160;</td>
            <td style="width: 9.23%; 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-size: 9.5pt; font-weight: bold;">Second Quarter</div>
            </td>
            <td style="width: 9.23%; 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-size: 9.5pt; font-weight: bold;">Third Quarter</div>
            </td>
            <td style="width: 9.23%; 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-size: 9.5pt; font-weight: bold;">Fourth Quarter</div>
            </td>
            <td style="width: 9.23%; 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-size: 9.5pt; font-weight: bold;">First </div>
              <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">Quarter</div>
            </td>
            <td style="width: 9.23%; 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-size: 9.5pt; font-weight: bold;">Second Quarter</div>
            </td>
            <td style="width: 9.23%; 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-size: 9.5pt; font-weight: bold;">Third Quarter</div>
            </td>
            <td style="width: 9.23%; 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-size: 9.5pt; font-weight: bold;">Fourth Quarter</div>
            </td>
            <td style="width: 9.05%; 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-size: 9.5pt; font-weight: bold;">First <br>
                Quarter</div>
            </td>
          </tr>
          <tr>
            <td style="width: 26.33%; vertical-align: top;">
              <div style="font-family: Verdana, sans-serif; font-size: 9.5pt;">Revenues</div>
            </td>
            <td style="width: 9.23%; vertical-align: top; border-top: #000000 0.50pt solid;">
              <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt;">84,045</div>
            </td>
            <td style="width: 9.23%; vertical-align: top; border-top: #000000 0.50pt solid;">
              <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt;">87,508</div>
            </td>
            <td style="width: 9.23%; vertical-align: top; border-top: #000000 0.50pt solid;">
              <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt;">93,408</div>
            </td>
            <td style="width: 9.23%; vertical-align: top; border-top: #000000 0.50pt solid;">
              <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt;">98,838</div>
            </td>
            <td style="width: 9.23%; vertical-align: top; border-top: #000000 0.50pt solid;">
              <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt;">104,570</div>
            </td>
            <td style="width: 9.23%; vertical-align: top; border-top: #000000 0.50pt solid;">
              <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt;">108,911</div>
            </td>
            <td style="width: 9.23%; vertical-align: top; border-top: #000000 0.50pt solid;">
              <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt;">112,371</div>
            </td>
            <td style="width: 9.05%; vertical-align: top; border-top: #000000 0.50pt solid;">
              <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt;">116,395</div>
            </td>
          </tr>
          <tr>
            <td style="width: 26.33%; vertical-align: top;">
              <div style="font-family: Verdana, sans-serif; font-size: 9.5pt;">Gross margin</div>
            </td>
            <td style="width: 9.23%; vertical-align: top;">
              <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt;">61,648</div>
            </td>
            <td style="width: 9.23%; vertical-align: top;">
              <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt;">64,962</div>
            </td>
            <td style="width: 9.23%; vertical-align: top;">
              <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt;">70,308</div>
            </td>
            <td style="width: 9.23%; vertical-align: top;">
              <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt;">74,989</div>
            </td>
            <td style="width: 9.23%; vertical-align: top;">
              <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt;">79,100</div>
            </td>
            <td style="width: 9.23%; vertical-align: top;">
              <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt;">83,304</div>
            </td>
            <td style="width: 9.23%; vertical-align: top;">
              <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt;">85,487</div>
            </td>
            <td style="width: 9.05%; vertical-align: top;">
              <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt;">88,572</div>
            </td>
          </tr>
          <tr>
            <td style="width: 26.33%; vertical-align: top;">
              <div style="font-family: Verdana, sans-serif; font-size: 9.5pt;">Operating expenses</div>
            </td>
            <td style="width: 9.23%; vertical-align: top;">
              <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt;">30,828</div>
            </td>
            <td style="width: 9.23%; vertical-align: top;">
              <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt;">31,695</div>
            </td>
            <td style="width: 9.23%; vertical-align: top;">
              <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt;">34,957</div>
            </td>
            <td style="width: 9.23%; vertical-align: top;">
              <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt;">37,236</div>
            </td>
            <td style="width: 9.23%; vertical-align: top;">
              <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt;">37,656</div>
            </td>
            <td style="width: 9.23%; vertical-align: top;">
              <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt;">39,374</div>
            </td>
            <td style="width: 9.23%; vertical-align: top;">
              <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt;">39,653</div>
            </td>
            <td style="width: 9.05%; vertical-align: top;">
              <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt;">41,447</div>
            </td>
          </tr>
          <tr>
            <td style="width: 26.33%; vertical-align: top;">
              <div style="font-family: Verdana, sans-serif; font-size: 9.5pt;">Net income</div>
            </td>
            <td style="width: 9.23%; vertical-align: top;">
              <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt;">10,542</div>
            </td>
            <td style="width: 9.23%; vertical-align: top;">
              <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt;">13,308</div>
            </td>
            <td style="width: 9.23%; vertical-align: top;">
              <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt;">17,203</div>
            </td>
            <td style="width: 9.23%; vertical-align: top;">
              <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt;">18,421</div>
            </td>
            <td style="width: 9.23%; vertical-align: top;">
              <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt;">23,176</div>
            </td>
            <td style="width: 9.23%; vertical-align: top;">
              <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt;">25,491</div>
            </td>
            <td style="width: 9.23%; vertical-align: top;">
              <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt;">19,194</div>
            </td>
            <td style="width: 9.05%; vertical-align: top;">
              <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt;">23,115</div>
            </td>
          </tr>
          <tr>
            <td style="width: 26.33%; vertical-align: top;">
              <div style="font-family: Verdana, sans-serif; font-size: 9.5pt;">Basic earnings per share</div>
            </td>
            <td style="width: 9.23%; vertical-align: top;">
              <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt;">0.13</div>
            </td>
            <td style="width: 9.23%; vertical-align: top;">
              <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt;">0.16</div>
            </td>
            <td style="width: 9.23%; vertical-align: top;">
              <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt;">0.20</div>
            </td>
            <td style="width: 9.23%; vertical-align: top;">
              <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt;">0.22</div>
            </td>
            <td style="width: 9.23%; vertical-align: top;">
              <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt;">0.27</div>
            </td>
            <td style="width: 9.23%; vertical-align: top;">
              <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt;">0.30</div>
            </td>
            <td style="width: 9.23%; vertical-align: top;">
              <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt;">0.23</div>
            </td>
            <td style="width: 9.05%; vertical-align: top;">
              <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt;">0.27</div>
            </td>
          </tr>
          <tr>
            <td style="width: 26.33%; vertical-align: top;">
              <div style="font-family: Verdana, sans-serif; font-size: 9.5pt;">Diluted earnings per share</div>
            </td>
            <td style="width: 9.23%; vertical-align: top;">
              <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt;">0.12</div>
            </td>
            <td style="width: 9.23%; vertical-align: top;">
              <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt;">0.15</div>
            </td>
            <td style="width: 9.23%; vertical-align: top;">
              <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt;">0.20</div>
            </td>
            <td style="width: 9.23%; vertical-align: top;">
              <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt;">0.21</div>
            </td>
            <td style="width: 9.23%; vertical-align: top;">
              <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt;">0.27</div>
            </td>
            <td style="width: 9.23%; vertical-align: top;">
              <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt;">0.30</div>
            </td>
            <td style="width: 9.23%; vertical-align: top;">
              <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt;">0.22</div>
            </td>
            <td style="width: 9.05%; vertical-align: top;">
              <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt;">0.27</div>
            </td>
          </tr>
          <tr>
            <td style="width: 26.33%; vertical-align: top;">
              <div style="font-family: Verdana, sans-serif; font-size: 9.5pt;">Weighted average shares outstanding (thousands):</div>
            </td>
            <td style="width: 9.23%; vertical-align: top;">&#160;</td>
            <td style="width: 9.23%; vertical-align: top;">&#160;</td>
            <td style="width: 9.23%; vertical-align: top;">&#160;</td>
            <td style="width: 9.23%; vertical-align: top;">&#160;</td>
            <td style="width: 9.23%; vertical-align: top;">&#160;</td>
            <td style="width: 9.23%; vertical-align: top;">&#160;</td>
            <td style="width: 9.23%; vertical-align: top;">&#160;</td>
            <td style="width: 9.05%; vertical-align: top;">&#160;</td>
          </tr>
          <tr>
            <td style="width: 26.33%; vertical-align: top;">
              <div style="font-family: Verdana, sans-serif; font-size: 9.5pt;">&#160;&#160;Basic</div>
            </td>
            <td style="width: 9.23%; vertical-align: top;">
              <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt;">84,316</div>
            </td>
            <td style="width: 9.23%; vertical-align: top;">
              <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt;">84,777</div>
            </td>
            <td style="width: 9.23%; vertical-align: top;">
              <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt;">84,488</div>
            </td>
            <td style="width: 9.23%; vertical-align: top;">
              <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt;">84,501</div>
            </td>
            <td style="width: 9.23%; vertical-align: top;">
              <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt;">84,566</div>
            </td>
            <td style="width: 9.23%; vertical-align: top;">
              <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt;">84,636</div>
            </td>
            <td style="width: 9.23%; vertical-align: top;">
              <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt;">84,659</div>
            </td>
            <td style="width: 9.05%; vertical-align: top;">
              <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt;">84,765</div>
            </td>
          </tr>
          <tr>
            <td style="width: 26.33%; vertical-align: top;">
              <div style="font-family: Verdana, sans-serif; font-size: 9.5pt;">&#160;&#160;Diluted</div>
            </td>
            <td style="width: 9.23%; vertical-align: top;">
              <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt;">85,753</div>
            </td>
            <td style="width: 9.23%; vertical-align: top;">
              <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt;">85,917</div>
            </td>
            <td style="width: 9.23%; vertical-align: top;">
              <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt;">85,959</div>
            </td>
            <td style="width: 9.23%; vertical-align: top;">
              <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt;">86,045</div>
            </td>
            <td style="width: 9.23%; vertical-align: top;">
              <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt;">86,128</div>
            </td>
            <td style="width: 9.23%; vertical-align: top;">
              <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt;">86,328</div>
            </td>
            <td style="width: 9.23%; vertical-align: top;">
              <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt;">86,341</div>
            </td>
            <td style="width: 9.05%; vertical-align: top;">
              <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt;">86,348</div>
            </td>
          </tr>

      </table>
      <div><br>
      </div>
      <div style="text-align: justify; font-family: Verdana, sans-serif; font-size: 9.5pt;">Revenues over the comparative periods have been positively impacted by the eight acquisitions that we have completed since the beginning of fiscal 2021 through the
        end of the first quarter of fiscal 2023. <a name="z_Hlk25589435"></a>In addition, we have seen increased revenues as a result of an increase in transactions processed over our GLN business document exchange, including the filing of regulatory
        documents resulting from Brexit, as well as an increase in subscriptions for our software solutions and data content.</div>
      <div><br>
      </div>
      <div style="text-align: justify; font-family: Verdana, sans-serif; font-size: 9.5pt;">Our services revenues continue to have minor seasonal trends. In the first fiscal quarter of each year, we historically have seen slightly lower shipment volumes by
        air and truck which impact the aggregate number of transactions flowing through our GLN business document exchange. In the second fiscal quarter of each year, we historically have seen a slight increase in ocean services revenues as ocean carriers
        are in the midst of their customer contract negotiation period. In the third fiscal quarter of each year, we have historically seen shipment and transactional volumes at their highest. In the fourth fiscal quarter of each year, the various
        international holidays impact the aggregate number of shipping days in the quarter, and historically we have seen this adversely impact the number of transactions our network processes and, consequently, the amount of services revenues we receive
        during that period. In the second and fourth fiscal quarters of each year, we historically have seen a slight decrease in professional services revenues due to various international holidays and vacation seasons. Overall, the impact of seasonal
        trends has a relatively minor impact on our revenues quarter to quarter.</div>
      <div><br>
      </div>
      <div style="text-align: justify; font-family: Verdana, sans-serif; font-size: 9.5pt;">In the first quarter of 2023 revenues and net income increased compared to the fourth quarter of 2022 primarily due to a partial period of contribution from the
        2023 Acquisitions which contributed an incremental $2.0 million in revenues as well as the growth in services revenues from new and existing customers which contributed an incremental $1.4 million in revenues, which was negatively impacted by
        foreign exchange. Operating expenses increased in the first quarter of 2023 primarily due to increased headcount-related costs which contributed an incremental $1.3 million in operating expenses, including the impact of recent acquisitions.</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;">16</font></div>
        <div style="page-break-after:always;" id="DSPFPageBreak">
          <hr style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;" noshade="noshade"></div>
      </div>
      <div><br>
      </div>
      <div><br>
      </div>
      <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="z35448c78bada47879202f129dea28e26" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 53.11%; vertical-align: top; border-top: 0.5pt solid rgb(0, 0, 0); border-bottom: 0.5pt solid rgb(0, 0, 0);">
              <div style="font-family: Verdana, sans-serif; font-size: 11pt; font-variant: small-caps; font-weight: bold;"><a name="z_Toc396820862"></a><a name="z_Toc103007249"></a></div>
              <div style="font-family: Verdana, sans-serif; font-size: 11pt; font-variant: small-caps; font-weight: bold;"> <br>
              </div>
              <div style="font-family: Verdana, sans-serif; font-size: 11pt; font-variant: small-caps; font-weight: bold;">Liquidity and Capital Resources</div>
              <div style="font-family: Verdana, sans-serif; font-size: 11pt; font-variant: small-caps; font-weight: bold;"> <br>
              </div>
            </td>
            <td style="width: 46.89%; vertical-align: top;">&#160;</td>
          </tr>

      </table>
      <div><br>
      </div>
      <div><br>
      </div>
      <div style="text-align: justify; font-family: Verdana, sans-serif; font-size: 9.5pt;"><font style="font-weight: bold; font-style: italic;">Cash. </font>We had $211.8 million and $213.4 million in
        cash as at April 30, 2022 and January 31, 2022, respectively. All cash was held in interest-bearing bank accounts, primarily with major Canadian, US and European banks. The cash balance decreased from January 31, 2022 to April 30, 2022 by $1.6
        million primarily due to cash used for acquisitions partially offset by cash generated from operations.</div>
      <div><br>
      </div>
      <div style="text-align: justify; font-family: Verdana, sans-serif; font-size: 9.5pt;"><font style="font-weight: bold; font-style: italic;">Credit facility.</font> The facility is a $350.0 million
        revolving operating credit facility to be available for general corporate purposes, including the financing of ongoing working capital needs and acquisitions. With the approval of the lenders, the credit facility can be expanded to a total of
        $500.0 million. The credit facility has a five-year maturity with no fixed repayment dates prior to the end of the five-year term ending January 2024. Borrowings under the credit facility are secured by a first charge over substantially all of
        Descartes&#8217; assets. Depending on the type of advance, interest rates under the revolving operating portion of the credit facility are based on the Canada or US prime rate, Bankers&#8217; Acceptance (BA), US dollar London Interbank Offered Rate (LIBOR) or
        the Secured Overnight Financing Rate (SOFR) plus an additional 0 to 250 basis points based on the ratio of net debt to adjusted earnings before interest, taxes, depreciation and amortization, as defined in the credit agreement. A standby fee of
        between 20 to 40 basis points will be charged on all undrawn amounts. The credit facility contains certain customary representations, warranties and guarantees, and covenants.</div>
      <div><br>
      </div>
      <div style="text-align: justify; font-family: Verdana, sans-serif; font-size: 9.5pt;">As at April 30, 2022, $350.0 million of the revolving operating credit facility remained available for use. We were in compliance with the covenants of the credit
        facility as at April 30, 2022 and remain in compliance as of the date of this MD&amp;A.</div>
      <div><br>
      </div>
      <div style="text-align: justify; font-family: Verdana, sans-serif; font-size: 9.5pt;"><font style="font-weight: bold; font-style: italic;">Short-form base shelf prospectus.</font><font style="font-family: Verdana, BoldItalic, Verdana; font-weight: bold; font-style: italic;">&#160;</font>On July 16, 2020, we filed the 2020 Base Shelf Prospectus,
          allowing us to offer and issue the following securities: (i) common shares; (ii) preferred shares; (iii) senior or subordinated unsecured debt securities; (iv) subscription receipts; (v) warrants; and (vi) securities comprised of more than one of
          the aforementioned common shares, preferred shares, debt securities, subscription receipts and/ or warrants offered together as a unit. These securities may be offered separately or together, in separate series, in amounts, at prices and on terms
          to be set forth in one or more shelf prospectus supplements. The aggregate initial offering price of securities that may be sold by us (or certain of our current or future shareholders) pursuant to the 2020 Base Shelf Prospectus during the
          25-month period that the 2020 Base Shelf Prospectus, including any amendments thereto, remains valid is limited to an aggregate of $1 billion. <a name="z_Hlk64626449"></a>No
          securities have yet been sold pursuant to the 2020 Base Shelf Prospectus.</div>
      <div><br>
      </div>
      <div style="text-align: justify; font-family: Verdana, sans-serif; font-size: 9.5pt;"><font style="font-weight: bold;">Normal-course issuer bid (NCIB). </font>On June 1, 2022, we filed with the TSX
        a notice of intention to commence an NCIB. If the NCIB Application is accepted by the TSX, we then intend to issue a press release advising of the TSX&#8217;s acceptance. If the NCIB Application is accepted by the TSX, 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. If the NCIB
        Application is accepted by the TSX, 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>
      <div><br>
      </div>
      <div style="text-align: justify; font-family: Verdana, sans-serif; font-size: 9.5pt;"><font style="font-weight: bold; font-style: italic;">Working capital.</font> As at April 30, 2022, our working
        capital surplus (current assets less current liabilities) was $143.6 million. Current assets primarily include $211.8 million of cash, $45.2 million of current trade receivables and $20.2 million of prepaid assets. Current liabilities primarily
        include $67.9 million of accrued liabilities, $62.3 million of deferred revenue and $9.7 million of accounts payable. Our working capital has decreased from January 31, 2022 to April 30, 2022 by $15.0 million, primarily due to cash used for
        acquisitions.</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;">17</font></div>
        <div style="page-break-after:always;" id="DSPFPageBreak">
          <hr style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;" noshade="noshade"></div>
      </div>
      <div><br>
      </div>
      <div><br>
      </div>
      <div style="text-align: justify; font-family: Verdana, sans-serif; font-size: 9.5pt;">Historically, we&#8217;ve financed our operations and met our capital expenditure requirements primarily through cash flows provided from operations, issuances of common
        shares and proceeds from debt. We anticipate that, considering the above, we have sufficient liquidity to fund our current cash requirements for working capital, contractual commitments, capital expenditures and other operating needs. We also
        believe that we have the ability to generate sufficient amounts of cash in the long term to meet planned growth targets and to fund strategic transactions. Should additional future financing be undertaken, the proceeds from any such transaction
        could be utilized to fund strategic transactions or for general corporate purposes, including the repayment of outstanding debt. We expect, from time to time, to continue to consider select strategic transactions to create value and improve
        performance, which may include acquisitions, dispositions, restructurings, joint ventures and partnerships, and we may undertake further financing transactions, including draws on our credit facility, other debt instruments or equity offerings, in
        connection with any such potential strategic transaction.</div>
      <div><br>
      </div>
      <div style="text-align: justify; font-family: Verdana, sans-serif; font-size: 9.5pt;">With respect to earnings of our non-Canadian subsidiaries, our intention is that these earnings will be reinvested in each subsidiary indefinitely. Of the $211.8
        million of cash as at April 30, 2022, $52.8 million was held by our foreign subsidiaries, most significantly in the United States with lesser amounts held in other countries in the EMEA and Asia Pacific regions. To date, we have not encountered
        significant legal or practical restrictions on the abilities of our subsidiaries to repatriate money to Canada, even if such restrictions may exist in respect of certain foreign jurisdictions where we have subsidiaries. In the future, if we elect
        to repatriate the unremitted earnings of our foreign subsidiaries in the form of dividends, or if the shares of the foreign subsidiaries are sold or transferred, then we could be subject to additional Canadian or foreign income taxes, net of the
        impact of any available foreign tax credits, which would result in a higher effective tax rate. We have not provided for foreign withholding taxes or deferred income tax liabilities related to unremitted earnings of our non-Canadian subsidiaries,
        since such earnings are considered permanently invested in those subsidiaries or are not subject to withholding taxes.</div>
      <div><br>
      </div>
      <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="z0f4fd60c0c724bd0b4fe837b68c102bf" cellpadding="0" cellspacing="0">

          <tr>
            <td colspan="7" style="width: 100%; vertical-align: top;">
              <div style="text-align: justify; font-family: Verdana, sans-serif; font-size: 9.5pt;">The table set forth below provides a summary of cash flows for the periods indicated in millions of dollars:</div>
            </td>
          </tr>
          <tr>
            <td style="width: 52.13%; vertical-align: top;">&#160;</td>
            <td colspan="3" style="width: 23.28%; vertical-align: top;">&#160;</td>
            <td style="width: 1.31%; vertical-align: top;">&#160;</td>
            <td colspan="2" style="width: 23.28%; vertical-align: top; border-top: #000000 0.25pt solid; border-bottom: #000000 0.50pt solid;">
              <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">Three Months Ended</div>
            </td>
          </tr>
          <tr>
            <td style="width: 52.13%; vertical-align: top;">&#160;</td>
            <td colspan="2" style="width: 11.64%; vertical-align: top;">&#160;</td>
            <td style="width: 11.64%; vertical-align: top;">&#160;</td>
            <td style="width: 1.31%; vertical-align: top;">&#160;</td>
            <td style="width: 11.64%; vertical-align: top; border-top: #000000 0.50pt solid; border-bottom: #000000 0.25pt solid;">
              <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">April 30, 2022</div>
            </td>
            <td style="width: 11.64%; vertical-align: top; border-top: #000000 0.50pt solid; border-bottom: #000000 0.25pt solid;">
              <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt;">April 30, 2021</div>
            </td>
          </tr>
          <tr>
            <td colspan="2" style="width: 56.38%; vertical-align: top;">
              <div style="font-family: Verdana, sans-serif; font-size: 9.5pt;">Cash provided by operating activities</div>
            </td>
            <td style="width: 7.39%; vertical-align: bottom;">&#160;</td>
            <td style="width: 11.64%; vertical-align: bottom;">&#160;</td>
            <td style="width: 1.31%; vertical-align: bottom;">&#160;</td>
            <td style="width: 11.64%; vertical-align: bottom; border-top: #000000 0.25pt solid;">
              <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 9.5pt; font-weight: bold;">44.4</div>
            </td>
            <td style="width: 11.64%; vertical-align: bottom; border-top: #000000 0.25pt solid;">
              <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 9.5pt;">40.9</div>
            </td>
          </tr>
          <tr>
            <td colspan="2" style="width: 56.38%; vertical-align: top;">
              <div style="font-family: Verdana, sans-serif; font-size: 9.5pt;">Additions to property and equipment</div>
            </td>
            <td style="width: 7.39%; vertical-align: bottom;">&#160;</td>
            <td style="width: 11.64%; vertical-align: bottom;">&#160;</td>
            <td style="width: 1.31%; vertical-align: bottom;">&#160;</td>
            <td style="width: 11.64%; vertical-align: bottom;">
              <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 9.5pt; font-weight: bold;">(1.6)</div>
            </td>
            <td style="width: 11.64%; vertical-align: bottom;">
              <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 9.5pt;">(1.6)</div>
            </td>
          </tr>
          <tr>
            <td colspan="2" style="width: 56.38%; vertical-align: top;">
              <div style="font-family: Verdana, sans-serif; font-size: 9.5pt;">Acquisition of subsidiaries, net of cash acquired</div>
            </td>
            <td style="width: 7.39%; vertical-align: bottom;">&#160;</td>
            <td style="width: 11.64%; vertical-align: bottom;">&#160;</td>
            <td style="width: 1.31%; vertical-align: bottom;">&#160;</td>
            <td style="width: 11.64%; vertical-align: bottom;">
              <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 9.5pt; font-weight: bold;">(42.9)</div>
            </td>
            <td style="width: 11.64%; vertical-align: bottom;">
              <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 9.5pt;">(35.9)</div>
            </td>
          </tr>
          <tr>
            <td colspan="2" style="width: 56.38%; vertical-align: top;">
              <div style="font-family: Verdana, sans-serif; font-size: 9.5pt;">Payment of debt issuance costs</div>
            </td>
            <td style="width: 7.39%; vertical-align: bottom;">&#160;</td>
            <td style="width: 11.64%; vertical-align: bottom;">&#160;</td>
            <td style="width: 1.31%; vertical-align: bottom;">&#160;</td>
            <td style="width: 11.64%; vertical-align: bottom;">
              <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 9.5pt; font-weight: bold;">-</div>
            </td>
            <td style="width: 11.64%; vertical-align: bottom;">
              <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 9.5pt;">(0.1)</div>
            </td>
          </tr>
          <tr>
            <td colspan="2" style="width: 56.38%; vertical-align: top;">
              <div style="font-family: Verdana, sans-serif; font-size: 9.5pt;">Issuance of common shares, net of issuance costs</div>
            </td>
            <td style="width: 7.39%; vertical-align: bottom;">&#160;</td>
            <td style="width: 11.64%; vertical-align: bottom;">&#160;</td>
            <td style="width: 1.31%; vertical-align: bottom;">&#160;</td>
            <td style="width: 11.64%; vertical-align: bottom;">
              <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 9.5pt; font-weight: bold;">0.4</div>
            </td>
            <td style="width: 11.64%; vertical-align: bottom;">
              <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 9.5pt;">0.6</div>
            </td>
          </tr>
          <tr>
            <td colspan="2" style="width: 56.38%; vertical-align: top;">
              <div style="font-family: Verdana, sans-serif; font-size: 9.5pt;">Effect of foreign exchange rate on cash</div>
            </td>
            <td style="width: 7.39%; vertical-align: bottom;">&#160;</td>
            <td style="width: 11.64%; vertical-align: bottom;">&#160;</td>
            <td style="width: 1.31%; vertical-align: bottom;">&#160;</td>
            <td style="width: 11.64%; vertical-align: bottom; border-bottom: #000000 0.50pt solid;">
              <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 9.5pt; font-weight: bold;">(1.9)</div>
            </td>
            <td style="width: 11.64%; vertical-align: bottom; border-bottom: #000000 0.50pt solid;">
              <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 9.5pt;">0.5</div>
            </td>
          </tr>
          <tr>
            <td colspan="2" style="width: 56.38%; vertical-align: top;">
              <div style="font-family: Verdana, sans-serif; font-size: 9.5pt;">Net change in cash</div>
            </td>
            <td style="width: 7.39%; vertical-align: bottom;">&#160;</td>
            <td style="width: 11.64%; vertical-align: bottom;">&#160;</td>
            <td style="width: 1.31%; vertical-align: bottom;">&#160;</td>
            <td style="width: 11.64%; vertical-align: bottom; border-top: #000000 0.50pt solid;">
              <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 9.5pt; font-weight: bold;">(1.6)</div>
            </td>
            <td style="width: 11.64%; vertical-align: bottom; border-top: #000000 0.50pt solid;">
              <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 9.5pt;">4.4</div>
            </td>
          </tr>
          <tr>
            <td colspan="2" style="width: 56.38%; vertical-align: top;">
              <div style="font-family: Verdana, sans-serif; font-size: 9.5pt;">Cash, beginning of period</div>
            </td>
            <td style="width: 7.39%; vertical-align: bottom;">&#160;</td>
            <td style="width: 11.64%; vertical-align: bottom;">&#160;</td>
            <td style="width: 1.31%; vertical-align: bottom;">&#160;</td>
            <td style="width: 11.64%; vertical-align: bottom;">
              <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 9.5pt; font-weight: bold;">213.4</div>
            </td>
            <td style="width: 11.64%; vertical-align: bottom;">
              <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 9.5pt;">133.7</div>
            </td>
          </tr>
          <tr>
            <td colspan="2" style="width: 56.38%; vertical-align: top;">
              <div style="font-family: Verdana, sans-serif; font-size: 9.5pt;">Cash, end of period</div>
            </td>
            <td style="width: 7.39%; vertical-align: bottom;">&#160;</td>
            <td style="width: 11.64%; vertical-align: bottom;">&#160;</td>
            <td style="width: 1.31%; vertical-align: bottom;">&#160;</td>
            <td style="width: 11.64%; vertical-align: bottom; border-top: #000000 0.25pt solid; border-bottom: #000000 1.50pt solid;">
              <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 9.5pt; font-weight: bold;">211.8</div>
            </td>
            <td style="width: 11.64%; vertical-align: bottom; border-top: #000000 0.25pt solid; border-bottom: #000000 1.50pt solid;">
              <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 9.5pt;">138.1</div>
            </td>
          </tr>

      </table>
      <div><br>
      </div>
      <div style="text-align: justify; font-family: Verdana, sans-serif; font-size: 9.5pt;"><font style="font-weight: bold; font-style: italic;">Cash provided by operating activities</font> was $44.4
        million and $40.9 million for the first quarter of 2023 and 2022, respectively. For the first quarter of 2023, the $44.4 million of cash provided by operating activities resulted from $23.1 million of net income, plus adjustments for $21.6 million
        of non-cash items included in net income and less $0.3 million of cash used by changes in our operating assets and liabilities. For the first quarter of 2022, the $40.9 million of cash provided by operating activities resulted from $18.4 million of
        net income, plus adjustments for $20.1 million of non-cash items included in net income and plus $2.4 million of cash provided by changes in our operating assets and liabilities. Cash provided by operating activities increased in the first quarter
        of 2023 compared to the same period of 2022 primarily due to an increase in net income adjusted for non-cash items.</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;">18</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; font-size: 9.5pt;"><font style="font-weight: bold; font-style: italic;">Additions to property and equipment</font> were $1.6
        million in both the first quarter of 2023 and 2022. Additions to property and equipment are primarily due to investments in computing equipment and software to support our network and continue to enhance our security infrastructure.</div>
      <div><br>
      </div>
      <div style="text-align: justify; font-family: Verdana, sans-serif; font-size: 9.5pt;"><font style="font-weight: bold; font-style: italic;">Acquisition of subsidiaries, net of cash acquired</font>
        was $42.9 million and $35.9 million for the first quarter of 2023 and 2022, respectively. Acquisitions in the first quarter of 2023 related to NetCHB and Foxtrot. Acquisitions in the first quarter of 2022 related to QuestaWeb.</div>
      <div><br>
      </div>
      <div style="text-align: justify; font-family: Verdana, sans-serif; font-size: 9.5pt;"><font style="font-weight: bold; font-style: italic;">Payment of debt issuance costs</font><font style="font-weight: bold;">&#160;</font>were nominal and $0.1 million for the first quarter of 2023 and 2022, respectively, and relate to costs paid in amending the terms of our credit facility
        agreement.</div>
      <div><br>
      </div>
      <div style="text-align: justify; font-family: Verdana, sans-serif; font-size: 9.5pt;"><font style="font-weight: bold; font-style: italic;">Issuance of common shares, net of issuance costs </font>were
        $0.4 million and $0.6 million for the first quarter of 2023 and 2022, respectively, as a result of the exercise of employee stock options.</div>
      <div><br>
      </div>
      <div><br>
      </div>
      <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="z15839735debe4c77b79772c62f61fbb5" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 53.11%; vertical-align: top; border-top: 0.5pt solid rgb(0, 0, 0); border-bottom: 0.5pt solid rgb(0, 0, 0);">
              <div style="font-family: Verdana, sans-serif; font-size: 11pt; font-variant: small-caps; font-weight: bold;"><a name="z_Toc396820863"></a><a name="z_Toc103007250"></a></div>
              <div style="font-family: Verdana, sans-serif; font-size: 11pt; font-variant: small-caps; font-weight: bold;"> <br>
              </div>
              <div style="font-family: Verdana, sans-serif; font-size: 11pt; font-variant: small-caps; font-weight: bold;">Commitments, Contingencies and Guarantees</div>
              <div style="font-family: Verdana, sans-serif; font-size: 11pt; font-variant: small-caps; font-weight: bold;"> <br>
              </div>
            </td>
            <td style="width: 46.89%; vertical-align: top;">&#160;</td>
          </tr>

      </table>
      <div><br>
      </div>
      <div><br>
      </div>
      <div style="text-align: justify; font-family: Verdana, sans-serif; font-size: 9.5pt; font-style: italic; font-weight: bold;">Commitments</div>
      <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="z853604238da4493997672d51238ada48" cellpadding="0" cellspacing="0">

          <tr>
            <td colspan="6" style="width: 100%; vertical-align: top;">
              <div style="text-align: justify; font-family: Verdana, sans-serif; font-size: 9.5pt;">To facilitate a better understanding of our commitments, the following information is provided (in millions of dollars) in respect of our operating
                obligations as of April 30, 2022:</div>
            </td>
          </tr>
          <tr>
            <td style="width: 36.9%; vertical-align: top;">&#160;</td>
            <td style="width: 11.9%; vertical-align: top; border-top: #000000 0.50pt solid; border-bottom: #000000 0.50pt solid;">
              <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">Less than</div>
              <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">1 year</div>
            </td>
            <td style="width: 13.1%; 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-size: 9.5pt; font-weight: bold;">1-3 years</div>
            </td>
            <td style="width: 13.1%; 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-size: 9.5pt; font-weight: bold;">4-5 years</div>
            </td>
            <td style="width: 12.14%; 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-size: 9.5pt; font-weight: bold;">More than</div>
              <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">&#160;5 years</div>
            </td>
            <td style="width: 12.86%; 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-size: 9.5pt; font-weight: bold;">Total</div>
            </td>
          </tr>
          <tr>
            <td style="width: 36.9%; vertical-align: top;">&#160;</td>
            <td style="width: 11.9%; vertical-align: top; border-top: #000000 0.50pt solid;">&#160;</td>
            <td style="width: 13.1%; vertical-align: top; border-top: #000000 0.50pt solid;">&#160;</td>
            <td style="width: 13.1%; vertical-align: top; border-top: #000000 0.50pt solid;">&#160;</td>
            <td style="width: 12.14%; vertical-align: top; border-top: #000000 0.50pt solid;">&#160;</td>
            <td style="width: 12.86%; vertical-align: top; border-top: #000000 0.50pt solid;">&#160;</td>
          </tr>
          <tr>
            <td style="width: 36.9%; vertical-align: top;">
              <div style="font-family: Verdana, sans-serif; font-size: 9.5pt;">Operating lease obligations</div>
            </td>
            <td style="width: 11.9%; vertical-align: top;">
              <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">4.1</div>
            </td>
            <td style="width: 13.1%; vertical-align: top;">
              <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">5.3</div>
            </td>
            <td style="width: 13.1%; vertical-align: top;">
              <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">1.0</div>
            </td>
            <td style="width: 12.14%; vertical-align: top;">
              <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">0.1</div>
            </td>
            <td style="width: 12.86%; vertical-align: top;">
              <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">10.5</div>
            </td>
          </tr>

      </table>
      <div><br>
      </div>
      <div style="text-align: justify; font-family: Verdana, sans-serif; font-size: 9.5pt;"><u>Lease Obligations</u></div>
      <div style="text-align: justify; font-family: Verdana, sans-serif; font-size: 9.5pt;">We are committed under non-cancelable operating leases for buildings, vehicles and computer equipment with terms expiring at various dates through 2030. The
        undiscounted future minimum amounts payable under these lease agreements are presented in the table above.</div>
      <div><br>
      </div>
      <div style="text-align: justify; font-family: Verdana, sans-serif; font-size: 9.5pt;"><u>Other Obligations</u></div>
      <div style="font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">Deferred Share Unit (&#8220;DSU&#8221;) and Cash-settled Restricted Share Unit (&#8220;CRSU&#8221;) Plans</div>
      <div style="text-align: justify; font-family: Verdana, sans-serif; font-size: 9.5pt;">As discussed in Note 2 to the audited consolidated financial statements for 2022 included in our 2022 Annual Report, we maintain DSU and CRSU plans for our
        directors and employees. Any payments made pursuant to these plans are settled in cash. For DSUs and CRSUs, the units vest over time and the liability recognized at any given consolidated balance sheet date reflects only those units vested at that
        date that have not yet been settled in cash. As such, we had an unrecognized aggregate amount for the unvested DSUs and CRSUs of nil and $0.9 million, respectively, at April 30, 2022. The ultimate liability for any payment of DSUs and CRSUs is
        dependent on the trading price of our common shares. To partially offset our exposure to fluctuations in our stock price as a result of our DSU Plan, we have entered into equity derivative contracts, including floating-rate equity forwards. As at
        April 30, 2022, we had equity derivatives for 252,011 Descartes common shares and a DSU liability for 253,454 Descartes common shares, resulting in minimal net exposure&#160;resulting from changes to our share price.</div>
      <div><br>
      </div>
      <div style="font-family: Verdana, sans-serif; font-size: 9.5pt; font-style: italic; font-weight: bold;">Contingencies</div>
      <div style="text-align: justify; font-family: Verdana, sans-serif; font-size: 9.5pt;">We are subject to a variety of other claims and suits that arise from time to time in the ordinary course of our business. The consequences of these matters are not
        presently determinable but, in the opinion of management after consulting with legal counsel, the ultimate aggregate liability is not currently expected to have a material effect on our results of operations or financial position.</div>
      <div><br>
      </div>
      <div style="text-align: justify; font-family: Verdana, sans-serif; font-size: 9.5pt;"><u>Product Warranties</u></div>
      <div style="text-align: justify; font-family: Verdana, sans-serif; font-size: 9.5pt;">In the normal course of operations, we provide our customers with product warranties relating to the performance of our hardware, software and services. To date, we
        have not encountered material costs as</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;">19</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; font-size: 9.5pt;">a result of such obligations and have not accrued any liabilities related to such obligations in our condensed consolidated financial statements.</div>
      <div><br>
      </div>
      <div style="text-align: justify; font-family: Verdana, sans-serif; font-size: 9.5pt;"><u>Business combination agreements</u></div>
      <div style="text-align: justify; font-family: Verdana, sans-serif; font-size: 9.5pt;">In respect of our acquisitions of Kontainers, ShipTrack, GreenMile and NetCHB, up to $95.4 million in cash may become payable if certain revenue performance targets
        are met in the two years following the acquisition. A balance of $27.6 million is accrued related to the fair value of this contingent consideration as at April 30, 2022.</div>
      <div><br>
      </div>
      <div style="font-family: Verdana, sans-serif; font-size: 9.5pt; font-style: italic; font-weight: bold;">Guarantees</div>
      <div style="text-align: justify; font-family: Verdana, sans-serif; font-size: 9.5pt;">In the normal course of business, we enter into a variety of agreements that may contain features that meet the definition of a guarantee under ASC Topic 460,
        &#8220;Guarantees&#8221;. The following lists our significant guarantees:</div>
      <div><br>
      </div>
      <div style="text-align: justify; font-family: Verdana, sans-serif; font-size: 9.5pt;"><u>Intellectual property indemnification obligations</u></div>
      <div style="text-align: justify; font-family: Verdana, sans-serif; font-size: 9.5pt;">We provide indemnifications of varying scope to our customers against claims of intellectual property infringement made by third parties arising from the use of our
        products. In the event of such a claim, we are generally obligated to defend our customers against the claim and we are liable to pay damages and costs assessed against our customers that are payable as part of a final judgment or settlement. These
        intellectual property infringement indemnification clauses are not generally subject to any dollar limits and remain in force for the term of our license agreement with our customer, which license terms are typically perpetual. Historically, we
        have not encountered material costs as a result of such indemnification obligations.</div>
      <div><br>
      </div>
      <div style="text-align: justify; font-family: Verdana, sans-serif; font-size: 9.5pt;"><u>Other indemnification agreements</u></div>
      <div style="text-align: justify; font-family: Verdana, sans-serif; font-size: 9.5pt;">In the normal course of operations, we enter into various agreements that provide general indemnities. These indemnities typically arise in connection with
        purchases and sales of assets, securities offerings or buy-backs, service contracts, administration of employee benefit plans, retention of officers and directors, membership agreements, customer financing transactions, and leasing transactions. In
        addition, our corporate by-laws provide for the indemnification of our directors and officers. Each of these indemnities requires us, in certain circumstances, to compensate the counterparties for various costs resulting from breaches of
        representations or obligations under such arrangements, or as a result of third party claims that may be suffered by the counterparty as a consequence of the transaction. We believe that the likelihood that we could incur significant liability
        under these obligations is remote. Historically, we have not made any significant payments under such indemnities.</div>
      <div><br>
      </div>
      <div style="text-align: justify; font-family: Verdana, sans-serif; font-size: 9.5pt;">In evaluating estimated losses for the guarantees or indemnities described above, we consider such factors as the degree of probability of an unfavorable outcome
        and the ability to make a reasonable estimate of the amount of loss. We are unable to make a reasonable estimate of the maximum potential amount payable under such guarantees or indemnities as many of these arrangements do not specify a maximum
        potential dollar exposure or time limitation. The amount also depends on the outcome of future events and conditions, which cannot be predicted. Given the foregoing, to date, we have not accrued any liability in our condensed consolidated financial
        statements for the guarantees or indemnities described above.</div>
      <div><br>
      </div>
      <div><br>
      </div>
      <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="z3a75cc8efc4e4f739f02e444dc2dd198" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 53.11%; vertical-align: top; border-top: 0.5pt solid rgb(0, 0, 0); border-bottom: 0.5pt solid rgb(0, 0, 0);">
              <div style="font-family: Verdana, sans-serif; font-size: 11pt; font-variant: small-caps; font-weight: bold;"><a name="z_Toc396820864"></a><a name="z_Toc103007251"></a></div>
              <div style="font-family: Verdana, sans-serif; font-size: 11pt; font-variant: small-caps; font-weight: bold;"><br>
                Outstanding Share Data</div>
              <div style="font-family: Verdana, sans-serif; font-size: 11pt; font-variant: small-caps; font-weight: bold;"> <br>
              </div>
            </td>
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          </tr>

      </table>
      <div><br>
      </div>
      <div><br>
      </div>
      <div style="text-align: justify; font-family: Verdana, sans-serif; font-size: 9.5pt;">We have an unlimited number of common shares authorized for issuance. As of June 1, 2022, we had 84,781,562 common shares issued and outstanding.</div>
      <div><br>
      </div>
      <div style="text-align: justify; font-family: Verdana, sans-serif; font-size: 9.5pt;">As of June 1, 2022, there were 1,544,254 options issued and outstanding, and 2,791,392 options remaining available for grant under all stock option plans.</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;">20</font></div>
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      </div>
      <div><br>
      </div>
      <div style="text-align: justify; font-family: Verdana, sans-serif; font-size: 9.5pt;">As of June 1, 2022, there were 915,233 performance share units (&#8220;PSUs&#8221;) and 474,631 restricted share units (&#8220;RSUs&#8221;) issued and outstanding, with a potential of up
        to a further 260,766 PSUs being earned if maximum performance is achieved in respect of the outstanding PSU awards. Also, as of June 1, 2022, there were 616,128 units remaining available for grant under all performance and restricted share unit
        plans.</div>
      <div><br>
      </div>
      <div style="text-align: justify; font-family: Verdana, sans-serif; font-size: 9.5pt;"><a name="z_Hlk81222348"></a>Our board of directors has adopted a shareholder rights plan (the &#8220;Rights Plan&#8221;) to ensure the fair treatment of shareholders in
        connection with any take-over offer, and to provide our board of directors and shareholders with additional time to fully consider any unsolicited take-over bid. We did not adopt the Rights Plan in response to any specific proposal to acquire
        control of the Company. The Rights Plan was approved by the TSX and was originally approved by our shareholders on May 18, 2005 and took effect as of November 29, 2004. An amended and restated Rights Plan was ratified by shareholders at our annual
        shareholders&#8217; meeting held on May 28, 2020. The Rights Plan requires re-approval by the shareholders every three years. We understand that the Rights Plan is similar to plans adopted by other Canadian companies and approved by their shareholders.</div>
      <div><br>
      </div>
      <div><br>
      </div>
      <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="z2a04e02fb41544dabed0eaa7375b48cb" cellpadding="0" cellspacing="0">

          <tr>
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              <div style="font-family: Verdana, sans-serif; font-size: 11pt; font-variant: small-caps; font-weight: bold;"><a name="z_Toc396820865"></a><a name="z_Toc103007252"></a></div>
              <div style="font-family: Verdana, sans-serif; font-size: 11pt; font-variant: small-caps; font-weight: bold;"> <br>
              </div>
              <div style="font-family: Verdana, sans-serif; font-size: 11pt; font-variant: small-caps; font-weight: bold;">Application of Critical Accounting Policies and Estimates</div>
              <div style="font-family: Verdana, sans-serif; font-size: 11pt; font-variant: small-caps; font-weight: bold;"> <br>
              </div>
            </td>
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      </table>
      <div><br>
      </div>
      <div><br>
      </div>
      <div style="text-align: justify; font-family: Verdana, sans-serif; font-size: 9.5pt;">Our consolidated financial statements and accompanying notes are prepared in accordance with GAAP. Preparing financial statements requires management to make
        estimates and assumptions that affect the reported amounts of assets, liabilities, revenues and expenses. These estimates and assumptions are affected by management&#8217;s application of accounting policies. Estimates are deemed critical when a
        different estimate could have reasonably been used or where changes in the estimates are reasonably likely to occur from period to period and would materially impact our financial condition or results of operations. Our accounting policies are
        discussed in Note 2 to the audited consolidated financial statements for 2022 included in our 2022 Annual Report.</div>
      <div><br>
      </div>
      <div style="text-align: justify; font-family: Verdana, sans-serif; font-size: 9.5pt;">Our management has discussed the development, selection and application of our critical accounting policies with the audit committee of the board of directors.</div>
      <div><br>
      </div>
      <div style="text-align: justify; font-family: Verdana, sans-serif; font-size: 9.5pt;">The following reflect our more significant estimates, judgments and assumptions which we believe are the most critical to aid in fully understanding and evaluating
        our reported financial results for the period ended April 30, 2022:</div>
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            </td>
            <td style="width: 18pt; vertical-align: top; align: right; font-size: 9.5pt;">&#8226;</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: Verdana, sans-serif; font-size: 9.5pt;">Revenue recognition;</div>
            </td>
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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="z94e58e0cbb224f728170f206b69eb950" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 18pt;"><br>
            </td>
            <td style="width: 18pt; vertical-align: top; align: right; font-size: 9.5pt;">&#8226;</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: Verdana, sans-serif; font-size: 9.5pt;">Impairment of long-lived assets;</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="zd47c5407896f4e1589be6c57d5e59ca0" cellpadding="0" cellspacing="0">

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            </td>
            <td style="width: 18pt; vertical-align: top; align: right; font-size: 9.5pt;">&#8226;</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: Verdana, sans-serif; font-size: 9.5pt;">Goodwill;</div>
            </td>
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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="z6114342385ed43c0a0a3040906b8e5b0" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 18pt;"><br>
            </td>
            <td style="width: 18pt; vertical-align: top; align: right; font-size: 9.5pt;">&#8226;</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: Verdana, sans-serif; font-size: 9.5pt;">Stock-based compensation;</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="z486991a58573468eade7867b925e46ed" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 18pt;"><br>
            </td>
            <td style="width: 18pt; vertical-align: top; align: right; font-size: 9.5pt;">&#8226;</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: Verdana, sans-serif; font-size: 9.5pt;">Income taxes; 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="zd37542f055994f8483bf6236ce65d59f" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 18pt;"><br>
            </td>
            <td style="width: 18pt; vertical-align: top; align: right; font-size: 9.5pt;">&#8226;</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: Verdana, sans-serif; font-size: 9.5pt;">Business combinations.</div>
            </td>
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      </table>
      <div><br>
      </div>
      <div style="text-align: justify; font-family: Verdana, sans-serif; font-size: 9.5pt;">The significant accounting policies are unchanged from those disclosed in the Company&#8217;s 2022 Annual Report.</div>
      <div><br>
      </div>
      <div><br>
      </div>
      <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="zd43a85eb35d14ef4971004168c0e38b9" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 53.11%; vertical-align: top; border-top: 0.5pt solid rgb(0, 0, 0); border-bottom: 0.5pt solid rgb(0, 0, 0);">
              <div style="font-family: Verdana, sans-serif; font-size: 11pt; font-variant: small-caps; font-weight: bold;"><a name="z_Toc396820866"></a><a name="z_Toc103007253"></a></div>
              <div style="font-family: Verdana, sans-serif; font-size: 11pt; font-variant: small-caps; font-weight: bold;"> <br>
              </div>
              <div style="font-family: Verdana, sans-serif; font-size: 11pt; font-variant: small-caps; font-weight: bold;">Change In / Initial Adoption of Accounting Policies</div>
              <div style="font-family: Verdana, sans-serif; font-size: 11pt; font-variant: small-caps; font-weight: bold;"> <br>
              </div>
            </td>
            <td style="width: 46.89%; vertical-align: top;">&#160;</td>
          </tr>

      </table>
      <div><br>
      </div>
      <div><br>
      </div>
      <div style="font-family: Verdana, sans-serif; font-size: 9.5pt; font-style: italic; font-weight: bold;">Recently issued accounting pronouncements</div>
      <div style="text-align: justify; font-family: Verdana, sans-serif; font-size: 9.5pt;">In October 2021, the FASB issued Accounting Standards Update 2021-08, &#8220;Business Combinations (Topic 805): Accounting for Contract Assets and Contract Liabilities
        from Contracts with Customers&#8221; (&#8220;ASU 2021-08&#8221;). ASU 2021-08 provides guidance on how to recognize and measure acquired contract assets and liabilities from revenue contracts in a business combination. ASU 2021-08 is effective for annual periods,</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;">21</font></div>
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      <div><br>
      </div>
      <div style="text-align: justify; font-family: Verdana, sans-serif; font-size: 9.5pt;">and interim periods within those annual periods, beginning after December 15, 2022, which will be our fiscal year beginning February 1, 2023 (fiscal 2024). Early
        adoption is permitted. The Company will adopt this guidance in the first quarter of fiscal 2024. The adoption of this guidance is not expected to have a material impact on our results of operations or disclosures.</div>
      <div><br>
      </div>
      <div><br>
      </div>
      <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="zecdb65da0e8740cfbe601c7183eb0f81" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 53.11%; vertical-align: top; border-top: 0.5pt solid rgb(0, 0, 0); border-bottom: 0.5pt solid rgb(0, 0, 0);">
              <div style="font-family: Verdana, sans-serif; font-size: 11pt; font-variant: small-caps; font-weight: bold;"><a name="z_Toc412813400"></a><a name="z_Toc444070554"></a><a name="z_Toc474510554"></a><a name="z_Toc103007254"></a></div>
              <div style="font-family: Verdana, sans-serif; font-size: 11pt; font-variant: small-caps; font-weight: bold;"> <br>
              </div>
              <div style="font-family: Verdana, sans-serif; font-size: 11pt; font-variant: small-caps; font-weight: bold;">Controls and Procedures</div>
              <div style="font-family: Verdana, sans-serif; font-size: 11pt; font-variant: small-caps; font-weight: bold;"> <br>
              </div>
            </td>
            <td style="width: 46.89%; vertical-align: top;">&#160;</td>
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      </table>
      <div><br>
      </div>
      <div><br>
      </div>
      <div style="text-align: justify; font-family: Verdana, sans-serif; font-size: 9.5pt;">During the period beginning on February 1, 2022 and ended on April 30, 2022, no changes were made to the Company&#8217;s internal control over financial reporting that
        have materially affected, or are reasonably likely to materially affect, the Company&#8217;s internal control over financial reporting.</div>
      <div><br>
      </div>
      <div><br>
      </div>
      <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="z9165f040868d4b37aa6725870cb44cd4" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 53.11%; vertical-align: top; border-top: 0.5pt solid rgb(0, 0, 0); border-bottom: 0.5pt solid rgb(0, 0, 0);">
              <div style="font-family: Verdana, sans-serif; font-size: 11pt; font-variant: small-caps; font-weight: bold;"><a name="z_Toc396820867"></a><a name="z_Toc103007255"></a></div>
              <div style="font-family: Verdana, sans-serif; font-size: 11pt; font-variant: small-caps; font-weight: bold;"> <br>
              </div>
              <div style="font-family: Verdana, sans-serif; font-size: 11pt; font-variant: small-caps; font-weight: bold;">Trends / Business Outlook</div>
              <div style="font-family: Verdana, sans-serif; font-size: 11pt; font-variant: small-caps; font-weight: bold;"> <br>
              </div>
            </td>
            <td style="width: 46.89%; vertical-align: top;">&#160;</td>
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      </table>
      <div><br>
      </div>
      <div><br>
      </div>
      <div style="text-align: justify; font-family: Verdana, sans-serif; font-size: 9.5pt;">This section discusses our outlook for fiscal 2023 and in general as of the date of this MD&amp;A and contains forward-looking statements.</div>
      <div><br>
      </div>
      <div style="text-align: justify; font-family: Verdana, sans-serif; font-size: 9.5pt;">The impact of the Ukraine Conflict on our customers and suppliers, on the global economy in general and on our business specifically is uncertain at this time.
        While we have limited direct business dealings in either Russia or the Ukraine, it&#8217;s probable that the Ukraine Conflict, the political and economic measures taken by other countries in response to the Ukraine Conflict and the potential retaliatory
        actions that Russia or other countries might take in response to these political and economic measures could have a material impact on the global economy, global trade, global fuel prices and/or the individual economies of countries that may be
        dependent on Russia for oil and gas supplies and in which we may have significant business dealings, such as Germany. Each of these consequences could impact the level of usage and/or demand for our products and services and our resulting revenues.
        In addition, it has been speculated that retaliatory actions by Russia or other countries to economic sanctions could include widespread cyber-attacks. Any such attacks, if successful, could adversely impact our business or the businesses of our
        customers and suppliers.</div>
      <div><br>
      </div>
      <div style="text-align: justify; font-family: Verdana, sans-serif; font-size: 9.5pt;">The impact of the Pandemic on global trade both in the short-term and over the longer-term continues to be uncertain at this time. As discussed in previous
        quarterly versions of our MD&amp;A, during the period of the Pandemic we had observed some reduced shipment volumes across various modes of transportation, particularly in air cargo, and were aware of some customers who reduced or temporarily
        suspended operations during the Pandemic or otherwise experienced financial hardship as a result of the Pandemic. Although we have come to understand that the impact of the Pandemic will be felt in waves at various times, as the time of this
        MD&amp;A, we have observed that shipment volumes and general economic activity in our industry have largely returned to what we would consider &#8220;pre-Pandemic&#8221; levels. We make this observation recognizing that some countries around the world will
        continue to come in and out of government-mandated business shutdowns as they struggle with further waves of infection relating to the Pandemic. Given this ongoing uncertainty, we don&#8217;t know what the impact of these events will be on overall global
        trade volumes on a quarter to quarter basis may be, or over the longer-term and how that in turn may impact the use of Descartes&#8217; products and services by its customers and whether such an impact will only be temporary or may continue for an
        extended period of time. It also remains unclear at this time whether, as a result of the Pandemic and related events, companies and/or consumers will alter trading, manufacturing and/or buying patterns from the patterns we have observed in the
        global economy in the past and if so, for how long.</div>
      <div><br>
      </div>
      <div style="text-align: justify; font-family: Verdana, sans-serif; font-size: 9.5pt;">At the outset of the Pandemic, we took proactive measures to position our company to defend against the potential impact of the Pandemic while ensuring that we
        maintained our flexibility to react quickly when a normalization of business activity returns. While we will continue to be cautious as we consider the ongoing</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;">22</font></div>
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      <div><br>
      </div>
      <div style="text-align: justify; font-family: Verdana, sans-serif; font-size: 9.5pt;">impact of the Pandemic, in fiscal 2023 we expect to continue to invest in our business through headcount growth and see a continued reduction of our restrictions on
        in-person marketing events and travel.</div>
      <div><br>
      </div>
      <div style="text-align: justify; font-family: Verdana, sans-serif; font-size: 9.5pt;"><a name="z_Hlk65063865"></a>On January 1, 2021, the UK left the European Union and agreed to terms on a trade agreement that set out the tariffs and guidelines on
        imports and exports between the two regions. Despite the trade agreement, both parties agreed that import and export filings would now need to be made on shipments between the UK and the European Union with special trading rules for shipments to
        and from Northern Ireland. In addition, the UK implemented a system for electronic filings on imports and exports. As a result, we have been actively engaging with customers and service providers with solutions that assist them with these
        electronic filing requirements and as a result have seen a positive impact to our revenues starting in fiscal 2022. In May 2022, following political elections in Northern Ireland, some uncertainty has been introduced as to whether changes will be
        introduced to the existing filing regime. Should changes be made to regulations relating to the movement of goods between the UK and the European Union, or the special trading rules for shipments to and from Northern Ireland, such that the filing
        requirements related to imports and exports were somehow reduced, this could have an impact on the revenues we have been generating in this area of our business.</div>
      <div><br>
      </div>
      <div style="text-align: justify; font-family: Verdana, sans-serif; font-size: 9.5pt;">More generally, our business may be impacted from time to time by the cyclical and seasonal nature of particular modes of transportation and the freight market, as
        well as the cyclical and seasonal nature of the industries that such markets serve. Factors which may create cyclical fluctuations in such modes of transportation or the freight market in general include legal and regulatory requirements (for
        example Brexit), timing of contract renewals between our customers and their own customers, seasonal-based tariffs, vacation periods applicable to particular shipping or receiving nations, weather-related or global health events that impact
        shipping in particular geographies and amendments to international trade agreements. In particular, the uncertainties arising from the Pandemic and steps taken by governments, businesses, other organizations and private citizens to respond to the
        Pandemic could continue to adversely impact global shipment volumes in all modes of transportation in fiscal 2023. Since some of our revenues from particular products and services are tied to the volume of shipments being processed, adverse
        fluctuations in the volume of global shipments, or shipments in any particular mode of transportation, may adversely affect our revenues. Significant declines in shipment volumes could likely have a material adverse effect on our business.</div>
      <div><br>
      </div>
      <div style="text-align: justify; font-family: Verdana, sans-serif; font-size: 9.5pt;">Industry consolidation, rapid technological change, growth of ecommerce and frequent new product introductions and enhancements continue to characterize the
        software and services industries &#8211; particularly for logistics management technology companies. Organizations are increasingly requiring greater levels of functionality and more sophisticated product offerings from their software and services
        providers.</div>
      <div><br>
      </div>
      <div style="text-align: justify; font-family: Verdana, sans-serif; font-size: 9.5pt;">Increased importance is being placed on leveraging cloud-based technology to better manage logistics processes and to connect and collaborate with trading partners
        on a global basis, as well as to reuse and share supply chain data in order to accelerate time-to-value. Cloud-based technology also enables business networks to more easily unite and integrate services provided by a broad range of partners and
        technology alliances to extend functionality and further enhance collaboration between business communities. As a result, we believe there is a trend away from using manual and paper-based supply chain and logistics processes towards electronic
        processes powered by the exchange of electronic information between logistics and supply chain participants.</div>
      <div><br>
      </div>
      <div style="text-align: justify; font-family: Verdana, sans-serif; font-size: 9.5pt;">Accordingly, we expect that our future success will be dependent upon our ability to enhance current products or develop and introduce new products offering
        enhanced performance and new functionality at competitive prices. In particular, we believe customers are looking for end-to-end solutions that combine a multi-modal, multi-process network with business document exchange and wireless mobile
        resource management (&#8220;MRM&#8221;) applications with end-to-end global trade compliance, trade content and collaborative supply chain execution applications. These applications include freight bookings, contract and rate management, classification of
        goods for tariff and duty purposes, sanctioned party screening,</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;">23</font></div>
        <div style="page-break-after:always;" id="DSPFPageBreak">
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      </div>
      <div><br>
      </div>
      <div style="text-align: justify; font-family: Verdana, sans-serif; font-size: 9.5pt;">customs filings and electronic shipment manifest processes, transportation management, routing and scheduling, purchase order to dock door processes, and inventory
        visibility.</div>
      <div><br>
      </div>
      <div style="text-align: justify; font-family: Verdana, sans-serif; font-size: 9.5pt;">We believe there is a continued acceptance of subscription pricing and SaaS business models in the markets we serve that provide lower up-front cost and
        easier-to-maintain alternatives than may be available through traditional perpetual license pricing models. In the first quarter of fiscal 2023, our services revenues comprised 88% of our total revenues, with the balance being license, professional
        services and other revenues. We expect that our focus in fiscal 2023 will remain on generating services revenues, primarily by promoting the use of our GLN (including customs compliance services) and the migration of customers using our legacy
        license-based products to our services-based architecture. We anticipate maintaining the flexibility to license our products to those customers who prefer to buy the products in that fashion and the composition of our revenues in any one quarter
        will be impacted by the buying preferences of our customers.</div>
      <div><br>
      </div>
      <div style="text-align: justify; font-family: Verdana, sans-serif; font-size: 9.5pt;">We have significant contracts with our license customers for ongoing support and maintenance, as well as significant service contracts which provide us with
        recurring services revenues. After their initial term, our service contracts are generally renewable at a customer&#8217;s option, and there are generally no mandatory payment obligations or obligations to license additional software or subscribe for
        additional services. In a typical year, based on our historic experience, we anticipate that over a one-year period we may lose approximately 4% to 6% of our aggregate annualized recurring revenues from the previous year in the ordinary course,
        excluding consideration of new customers.</div>
      <div><br>
      </div>
      <div style="text-align: justify; font-family: Verdana, sans-serif; font-size: 9.5pt;">We internally measure and manage our &#8220;baseline calibration&#8221;, which we define as the difference between our &#8220;baseline revenues&#8221; and &#8220;baseline operating expenses&#8221;.
        Each of these measures constitutes a &#8220;supplementary financial measure&#8221; under Canadian Securities Administrators&#8217; National Instrument 52-112 and does not have a directly comparable financial measure disclosed in our financial statements. We define our &#8220;baseline revenues&#8221; as our visible, recurring and contracted revenues. Baseline revenues are not a projection of anticipated total revenues for a period as they exclude any
          anticipated or expected new sales for a period beyond the date that the baseline revenues are measured. We define our &#8220;baseline operating expenses&#8221; as our total expenses less interest, investment income, taxes, depreciation and amortization, stock-based compensation (for which we include related costs and taxes), acquisition-related costs and restructuring charges. Baseline operating expenses are not a
          projection of anticipated total expenses for a period as they exclude any expenses associated with anticipated or expected new sales for a period beyond the date that the baseline expenses are measured. Our baseline calibration is not a
        projection of net income for a period or adjusted earnings before interest, taxes, depreciation and amortization for a period as it excludes anticipated or expected new sales for a period beyond the date that the baseline calibration is measured,
        excludes any costs of goods sold or other expenses associated with such new sales, and excludes the expenses identified as excluded in the definition of &#8220;baseline operating expenses,&#8221; above. We calculate and disclose &#8220;baseline revenues,&#8221; &#8220;baseline
        operating expenses&#8221; and &#8220;baseline calibration&#8221; because management uses these metrics in determining its planned levels of expenditures for a period and we believe this information is useful to our investors. These metrics are estimated operating
        metrics and not projections, nor actual financial results, and are not indicative of current or future performance. As noted above, these metrics do not have any directly comparable financial measures disclosed in our financial statements. At May 1
        2022, using foreign exchange rates of $0.78 to CAD $1.00, $1.05 to EUR 1.00 and $1.26 to &#163;1.00, we estimated that our baseline revenues for the second quarter of 2023 are approximately $103.0 million and our baseline operating expenses are
        approximately $64.0 million. We consider this to be our baseline calibration of approximately $39.0 million for the second quarter of 2023, or approximately 38% of our baseline revenues as at May 1, 2022.</div>
      <div><br>
      </div>
      <div style="text-align: justify; font-family: Verdana, sans-serif; font-size: 9.5pt;">We estimate that aggregate amortization expense for existing intangible assets will be $42.2 million for the remainder of 2023, $44.4 million for 2024, $41.5
        million for 2025, $37.3 million for 2026, $22.6 million for 2027 and $51.8 million thereafter. Expected future amortization expense is based on the level of existing intangible assets at April 30, 2022, is subject to fluctuations in foreign
        exchange rates and assumes no future adjustments or impairment of existing intangible assets.</div>
      <div><br>
      </div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-family: Verdana, 'sans-serif'; font-size: 8pt; font-weight: normal; font-style: normal;">24</font></div>
        <div id="DSPFPageBreak" style="page-break-after: always;">
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      </div>
      <div style="text-align: justify; font-family: Verdana, sans-serif; font-size: 9.5pt;">We anticipate that stock-based compensation expense for the remainder of fiscal 2023 for grants outstanding as at April 30, 2022 will be approximately $10.9
        million, subject to any necessary adjustments resulting from actual stock-based compensation forfeitures and fluctuations in foreign exchange rates.</div>
      <div><br>
      </div>
      <div style="text-align: justify; font-family: Verdana, sans-serif; font-size: 9.5pt;">We performed our annual goodwill impairment tests in accordance with ASC Topic 350, &#8220;Intangibles &#8211; Goodwill and Other&#8221; (&#8220;ASC Topic 350&#8221;) as at October 31, 2021 and
        determined that there was no evidence of impairment. We are currently scheduled to perform our next annual impairment test during the third quarter of fiscal 2023. We will continue to perform quarterly analyses of whether any event has occurred</div>
      <div style="text-align: justify; font-family: Verdana, sans-serif; font-size: 9.5pt;">that would more likely than not reduce our enterprise value below our carrying amounts and, if so, we will perform a goodwill impairment test between the annual
        dates. The likelihood of any future impairment increases if our public market capitalization is adversely impacted by global economic, capital market or other conditions for a sustained period of time. Any future impairment adjustment will be
        recognized as an expense in the period that such adjustment is identified.</div>
      <div><br>
      </div>
      <div style="text-align: justify; font-family: Verdana, sans-serif; font-size: 9.5pt;">In the first quarter of 2023, capital expenditures were $1.6 million or 1% of revenues, as we continue to invest in computer equipment and software to support our
        network and build out our infrastructure. We anticipate that we will incur approximately $3.0 to $4.0 million in capital expenditures in the remainder of fiscal 2023 primarily related to investments in our network and security infrastructure.</div>
      <div><br>
      </div>
      <div style="text-align: justify; font-family: Verdana, sans-serif; font-size: 9.5pt;">We conduct business in a variety of foreign currencies and, as a result, our foreign operations are subject to foreign exchange fluctuations. Our businesses operate
        in their local currency environment and use their local currency as their functional currency. Assets, including cash, and liabilities of foreign operations are translated into US dollars at the exchange rate in effect at the balance sheet date.
        Revenues and expenses of foreign operations are translated using daily exchange rates. Translation adjustments resulting from this process are accumulated in other comprehensive income (loss) as a separate component of shareholders&#8217; equity.</div>
      <div><br>
      </div>
      <div style="text-align: justify; font-family: Verdana, sans-serif; font-size: 9.5pt;">Transactions incurred in currencies other than the functional currency are converted to the functional currency at the transaction date. All foreign currency
        transaction gains and losses are included in net income. We currently have no specific hedging program in place to address fluctuations in international currency exchange rates. In addition, we can make no accurate prediction of what will happen
        with international currency exchange rates going forward.</div>
      <div><br>
      </div>
      <div style="text-align: justify; font-family: Verdana, sans-serif; font-size: 9.5pt;">By way of illustration, 64% of our revenues in the first quarter of fiscal 2023 were in US dollars, 11% in euro, 9% in British pound sterling, 8% in Canadian
        dollars, and the balance in mixed currencies, while 46% of our operating expenses were in US dollars, 15% in euro, 4% in British pound sterling, 25% in Canadian dollars, and the balance in mixed currencies. As a result, we expect that our revenues
        will be negatively impacted when the US dollar strengthens compared to these foreign currencies.</div>
      <div><br>
      </div>
      <div style="text-align: justify; font-family: Verdana, sans-serif; font-size: 9.5pt;">However, the impact from movements in foreign exchange rates on our results of operations are not always as clear. Generally, if the US dollar were to strengthen
        against the Canadian dollar, the decrease in our expenses will be greater than the decrease in our revenue, resulting in an improvement in our results of operations.&#160; However, if the US dollar were to strengthen against the British pound or euro,
        the decrease in expenses would not be as large as the decrease in revenue, resulting in a weakening of our results of operations.&#160; We will continue to monitor the impact of foreign exchange on our operating results as changes in foreign exchange
        rates may have a significant negative impact on our revenue and results of operations.</div>
      <div><br>
      </div>
      <div style="text-align: justify; font-family: Verdana, sans-serif; font-size: 9.5pt;">Our tax expense for a period is difficult to predict as it depends on many factors, including the actual jurisdictions in which income is earned, the tax rates in
        those jurisdictions, the amount of deferred tax assets relating to the jurisdictions and the valuation allowances relating to those tax assets. We can provide no assurance as to the timing or amounts of any income tax expense or recovery, nor can
        we provide any assurance that our current valuation allowance for deferred tax assets will not need to be adjusted further.</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;">25</font></div>
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      <div><br>
      </div>
      <div style="text-align: justify; font-family: Verdana, sans-serif; font-size: 9.5pt;">We experienced an effective tax rate of approximately 24% in the first quarter of fiscal 2023, which is lower than our consolidated statutory tax rate primarily due
        to a recovery of certain deferred tax attributes in the US. We would generally anticipate that our effective tax rate on an annualized basis would return to our typical range of 25% to 30% in subsequent periods. However, for the balance of this
        fiscal year, we believe that the tax rate may continue to be lower than that typical range if additional uncertain tax positions are released during this fiscal year.</div>
      <div><br>
      </div>
      <div style="text-align: justify; font-family: Verdana, sans-serif; font-size: 9.5pt;">We intend to continue to actively explore business combinations to add complementary services, products and customers to our existing businesses. We also intend to
        continue to focus our acquisition activities on companies that are targeting the same customers as us and processing similar data and, to that end, we listen to our customers&#8217; suggestions as they relate to acquisition opportunities. Depending on
        the size and scope of any business combination, or series of business combinations, we may choose or need to use our existing credit facility or need to raise additional debt or equity capital.&#160;However, there can be no assurance that we will be able to undertake such a financing transaction. If we use debt in connection with acquisition activity, we will incur additional interest expense from the date of the
        draw under such facility. <a name="z_Hlk40263639"></a>Considering the balance of the credit facility as at April 30, 2022, and subject to any further draws or repayments on the credit facility, we anticipate that interest expense will be
        approximately $0.8 million in the remainder of fiscal 2023, which includes debt standby charges as well as the amortization of deferred financing charges.</div>
      <div><br>
      </div>
      <div style="text-align: justify; font-family: Verdana, sans-serif; font-size: 9.5pt;">Certain future commitments are set out above in the section of this MD&amp;A called &#8220;Commitments, Contingencies and Guarantees&#8221;. We believe that we have sufficient
        liquidity to fund our current operating and working capital requirements, including the payment of these commitments.</div>
      <div><br>
      </div>
      <div><br>
      </div>
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              <div style="font-family: Verdana, sans-serif; font-size: 11pt; font-variant: small-caps; font-weight: bold;"><a name="z_Toc396820868"></a><a name="z_Toc103007256"></a></div>
              <div style="font-family: Verdana, sans-serif; font-size: 11pt; font-variant: small-caps; font-weight: bold;"> <br>
              </div>
              <div style="font-family: Verdana, sans-serif; font-size: 11pt; font-variant: small-caps; font-weight: bold;">Certain Factors That May Affect Future Results</div>
              <div style="font-family: Verdana, sans-serif; font-size: 11pt; font-variant: small-caps; font-weight: bold;"> <br>
              </div>
            </td>
            <td style="width: 46.89%; vertical-align: top;">&#160;</td>
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      </table>
      <div><br>
      </div>
      <div><br>
      </div>
      <div style="text-align: justify; font-family: Verdana, sans-serif; font-size: 9.5pt; font-style: italic;">Any investment in us will be subject to risks inherent to our business. Before making an investment decision, you should carefully consider the
        risks described below together with all other information included in this report. The risks and uncertainties described below are not the only ones facing us. Additional risks and uncertainties that we are not aware of or have not focused on, or
        that we currently deem immaterial, may also impair our business operations. This report is qualified in its entirety by these risk factors.</div>
      <div><br>
      </div>
      <div style="text-align: justify; font-family: Verdana, sans-serif; font-size: 9.5pt; font-style: italic;">If any of the risks actually occur, they could materially adversely affect our business, financial condition, liquidity or results of
        operations. In that case, the trading price of our securities could decline and you may lose all or part of your investment.</div>
      <div><br>
      </div>
      <div style="text-align: justify; font-family: Verdana, sans-serif; font-size: 9.5pt; font-style: italic; font-weight: bold;">System or network failures, information security breaches or other cyber-security threats in connection with our services and
        products could reduce our sales, impair our reputation, increase costs or result in liability claims, and seriously harm our business.</div>
      <div style="text-align: justify; font-family: Verdana, sans-serif; font-size: 9.5pt;">We rely on information technology networks and systems to process, transmit and store electronic information. Any disruption to our services and products, our own
        information systems or communications networks or those of third-party providers on which we rely as part of our own product offerings could result in the inability of our customers to receive our products for an indeterminate period of time. Our
        ability to deliver our products and services depends on the development and maintenance of internet infrastructure by third parties. This includes maintenance of reliable networks with the necessary security, speed, data capacity and bandwidth.
        While our services are designed to operate without interruption, we have experienced, and may in the future experience, interruptions and delays in services and availability from time to time. In the event of a catastrophic event with respect to
        one or more of our systems, we may experience an extended period of system unavailability, which could negatively impact our relationship with customers. Our services and products may not function properly for reasons which may include, but are not
        limited to, the following:</div>
      <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zf483d2af7e154989861f07beb24936da" cellpadding="0" cellspacing="0">

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

      </table>
      <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
        <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-family: Verdana, 'sans-serif'; font-size: 8pt; font-weight: normal; font-style: normal;">26</font></div>
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      </div>
      <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z03429873efc743e2bf10a6dcb8f11a88" cellpadding="0" cellspacing="0">

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            <td style="width: 18pt;"><br>
            </td>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: Verdana, sans-serif; font-size: 9.5pt;">&#8226;</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: Verdana, sans-serif; font-size: 9.5pt;">Software errors, failures and crashes;</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="zde6b9cc7f8e34bfe9007c2dc5bca0caa" cellpadding="0" cellspacing="0">

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

      </table>
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            <td style="width: 18pt;"><br>
            </td>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: Verdana, sans-serif; font-size: 9.5pt;">&#8226;</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: Verdana, sans-serif; font-size: 9.5pt;">Virus proliferation or malware;</div>
            </td>
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      </table>
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            <td style="width: 18pt;"><br>
            </td>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: Verdana, sans-serif; font-size: 9.5pt;">&#8226;</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: Verdana, sans-serif; font-size: 9.5pt;">Communications failures;</div>
            </td>
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      </table>
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            <td style="width: 18pt;"><br>
            </td>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: Verdana, sans-serif; font-size: 9.5pt;">&#8226;</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: Verdana, sans-serif; font-size: 9.5pt;">Information or infrastructure security breaches;</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="z6f1e73c228a84faebe932bae77d767ca" cellpadding="0" cellspacing="0">

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

      </table>
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            <td style="width: 18pt;"><br>
            </td>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: Verdana, sans-serif; font-size: 9.5pt;">&#8226;</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: Verdana, sans-serif; font-size: 9.5pt;">Earthquakes, fires, floods, natural disasters, or other force majeure events outside our control; and</div>
            </td>
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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="z4946dc38c3e842deace8dc6da8e0fa4c" cellpadding="0" cellspacing="0">

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            <td style="width: 18pt;"><br>
            </td>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: Verdana, sans-serif; font-size: 9.5pt;">&#8226;</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: Verdana, sans-serif; font-size: 9.5pt;">Acts of war, sabotage, cyber-attacks, denial-of-service attacks and/or terrorism.</div>
            </td>
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      </table>
      <div><br>
      </div>
      <div style="text-align: justify; font-family: Verdana, sans-serif; font-size: 9.5pt;">In addition, any disruption to the availability of customer information, or any compromise to the integrity or confidentiality of customer information in our
        systems or networks, or the systems or networks of third parties on which we rely, could result in our customers being unable to effectively use our products or services or being forced to take mitigating actions to protect their information.
        Back-up and redundant systems may be insufficient or may fail and result in a disruption of availability of our products or services to our customers or the integrity or availability of our customers&#8217; information.</div>
      <div><br>
      </div>
      <div style="text-align: justify; font-family: Verdana, sans-serif; font-size: 9.5pt;">Some jurisdictions have enacted laws requiring companies to notify individuals of data security breaches</div>
      <div style="text-align: justify; font-family: Verdana, sans-serif; font-size: 9.5pt;">involving certain types of personal data and in some cases our agreements with certain customers require us to notify them in the event of a security incident. Such
        mandatory disclosures could lead to negative publicity and may cause our current and prospective customers to lose confidence in the effectiveness of our data security measures. Moreover, if a high-profile security breach occurs with respect to
        another SaaS provider, customers may lose trust in the security of the SaaS business model generally, which could adversely impact our ability to retain existing customers or attract new ones.</div>
      <div><br>
      </div>
      <div style="text-align: justify; font-family: Verdana, sans-serif; font-size: 9.5pt;">Any actual or perceived threat of disruption to our services or any compromise of customer information could impair our reputation and cause us to lose customers or
        revenue, or face litigation, necessitate customer service or repair work that would involve substantial costs and distract management from operating our business. Despite the implementation of advanced threat protection, information and network
        security measures and disaster recovery plans, our systems and those of third parties on which we rely may be vulnerable. If we are unable (or are perceived as being unable) to prevent, or promptly identify and remedy, such outages and breaches,
        our operations may be disrupted, our business reputation could be adversely affected, and there could be a negative impact on our financial condition and results of operations.</div>
      <div><br>
      </div>
      <div style="text-align: justify; font-family: Verdana, sans-serif; font-size: 9.5pt; font-style: italic; font-weight: bold;">General economic conditions may affect our results of operations and financial condition.</div>
      <div style="text-align: justify; font-family: Verdana, sans-serif; font-size: 9.5pt;">Demand for our products depends in large part upon the level of capital and operating expenditures by many of our customers. Decreased capital and operational
        spending could have a material adverse effect on the demand for our products and our business, results of operations, cash flow and overall financial condition. Decreased spending from customers could be caused by pessimism relating to particular
        economic indicators, such as increases in inflation and interest rates. Decreased spending could also be caused by the impact of geopolitical events, such as the Ukraine Conflict, or catastrophic events, such as the Pandemic. These types of
        economic indicators and events may also cause disruptions in the financial markets. Disruptions in the financial markets may adversely impact the availability of credit already arranged and the availability and cost of credit in the future, which
        could result in the delay or cancellation of projects or capital programs on which our business depends. In addition, disruptions in the financial markets may also have an adverse impact on regional economies or the world economy, which could
        negatively impact the capital and operating expenditures of our customers. Decreased capital and operational spending or disruptions in the financial markets could be caused by inflationary pressures, acts of war, or the outbreak of a contagious
        illness, such as the Pandemic (and any intensification thereof). Any of these conditions may reduce the willingness or ability of our customers and prospective customers to commit funds to purchase our products and services, or their ability to pay
        for our products and services after purchase.</div>
      <div><br>
      </div>
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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;">27</font></div>
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      </div>
      <div style="text-align: justify; font-family: Verdana, sans-serif; font-size: 9.5pt; font-style: italic; font-weight: bold;">The Pandemic has had a significant impact on the global economy and could adversely affect our business, results of
        operations and financial condition.</div>
      <div style="text-align: justify; font-family: Verdana, sans-serif; font-size: 9.5pt;">The Pandemic and the efforts to respond to it have negatively impacted the global economy. The Pandemic has, at times, disrupted some manufacturing operations,
        global supply chains and created significant volatility and disruption of financial markets. These disruptions may continue in the future resulting in reduced commercial and consumer confidence and spending, increased unemployment, closure or
        restricted operating conditions for businesses, volatility in the global economy, instability in the credit and financial markets, labor shortages, and disruption in supply chains. In addition, potential price inflation caused by an excess of
        liquidity in countries where we conduct business may continue to increase the costs we incur to provide our solutions and may reduce profit margins.</div>
      <div><br>
      </div>
      <div style="text-align: justify; font-family: Verdana, sans-serif; font-size: 9.5pt;">We expect the significance of the Pandemic, including the extent of its effect on our financial condition and results of operations, to depend on, among other
        things, its duration, the success of efforts to contain it, its impact on the global economy and on our customers, and the impact of ongoing actions and future actions taken by government authorities and by us in<font style="font-family: Arial, sans-serif; font-size: 11pt;">&#160;</font>response. While we are not able at this time to estimate the impact of the Pandemic, an extended period of global supply chain and economic disruption could materially and adversely affect our business,
        results of operations, access to sources of liquidity and financial condition. In addition, an extended global recession caused by the Pandemic could have a further adverse impact on our financial condition and operations.</div>
      <div><br>
      </div>
      <div style="text-align: justify; font-family: Verdana, sans-serif; font-size: 9.5pt; font-style: italic; font-weight: bold;">Catastrophic events, armed conflict, wars, natural disasters, severe weather and disease and similar events could disrupt the
        demand of our customers for our products and services and our ability to operate our business.</div>
      <div style="text-align: justify; font-family: Verdana, sans-serif; font-size: 9.5pt;">Our business may be negatively impacted to varying degrees by a number of events which are beyond our control, including acts of war, armed conflicts, energy
        blackouts, pandemics (or other public health crises), terrorist attacks, earthquakes, hurricanes, tornados, fires, floods, ice storms or other natural or manmade catastrophes. We cannot be sure that our emergency preparedness or the preparedness of
        our customers, including business continuity planning, to mitigate risks will be effective since such events can evolve very rapidly, and their impacts can be difficult to predict. As such, there can be no assurance that in the event of such a
        catastrophe that the operations and ability to carry on business of us or our customers will not be disrupted. The occurrence of such events may not release us from performing our obligations to third parties. A catastrophic event, including an
        outbreak of infectious disease, a pandemic or a similar health threat, such as the current Pandemic, or fear of any of the foregoing, could adversely impact us, our customers and our investments. In addition, liquidity and volatility, credit
        availability and market and financial conditions, all of which have been negatively impacted by the Pandemic, generally could change at any time as a result of any of these events. Any of these events in isolation or in combination, could have a
        material negative impact on our performance, financial condition, results of operations and cash flows.</div>
      <div><br>
      </div>
      <div style="text-align: justify; font-family: Verdana, sans-serif; font-size: 9.5pt; font-style: italic; font-weight: bold;">We may have difficulties identifying, successfully integrating or maintaining or growing our acquired businesses.</div>
      <div style="text-align: justify; font-family: Verdana, sans-serif; font-size: 9.5pt;">Businesses that we acquire may sell products or services that we have limited experience operating or managing. We may experience unanticipated challenges or
        difficulties identifying suitable acquisition candidates, integrating their businesses into our company, maintaining these businesses at their current levels or growing these businesses. Factors that may impair our ability to identify, successfully
        integrate, maintain or grow acquired businesses may include, but are not limited to:</div>
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            <td style="width: 18pt; vertical-align: top; align: right; font-size: 9.5pt;">&#8226;</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: Verdana, sans-serif; font-size: 9.5pt;">Challenges identifying suitable businesses to buy and negotiating the acquisition of those businesses on acceptable terms;</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="z180aa65ea18341939460f3daa214895f" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36pt;"><br>
            </td>
            <td style="width: 18pt; vertical-align: top; align: right; font-size: 9.5pt;">&#8226;</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: Verdana, sans-serif; font-size: 9.5pt;">Challenges completing the acquisitions within our expected time frames and budgets;</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="zf51c014c728543f4a8eab9c656ab2ab3" cellpadding="0" cellspacing="0">

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            <td style="width: 36pt;"><br>
            </td>
            <td style="width: 18pt; vertical-align: top; align: right; font-size: 9.5pt;">&#8226;</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: Verdana, sans-serif; font-size: 9.5pt;">Challenges in integrating acquired businesses with our business;</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="z8ec65d07031a4ce08189918d467a976f" cellpadding="0" cellspacing="0">

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

      </table>
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            <td style="width: 36pt;"><br>
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            <td style="width: 18pt; vertical-align: top; align: right; font-size: 9.5pt;">&#8226;</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: Verdana, sans-serif; font-size: 9.5pt;">Loss of key personnel from the acquired business, such as former executive officers or key technical personnel;</div>
            </td>
          </tr>

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

      </table>
      <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
        <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-family: Verdana, 'sans-serif'; font-size: 8pt; font-weight: normal; font-style: normal;">28</font></div>
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      </div>
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            <td style="width: 18pt; vertical-align: top; align: right; font-size: 9.5pt;">&#8226;</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: Verdana, sans-serif; font-size: 9.5pt;">For regulatory compliance businesses, changes in government regulations impacting electronic regulatory filings or import/export compliance, including changes in which
                government agencies are responsible for gathering import and export information;</div>
            </td>
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      </table>
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            <td style="width: 36pt;"><br>
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            <td style="width: 18pt; vertical-align: top; align: right; font-size: 9.5pt;">&#8226;</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: Verdana, sans-serif; font-size: 9.5pt;">Difficulties in gaining necessary approvals in international markets to expand acquired businesses as contemplated;</div>
            </td>
          </tr>

      </table>
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            <td style="width: 36pt;"><br>
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            <td style="width: 18pt; vertical-align: top; align: right; font-size: 9.5pt;">&#8226;</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: Verdana, sans-serif; font-size: 9.5pt;">Our inability to obtain or maintain necessary security clearances to provide international shipment management services;</div>
            </td>
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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="z9b5d05b660e84291aa96872026f8c0b4" cellpadding="0" cellspacing="0">

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            <td style="width: 36pt;"><br>
            </td>
            <td style="width: 18pt; vertical-align: top; align: right; font-size: 9.5pt;">&#8226;</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: Verdana, sans-serif; font-size: 9.5pt;">Our failure to make appropriate capital investments in infrastructure to facilitate growth; and</div>
            </td>
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      </table>
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            <td style="width: 18pt; vertical-align: top; align: right; font-size: 9.5pt;">&#8226;</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: Verdana, sans-serif; font-size: 9.5pt;">Other risk factors identified in this report.</div>
            </td>
          </tr>

      </table>
      <div><br>
      </div>
      <div style="text-align: justify; font-family: Verdana, sans-serif; font-size: 9.5pt;">We may fail to properly respond to any of these risks, which may have a material adverse effect on our business results.</div>
      <div><br>
      </div>
      <div style="text-align: justify; font-family: Verdana, sans-serif; font-size: 9.5pt; font-style: italic; font-weight: bold;">Investments in acquisitions and other business initiatives involve a number of risks that could harm our business.</div>
      <div style="text-align: justify; font-family: Verdana, sans-serif; font-size: 9.5pt;">We have in the past acquired, and in the future, expect to seek to acquire, additional products, services, customers, technologies and businesses that we believe
        are complementary to ours. We are unable to predict whether or when we will be able to identify any appropriate products, technologies or businesses for acquisition, or the likelihood that any potential acquisition will be available on terms
        acceptable to us or will be completed. We also, from time to time, take on investments in other business initiatives, such as the implementation of new systems.</div>
      <div><br>
      </div>
      <div style="text-align: justify; font-family: Verdana, sans-serif; font-size: 9.5pt;">Acquisitions and other business initiatives involve a number of risks, including: substantial investment of funds, diversion of management&#8217;s attention from current
        operations; additional demands on resources, systems, procedures and controls; and disruption of our ongoing business. Acquisitions specifically involve risks, including: difficulties in integrating and retaining all or part of the acquired
        business, its customers and its personnel; assumption of disclosed and undisclosed liabilities; dealing with unfamiliar laws, customs and practices in foreign jurisdictions; and the effectiveness of the acquired company&#8217;s internal controls and
        procedures. In addition, we may not identify all risks or fully assess risks identified in connection with an investment. As well, by investing in such initiatives, we may deplete our cash resources or dilute our shareholder base by issuing
        additional shares. Furthermore, for acquisitions, there is a risk that our valuation assumptions, customer retention expectations and our models for an acquired product or business may be erroneous or inappropriate due to foreseen or unforeseen
        circumstances and thereby cause us to overvalue an acquisition target. There is also a risk that the contemplated benefits of an acquisition or other investment may not materialize as planned or may not materialize within the time period or to the
        extent anticipated. The individual or combined effect of these risks could have a material adverse effect on our business.</div>
      <div><br>
      </div>
      <div style="text-align: justify; font-family: Verdana, sans-serif; font-size: 9.5pt; font-style: italic; font-weight: bold;">If we fail to attract and retain key personnel, it would adversely affect our ability to develop and effectively manage our
        business and inflationary pressures in compensation could impact the cost structure of our business.</div>
      <div style="text-align: justify; font-family: Verdana, sans-serif; font-size: 9.5pt;">Our performance is substantially dependent on the performance of our highly qualified management, technical expertise, and sales and marketing personnel, which we
        regard as key individuals to our business. Significant competition exists for management and skilled personnel and as a result of that competition we are seeing wage and labor cost escalation in various areas and levels within our workforce. Our
        success is highly dependent on our ability to identify, hire, train, motivate, promote, and retain key individuals. In responding to inflationary wage pressure to retain or attract key individuals, we could see increases in our operating costs that
        outpace our ability to grow revenues. If we fail to cross train key employees, particularly those with specialized knowledge it could impair our ability to provide consistent and uninterrupted service to our customers. If we are not able to
        attract, retain or establish an effective succession planning program for key individuals it could have a material adverse effect on our business, results of operations, financial condition and the price of our common shares.</div>
      <div><br>
      </div>
      <div style="text-align: justify; font-family: Verdana, sans-serif; font-size: 9.5pt;">We have in the past, and may in the future, make changes to our executive management team or board of directors. There can be no assurance that any such changes and
        the resulting transition will not have a</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;">29</font></div>
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      <div><br>
      </div>
      <div style="text-align: justify; font-family: Verdana, sans-serif; font-size: 9.5pt;">material adverse effect on our business, results of operations, financial condition and the price of our common shares.</div>
      <div><br>
      </div>
      <div style="text-align: justify; font-family: Verdana, sans-serif; font-size: 9.5pt; font-style: italic; font-weight: bold;">Changes in government filing or screening requirements for global trade may adversely impact our business.</div>
      <div style="text-align: justify; font-family: Verdana, sans-serif; font-size: 9.5pt;">Our regulatory compliance services help our customers comply with government filing and screening requirements relating to global trade. The services that we offer
        may be impacted, from time to time, by changes in these requirements, including potential future changes as a consequence of Brexit, the United States-Mexico-Canada Agreement or similar cross-border trade agreements. Beginning in our fiscal 2021
        year, we saw increased customs filing transactions and resulting revenues from our customs filing solutions in the UK as a result of Brexit and the changes in way goods moved between the EU and the UK (including goods moving to and from Northern
        Ireland) following Brexit. If the regulations relating to these requirements were to change, it could adversely impact that area of our business. In addition, and more generally, changes in requirements that impact electronic regulatory filings or
        import/export compliance, including changes adding or reducing filing requirements, changes in enforcement practices or changes in the government agency responsible for such requirements could adversely impact our business, results of operations
        and financial condition.</div>
      <div><br>
      </div>
      <div style="text-align: justify; font-family: Verdana, sans-serif; font-size: 9.5pt; font-style: italic; font-weight: bold;">Disruptions in the movement of freight could negatively affect our revenues.</div>
      <div style="text-align: justify; font-family: Verdana, sans-serif; font-size: 9.5pt;">Our business is highly dependent on the movement of freight from one point to another since we generate transaction revenues as freight is moved by, to or from our
        customers. If there are disruptions in the movement of freight, proper reporting or the overall volume of international shipments, whether as a result of labor disputes, weather or natural disasters, acts of war, terrorist events, political
        instability, changes in cross border trade agreements, contagious illness outbreaks (such as the Pandemic), or otherwise, then the traffic volume on our Global Logistics Network will be impacted and our revenues will be adversely affected. As these
        types of freight disruptions are generally unpredictable, there can be no assurance that our business, results of operations and financial condition will not be adversely affected by such events.</div>
      <div><br>
      </div>
      <div style="text-align: justify; font-family: Verdana, sans-serif; font-size: 9.5pt; font-style: italic; font-weight: bold;">Our existing customers might cancel contracts with us, fail to renew contracts on their renewal dates, and/or fail to
        purchase additional services and products, and we may be unable to attract new customers.</div>
      <div style="text-align: justify; font-family: Verdana, sans-serif; font-size: 9.5pt;">We depend on our installed customer base for a significant portion of our revenues. We have significant contracts with our license customers for ongoing support and
        maintenance, as well as significant service contracts that provide recurring services revenues to us. In addition, our installed customer base has historically generated additional new license and services revenues for us. Service contracts are
        generally renewable at a customer&#8217;s option and/or subject to cancellation rights, and there are generally no mandatory payment obligations or obligations to license additional software or subscribe for additional services.</div>
      <div><br>
      </div>
      <div style="text-align: justify; font-family: Verdana, sans-serif; font-size: 9.5pt;">If our customers fail to renew their service contracts, fail to purchase additional services or products, or we are unable to attract new customers, then our
        revenues could decrease and our operating results could be adversely affected. Factors influencing such contract terminations could include changes in the financial circumstances of our customers, dissatisfaction with our products or services, our
        retirement or lack of support for our legacy products and services, our customers selecting or building alternate technologies to replace us, the cost of our products and services as compared to the cost of products and services offered by our
        competitors, acceptance of future price increases, our ability to attract, hire and maintain qualified personnel to meet customer needs, consolidating activities in the market, and changes in our customers&#8217; business or in regulation impacting our
        customers&#8217; business that may no longer necessitate the use of our products or services, general economic or market conditions, or other reasons. Further, our customers could delay or terminate implementations or use of our services and products or
        be reluctant to migrate to new products. Such customers will not generate the revenues we may have anticipated within the timelines anticipated, if at all, and may be less likely to invest in additional services or products from us in the future.
        We may not be able to adjust our expense levels quickly enough to account for any such revenue losses. In addition, loss of one or more of our key customers could adversely impact our competitive position in the marketplace and hurt our credibility
        and ability to attract new customers.</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;">30</font></div>
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      </div>
      <div><br>
      </div>
      <div style="text-align: justify; font-family: Verdana, sans-serif; font-size: 9.5pt; font-style: italic; font-weight: bold;">Our success depends on our ability to continue to innovate and to create new solutions and enhancements to our existing
        products</div>
      <div style="text-align: justify; font-family: Verdana, sans-serif; font-size: 9.5pt;">We may not be able to develop and introduce new solutions and enhancements to our existing products that respond to new technologies or shipment regulations on a
        timely basis. If we are unable to develop and sell new products and new features for our existing products that keep pace with rapid technological and regulatory change as well as developments in the transportation logistics industry, our business,
        results of operations and financial condition could be adversely affected.&#160;We intend to continue to invest significant resources in research and development to enhance our existing products and services and introduce new high-quality products that
        customers will want. If we are unable to predict or quickly react to user preferences or changes in the transportation logistics industry, or its regulatory requirements, or if we are unable to modify our products and services on a timely basis or
        to effectively bring new products to market, our sales may suffer.</div>
      <div><br>
      </div>
      <div style="text-align: justify; font-family: Verdana, sans-serif; font-size: 9.5pt;">In addition, we may experience difficulties with software or hardware development, design, integration with third-party software or hardware, or marketing that
        could delay or prevent our introduction, deployment or implementation of new solutions and enhancements. The introduction of new solutions by competitors, the emergence of new industry standards or the development of entirely new technologies to
        replace existing offerings could render our existing or future solutions obsolete.</div>
      <div><br>
      </div>
      <div style="text-align: justify; font-family: Verdana, sans-serif; font-size: 9.5pt;">We may not have sufficient resources to make the necessary investments in software development and our technical infrastructure, and we may experience difficulties
        that could delay or prevent the successful development, introduction or marketing of new products or enhancements. In addition, our products or enhancements may not meet increasingly complex customer requirements or achieve market acceptance at the
        rate we expect, or at all. Any failure by us to anticipate or respond adequately to technological advancements, customer requirements and changing industry standards, or any significant delays in the development, introduction or availability of new
        products or enhancements, could undermine our current market position and negatively impact our business, results of operations or financial condition.</div>
      <div><br>
      </div>
      <div style="text-align: justify; font-family: Verdana, sans-serif; font-size: 9.5pt; font-style: italic; font-weight: bold;">We may not remain competitive. Increased competition could seriously harm our business.</div>
      <div style="text-align: justify; font-family: Verdana, sans-serif; font-size: 9.5pt;">The market for supply chain technology is highly competitive and subject to rapid technological change. We expect that competition will increase in the future. To
        maintain and improve our competitive position, we must continue to develop and introduce in a timely and cost-effective manner new products, product features and services to keep pace with our competitors. We currently face competition from a large
        number of specific market entrants, some of which are focused on specific industries, geographic regions or other components of markets we operate in.</div>
      <div><br>
      </div>
      <div style="text-align: justify; font-family: Verdana, sans-serif; font-size: 9.5pt;">Current and potential competitors include supply chain application software vendors, customers that undertake internal software development efforts, value-added
        networks and business document exchanges, enterprise resource planning software vendors, regulatory filing companies, trade data vendors and general business application software vendors. Many of our current and potential competitors may have one
        or more of the following relative advantages:</div>
      <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zd38ad7a185b7450fb9a09114e5900a8b" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36pt;"><br>
            </td>
            <td style="width: 18pt; vertical-align: top; align: right; font-size: 9.5pt;">&#8226;</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: Verdana, sans-serif; font-size: 9.5pt;">Established relationships with existing customers or prospects that we are targeting;</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="z7a9895e47e1f43dc889bfa85aa213ae4" cellpadding="0" cellspacing="0">

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            </td>
            <td style="width: 18pt; vertical-align: top; align: right; font-size: 9.5pt;">&#8226;</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: Verdana, sans-serif; font-size: 9.5pt;">Superior product functionality and industry-specific expertise;</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="z24fdd2214fb24043b998aec69b245ee0" cellpadding="0" cellspacing="0">

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            <td style="width: 36pt;"><br>
            </td>
            <td style="width: 18pt; vertical-align: top; align: right; font-size: 9.5pt;">&#8226;</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: Verdana, sans-serif; font-size: 9.5pt;">Broader range of products to offer and better product life cycle management;</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="z7cc4c8f0d0894029a5c372faf767bb15" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36pt;"><br>
            </td>
            <td style="width: 18pt; vertical-align: top; align: right; font-size: 9.5pt;">&#8226;</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: Verdana, sans-serif; font-size: 9.5pt;">Larger installed base of customers;</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="z2899a3a2947c4451882ae85646e0fca9" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36pt;"><br>
            </td>
            <td style="width: 18pt; vertical-align: top; align: right; font-size: 9.5pt;">&#8226;</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: Verdana, sans-serif; font-size: 9.5pt;">Greater financial, technical, marketing, sales, distribution and other resources;</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="z67a7307d4c9f4fe3a0fbb0f478bae65b" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36pt;"><br>
            </td>
            <td style="width: 18pt; vertical-align: top; align: right; font-size: 9.5pt;">&#8226;</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: Verdana, sans-serif; font-size: 9.5pt;">Better performance;</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="z7dedff475bfa4be6ba847442f17a3aba" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36pt;"><br>
            </td>
            <td style="width: 18pt; vertical-align: top; align: right; font-size: 9.5pt;">&#8226;</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: Verdana, sans-serif; font-size: 9.5pt;">Lower cost structure and more profitable operations;</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="zb3703b51832145888800821b4c9ead0d" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36pt;"><br>
            </td>
            <td style="width: 18pt; vertical-align: top; align: right; font-size: 9.5pt;">&#8226;</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: Verdana, sans-serif; font-size: 9.5pt;">Greater investment in infrastructure;</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="zf57cbab16da54fcba415242454f6c5e4" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36pt;"><br>
            </td>
            <td style="width: 18pt; vertical-align: top; align: right; font-size: 9.5pt;">&#8226;</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: Verdana, sans-serif; font-size: 9.5pt;">Greater worldwide presence;</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="zb66db8974f2c4d918a07d3b4dfcf2e5b" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36pt;"><br>
            </td>
            <td style="width: 18pt; vertical-align: top; align: right; font-size: 9.5pt;">&#8226;</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: Verdana, sans-serif; font-size: 9.5pt;">Early adoption of, or adaptation to changes in, technology; or</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="z871ccfa2cfba42018b92a5dfb5bf298a" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36pt;"><br>
            </td>
            <td style="width: 18pt; vertical-align: top; align: right; font-size: 9.5pt;">&#8226;</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: Verdana, sans-serif; font-size: 9.5pt;">Longer operating history; and/or greater name recognition.</div>
            </td>
          </tr>

      </table>
      <div><br>
      </div>
      <div style="text-align: justify; font-family: Verdana, sans-serif; font-size: 9.5pt;">Further, current and potential competitors have established, or may establish, cooperative relationships and business combinations among themselves or with third
        parties to enhance their products, which may</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;">31</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; font-size: 9.5pt;">result in increased competition. In addition, we expect to experience increasing price competition and competition surrounding other commercial terms as we compete
        for market share. In particular, larger competitors or competitors with a broader range of services and products may bundle their products, rendering our products more expensive and/or less functional. As a result of these and other factors, we may
        be unable to compete successfully with our existing or new competitors.</div>
      <div><br>
      </div>
      <div style="text-align: justify; font-family: Verdana, sans-serif; font-size: 9.5pt; font-style: italic; font-weight: bold;">Emergence or increased adoption of alternative sources for trade data may adversely impact our business.</div>
      <div style="text-align: justify; font-family: Verdana, sans-serif; font-size: 9.5pt;">With recent acquisitions in the area of supplying trade data and content, an increasing portion of our business relates to the supply of trade data and content that
        is often used by our customers in other systems, such as enterprise resource planning systems. Emergence or increased adoption of alternative sources of this data and content could have an adverse impact on our customers&#8217; needs to obtain this data
        and content from us and/or the need for certain of the third-party system vendors in this field to refer customers to us for this data and content, each of which could adversely impact upon the revenues and income we generate from these areas of
        our business.</div>
      <div><br>
      </div>
      <div style="text-align: justify; font-family: Verdana, sans-serif; font-size: 9.5pt; font-style: italic; font-weight: bold;">If we need additional capital in the future and are unable to obtain it or can only obtain it on unfavorable terms, our
        operations may be adversely affected, and the market price for our securities could decline.</div>
      <div style="text-align: justify; font-family: Verdana, sans-serif; font-size: 9.5pt;">Historically, we have financed our operations primarily through cash flows from our operations, the sale of our equity securities and borrowing under our credit
        facility. In addition to our current cash and available debt facilities, we may need to raise additional debt or equity capital to repay existing debt, fund expansion of our operations, to enhance our services and products, or to acquire or invest
        in complementary products, services, businesses or technologies. However, there can be no assurance that we will be able to undertake incremental financing transactions. If we raise additional funds through further issuances of convertible debt or
        equity securities, our existing shareholders could suffer significant dilution and any new equity securities we issue could have rights, preferences and privileges superior to those attaching to our common shares. Our current credit facility
        contains, and any debt financing secured by us in the future could contain restrictive covenants relating to our capital-raising activities and other financial and operational matters, which may make it more difficult for us to obtain additional
        capital and to pursue business opportunities, including potential acquisitions. In addition, we may not be able to obtain additional financing on terms favorable to us, if at all. If adequate funds are not available on terms favorable or at all,
        our operations and growth strategy may be adversely affected and the market price for our common shares could decline.</div>
      <div><br>
      </div>
      <div style="text-align: justify; font-family: Verdana, sans-serif; font-size: 9.5pt; font-style: italic; font-weight: bold;">Changes in the value of the U.S. dollar, as compared to the currencies of other countries where we transact business, could
        harm our operating results and financial condition.</div>
      <div style="text-align: justify; font-family: Verdana, sans-serif; font-size: 9.5pt;">Historically, the largest percentage of our revenues has been denominated in U.S. dollars. However, the majority of our international expenses, including the wages
        of our non-U.S. employees and certain key supply agreements, have been denominated in Canadian dollars, British pounds, euros and other foreign currencies. Therefore, changes in the value of the U.S. dollar as compared to the Canadian dollar, the
        British pound, the euro and other foreign currencies may materially affect our operating results. We generally have not implemented hedging programs to mitigate our exposure to currency fluctuations affecting international accounts receivable, cash
        balances and inter-company accounts. We also have not hedged our exposure to currency fluctuations affecting future international revenues and expenses and other commitments. Accordingly, currency exchange rate fluctuations have caused, and may
        continue to cause, variability in our foreign currency denominated revenue streams, expenses, and our cost to settle foreign currency denominated liabilities.</div>
      <div><br>
      </div>
      <div style="text-align: justify; font-family: Verdana, sans-serif; font-size: 9.5pt; font-style: italic; font-weight: bold;">We may have exposure to greater than anticipated tax liabilities or expenses.</div>
      <div style="text-align: justify; font-family: Verdana, sans-serif; font-size: 9.5pt;">We are subject to income and non-income taxes in various jurisdictions, our tax structure is subject to review by both domestic and foreign taxation authorities and
        we currently have tax audits open in a number of jurisdictions in which we operate. On a quarterly basis, we assess the status of these audits and the potential for adverse outcomes to determine whether a provision for income and other taxes is
        appropriate. The timing of the resolution of income tax audits is highly uncertain, and the amounts ultimately paid, if any, upon resolution of the issues raised by the taxing authorities may differ from any</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;">32</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; font-size: 9.5pt;">amounts that we accrue from time to time. The actual amount of any change could vary significantly depending on the ultimate timing and nature of any settlements.
        We cannot currently provide an estimate of the range of possible outcomes.</div>
      <div style="text-align: justify; font-family: Verdana, sans-serif; font-size: 9.5pt;">&#160;</div>
      <div style="text-align: justify; font-family: Verdana, sans-serif; font-size: 9.5pt;">The determination of our worldwide provision for income taxes and other tax liabilities requires judgment. In the ordinary course of a global business, there are
        many transactions and calculations where the ultimate tax outcome is uncertain. Any audit of our tax filings could materially change the amount of current and deferred income tax assets and liabilities. We have recorded a valuation allowance
        against a portion of our net deferred tax assets. If we achieve a consistent level of profitability, the likelihood of further reducing our deferred tax valuation allowance for some portion of the losses incurred in prior periods in one of our
        jurisdictions will increase. We calculate our current and deferred tax provision based on estimates and assumptions that could differ from the actual results reflected in income tax returns filed during subsequent years. Adjustments based on filed
        returns are generally recorded in the period when the tax returns are filed and the global tax implications are known. Our estimate of the potential outcome for any uncertain tax issue is based on a number of assumptions. Any further changes to the
        valuation allowance for our deferred tax assets would also result in an income tax recovery or income tax expense, as applicable, on the consolidated statements of operations in the period in which the valuation allowance is changed.</div>
      <div><br>
      </div>
      <div style="text-align: justify; font-family: Verdana, sans-serif; font-size: 9.5pt; font-style: italic; font-weight: bold;">Changes to earnings resulting from past acquisitions may adversely affect our operating results.</div>
      <div style="text-align: justify; font-family: Verdana, sans-serif; font-size: 9.5pt;">Under ASC Topic 805, &#8220;Business Combinations&#8221;, we allocate the total purchase price to an acquired company&#8217;s net tangible assets, intangible assets and in-process
        research and development based on their values as of the date of the acquisition (including certain assets and liabilities that are recorded at fair value) and record the excess of the purchase price over those values as goodwill. Management&#8217;s
        estimates of fair value are based upon assumptions believed to be reasonable but which are inherently uncertain. After we complete an acquisition, the following factors, among others, could result in material charges that would adversely affect our
        operating results and may adversely affect our cash flows:</div>
      <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z7510543f73534e7e9790621b35355a70" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36pt;"><br>
            </td>
            <td style="width: 18pt; vertical-align: top; align: right; font-size: 9.5pt;">&#8226;</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: Verdana, sans-serif; font-size: 9.5pt;">Impairment of goodwill or intangible assets;</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="z96b840ec9cce4f4ea40e599315b7afd5" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36pt;"><br>
            </td>
            <td style="width: 18pt; vertical-align: top; align: right; font-size: 9.5pt;">&#8226;</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: Verdana, sans-serif; font-size: 9.5pt;">A reduction in the useful lives of intangible assets acquired;</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="z48a76d48ca9146a7a1e54c53fed36a9c" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36pt;"><br>
            </td>
            <td style="width: 18pt; vertical-align: top; align: right; font-size: 9.5pt;">&#8226;</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: Verdana, sans-serif; font-size: 9.5pt;">Identification of assumed contingent liabilities after we finalize the purchase price allocation period;</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="zc9c6d12ef78042d58dabdb02b671a847" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36pt;"><br>
            </td>
            <td style="width: 18pt; vertical-align: top; align: right; font-size: 9.5pt;">&#8226;</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: Verdana, sans-serif; font-size: 9.5pt;">Charges to our operating results to eliminate certain pre-merger activities that duplicate those of the acquired company or to reduce our cost structure; and</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="zc13a98e50abb4b80a094798ba0bb7a1d" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36pt;"><br>
            </td>
            <td style="width: 18pt; vertical-align: top; align: right; font-size: 9.5pt;">&#8226;</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: Verdana, sans-serif; font-size: 9.5pt;">Charges to our operating results resulting from revised estimates to restructure an acquired company&#8217;s operations after we finalize the purchase price allocation period.</div>
            </td>
          </tr>

      </table>
      <div><br>
      </div>
      <div style="text-align: justify; font-family: Verdana, sans-serif; font-size: 9.5pt;">Routine charges to our operating results associated with acquisitions include amortization of intangible assets, acquisition-related costs and restructuring
        charges. Acquisition-related costs primarily include retention bonuses, advisory services, brokerage services and administrative costs with respect to completed and prospective acquisitions.</div>
      <div><br>
      </div>
      <div style="text-align: justify; font-family: Verdana, sans-serif; font-size: 9.5pt;">We expect to continue to incur additional costs associated with combining the operations of our acquired companies, which may be substantial. Additional costs may
        include costs of employee redeployment, relocation and retention, including salary increases or bonuses, accelerated stock-based compensation expenses and severance payments, reorganization or closure of facilities, taxes, and termination of
        contracts that provide redundant or conflicting services. These costs would be accounted for as expenses and would decrease our net income and earnings per share for the periods in which those adjustments are made.</div>
      <div><br>
      </div>
      <div style="text-align: justify; font-family: Verdana, sans-serif; font-size: 9.5pt; font-style: italic; font-weight: bold;">As we continue to increase our international operations we increase our exposure to international business risks that could
        cause our operating results to suffer.</div>
      <div style="text-align: justify; font-family: Verdana, sans-serif; font-size: 9.5pt;">While our headquarters are in Canada, we currently have direct operations in the U.S., EMEA, Asia Pacific and South American regions. We anticipate that these
        international operations will continue to require significant management attention and financial resources to localize our services and products for delivery in these markets, to develop compliance expertise relating to international regulatory
        agencies, and to</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;">33</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; font-size: 9.5pt;">develop direct and indirect sales and support channels in those markets. We face a number of risks associated with conducting our business internationally that
        could negatively impact our operating results. These risks include, but are not limited to:</div>
      <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="za13fcd51814c4a7c92de3731ae8917bf" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36pt;"><br>
            </td>
            <td style="width: 18pt; vertical-align: top; align: right; font-size: 9.5pt;">&#8226;</td>
            <td style="width: auto; vertical-align: top;">
              <div style="font-family: Verdana, sans-serif; font-size: 9.5pt;">The risk of continued or increased limitations of travel advisories or travel restrictions related to the outbreak of contagious illnesses, such as the Pandemic that is
                currently impacting global travel, could impact our ability to operate in certain markets and/or manage our operations in those markets;</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="z649ba97a79264b3fae508535b8531947" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36pt;"><br>
            </td>
            <td style="width: 18pt; vertical-align: top; align: right; font-size: 9.5pt;">&#8226;</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: Verdana, sans-serif; font-size: 9.5pt;">Longer collection time from foreign clients, particularly in the EMEA region and the Asia Pacific region;</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="z7f7b410efda14ae48031968b0c8d8f2e" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36pt;"><br>
            </td>
            <td style="width: 18pt; vertical-align: top; align: right; font-size: 9.5pt;">&#8226;</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: Verdana, sans-serif; font-size: 9.5pt;">Difficulty in repatriating cash from certain foreign jurisdictions;</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="z121b2957ae8749249886bf8997023721" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36pt;"><br>
            </td>
            <td style="width: 18pt; vertical-align: top; align: right; font-size: 9.5pt;">&#8226;</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: Verdana, sans-serif; font-size: 9.5pt;">Language barriers, conflicting international business practices, and other difficulties related to the management and administration of a global business;</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="zbc23bf350efe474a8ad91a4c7b928c0a" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36pt;"><br>
            </td>
            <td style="width: 18pt; vertical-align: top; align: right; font-size: 9.5pt;">&#8226;</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: Verdana, sans-serif; font-size: 9.5pt;">Increased management, travel, infrastructure and legal compliance costs associated with having international operations;</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="z959204149828415890dcbc4241faf8c5" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36pt;"><br>
            </td>
            <td style="width: 18pt; vertical-align: top; align: right; font-size: 9.5pt;">&#8226;</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: Verdana, sans-serif; font-size: 9.5pt;">Difficulties and costs of staffing and managing geographically disparate direct and indirect operations;</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="z28d4ef9fc7c340b9b858cf1b115da321" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36pt;"><br>
            </td>
            <td style="width: 18pt; vertical-align: top; align: right; font-size: 9.5pt;">&#8226;</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: Verdana, sans-serif; font-size: 9.5pt;">Volatility or fluctuations in foreign currency and tariff rates;</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="zea04608405f5475ab333765fb74a835b" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36pt;"><br>
            </td>
            <td style="width: 18pt; vertical-align: top; align: right; font-size: 9.5pt;">&#8226;</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: Verdana, sans-serif; font-size: 9.5pt;">Multiple, and possibly overlapping, tax structures;</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="zeae8360ec9494749a546dae2f691a1ad" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36pt;"><br>
            </td>
            <td style="width: 18pt; vertical-align: top; align: right; font-size: 9.5pt;">&#8226;</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: Verdana, sans-serif; font-size: 9.5pt;">Complying with complicated and widely differing global laws and regulations in areas such as employment, tax, privacy and data protection;</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="zd8329067cbf7411fa624e886312d7bda" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36pt;"><br>
            </td>
            <td style="width: 18pt; vertical-align: top; align: right; font-size: 9.5pt;">&#8226;</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: Verdana, sans-serif; font-size: 9.5pt;">Trade restrictions;</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="z703841a61177448991dc496930d33360" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36pt;"><br>
            </td>
            <td style="width: 18pt; vertical-align: top; align: right; font-size: 9.5pt;">&#8226;</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: Verdana, sans-serif; font-size: 9.5pt;">Enhanced security procedures and requirements relating to certain jurisdictions;</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="z742ce94bc65f49dc9513f75e48f5361d" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36pt;"><br>
            </td>
            <td style="width: 18pt; vertical-align: top; align: right; font-size: 9.5pt;">&#8226;</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: Verdana, sans-serif; font-size: 9.5pt;">The need to consider characteristics unique to technology systems used internationally;</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="z230ee39b743c458d81662fc1e81547bb" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36pt;"><br>
            </td>
            <td style="width: 18pt; vertical-align: top; align: right; font-size: 9.5pt;">&#8226;</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: Verdana, sans-serif; font-size: 9.5pt;">Economic or political instability in some markets; 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="z9eda8ed79649411c81a35104c3340147" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36pt;"><br>
            </td>
            <td style="width: 18pt; vertical-align: top; align: right; font-size: 9.5pt;">&#8226;</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: Verdana, sans-serif; font-size: 9.5pt;">Other risk factors set out herein.</div>
            </td>
          </tr>

      </table>
      <div><br>
      </div>
      <div style="text-align: justify; font-family: Verdana, sans-serif; font-size: 9.5pt; font-style: italic; font-weight: bold;">From time to time, we may be subject to litigation or dispute resolution that could result in significant costs to us and
        damage to our reputation.</div>
      <div style="text-align: justify; font-family: Verdana, sans-serif; font-size: 9.5pt;">From time to time, we may be subject to litigation or dispute resolution relating to any number or type of claims, including claims for damages related to
        undetected errors or malfunctions of our services and products or their deployment, claims related to previously-completed acquisition transactions or claims relating to applicable securities laws. Litigation may seriously harm our business because
        of the costs of defending the lawsuit, diversion of employees&#8217; time and attention and potential damage to our reputation.</div>
      <div><br>
      </div>
      <div style="text-align: justify; font-family: Verdana, sans-serif; font-size: 9.5pt;">Further, our services and products are complex and often implemented by our customers to interact with third-party technology or networks. Claims may be made
        against us for damages properly attributable to those third-party technologies or networks, regardless of our lack of responsibility for any failure resulting in a loss, even if our services and products perform in accordance with their functional
        specifications. We may also have disputes with key suppliers for damages incurred which, depending on resolution of the disputes, could impact the ongoing quality, price or availability of the services or products we procure from the supplier.
        Limitation of liability provisions in certain third-party contracts may not be enforceable under the laws of some jurisdictions. As a result, we could be required to pay substantial amounts of damages in settlement or upon the determination of any
        of these types of claims and incur damage to our reputation and products. The likelihood of such claims and the amount of damages we may be required to pay may increase as our customers increasingly use our services and products for critical
        business functions, or rely on our services and products as the systems of record to store data for use by other customer applications. Our insurance may not cover potential claims or may not be adequate to cover all costs incurred in defense of
        potential claims or to indemnify us for all liability that may be imposed. A claim brought against us that is uninsured or underinsured could result in unanticipated costs, thereby harming our operating results and leading analysts or potential
        investors to lower their expectations of our performance, which could reduce the trading price of our common shares.</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;">34</font></div>
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      <div><br>
      </div>
      <div style="text-align: justify; font-family: Verdana, sans-serif; font-size: 9.5pt; font-style: italic; font-weight: bold;">Increases in fuel prices, driver shortages and other increased transportation costs may have an adverse effect on the
        businesses of our customers resulting in them spending less money with us.</div>
      <div style="text-align: justify; font-family: Verdana, sans-serif; font-size: 9.5pt;">Our customers are all involved, directly or indirectly, in the delivery of goods from one point to another, particularly transportation providers and freight
        forwarders. As the costs of these deliveries become more expensive, whether as a result of increases in fuel costs or otherwise, our customers may have fewer funds available to spend on our products and services. There can be no assurance that
        these companies will be able to allocate sufficient funds to use our products and services. In addition, rising fuel costs or driver shortages may cause global or geographic-specific reductions in the number of shipments being made, thereby
        impacting the number of transactions being processed by our Global Logistics Network and our corresponding network revenues.</div>
      <div><br>
      </div>
      <div style="text-align: justify; font-family: Verdana, sans-serif; font-size: 9.5pt; font-style: italic; font-weight: bold;">We may not be able to compensate for downward pricing pressure on certain products and services by increased volumes of
        transactions or increased prices elsewhere in our business, ultimately resulting in lower revenues.</div>
      <div style="text-align: justify; font-family: Verdana, sans-serif; font-size: 9.5pt;">Some of our products and services are sold to industries where there is downward pricing pressure on the particular product or service due to competition, general
        industry conditions or other causes. If we cannot offset any such downward pricing pressure, then the particular customer may generate less revenue for our business or we may have less aggregate revenue. This could have an adverse impact on our
        operating results.</div>
      <div><br>
      </div>
      <div style="text-align: justify; font-family: Verdana, sans-serif; font-size: 9.5pt; font-style: italic; font-weight: bold;">Our success and ability to compete depend upon our ability to secure and protect patents, trademarks and other proprietary
        rights.</div>
      <div style="text-align: justify; font-family: Verdana, sans-serif; font-size: 9.5pt;">We consider certain aspects of our internal operations, products, services and related documentation to be proprietary, and we primarily rely on a combination of
        patent, copyright, trademark and trade secret laws and other measures to protect our proprietary rights. Patent applications or issued patents, as well as trademark, copyright, and trade secret rights may not provide adequate protection or
        competitive advantage and may require significant resources to obtain and defend. We will also not be able to protect our intellectual property if we are unable to enforce our rights or if we do not detect unauthorized use of our intellectual
        property. Despite our precautions, it may be possible for unauthorized third parties to copy our products and use information that we regard as proprietary to create products and services that compete with ours. We also rely on contractual
        restrictions in our agreements with customers, employees, outsourced developers and others to protect our intellectual property rights. There can be no assurance that these agreements will not be breached, that we will have adequate remedies for
        any breach, or that our patents, copyrights, trademarks or trade secrets will not otherwise become known. Through an escrow arrangement, we have granted some of our customers a contingent future right to use our source code for software products
        solely for their internal maintenance services. If our source code is accessed through an escrow, the likelihood of misappropriation or other misuse of our intellectual property may increase.</div>
      <div><br>
      </div>
      <div style="text-align: justify; font-family: Verdana, sans-serif; font-size: 9.5pt;">Moreover, the laws of some countries do not protect proprietary intellectual property rights as effectively as do the laws of the U.S. and Canada. Protecting and
        defending our intellectual property rights could be costly regardless of venue. In order to protect our intellectual property rights, we may be required to spend significant resources to monitor and protect these rights. The Company is currently
        involved in, and expects to remain involved in, certain litigation to protect its intellectual property from infringement by third parties. In addition, further litigation may be necessary in the future to enforce our intellectual property rights,
        to protect our trade secrets, to determine the validity and scope of the intellectual property rights of others or to defend against claims of infringement or invalidity. Litigation brought to protect and enforce our intellectual property rights
        could be costly, time consuming and distracting to management and could result in the impairment or loss of portions of our intellectual property. Furthermore, our efforts to enforce our intellectual property rights may be met with defenses,
        counterclaims and countersuits attacking the validity and enforceability of our intellectual property rights and/or exposing us to claims for damages in any related counterclaims or countersuits. Our inability to protect our proprietary technology
        against unauthorized copying or use, as well as any costly litigation or diversion of our management&#8217;s attention and resources, could delay further sales or the implementation of our solutions, impair the functionality of our solutions, delay
        introductions of new solutions, result in our substituting inferior or more costly technologies into our solutions, or injure our reputation.</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;">35</font></div>
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      </div>
      <div><br>
      </div>
      <div><br>
      </div>
      <div style="text-align: justify; font-family: Verdana, sans-serif; font-size: 9.5pt; font-style: italic; font-weight: bold;">We are dependent on certain key vendors for the availability of hardware devices, which could impede our development and
        expansion.</div>
      <div style="text-align: justify; font-family: Verdana, sans-serif; font-size: 9.5pt;">We currently have relationships with a small number of hardware device vendors over which we have no operational or financial control and no influence in how these
        vendors conduct their businesses. Suppliers of hardware devices could among other things, extend delivery times, raise prices and limit supply due to their own shortages and business requirements. Interruption in the supply of equipment from these
        vendors could delay our ability to maintain, grow and expand our telematics solutions business and those areas of our business that interact with telematics units. If our relationships with any of these unit vendors were to terminate, there is no
        guarantee that our remaining unit vendors would be able to handle the increased equipment supply required to maintain and grow our expansive networks at our desired rates. There is also no guarantee that business relationships with other key unit
        vendors could be entered into on terms desirable or favorable to us, if at all. Fewer key vendors might mean that existing or potential customers are unable to meaningfully communicate using our Global Logistics Network, which may cause existing
        and potential customers to move to competitors&#8217; products. Such equipment supply issues could adversely affect our business, results of operations and financial condition.</div>
      <div><br>
      </div>
      <div style="text-align: justify; font-family: Verdana, sans-serif; font-size: 9.5pt; font-style: italic; font-weight: bold;">Concerns about the environmental impacts of greenhouse gas emissions and global climate change may result in environmental
        taxes, charges, regulatory schemes, assessments or penalties, which could restrict or negatively impact our operations or reduce our profitability.</div>
      <div style="text-align: justify; font-family: Verdana, sans-serif; font-size: 9.5pt;">The impacts of human activity on global climate change have attracted considerable public and scientific attention, as well as the attention of the U.S. and other
        governments. Efforts are being made to reduce greenhouse gas emissions and energy consumption, including those from automobiles and other modes of transportation. The added cost of any environmental regulation, taxes, charges, assessments or
        penalties levied or imposed on our customers in light of these efforts could result in additional costs for our customers, which could lead them to reduce use of our services. There are also a number of legislative and environmental regulatory
        initiatives internationally that could restrict or negatively impact our operations or increase our costs. Additionally, environmental regulation, taxes, charges, assessments or penalties could be levied or imposed directly on us. Any enactment of
        laws or passage of regulations regarding greenhouse gas emissions by Canada, the U.S., or any other jurisdiction we conduct our business in, could adversely affect our operations and financial results.</div>
      <div><br>
      </div>
      <div style="text-align: justify; font-family: Verdana, sans-serif; font-size: 9.5pt; font-style: italic; font-weight: bold;">The general cyclical and seasonal nature of the freight market may have a material adverse effect on our business, results of
        operations and financial condition.</div>
      <div style="text-align: justify; font-family: Verdana, sans-serif; font-size: 9.5pt;">Our business may be impacted from time to time by the general cyclical and seasonal nature of particular modes of transportation and the freight market in general,
        as well as the cyclical and seasonal nature of the industries that such markets serve. Factors which may create cyclical fluctuations in such modes of transportation or the freight market in general include legal and regulatory requirements, timing
        of contract renewals between our customers and their own customers, seasonal-based tariffs, vacation periods applicable to particular shipping or receiving nations, weather-related events that impact shipping in particular geographies and
        amendments to international trade agreements. Since some of our revenues from particular products and services are tied to the volume of shipments being processed, adverse fluctuations in the volume of global shipments or shipments in any
        particular mode of transportation may adversely affect our revenues. Declines in shipment volumes would likely have a material adverse effect on our business.</div>
      <div><br>
      </div>
      <div style="text-align: justify; font-family: Verdana, sans-serif; font-size: 9.5pt; font-style: italic; font-weight: bold;">If we are unable to generate broad market acceptance of our services, products and pricing, serious harm could result to our
        business.</div>
      <div style="text-align: justify; font-family: Verdana, sans-serif; font-size: 9.5pt;">We currently derive substantially all of our revenues from our federated network and global logistics technology solutions and expect to do so in the future. Broad
        market acceptance of these types of services and products, and their related pricing, is therefore critical to our future success. The demand for, and market acceptance of, our services and products is subject to a high level of uncertainty. Some
        of our services and products are often considered complex and may involve a new approach to the conduct of business by our customers. The market for our services and products may weaken, competitors may develop superior services and products that
        perform logistics services on a global scale or within a particular geographic region, or we may fail to develop or maintain acceptable services and products to</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;">36</font></div>
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      </div>
      <div><br>
      </div>
      <div style="text-align: justify; font-family: Verdana, sans-serif; font-size: 9.5pt;">address new market conditions, governmental regulations or technological changes. Any one of these events could have a material adverse effect on our business,
        results of operations and financial condition.</div>
      <div><br>
      </div>
      <div style="text-align: justify; font-family: Verdana, sans-serif; font-size: 9.5pt; font-style: italic; font-weight: bold;">Claims that we infringe third-party proprietary rights could trigger indemnification obligations and result in significant
        expenses or restrictions on our ability to provide our products or services.</div>
      <div style="text-align: justify; font-family: Verdana, sans-serif; font-size: 9.5pt;">Competitors and other third parties have claimed, and in the future, may claim, that our current or future services or products infringe their proprietary rights or
        assert other claims against us. Many of our competitors have obtained patents covering products and services generally related to our products and services, and they may assert these patents against us. Such claims, whether with or without merit,
        could be time consuming and expensive to litigate or settle and could divert management attention from focusing on our core business.</div>
      <div><br>
      </div>
      <div style="text-align: justify; font-family: Verdana, sans-serif; font-size: 9.5pt;">As a result of such a dispute, we may have to pay damages, incur substantial legal fees, suspend the sale or deployment of our services and products, develop costly
        non-infringing technology, if possible, or enter into license agreements, which may not be available on terms acceptable to us, if at all. Any of these results would increase our expenses and could decrease the functionality of our services and
        products, which would make our services and products less attractive to our current and/or potential customers. We have agreed in some of our agreements, and may agree in the future, to indemnify other parties for any expenses or liabilities
        resulting from claimed infringements of the proprietary rights of third parties. If we are required to make payments pursuant to these indemnification agreements, such payments could have a material adverse effect on our business, results of
        operations and financial condition.</div>
      <div><br>
      </div>
      <div style="text-align: justify; font-family: Verdana, sans-serif; font-size: 9.5pt; font-style: italic; font-weight: bold;">Our results of operations may vary significantly from quarter to quarter and therefore may be difficult to predict or may
        fail to meet investment community expectations.</div>
      <div style="text-align: justify; font-family: Verdana, sans-serif; font-size: 9.5pt;">Our results of operations may vary from quarter to quarter in the future due to a variety of factors, many of which are outside of our control. Such factors
        include, but are not limited to:</div>
      <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z646289b8c3a0434cbaaac239113bc9ae" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36pt;"><br>
            </td>
            <td style="width: 18pt; vertical-align: top; align: right; font-size: 9.5pt;">&#8226;</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: Verdana, sans-serif; font-size: 9.5pt;">Volatility or fluctuations in foreign currency exchange rates;</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="zb97ec2f87e84487b84a48c02f02c9e9a" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36pt;"><br>
            </td>
            <td style="width: 18pt; vertical-align: top; align: right; font-size: 9.5pt;">&#8226;</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: Verdana, sans-serif; font-size: 9.5pt;">Volatility or fluctuations in interest rates;</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="za53125752cb64dd4987b4bae4217ed10" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36pt;"><br>
            </td>
            <td style="width: 18pt; vertical-align: top; align: right; font-size: 9.5pt;">&#8226;</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: Verdana, sans-serif; font-size: 9.5pt;">Timing of acquisitions and related costs;</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="z8a4fb9c7de144af6811626570364719f" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36pt;"><br>
            </td>
            <td style="width: 18pt; vertical-align: top; align: right; font-size: 9.5pt;">&#8226;</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: Verdana, sans-serif; font-size: 9.5pt;">Timing of restructuring activities;</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="zc26db64fdd79426ab051ce11871ef069" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36pt;"><br>
            </td>
            <td style="width: 18pt; vertical-align: top; align: right; font-size: 9.5pt;">&#8226;</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: Verdana, sans-serif; font-size: 9.5pt;">The introduction of enhanced products and services from competitors;</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="z2d9b18ca98da40a0ba9cd18590de1b50" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36pt;"><br>
            </td>
            <td style="width: 18pt; vertical-align: top; align: right; font-size: 9.5pt;">&#8226;</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: Verdana, sans-serif; font-size: 9.5pt;">Our ability to introduce new products and updates to our existing products on a timely basis;</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="zd426e15ed233484d9ef8c14fd4f768b7" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36pt;"><br>
            </td>
            <td style="width: 18pt; vertical-align: top; align: right; font-size: 9.5pt;">&#8226;</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: Verdana, sans-serif; font-size: 9.5pt;">The termination of any key customer contracts, whether by the customer or by us;</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="z78d3c0262b0e4d59968a8bf18c8e4076" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36pt;"><br>
            </td>
            <td style="width: 18pt; vertical-align: top; align: right; font-size: 9.5pt;">&#8226;</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: Verdana, sans-serif; font-size: 9.5pt;">Recognition and expensing of deferred tax assets;</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="za80f140b8f6f45f1939c41b9b796dda7" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36pt;"><br>
            </td>
            <td style="width: 18pt; vertical-align: top; align: right; font-size: 9.5pt;">&#8226;</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: Verdana, sans-serif; font-size: 9.5pt;">Legal costs incurred in bringing or defending any litigation with customers or third-party providers, and any corresponding judgments or awards;</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="ze1ac30e6aa5f4b448b3bc4140997d235" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36pt;"><br>
            </td>
            <td style="width: 18pt; vertical-align: top; align: right; font-size: 9.5pt;">&#8226;</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: Verdana, sans-serif; font-size: 9.5pt;">Legal and compliance costs incurred to comply with regulatory requirements;</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="zfb7d7116d3454cf9b0ba045572fd7f30" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36pt;"><br>
            </td>
            <td style="width: 18pt; vertical-align: top; align: right; font-size: 9.5pt;">&#8226;</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: Verdana, sans-serif; font-size: 9.5pt;">Fluctuations in the demand for our services and products;</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="z568e9fed7ba7426d97d33ea5d1b3a617" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36pt;"><br>
            </td>
            <td style="width: 18pt; vertical-align: top; align: right; font-size: 9.5pt;">&#8226;</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: Verdana, sans-serif; font-size: 9.5pt;">The impact of stock-based compensation expense;</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="zb4aa3af5cfdb497e81126aa5544b062d" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36pt;"><br>
            </td>
            <td style="width: 18pt; vertical-align: top; align: right; font-size: 9.5pt;">&#8226;</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: Verdana, sans-serif; font-size: 9.5pt;">Price and functionality competition in our industry;</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="zbbde633dbbe8459eb0b07cd7367f84b4" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36pt;"><br>
            </td>
            <td style="width: 18pt; vertical-align: top; align: right; font-size: 9.5pt;">&#8226;</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: Verdana, sans-serif; font-size: 9.5pt;">Changes in legislation and accounting standards;</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="z77fa914e8bb740fc8b5b89442044dcb3" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36pt;"><br>
            </td>
            <td style="width: 18pt; vertical-align: top; align: right; font-size: 9.5pt;">&#8226;</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: Verdana, sans-serif; font-size: 9.5pt;">Our ability to satisfy contractual obligations in customer contracts and deliver services and products to the satisfaction of our customers; and</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="z231ef0b9c62c43358b0467e143dd8f3a" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36pt;"><br>
            </td>
            <td style="width: 18pt; vertical-align: top; align: right; font-size: 9.5pt;">&#8226;</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: Verdana, sans-serif; font-size: 9.5pt;">Other risk factors discussed in this report.</div>
            </td>
          </tr>

      </table>
      <div><br>
      </div>
      <div style="text-align: justify; font-family: Verdana, sans-serif; font-size: 9.5pt;">Although our revenues may fluctuate from quarter to quarter, significant portions of our expenses are not variable in the short term, and we may not be able to
        reduce them quickly to respond to decreases in revenues. If revenues are below expectations, this shortfall is likely to adversely and/or disproportionately affect our operating results. If this occurs, the trading price of our common shares may
        fall substantially.</div>
      <div><br>
      </div>
      <div style="text-align: justify; font-family: Verdana, sans-serif; font-size: 9.5pt; font-style: italic; font-weight: bold;">We may not be able to prevent or detect all errors or fraud.</div>
      <div style="text-align: justify; font-family: Verdana, sans-serif; font-size: 9.5pt;">Due to the inherent limitations of internal control systems, misstatements due to error or fraud may occur and may not be detected in a timely manner or at all.
        Accordingly, we cannot provide absolute assurance that all control issues, errors or instances of fraud, if any, impacting us have been or will be prevented or</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;">37</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; font-size: 9.5pt;">detected. In addition, over time, certain aspects of a control system may become inadequate because of changes in conditions, or the degree of compliance with the
        policies or procedures may deteriorate, which we may not be able to address quickly enough to prevent all instances of error or fraud. In connection with our on-going assessment of the effectiveness of our internal control over financial reporting,
        we may discover &#8220;material weaknesses&#8221; in our internal controls. A material weakness is a deficiency, or a combination of deficiencies, in internal control over financial reporting, such that there is a reasonable possibility that a material
        misstatement of the company&#8217;s annual or interim financial statements will not be prevented or detected on a timely basis. The existence of any material weakness may require management to devote significant time and incur significant expense to
        remediate any such material weaknesses. The existence of any material weakness in our internal control over financial reporting may result in errors in our financial statements that could require us to make corrective adjustments, restate our
        financial statements, cause us to fail to meet our reporting obligations, and cause shareholders to lose confidence in our reported financial information, all of which could materially and adversely affect the market price of our securities. If we
        are unable to successfully identify and remediate any material weaknesses that may arise in a timely manner, the accuracy and timing of our financial reporting may be adversely affected, and we may be unable to maintain compliance with securities
        law requirements regarding timely filing of periodic reports and applicable stock exchange listing requirements.</div>
      <div><br>
      </div>
      <div style="text-align: justify; font-family: Verdana, sans-serif; font-size: 9.5pt; font-style: italic; font-weight: bold;">Privacy laws and regulations are extensive, open to various interpretations, complex to implement and may reduce demand for
        our products, and failure to comply may impose significant liabilities.</div>
      <div style="text-align: justify; font-family: Verdana, sans-serif; font-size: 9.5pt;">Our customers can use our products to collect, use, process and store information regarding their transactions with their customers. Federal, state and foreign
        government bodies and agencies have been increasingly adopting new laws and regulations regarding the collection, use, processing, storage and disclosure of such information obtained from consumers and individuals. In addition to government
        regulatory activity, privacy advocacy groups and the technology industry and other industries may consider various new, additional or different self-regulatory standards that may place additional burdens directly on our customers and target
        customers, and indirectly on us. Our products are expected to be capable of use by our customers in compliance with such laws and regulations. The functional and operational requirements and costs of compliance with such laws and regulations may
        adversely impact our business, and failure to enable our products to comply with such laws and regulations could lead to significant fines and penalties imposed by regulators, as well as claims by our customers or third parties. Additionally, all
        of these domestic and international legislative and regulatory initiatives could adversely affect our customers&#8217; ability or desire to collect, use, process and store shipment logistics information, which could reduce demand for our products.</div>
      <div><br>
      </div>
      <div style="text-align: justify; font-family: Verdana, sans-serif; font-size: 9.5pt; font-style: italic; font-weight: bold;">The price of our common shares has in the past, including recently, been volatile and may also be volatile in the future.</div>
      <div style="text-align: justify; font-family: Verdana, sans-serif; font-size: 9.5pt;">The trading price of our common shares may be subject to fluctuation in the future. This may make it more difficult for you to resell your common shares when you
        want at prices that you find attractive or make it more difficult for us to raise capital through the issuance of commons shares. Increases in our common share price may also increase our compensation expense pursuant to our existing director,
        officer and employee compensation arrangements. We enter into equity derivative contracts including floating-rate equity forwards to partially offset the potential fluctuations of certain share-based compensation expenses. Fluctuations in our
        common share price may be caused by events unrelated to our operating performance and beyond our control. Factors that may contribute to fluctuations include, but are not limited to:</div>
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          <tr>
            <td style="width: 36pt;"><br>
            </td>
            <td style="width: 18pt; vertical-align: top; align: right; font-size: 9.5pt;">&#8226;</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: Verdana, sans-serif; font-size: 9.5pt;">Revenue or results of operations in any quarter failing to meet the expectations, published or otherwise, of the investment community;</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="z5722a00432d741f3ae5427ed11602764" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36pt;"><br>
            </td>
            <td style="width: 18pt; vertical-align: top; align: right; font-size: 9.5pt;">&#8226;</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: Verdana, sans-serif; font-size: 9.5pt;">Changes in recommendations or financial estimates by industry or investment analysts;</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="z57711bca37c943bbb18b8dc7419777d1" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36pt;"><br>
            </td>
            <td style="width: 18pt; vertical-align: top; align: right; font-size: 9.5pt;">&#8226;</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: Verdana, sans-serif; font-size: 9.5pt;">Changes in management or the composition of our board of directors;</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="z9f5bc7cecb9f49b3945e5aa86049a81d" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36pt;"><br>
            </td>
            <td style="width: 18pt; vertical-align: top; align: right; font-size: 9.5pt;">&#8226;</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: Verdana, sans-serif; font-size: 9.5pt;">Outcomes of litigation or arbitration proceedings;</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="z8b903b97b8464dce8300b0f01066537a" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36pt;"><br>
            </td>
            <td style="width: 18pt; vertical-align: top; align: right; font-size: 9.5pt;">&#8226;</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: Verdana, sans-serif; font-size: 9.5pt;">Announcements of technological innovations or acquisitions by us or by our competitors;</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="zb6fdd795ff8f4f67bba0ddad9982e53e" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36pt;"><br>
            </td>
            <td style="width: 18pt; vertical-align: top; align: right; font-size: 9.5pt;">&#8226;</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: Verdana, sans-serif; font-size: 9.5pt;">Introduction of new products or significant customer wins or losses by us or by our competitors;</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="zc36035225dca4a24b54de990022dea4f" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36pt;"><br>
            </td>
            <td style="width: 18pt; vertical-align: top; align: right; font-size: 9.5pt;">&#8226;</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: Verdana, sans-serif; font-size: 9.5pt;">Developments with respect to our intellectual property rights or those of our competitors;</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="zd8d09634b9734a9fa1f6d180a62b06ae" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36pt;"><br>
            </td>
            <td style="width: 18pt; vertical-align: top; align: right; font-size: 9.5pt;">&#8226;</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: Verdana, sans-serif; font-size: 9.5pt;">Fluctuations in the share prices of other companies in the technology and emerging growth sectors;</div>
            </td>
          </tr>

      </table>
      <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
        <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-family: Verdana, 'sans-serif'; font-size: 8pt; font-weight: normal; font-style: normal;">38</font></div>
        <div style="page-break-after:always;" id="DSPFPageBreak">
          <hr style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;" noshade="noshade"></div>
      </div>
      <div><br>
      </div>
      <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z6496ee6d38ef4e308d5a3004c108f41f" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36pt;"><br>
            </td>
            <td style="width: 18pt; vertical-align: top; align: right; font-size: 9.5pt;">&#8226;</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: Verdana, sans-serif; font-size: 9.5pt;">General market conditions; 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="z82dd01f5f7bd429ab22cb62d0df1bd6f" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36pt;"><br>
            </td>
            <td style="width: 18pt; vertical-align: top; align: right; font-size: 9.5pt;">&#8226;</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: Verdana, sans-serif; font-size: 9.5pt;">Other risk factors set out in this report.</div>
            </td>
          </tr>

      </table>
      <div><br>
      </div>
      <div style="text-align: justify; font-family: Verdana, sans-serif; font-size: 9.5pt;">If the market price of our common shares drops significantly, shareholders could institute securities class action lawsuits against us, regardless of the merits of
        such claims. Such a lawsuit could cause us to incur substantial costs and could divert the time and attention of our management and other resources from our business.</div>
      <div><br>
      </div>
      <div style="text-align: justify; font-family: Verdana, sans-serif; font-size: 9.5pt; font-style: italic; font-weight: bold;">Fair value assessments of our intangible assets required by GAAP may require us to record significant non-cash charges
        associated with intangible asset impairment.</div>
      <div style="text-align: justify; font-family: Verdana, sans-serif; font-size: 9.5pt;">Significant portions of our assets, which include customer agreements and relationships, non-compete covenants, existing technologies and trade names, are
        intangible. We amortize intangible assets on a straight-line basis over their estimated useful lives. We review the carrying value of these assets at least annually for evidence of impairment. In accordance with ASC Topic 360-10-35, &#8220;Property,
        Plant, and Equipment: Overview: Subsequent Measurement&#8221; an impairment loss is recognized when the estimate of undiscounted future cash flows generated by such assets is less than the carrying amount. Measurement of the impairment loss is based on
        the present value of the expected future cash flows. Future fair value assessments of intangible assets may require impairment charges to be recorded in the results of operations for future periods. This could impair our ability to achieve or
        maintain profitability in the future.</div>
      <div><br>
      </div>
      <div style="text-align: justify; font-family: Verdana, sans-serif; font-size: 9.5pt; font-style: italic; font-weight: bold;">If our common share price decreases to a level such that the fair value of our net assets is less than the carrying value of
        our net assets, we may be required to record additional significant non-cash charges associated with goodwill impairment.</div>
      <div style="text-align: justify; font-family: Verdana, sans-serif; font-size: 9.5pt;">We account for goodwill in accordance with ASC Topic 350, &#8220;Intangibles &#8211; Goodwill and Other&#8221;, which among other things, requires that goodwill be tested for
        impairment at least annually. We have designated October 31<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">st</sup> for our annual impairment test. Should the fair value of our net assets, determined by our market capitalization, be less than the carrying value of our net assets at future
        annual impairment test dates, we may have to recognize goodwill impairment losses in our results of operations in future periods. This could impair our ability to achieve or maintain profitability in the future.</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;">39</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="font-family: Verdana, sans-serif; font-size: 11pt; font-variant: small-caps; font-weight: bold;">The Descartes Systems Group Inc.</div>
      <div style="font-family: Verdana, sans-serif; font-size: 11pt; font-variant: small-caps; font-weight: bold;"><a name="z_Toc388007900"></a><a name="z_Toc450718968"></a><a name="z_Toc482968044"></a><a name="z_Toc103007257"></a>Condensed
        Consolidated Balance Sheets</div>
      <div style="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>
      <div><br>
      </div>
      <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="z7ac5462c7ca04fc98803e089da82633d" cellpadding="0" cellspacing="0">

          <tr>
            <td colspan="2" style="width: 75.96%; vertical-align: top;">&#160;</td>
            <td style="width: 12.02%; vertical-align: top; border-top: #000000 0.50pt solid;">
              <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 8pt; font-weight: bold;">April 30,</div>
            </td>
            <td style="width: 12.02%; vertical-align: top; border-top: #000000 0.50pt solid;">
              <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 8pt;">January 31,</div>
            </td>
          </tr>
          <tr>
            <td colspan="2" style="width: 75.96%; vertical-align: top;">&#160;</td>
            <td style="width: 12.02%; vertical-align: top; border-bottom: #000000 0.50pt solid;">
              <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 8pt; font-weight: bold;">2022</div>
            </td>
            <td style="width: 12.02%; vertical-align: top; border-bottom: #000000 0.50pt solid;">
              <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 8pt;">2022 (Audited)</div>
            </td>
          </tr>
          <tr>
            <td colspan="2" style="width: 75.96%; vertical-align: top;">
              <div style="font-family: Verdana, sans-serif; font-size: 8pt; font-weight: bold;">ASSETS</div>
            </td>
            <td style="width: 12.02%; vertical-align: top; text-align: right;">&#160;</td>
            <td style="width: 12.02%; vertical-align: top; text-align: right;">&#160;</td>
          </tr>
          <tr>
            <td colspan="2" style="width: 75.96%; vertical-align: top;">
              <div style="font-family: Verdana, sans-serif; font-size: 8pt;">CURRENT ASSETS</div>
            </td>
            <td style="width: 12.02%; vertical-align: top; text-align: right;">&#160;</td>
            <td style="width: 12.02%; vertical-align: top; text-align: right;">&#160;</td>
          </tr>
          <tr>
            <td colspan="2" style="width: 75.96%; vertical-align: top;">
              <div style="margin-left: 13.5pt; font-family: Verdana, sans-serif; font-size: 8pt;">Cash</div>
            </td>
            <td style="width: 12.02%; vertical-align: top;">
              <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 8pt; font-weight: bold;">211,779</div>
            </td>
            <td style="width: 12.02%; vertical-align: top;">
              <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 8pt;">213,437</div>
            </td>
          </tr>
          <tr>
            <td colspan="2" style="width: 75.96%; vertical-align: top;">
              <div style="margin-left: 13.5pt; font-family: Verdana, sans-serif; font-size: 8pt;">Accounts receivable (net)</div>
            </td>
            <td style="width: 12.02%; vertical-align: top; text-align: right;">&#160;</td>
            <td style="width: 12.02%; vertical-align: top; text-align: right;">&#160;</td>
          </tr>
          <tr>
            <td colspan="2" style="width: 75.96%; vertical-align: top;">
              <div style="margin-left: 27pt; font-family: Verdana, sans-serif; font-size: 8pt;">Trade (Note 5)</div>
            </td>
            <td style="width: 12.02%; vertical-align: top;">
              <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 8pt; font-weight: bold;">45,182</div>
            </td>
            <td style="width: 12.02%; vertical-align: top;">
              <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 8pt;">41,705</div>
            </td>
          </tr>
          <tr>
            <td colspan="2" style="width: 75.96%; vertical-align: top;">
              <div style="margin-left: 27pt; font-family: Verdana, sans-serif; font-size: 8pt;">Other (Note 6)</div>
            </td>
            <td style="width: 12.02%; vertical-align: top;">
              <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 8pt; font-weight: bold;">14,310</div>
            </td>
            <td style="width: 12.02%; vertical-align: top;">
              <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 8pt;">14,075</div>
            </td>
          </tr>
          <tr>
            <td colspan="2" style="width: 75.96%; vertical-align: top;">
              <div style="margin-left: 13.5pt; font-family: Verdana, sans-serif; font-size: 8pt;">Prepaid expenses and other</div>
            </td>
            <td style="width: 12.02%; vertical-align: top;">
              <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 8pt; font-weight: bold;">20,174</div>
            </td>
            <td style="width: 12.02%; vertical-align: top;">
              <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 8pt;">21,974</div>
            </td>
          </tr>
          <tr>
            <td colspan="2" style="width: 75.96%; vertical-align: top;">
              <div style="margin-left: 13.5pt; font-family: Verdana, sans-serif; font-size: 8pt;">Inventory (Note 7)</div>
            </td>
            <td style="width: 12.02%; vertical-align: top;">
              <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 8pt; font-weight: bold;">806</div>
            </td>
            <td style="width: 12.02%; vertical-align: top;">
              <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 8pt;">868</div>
            </td>
          </tr>
          <tr>
            <td colspan="2" style="width: 75.96%; vertical-align: top;">&#160;</td>
            <td style="width: 12.02%; vertical-align: top; border-top: #000000 0.50pt solid;">
              <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 8pt; font-weight: bold;">292,251</div>
            </td>
            <td style="width: 12.02%; vertical-align: top; border-top: #000000 0.50pt solid;">
              <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 8pt;">292,059</div>
            </td>
          </tr>
          <tr>
            <td colspan="2" style="width: 75.96%; vertical-align: top;">
              <div style="font-family: Verdana, sans-serif; font-size: 8pt;">OTHER LONG-TERM ASSETS (Note 19)</div>
            </td>
            <td style="width: 12.02%; vertical-align: top;">
              <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 8pt; font-weight: bold;">19,191</div>
            </td>
            <td style="width: 12.02%; vertical-align: top;">
              <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 8pt;">18,652</div>
            </td>
          </tr>
          <tr>
            <td colspan="2" style="width: 75.96%; vertical-align: top;">
              <div style="font-family: Verdana, sans-serif; font-size: 8pt;">PROPERTY AND EQUIPMENT, NET (Note 8)</div>
            </td>
            <td style="width: 12.02%; vertical-align: top;">
              <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 8pt; font-weight: bold;">11,143</div>
            </td>
            <td style="width: 12.02%; vertical-align: top;">
              <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 8pt;">10,817</div>
            </td>
          </tr>
          <tr>
            <td colspan="2" style="width: 75.96%; vertical-align: top;">
              <div style="font-family: Verdana, sans-serif; font-size: 8pt;">RIGHT-OF-USE ASSETS (Note 13)</div>
            </td>
            <td style="width: 12.02%; vertical-align: top;">
              <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 8pt; font-weight: bold;">9,439</div>
            </td>
            <td style="width: 12.02%; vertical-align: top;">
              <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 8pt;">10,571</div>
            </td>
          </tr>
          <tr>
            <td colspan="2" style="width: 75.96%; vertical-align: top;">
              <div style="font-family: Verdana, sans-serif; font-size: 8pt;">DEFERRED INCOME TAXES</div>
            </td>
            <td style="width: 12.02%; vertical-align: top;">
              <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 8pt; font-weight: bold;">13,738</div>
            </td>
            <td style="width: 12.02%; vertical-align: top;">
              <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 8pt;">14,962</div>
            </td>
          </tr>
          <tr>
            <td colspan="2" style="width: 75.96%; vertical-align: top;">
              <div style="font-family: Verdana, sans-serif; font-size: 8pt;">INTANGIBLE ASSETS, NET (Note 9)</div>
            </td>
            <td style="width: 12.02%; vertical-align: top;">
              <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 8pt; font-weight: bold;">239,768</div>
            </td>
            <td style="width: 12.02%; vertical-align: top;">
              <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 8pt;">229,609</div>
            </td>
          </tr>
          <tr>
            <td colspan="2" style="width: 75.96%; vertical-align: top;">
              <div style="font-family: Verdana, sans-serif; font-size: 8pt;">GOODWILL (Note 10)</div>
            </td>
            <td style="width: 12.02%; vertical-align: top;">
              <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 8pt; font-weight: bold;">630,076</div>
            </td>
            <td style="width: 12.02%; vertical-align: top;">
              <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 8pt;">608,761</div>
            </td>
          </tr>
          <tr>
            <td colspan="2" style="width: 75.96%; vertical-align: top;">&#160;</td>
            <td style="width: 12.02%; vertical-align: top; border-top: #000000 0.50pt solid; border-bottom: #000000 1.50pt solid;">
              <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 8pt; font-weight: bold;">1,215,606</div>
            </td>
            <td style="width: 12.02%; vertical-align: top; border-top: #000000 0.50pt solid; border-bottom: #000000 1.50pt solid;">
              <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 8pt;">1,185,431</div>
            </td>
          </tr>
          <tr>
            <td colspan="2" style="width: 75.96%; vertical-align: top;">
              <div style="font-family: Verdana, sans-serif; font-size: 8pt; font-weight: bold;">LIABILITIES AND SHAREHOLDERS&#8217; EQUITY</div>
            </td>
            <td style="width: 12.02%; vertical-align: top; border-top: 1.5pt solid rgb(0, 0, 0); text-align: right;">&#160;</td>
            <td style="width: 12.02%; vertical-align: top; border-top: 1.5pt solid rgb(0, 0, 0); text-align: right;">&#160;</td>
          </tr>
          <tr>
            <td colspan="2" style="width: 75.96%; vertical-align: top;">
              <div style="font-family: Verdana, sans-serif; font-size: 8pt;">CURRENT LIABILITIES</div>
            </td>
            <td style="width: 12.02%; vertical-align: top; text-align: right;">&#160;</td>
            <td style="width: 12.02%; vertical-align: top; text-align: right;">&#160;</td>
          </tr>
          <tr>
            <td style="width: 2.97%; vertical-align: top;">&#160;</td>
            <td style="width: 73%; vertical-align: top;">
              <div style="font-family: Verdana, sans-serif; font-size: 8pt;">Accounts payable</div>
            </td>
            <td style="width: 12.02%; vertical-align: top;">
              <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 8pt; font-weight: bold;">9,662</div>
            </td>
            <td style="width: 12.02%; vertical-align: top;">
              <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 8pt;">10,566</div>
            </td>
          </tr>
          <tr>
            <td style="width: 2.97%; vertical-align: top;">&#160;</td>
            <td style="width: 73%; vertical-align: top;">
              <div style="font-family: Verdana, sans-serif; font-size: 8pt;">Accrued liabilities (Note 11)</div>
            </td>
            <td style="width: 12.02%; vertical-align: top;">
              <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 8pt; font-weight: bold;">67,884</div>
            </td>
            <td style="width: 12.02%; vertical-align: top;">
              <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 8pt;">56,442</div>
            </td>
          </tr>
          <tr>
            <td style="width: 2.97%; vertical-align: top;">&#160;</td>
            <td style="width: 73%; vertical-align: top;">
              <div style="font-family: Verdana, sans-serif; font-size: 8pt;">Lease obligations (Note 13)</div>
            </td>
            <td style="width: 12.02%; vertical-align: top;">
              <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 8pt; font-weight: bold;">3,872</div>
            </td>
            <td style="width: 12.02%; vertical-align: top;">
              <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 8pt;">4,029</div>
            </td>
          </tr>
          <tr>
            <td style="width: 2.97%; vertical-align: top;">&#160;</td>
            <td style="width: 73%; vertical-align: top;">
              <div style="font-family: Verdana, sans-serif; font-size: 8pt;">Income taxes payable</div>
            </td>
            <td style="width: 12.02%; vertical-align: top;">
              <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 8pt; font-weight: bold;">4,888</div>
            </td>
            <td style="width: 12.02%; vertical-align: top;">
              <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 8pt;">5,616</div>
            </td>
          </tr>
          <tr>
            <td style="width: 2.97%; vertical-align: top;">&#160;</td>
            <td style="width: 73%; vertical-align: top;">
              <div style="font-family: Verdana, sans-serif; font-size: 8pt;">Deferred revenue (Note 19)</div>
            </td>
            <td style="width: 12.02%; vertical-align: top;">
              <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 8pt; font-weight: bold;">62,340</div>
            </td>
            <td style="width: 12.02%; vertical-align: top;">
              <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 8pt;">56,780</div>
            </td>
          </tr>
          <tr>
            <td colspan="2" style="width: 75.96%; vertical-align: top;">&#160;</td>
            <td style="width: 12.02%; vertical-align: top; border-top: #000000 0.50pt solid;">
              <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 8pt; font-weight: bold;">148,646</div>
            </td>
            <td style="width: 12.02%; vertical-align: top; border-top: #000000 0.50pt solid;">
              <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 8pt;">133,433</div>
            </td>
          </tr>
          <tr>
            <td colspan="2" style="width: 75.96%; vertical-align: top;">
              <div style="font-family: Verdana, sans-serif; font-size: 8pt;">LONG-TERM DEBT (Note 12)</div>
            </td>
            <td style="width: 12.02%; vertical-align: top;">
              <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 8pt; font-weight: bold;">-</div>
            </td>
            <td style="width: 12.02%; vertical-align: top;">
              <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 8pt; font-weight: bold;">-</div>
            </td>
          </tr>
          <tr>
            <td colspan="2" style="width: 75.96%; vertical-align: top;">
              <div style="font-family: Verdana, sans-serif; font-size: 8pt;">LEASE OBLIGATIONS (Note 13)</div>
            </td>
            <td style="width: 12.02%; vertical-align: top;">
              <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 8pt; font-weight: bold;">6,288</div>
            </td>
            <td style="width: 12.02%; vertical-align: top;">
              <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 8pt;">7,382</div>
            </td>
          </tr>
          <tr>
            <td colspan="2" style="width: 75.96%; vertical-align: top;">
              <div style="font-family: Verdana, sans-serif; font-size: 8pt;">DEFERRED REVENUE (Note 19)</div>
            </td>
            <td style="width: 12.02%; vertical-align: top;">
              <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 8pt; font-weight: bold;">968</div>
            </td>
            <td style="width: 12.02%; vertical-align: top;">
              <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 8pt;">1,920</div>
            </td>
          </tr>
          <tr>
            <td colspan="2" style="width: 75.96%; vertical-align: top;">
              <div style="font-family: Verdana, sans-serif; font-size: 8pt;">INCOME TAXES PAYABLE</div>
            </td>
            <td style="width: 12.02%; vertical-align: top;">
              <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 8pt; font-weight: bold;">8,306</div>
            </td>
            <td style="width: 12.02%; vertical-align: top;">
              <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 8pt;">7,354</div>
            </td>
          </tr>
          <tr>
            <td colspan="2" style="width: 75.96%; vertical-align: top;">
              <div style="font-family: Verdana, sans-serif; font-size: 8pt;">DEFERRED INCOME TAXES</div>
            </td>
            <td style="width: 12.02%; vertical-align: top; border-bottom: #000000 0.50pt solid;">
              <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 8pt; font-weight: bold;">36,906</div>
            </td>
            <td style="width: 12.02%; vertical-align: top; border-bottom: #000000 0.50pt solid;">
              <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 8pt;">35,523</div>
            </td>
          </tr>
          <tr>
            <td colspan="2" style="width: 75.96%; vertical-align: top;">&#160;</td>
            <td style="width: 12.02%; vertical-align: top; border-top: #000000 0.50pt solid;">
              <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 8pt; font-weight: bold;">201,114</div>
            </td>
            <td style="width: 12.02%; vertical-align: top; border-top: #000000 0.50pt solid;">
              <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 8pt;">185,612</div>
            </td>
          </tr>
          <tr>
            <td colspan="2" style="width: 75.96%; vertical-align: top;">
              <div style="font-family: Verdana, sans-serif; font-size: 8pt;">COMMITMENTS, CONTINGENCIES AND GUARANTEES (Note 14)</div>
            </td>
            <td style="width: 12.02%; vertical-align: top; text-align: right;">&#160;</td>
            <td style="width: 12.02%; vertical-align: top; text-align: right;">&#160;</td>
          </tr>
          <tr>
            <td colspan="2" style="width: 75.96%; vertical-align: top;">
              <div style="font-family: Verdana, sans-serif; font-size: 8pt;">SHAREHOLDERS&#8217; EQUITY (Note 15)</div>
            </td>
            <td style="width: 12.02%; vertical-align: bottom; text-align: right;">&#160;</td>
            <td style="width: 12.02%; vertical-align: top; text-align: right;">&#160;</td>
          </tr>
          <tr>
            <td colspan="2" style="width: 75.96%; vertical-align: bottom;">
              <div style="text-indent: -4.5pt; margin-left: 4.5pt; font-family: Verdana, sans-serif; font-size: 8pt;">Common shares &#8211; unlimited shares authorized; Shares issued and outstanding totaled 84,781,562 at April 30, 2022 (January
                31, 2022 &#8211; 84,756,210)</div>
            </td>
            <td style="width: 12.02%; vertical-align: bottom;">
              <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 8pt; font-weight: bold;">536,842</div>
            </td>
            <td style="width: 12.02%; vertical-align: bottom;">
              <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 8pt;">536,297</div>
            </td>
          </tr>
          <tr>
            <td colspan="2" style="width: 75.96%; vertical-align: top;">
              <div style="font-family: Verdana, sans-serif; font-size: 8pt;">Additional paid-in capital</div>
            </td>
            <td style="width: 12.02%; vertical-align: top;">
              <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 8pt; font-weight: bold;">475,934</div>
            </td>
            <td style="width: 12.02%; vertical-align: top;">
              <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 8pt;">473,303</div>
            </td>
          </tr>
          <tr>
            <td colspan="2" style="width: 75.96%; vertical-align: top;">
              <div style="font-family: Verdana, sans-serif; font-size: 8pt;">Accumulated other comprehensive income (loss)</div>
            </td>
            <td style="width: 12.02%; vertical-align: top;">
              <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 8pt; font-weight: bold;">(24,011)</div>
            </td>
            <td style="width: 12.02%; vertical-align: top;">
              <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 8pt;">(12,393)</div>
            </td>
          </tr>
          <tr>
            <td colspan="2" style="width: 75.96%; vertical-align: top;">
              <div style="font-family: Verdana, sans-serif; font-size: 8pt;">Retained earnings</div>
            </td>
            <td style="width: 12.02%; vertical-align: top; border-bottom: #000000 0.50pt solid;">
              <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 8pt; font-weight: bold;">25,727</div>
            </td>
            <td style="width: 12.02%; vertical-align: top; border-bottom: #000000 0.50pt solid;">
              <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 8pt;">2,612</div>
            </td>
          </tr>
          <tr>
            <td colspan="2" style="width: 75.96%; vertical-align: top;">&#160;</td>
            <td style="width: 12.02%; vertical-align: top; border-top: #000000 0.50pt solid;">
              <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 8pt; font-weight: bold;">1,014,492</div>
            </td>
            <td style="width: 12.02%; vertical-align: top; border-top: #000000 0.50pt solid;">
              <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 8pt;">999,819</div>
            </td>
          </tr>
          <tr>
            <td colspan="2" style="width: 75.96%; vertical-align: top;">&#160;</td>
            <td style="width: 12.02%; vertical-align: top; border-top: #000000 0.50pt solid; border-bottom: #000000 1.50pt solid;">
              <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 8pt; font-weight: bold;">1,215,606</div>
            </td>
            <td style="width: 12.02%; vertical-align: top; border-top: #000000 0.50pt solid; border-bottom: #000000 1.50pt solid;">
              <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 8pt;">1,185,431</div>
            </td>
          </tr>

      </table>
      <div><br>
      </div>
      <div style="font-family: Verdana, sans-serif; font-size: 8pt; font-style: italic;">The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.</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;">40</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="font-family: Verdana, sans-serif; font-size: 11pt; font-variant: small-caps; font-weight: bold;">The Descartes Systems Group Inc.</div>
      <div style="font-family: Verdana, sans-serif; font-size: 11pt; font-variant: small-caps; font-weight: bold;"><a name="z_Toc388007901"></a><a name="z_Toc450718969"></a><a name="z_Toc482968045"></a><a name="z_Toc103007258"></a>Condensed
        Consolidated Statements of Operations</div>
      <div style="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>
      <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="zefae169bb05c40beaf9801f937488847" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 52.91%; vertical-align: top;">&#160;</td>
            <td colspan="2" style="width: 22.83%; vertical-align: top;">&#160;</td>
            <td style="width: 1.43%; vertical-align: top;">&#160;</td>
            <td colspan="2" style="width: 22.83%; vertical-align: top; border-top: #000000 0.50pt solid;">
              <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 8pt; font-weight: bold;">Three Months Ended</div>
            </td>
          </tr>
          <tr>
            <td style="width: 52.91%; vertical-align: top;">&#160;</td>
            <td style="width: 11.41%; vertical-align: top;">&#160;</td>
            <td style="width: 11.41%; vertical-align: top;">&#160;</td>
            <td style="width: 1.43%; vertical-align: top;">&#160;</td>
            <td style="width: 11.41%; vertical-align: top; border-top: #000000 0.50pt solid;">
              <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 8pt; font-weight: bold;">April 30,</div>
            </td>
            <td style="width: 11.41%; vertical-align: top; border-top: #000000 0.50pt solid;">
              <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 8pt;">April 30,</div>
            </td>
          </tr>
          <tr>
            <td style="width: 52.91%; vertical-align: top;">&#160;</td>
            <td style="width: 11.41%; vertical-align: top;">&#160;</td>
            <td style="width: 11.41%; vertical-align: top;">&#160;</td>
            <td style="width: 1.43%; vertical-align: top;">&#160;</td>
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              <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 8pt; font-weight: bold;">2022</div>
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            <td style="width: 11.41%; vertical-align: top; border-bottom: #000000 0.50pt solid;">
              <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 8pt;">2021</div>
            </td>
          </tr>
          <tr>
            <td style="width: 52.91%; vertical-align: top;">&#160;</td>
            <td style="width: 11.41%; vertical-align: top;">&#160;</td>
            <td style="width: 11.41%; vertical-align: top;">&#160;</td>
            <td style="width: 1.43%; vertical-align: top;">&#160;</td>
            <td style="width: 11.41%; vertical-align: top; border-top: 0.5pt solid rgb(0, 0, 0); text-align: right;">&#160;</td>
            <td style="width: 11.41%; vertical-align: top; border-top: 0.5pt solid rgb(0, 0, 0); text-align: right;">&#160;</td>
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          <tr>
            <td style="width: 52.91%; vertical-align: top;">
              <div style="font-family: Verdana, sans-serif; font-size: 8pt; font-weight: bold;">REVENUES</div>
            </td>
            <td style="width: 11.41%; vertical-align: top;">&#160;</td>
            <td style="width: 11.41%; vertical-align: top;">&#160;</td>
            <td style="width: 1.43%; vertical-align: top;">&#160;</td>
            <td style="width: 11.41%; vertical-align: top;">
              <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 8pt; font-weight: bold;">116,395</div>
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              <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 8pt;">98,838</div>
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          </tr>
          <tr>
            <td style="width: 52.91%; vertical-align: top;">
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            </td>
            <td style="width: 11.41%; vertical-align: top;">&#160;</td>
            <td style="width: 11.41%; vertical-align: top;">&#160;</td>
            <td style="width: 1.43%; vertical-align: top;">&#160;</td>
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              <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 8pt; font-weight: bold;">27,823</div>
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            <td style="width: 11.41%; vertical-align: top; border-bottom: #000000 0.50pt solid;">
              <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 8pt;">23,849</div>
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          </tr>
          <tr>
            <td style="width: 52.91%; vertical-align: top;">
              <div style="font-family: Verdana, sans-serif; font-size: 8pt; font-weight: bold;">GROSS MARGIN</div>
            </td>
            <td style="width: 11.41%; vertical-align: top;">&#160;</td>
            <td style="width: 11.41%; vertical-align: top;">&#160;</td>
            <td style="width: 1.43%; vertical-align: top;">&#160;</td>
            <td style="width: 11.41%; 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-size: 8pt; font-weight: bold;">88,572</div>
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            <td style="width: 11.41%; 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-size: 8pt;">74,989</div>
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          </tr>
          <tr>
            <td style="width: 52.91%; vertical-align: top;">
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            </td>
            <td style="width: 11.41%; vertical-align: top;">&#160;</td>
            <td style="width: 11.41%; vertical-align: top;">&#160;</td>
            <td style="width: 1.43%; vertical-align: top;">&#160;</td>
            <td style="width: 11.41%; vertical-align: top; text-align: right;">&#160;</td>
            <td style="width: 11.41%; vertical-align: top; text-align: right;">&#160;</td>
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          <tr>
            <td style="width: 52.91%; vertical-align: top;">
              <div style="margin-left: 13.5pt; font-family: Verdana, sans-serif; font-size: 8pt;">Sales and marketing</div>
            </td>
            <td style="width: 11.41%; vertical-align: top;">&#160;</td>
            <td style="width: 11.41%; vertical-align: top;">&#160;</td>
            <td style="width: 1.43%; vertical-align: top;">&#160;</td>
            <td style="width: 11.41%; vertical-align: top;">
              <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 8pt; font-weight: bold;">13,236</div>
            </td>
            <td style="width: 11.41%; vertical-align: top;">
              <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 8pt;">11,011</div>
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          <tr>
            <td style="width: 52.91%; vertical-align: top;">
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            </td>
            <td style="width: 11.41%; vertical-align: top;">&#160;</td>
            <td style="width: 11.41%; vertical-align: top;">&#160;</td>
            <td style="width: 1.43%; vertical-align: top;">&#160;</td>
            <td style="width: 11.41%; vertical-align: top;">
              <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 8pt; font-weight: bold;">16,569</div>
            </td>
            <td style="width: 11.41%; vertical-align: top;">
              <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 8pt;">15,219</div>
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          <tr>
            <td style="width: 52.91%; vertical-align: top;">
              <div style="margin-left: 13.5pt; font-family: Verdana, sans-serif; font-size: 8pt;">General and administrative</div>
            </td>
            <td style="width: 11.41%; vertical-align: top;">&#160;</td>
            <td style="width: 11.41%; vertical-align: top;">&#160;</td>
            <td style="width: 1.43%; vertical-align: top;">&#160;</td>
            <td style="width: 11.41%; vertical-align: top;">
              <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 8pt; font-weight: bold;">11,642</div>
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            <td style="width: 11.41%; vertical-align: top;">
              <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 8pt;">11,006</div>
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          </tr>
          <tr>
            <td style="width: 52.91%; vertical-align: top;">
              <div style="margin-left: 13.5pt; font-family: Verdana, sans-serif; font-size: 8pt;">Other charges (Note 20)</div>
            </td>
            <td style="width: 11.41%; vertical-align: top;">&#160;</td>
            <td style="width: 11.41%; vertical-align: top;">&#160;</td>
            <td style="width: 1.43%; vertical-align: top;">&#160;</td>
            <td style="width: 11.41%; vertical-align: top;">
              <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 8pt; font-weight: bold;">1,482</div>
            </td>
            <td style="width: 11.41%; vertical-align: top;">
              <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 8pt;">520</div>
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          </tr>
          <tr>
            <td style="width: 52.91%; vertical-align: top;">
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            </td>
            <td style="width: 11.41%; vertical-align: top;">&#160;</td>
            <td style="width: 11.41%; vertical-align: top;">&#160;</td>
            <td style="width: 1.43%; vertical-align: top;">&#160;</td>
            <td style="width: 11.41%; vertical-align: top;">
              <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 8pt; font-weight: bold;">15,048</div>
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            <td style="width: 11.41%; vertical-align: top;">
              <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 8pt;">13,835</div>
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          </tr>
          <tr>
            <td style="width: 52.91%; vertical-align: top;">&#160;</td>
            <td style="width: 11.41%; vertical-align: top;">&#160;</td>
            <td style="width: 11.41%; vertical-align: top;">&#160;</td>
            <td style="width: 1.43%; vertical-align: top;">&#160;</td>
            <td style="width: 11.41%; vertical-align: top; border-top: #000000 0.50pt solid;">
              <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 8pt; font-weight: bold;">57,977</div>
            </td>
            <td style="width: 11.41%; vertical-align: top; border-top: #000000 0.50pt solid;">
              <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 8pt;">51,591</div>
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          </tr>
          <tr>
            <td style="width: 52.91%; vertical-align: top;">
              <div style="font-family: Verdana, sans-serif; font-size: 8pt; font-weight: bold;">INCOME FROM OPERATIONS</div>
            </td>
            <td style="width: 11.41%; vertical-align: top;">&#160;</td>
            <td style="width: 11.41%; vertical-align: top;">&#160;</td>
            <td style="width: 1.43%; vertical-align: top;">&#160;</td>
            <td style="width: 11.41%; vertical-align: top; border-top: #000000 0.50pt solid;">
              <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 8pt; font-weight: bold;">30,595</div>
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            <td style="width: 11.41%; vertical-align: top; border-top: #000000 0.50pt solid;">
              <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 8pt;">23,398</div>
            </td>
          </tr>
          <tr>
            <td style="width: 52.91%; vertical-align: top;">
              <div style="font-family: Verdana, sans-serif; font-size: 8pt; font-weight: bold;">INTEREST EXPENSE</div>
            </td>
            <td style="width: 11.41%; vertical-align: top;">&#160;</td>
            <td style="width: 11.41%; vertical-align: top;">&#160;</td>
            <td style="width: 1.43%; vertical-align: top;">&#160;</td>
            <td style="width: 11.41%; vertical-align: top;">
              <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 8pt; font-weight: bold;">(278)</div>
            </td>
            <td style="width: 11.41%; vertical-align: top;">
              <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 8pt;">(277)</div>
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          </tr>
          <tr>
            <td style="width: 52.91%; vertical-align: top;">
              <div style="font-family: Verdana, sans-serif; font-size: 8pt; font-weight: bold;">INVESTMENT INCOME</div>
            </td>
            <td style="width: 11.41%; vertical-align: top;">&#160;</td>
            <td style="width: 11.41%; vertical-align: top;">&#160;</td>
            <td style="width: 1.43%; vertical-align: top;">&#160;</td>
            <td style="width: 11.41%; vertical-align: top;">
              <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 8pt; font-weight: bold;">153</div>
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            <td style="width: 11.41%; vertical-align: top;">
              <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 8pt;">63</div>
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          </tr>
          <tr>
            <td style="width: 52.91%; vertical-align: top;">
              <div style="font-family: Verdana, sans-serif; font-size: 8pt; font-weight: bold;">INCOME BEFORE INCOME TAXES</div>
            </td>
            <td style="width: 11.41%; vertical-align: top;">&#160;</td>
            <td style="width: 11.41%; vertical-align: top;">&#160;</td>
            <td style="width: 1.43%; vertical-align: top;">&#160;</td>
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              <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 8pt; font-weight: bold;">30,470</div>
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            <td style="width: 11.41%; vertical-align: top; border-top: #000000 0.50pt solid;">
              <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 8pt;">23,184</div>
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          <tr>
            <td style="width: 52.91%; vertical-align: top;">
              <div style="font-family: Verdana, sans-serif; font-size: 8pt;"><font style="font-weight: bold;">INCOME TAX EXPENSE </font>(Note 18)</div>
            </td>
            <td style="width: 11.41%; vertical-align: top;">&#160;</td>
            <td style="width: 11.41%; vertical-align: top;">&#160;</td>
            <td style="width: 1.43%; vertical-align: top;">&#160;</td>
            <td style="width: 11.41%; vertical-align: top; text-align: right;">&#160;</td>
            <td style="width: 11.41%; vertical-align: top; text-align: right;">&#160;</td>
          </tr>
          <tr>
            <td style="width: 52.91%; vertical-align: top;">
              <div style="margin-left: 13.5pt; font-family: Verdana, sans-serif; font-size: 8pt;">Current</div>
            </td>
            <td style="width: 11.41%; vertical-align: top;">&#160;</td>
            <td style="width: 11.41%; vertical-align: top;">&#160;</td>
            <td style="width: 1.43%; vertical-align: top;">&#160;</td>
            <td style="width: 11.41%; vertical-align: top;">
              <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 8pt; font-weight: bold;">4,841</div>
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            <td style="width: 11.41%; vertical-align: top;">
              <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 8pt;">2,134</div>
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          </tr>
          <tr>
            <td style="width: 52.91%; vertical-align: top;">
              <div style="margin-left: 13.5pt; font-family: Verdana, sans-serif; font-size: 8pt;">Deferred</div>
            </td>
            <td style="width: 11.41%; vertical-align: top;">&#160;</td>
            <td style="width: 11.41%; vertical-align: top;">&#160;</td>
            <td style="width: 1.43%; vertical-align: top;">&#160;</td>
            <td style="width: 11.41%; vertical-align: top;">
              <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 8pt; font-weight: bold;">2,514</div>
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            <td style="width: 11.41%; vertical-align: top;">
              <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 8pt;">2,629</div>
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          </tr>
          <tr>
            <td style="width: 52.91%; vertical-align: top;">&#160;</td>
            <td style="width: 11.41%; vertical-align: top;">&#160;</td>
            <td style="width: 11.41%; vertical-align: top;">&#160;</td>
            <td style="width: 1.43%; vertical-align: top;">&#160;</td>
            <td style="width: 11.41%; 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-size: 8pt; font-weight: bold;">7,355</div>
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            <td style="width: 11.41%; 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-size: 8pt;">4,763</div>
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          <tr>
            <td style="width: 52.91%; vertical-align: top;">
              <div style="font-family: Verdana, sans-serif; font-size: 8pt; font-weight: bold;">NET INCOME</div>
            </td>
            <td style="width: 11.41%; vertical-align: top;">&#160;</td>
            <td style="width: 11.41%; vertical-align: top;">&#160;</td>
            <td style="width: 1.43%; vertical-align: top;">&#160;</td>
            <td style="width: 11.41%; vertical-align: top; border-top: #000000 0.50pt solid; border-bottom: #000000 1.50pt solid;">
              <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 8pt; font-weight: bold;">23,115</div>
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            <td style="width: 11.41%; vertical-align: top; border-top: #000000 0.50pt solid; border-bottom: #000000 1.50pt solid;">
              <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 8pt;">18,421</div>
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          <tr>
            <td style="width: 52.91%; vertical-align: top;">
              <div style="font-family: Verdana, sans-serif; font-size: 8pt;"><font style="font-weight: bold;">EARNINGS PER SHARE </font>(Note 16)</div>
            </td>
            <td style="width: 11.41%; vertical-align: top;">&#160;</td>
            <td style="width: 11.41%; vertical-align: top;">&#160;</td>
            <td style="width: 1.43%; vertical-align: top;">&#160;</td>
            <td style="width: 11.41%; vertical-align: top; border-top: 1.5pt solid rgb(0, 0, 0); text-align: right;">&#160;</td>
            <td style="width: 11.41%; vertical-align: top; border-top: 1.5pt solid rgb(0, 0, 0); text-align: right;">&#160;</td>
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          <tr>
            <td style="width: 52.91%; vertical-align: top;">
              <div style="margin-left: 13.5pt; font-family: Verdana, sans-serif; font-size: 8pt;">Basic</div>
            </td>
            <td style="width: 11.41%; vertical-align: top;">&#160;</td>
            <td style="width: 11.41%; vertical-align: top;">&#160;</td>
            <td style="width: 1.43%; vertical-align: top;">&#160;</td>
            <td style="width: 11.41%; vertical-align: top;">
              <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 8pt; font-weight: bold;">0.27</div>
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            <td style="width: 11.41%; vertical-align: top;">
              <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 8pt;">0.22</div>
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          <tr>
            <td style="width: 52.91%; vertical-align: top;">
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            <td style="width: 11.41%; vertical-align: top;">&#160;</td>
            <td style="width: 11.41%; vertical-align: top;">&#160;</td>
            <td style="width: 1.43%; vertical-align: top;">&#160;</td>
            <td style="width: 11.41%; vertical-align: top; border-bottom: #000000 1.50pt solid;">
              <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 8pt; font-weight: bold;">0.27</div>
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            <td style="width: 11.41%; vertical-align: top; border-bottom: #000000 1.50pt solid;">
              <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 8pt;">0.21</div>
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          <tr>
            <td style="width: 52.91%; vertical-align: top;">
              <div style="font-family: Verdana, sans-serif; font-size: 8pt; font-weight: bold;">WEIGHTED AVERAGE SHARES OUTSTANDING (thousands)</div>
            </td>
            <td style="width: 11.41%; vertical-align: top;">&#160;</td>
            <td style="width: 11.41%; vertical-align: top;">&#160;</td>
            <td style="width: 1.43%; vertical-align: top;">&#160;</td>
            <td style="width: 11.41%; vertical-align: top; border-top: 1.5pt solid rgb(0, 0, 0); text-align: right;">&#160;</td>
            <td style="width: 11.41%; vertical-align: top; border-top: 1.5pt solid rgb(0, 0, 0); text-align: right;">&#160;</td>
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          <tr>
            <td style="width: 52.91%; vertical-align: top;">
              <div style="margin-left: 13.5pt; font-family: Verdana, sans-serif; font-size: 8pt;">Basic</div>
            </td>
            <td style="width: 11.41%; vertical-align: top;">&#160;</td>
            <td style="width: 11.41%; vertical-align: top;">&#160;</td>
            <td style="width: 1.43%; vertical-align: top;">&#160;</td>
            <td style="width: 11.41%; vertical-align: top;">
              <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 8pt; font-weight: bold;">84,765</div>
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            <td style="width: 11.41%; vertical-align: top;">
              <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 8pt;">84,501</div>
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          </tr>
          <tr>
            <td style="width: 52.91%; vertical-align: top;">
              <div style="margin-left: 13.5pt; font-family: Verdana, sans-serif; font-size: 8pt;">Diluted</div>
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            <td style="width: 11.41%; vertical-align: top;">&#160;</td>
            <td style="width: 11.41%; vertical-align: top;">&#160;</td>
            <td style="width: 1.43%; vertical-align: top;">&#160;</td>
            <td style="width: 11.41%; vertical-align: top; border-bottom: #000000 1.50pt solid;">
              <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 8pt; font-weight: bold;">86,348</div>
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            <td style="width: 11.41%; vertical-align: top; border-bottom: #000000 1.50pt solid;">
              <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 8pt;">86,045</div>
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          </tr>

      </table>
      <div><br>
      </div>
      <div style="font-family: Verdana, sans-serif; font-size: 8pt; font-style: italic;">The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.</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;">41</font></div>
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          <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="font-family: Verdana, sans-serif; font-size: 11pt; font-variant: small-caps; font-weight: bold;">The Descartes Systems Group Inc.</div>
      <div style="font-family: Verdana, sans-serif; font-size: 11pt; font-variant: small-caps; font-weight: bold;"><a name="z_Toc388007902"></a><a name="z_Toc450718970"></a><a name="z_Toc482968046"></a><a name="z_Toc103007259"></a>Condensed
        Consolidated Statements of Comprehensive Income</div>
      <div style="font-family: Verdana, sans-serif; font-variant: small-caps;">(US dollars in thousands; US GAAP; Unaudited)</div>
      <div>
        <div>
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          <tr>
            <td style="width: 54.6%; vertical-align: top;">&#160;</td>
            <td colspan="3" style="width: 22%; vertical-align: top;">&#160;</td>
            <td style="width: 1.4%; vertical-align: top;">&#160;</td>
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          <tr>
            <td style="width: 54.6%; vertical-align: top;">&#160;</td>
            <td colspan="2" style="width: 11%; vertical-align: top;">&#160;</td>
            <td style="width: 11%; vertical-align: top;">&#160;</td>
            <td style="width: 1.4%; vertical-align: top;">&#160;</td>
            <td style="width: 11%; vertical-align: top; border-top: #000000 0.50pt solid;">
              <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 8pt; font-weight: bold;">April 30,</div>
            </td>
            <td style="width: 11%; vertical-align: top; border-top: #000000 0.50pt solid;">
              <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 8pt;">April 30,</div>
            </td>
          </tr>
          <tr>
            <td style="width: 54.6%; vertical-align: top;">&#160;</td>
            <td colspan="2" style="width: 11%; vertical-align: top;">&#160;</td>
            <td style="width: 11%; vertical-align: top;">&#160;</td>
            <td style="width: 1.4%; vertical-align: top;">&#160;</td>
            <td style="width: 11%; vertical-align: top; border-bottom: #000000 0.50pt solid;">
              <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 8pt; font-weight: bold;">2022</div>
            </td>
            <td style="width: 11%; vertical-align: top; border-bottom: #000000 0.50pt solid;">
              <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 8pt;">2021</div>
            </td>
          </tr>
          <tr>
            <td style="width: 54.6%; vertical-align: top;">
              <div style="font-family: Verdana, sans-serif; font-size: 8pt; font-weight: bold;">Comprehensive income</div>
            </td>
            <td colspan="2" style="width: 11%; vertical-align: top;">&#160;</td>
            <td style="width: 11%; vertical-align: top;">&#160;</td>
            <td style="width: 1.4%; vertical-align: top;">&#160;</td>
            <td style="width: 11%; vertical-align: top; text-align: right;">&#160;</td>
            <td style="width: 11%; vertical-align: top; text-align: right;">&#160;</td>
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          <tr>
            <td colspan="2" style="width: 63.5%; vertical-align: top;">
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            </td>
            <td style="width: 2.1%; vertical-align: top;">&#160;</td>
            <td style="width: 11%; vertical-align: top;">&#160;</td>
            <td style="width: 1.4%; vertical-align: top;">&#160;</td>
            <td style="width: 11%; vertical-align: top;">
              <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 8pt; font-weight: bold;">23,115</div>
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            <td style="width: 11%; vertical-align: top;">
              <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 8pt;">18,421</div>
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          <tr>
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            </td>
            <td style="width: 2.1%; vertical-align: top;">&#160;</td>
            <td style="width: 11%; vertical-align: top;">&#160;</td>
            <td style="width: 1.4%; vertical-align: top;">&#160;</td>
            <td style="width: 11%; vertical-align: top; text-align: right;">&#160;</td>
            <td style="width: 11%; vertical-align: top; text-align: right;">&#160;</td>
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          <tr>
            <td colspan="2" style="width: 63.5%; vertical-align: top;">
              <div style="text-indent: -4.5pt; margin-left: 18pt; font-family: Verdana, sans-serif; font-size: 8pt;">Foreign currency translation adjustment, net of income tax expense (recovery) of ($120) for the period ended April 30,
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            </td>
            <td style="width: 2.1%; vertical-align: top;">&#160;</td>
            <td style="width: 11%; vertical-align: top;">&#160;</td>
            <td style="width: 1.4%; vertical-align: top;">&#160;</td>
            <td style="width: 11%; vertical-align: bottom;">
              <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 8pt; font-weight: bold;">(11,618)</div>
            </td>
            <td style="width: 11%; vertical-align: bottom;">
              <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 8pt;">10,882</div>
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          </tr>
          <tr>
            <td style="width: 54.6%; vertical-align: top;">
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            </td>
            <td colspan="2" style="width: 11%; vertical-align: top;">&#160;</td>
            <td style="width: 11%; vertical-align: top;">&#160;</td>
            <td style="width: 1.4%; vertical-align: top;">&#160;</td>
            <td style="width: 11%; vertical-align: top; border-top: #000000 0.25pt solid; border-bottom: #000000 0.25pt solid;">
              <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 8pt; font-weight: bold;">(11,618)</div>
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            <td style="width: 11%; vertical-align: top; border-top: #000000 0.25pt solid; border-bottom: #000000 0.25pt solid;">
              <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 8pt;">10,882</div>
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          </tr>
          <tr>
            <td style="width: 54.6%; vertical-align: top;">
              <div style="font-family: Verdana, sans-serif; font-size: 8pt; font-weight: bold;">COMPREHENSIVE INCOME</div>
            </td>
            <td colspan="2" style="width: 11%; vertical-align: top;">&#160;</td>
            <td style="width: 11%; vertical-align: top;">&#160;</td>
            <td style="width: 1.4%; vertical-align: top;">&#160;</td>
            <td style="width: 11%; vertical-align: top; border-top: #000000 0.25pt solid; border-bottom: #000000 1.50pt solid;">
              <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 8pt; font-weight: bold;">11,497</div>
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            <td style="width: 11%; vertical-align: top; border-top: #000000 0.25pt solid; border-bottom: #000000 1.50pt solid;">
              <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 8pt;">29,303</div>
            </td>
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      </table>
      <div><br>
      </div>
      <div style="font-family: Verdana, sans-serif; font-size: 8pt; font-style: italic;">The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.</div>
      <div><br>
      </div>
      <div><br>
      </div>
      <div><br>
      </div>
      <div><br>
      </div>
      <div><br>
      </div>
      <div><br>
      </div>
      <div><br>
      </div>
      <div><br>
      </div>
      <div><br>
      </div>
      <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
        <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-family: Verdana, 'sans-serif'; font-size: 8pt; font-weight: normal; font-style: normal;">42</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="font-family: Verdana, sans-serif; font-size: 11pt; font-variant: small-caps; font-weight: bold;">The Descartes Systems Group Inc.</div>
      <div style="font-family: Verdana, sans-serif; font-size: 11pt; font-variant: small-caps; font-weight: bold;"><a name="z_Toc388007903"></a><a name="z_Toc450718971"></a><a name="z_Toc482968047"></a><a name="z_Toc103007260"></a>Condensed
        Consolidated Statements of Shareholders&#8217; Equity</div>
      <div style="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>
      <div><br>
      </div>
      <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="z69cf2e71ffb840248865634fb263f779" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 54.6%; vertical-align: top;">&#160;</td>
            <td colspan="2" style="width: 22%; vertical-align: top;">&#160;</td>
            <td style="width: 1.4%; vertical-align: top;">&#160;</td>
            <td colspan="2" style="width: 22%; vertical-align: top; border-top: #000000 0.50pt solid;">
              <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 8pt; font-weight: bold;">Three Months Ended</div>
            </td>
          </tr>
          <tr>
            <td style="width: 54.6%; vertical-align: top;">&#160;</td>
            <td style="width: 11%; vertical-align: top;">&#160;</td>
            <td style="width: 11%; vertical-align: top;">&#160;</td>
            <td style="width: 1.4%; vertical-align: top;">&#160;</td>
            <td style="width: 11%; vertical-align: top; border-top: #000000 0.50pt solid;">
              <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 8pt; font-weight: bold;">April 30,</div>
            </td>
            <td style="width: 11%; vertical-align: top; border-top: #000000 0.50pt solid;">
              <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 8pt;">April 30,</div>
            </td>
          </tr>
          <tr>
            <td style="width: 54.6%; vertical-align: top;">&#160;</td>
            <td style="width: 11%; vertical-align: top;">&#160;</td>
            <td style="width: 11%; vertical-align: top;">&#160;</td>
            <td style="width: 1.4%; vertical-align: top;">&#160;</td>
            <td style="width: 11%; vertical-align: top; border-bottom: #000000 0.50pt solid;">
              <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 8pt; font-weight: bold;">2022</div>
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            <td style="width: 11%; vertical-align: top; border-bottom: #000000 0.50pt solid;">
              <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 8pt;">2021</div>
            </td>
          </tr>
          <tr>
            <td style="width: 54.6%; vertical-align: top;">&#160;</td>
            <td style="width: 11%; vertical-align: top;">&#160;</td>
            <td style="width: 11%; vertical-align: top;">&#160;</td>
            <td style="width: 1.4%; vertical-align: top;">&#160;</td>
            <td style="width: 11%; vertical-align: top; text-align: right;">&#160;</td>
            <td style="width: 11%; vertical-align: top; text-align: right;">&#160;</td>
          </tr>
          <tr>
            <td style="width: 54.6%; vertical-align: top;">
              <div style="font-family: Verdana, sans-serif; font-size: 8pt; font-weight: bold;">Common shares</div>
            </td>
            <td style="width: 11%; vertical-align: top;">&#160;</td>
            <td style="width: 11%; vertical-align: top;">&#160;</td>
            <td style="width: 1.4%; vertical-align: top;">&#160;</td>
            <td style="width: 11%; vertical-align: top; text-align: right;">&#160;</td>
            <td style="width: 11%; vertical-align: top; text-align: right;">&#160;</td>
          </tr>
          <tr>
            <td style="width: 54.6%; vertical-align: top;">
              <div style="font-family: Verdana, sans-serif; font-size: 8pt;">Balance, beginning of period</div>
            </td>
            <td style="width: 11%; vertical-align: top;">&#160;</td>
            <td style="width: 11%; vertical-align: top;">&#160;</td>
            <td style="width: 1.4%; vertical-align: top;">&#160;</td>
            <td style="width: 11%; vertical-align: top;">
              <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 8pt; font-weight: bold;">536,297</div>
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            <td style="width: 11%; vertical-align: top;">
              <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 8pt;">531,825</div>
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          </tr>
          <tr>
            <td style="width: 54.6%; vertical-align: top;">
              <div style="margin-left: 13.5pt; font-family: Verdana, sans-serif; font-size: 8pt;">Stock options and share units exercised</div>
            </td>
            <td style="width: 11%; vertical-align: top;">&#160;</td>
            <td style="width: 11%; vertical-align: top;">&#160;</td>
            <td style="width: 1.4%; vertical-align: top;">&#160;</td>
            <td style="width: 11%; vertical-align: top;">
              <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 8pt; font-weight: bold;">545</div>
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            <td style="width: 11%; vertical-align: top;">
              <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 8pt;">809</div>
            </td>
          </tr>
          <tr>
            <td style="width: 54.6%; vertical-align: top;">
              <div style="font-family: Verdana, sans-serif; font-size: 8pt;">Balance, end of period</div>
            </td>
            <td style="width: 11%; vertical-align: top;">&#160;</td>
            <td style="width: 11%; vertical-align: top;">&#160;</td>
            <td style="width: 1.4%; vertical-align: top;">&#160;</td>
            <td style="width: 11%; 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-size: 8pt; font-weight: bold;">536,842</div>
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            <td style="width: 11%; 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-size: 8pt;">532,634</div>
            </td>
          </tr>
          <tr>
            <td style="width: 54.6%; vertical-align: top;">&#160;</td>
            <td style="width: 11%; vertical-align: top;">&#160;</td>
            <td style="width: 11%; vertical-align: top;">&#160;</td>
            <td style="width: 1.4%; vertical-align: top;">&#160;</td>
            <td style="width: 11%; vertical-align: top; border-top: 0.5pt solid rgb(0, 0, 0); text-align: right;">&#160;</td>
            <td style="width: 11%; vertical-align: top; border-top: 0.5pt solid rgb(0, 0, 0); text-align: right;">&#160;</td>
          </tr>
          <tr>
            <td style="width: 54.6%; vertical-align: top;">
              <div style="font-family: Verdana, sans-serif; font-size: 8pt; font-weight: bold;">Additional paid-in capital</div>
            </td>
            <td style="width: 11%; vertical-align: top;">&#160;</td>
            <td style="width: 11%; vertical-align: top;">&#160;</td>
            <td style="width: 1.4%; vertical-align: top;">&#160;</td>
            <td style="width: 11%; vertical-align: top; text-align: right;">&#160;</td>
            <td style="width: 11%; vertical-align: top; text-align: right;">&#160;</td>
          </tr>
          <tr>
            <td style="width: 54.6%; vertical-align: top;">
              <div style="font-family: Verdana, sans-serif; font-size: 8pt;">Balance, beginning of period</div>
            </td>
            <td style="width: 11%; vertical-align: top;">&#160;</td>
            <td style="width: 11%; vertical-align: top;">&#160;</td>
            <td style="width: 1.4%; vertical-align: top;">&#160;</td>
            <td style="width: 11%; vertical-align: top;">
              <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 8pt; font-weight: bold;">473,303</div>
            </td>
            <td style="width: 11%; vertical-align: top;">
              <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 8pt;">464,102</div>
            </td>
          </tr>
          <tr>
            <td style="width: 54.6%; vertical-align: top;">
              <div style="margin-left: 13.5pt; font-family: Verdana, sans-serif; font-size: 8pt;">Stock-based compensation expense (Note 17)</div>
            </td>
            <td style="width: 11%; vertical-align: top;">&#160;</td>
            <td style="width: 11%; vertical-align: top;">&#160;</td>
            <td style="width: 1.4%; vertical-align: top;">&#160;</td>
            <td style="width: 11%; vertical-align: top;">
              <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 8pt; font-weight: bold;">2,787</div>
            </td>
            <td style="width: 11%; vertical-align: top;">
              <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 8pt;">2,152</div>
            </td>
          </tr>
          <tr>
            <td style="width: 54.6%; vertical-align: top;">
              <div style="margin-left: 13.5pt; font-family: Verdana, sans-serif; font-size: 8pt;">Stock options and share units exercised</div>
            </td>
            <td style="width: 11%; vertical-align: top;">&#160;</td>
            <td style="width: 11%; vertical-align: top;">&#160;</td>
            <td style="width: 1.4%; vertical-align: top;">&#160;</td>
            <td style="width: 11%; vertical-align: top;">
              <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 8pt; font-weight: bold;">(156)</div>
            </td>
            <td style="width: 11%; vertical-align: top;">
              <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 8pt;">(161)</div>
            </td>
          </tr>
          <tr>
            <td style="width: 54.6%; vertical-align: top;">
              <div style="font-family: Verdana, sans-serif; font-size: 8pt;">Balance, end of period</div>
            </td>
            <td style="width: 11%; vertical-align: top;">&#160;</td>
            <td style="width: 11%; vertical-align: top;">&#160;</td>
            <td style="width: 1.4%; vertical-align: top;">&#160;</td>
            <td style="width: 11%; 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-size: 8pt; font-weight: bold;">475,934</div>
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            <td style="width: 11%; 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-size: 8pt;">466,093</div>
            </td>
          </tr>
          <tr>
            <td style="width: 54.6%; vertical-align: top;">&#160;</td>
            <td style="width: 11%; vertical-align: top;">&#160;</td>
            <td style="width: 11%; vertical-align: top;">&#160;</td>
            <td style="width: 1.4%; vertical-align: top;">&#160;</td>
            <td style="width: 11%; vertical-align: top; border-top: 0.5pt solid rgb(0, 0, 0); text-align: right;">&#160;</td>
            <td style="width: 11%; vertical-align: top; border-top: 0.5pt solid rgb(0, 0, 0); text-align: right;">&#160;</td>
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          <tr>
            <td style="width: 54.6%; vertical-align: top;">
              <div style="font-family: Verdana, sans-serif; font-size: 8pt; font-weight: bold;">Accumulated other comprehensive income (loss)</div>
            </td>
            <td style="width: 11%; vertical-align: top;">&#160;</td>
            <td style="width: 11%; vertical-align: top;">&#160;</td>
            <td style="width: 1.4%; vertical-align: top;">&#160;</td>
            <td style="width: 11%; vertical-align: top; text-align: right;">&#160;</td>
            <td style="width: 11%; vertical-align: top; text-align: right;">&#160;</td>
          </tr>
          <tr>
            <td style="width: 54.6%; vertical-align: top;">
              <div style="font-family: Verdana, sans-serif; font-size: 8pt;">Balance, beginning of period</div>
            </td>
            <td style="width: 11%; vertical-align: top;">&#160;</td>
            <td style="width: 11%; vertical-align: top;">&#160;</td>
            <td style="width: 1.4%; vertical-align: top;">&#160;</td>
            <td style="width: 11%; vertical-align: top;">
              <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 8pt; font-weight: bold;">(12,393)</div>
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            <td style="width: 11%; vertical-align: top;">
              <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 8pt;">(1,189)</div>
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          </tr>
          <tr>
            <td style="width: 54.6%; vertical-align: top;">
              <div style="margin-left: 13.5pt; font-family: Verdana, sans-serif; font-size: 8pt;">Other comprehensive income (loss), net of income taxes</div>
            </td>
            <td style="width: 11%; vertical-align: top;">&#160;</td>
            <td style="width: 11%; vertical-align: top;">&#160;</td>
            <td style="width: 1.4%; vertical-align: top;">&#160;</td>
            <td style="width: 11%; vertical-align: top;">
              <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 8pt; font-weight: bold;">(11,618)</div>
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            <td style="width: 11%; vertical-align: top;">
              <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 8pt;">10,882</div>
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          </tr>
          <tr>
            <td style="width: 54.6%; vertical-align: top;">
              <div style="font-family: Verdana, sans-serif; font-size: 8pt;">Balance, end of period</div>
            </td>
            <td style="width: 11%; vertical-align: top;">&#160;</td>
            <td style="width: 11%; vertical-align: top;">&#160;</td>
            <td style="width: 1.4%; vertical-align: top;">&#160;</td>
            <td style="width: 11%; 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-size: 8pt; font-weight: bold;">(24,011)</div>
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            <td style="width: 11%; 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-size: 8pt;">9,693</div>
            </td>
          </tr>
          <tr>
            <td style="width: 54.6%; vertical-align: top;">&#160;</td>
            <td style="width: 11%; vertical-align: top;">&#160;</td>
            <td style="width: 11%; vertical-align: top;">&#160;</td>
            <td style="width: 1.4%; vertical-align: top;">&#160;</td>
            <td style="width: 11%; vertical-align: top; border-top: 0.5pt solid rgb(0, 0, 0); text-align: right;">&#160;</td>
            <td style="width: 11%; vertical-align: top; border-top: 0.5pt solid rgb(0, 0, 0); text-align: right;">&#160;</td>
          </tr>
          <tr>
            <td style="width: 54.6%; vertical-align: top;">
              <div style="font-family: Verdana, sans-serif; font-size: 8pt; font-weight: bold;">Retained earnings (accumulated deficit)</div>
            </td>
            <td style="width: 11%; vertical-align: top;">&#160;</td>
            <td style="width: 11%; vertical-align: top;">&#160;</td>
            <td style="width: 1.4%; vertical-align: top;">&#160;</td>
            <td style="width: 11%; vertical-align: top; text-align: right;">&#160;</td>
            <td style="width: 11%; vertical-align: top; text-align: right;">&#160;</td>
          </tr>
          <tr>
            <td style="width: 54.6%; vertical-align: top;">
              <div style="font-family: Verdana, sans-serif; font-size: 8pt;">Balance, beginning of period</div>
            </td>
            <td style="width: 11%; vertical-align: top;">&#160;</td>
            <td style="width: 11%; vertical-align: top;">&#160;</td>
            <td style="width: 1.4%; vertical-align: top;">&#160;</td>
            <td style="width: 11%; vertical-align: top;">
              <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 8pt; font-weight: bold;">2,612</div>
            </td>
            <td style="width: 11%; vertical-align: top;">
              <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 8pt;">(83,670)</div>
            </td>
          </tr>
          <tr>
            <td style="width: 54.6%; vertical-align: top;">
              <div style="margin-left: 13.5pt; font-family: Verdana, sans-serif; font-size: 8pt;">Net income</div>
            </td>
            <td style="width: 11%; vertical-align: top;">&#160;</td>
            <td style="width: 11%; vertical-align: top;">&#160;</td>
            <td style="width: 1.4%; vertical-align: top;">&#160;</td>
            <td style="width: 11%; vertical-align: top;">
              <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 8pt; font-weight: bold;">23,115</div>
            </td>
            <td style="width: 11%; vertical-align: top;">
              <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 8pt;">18,421</div>
            </td>
          </tr>
          <tr>
            <td style="width: 54.6%; vertical-align: top;">
              <div style="font-family: Verdana, sans-serif; font-size: 8pt;">Balance, end of period</div>
            </td>
            <td style="width: 11%; vertical-align: top;">&#160;</td>
            <td style="width: 11%; vertical-align: top;">&#160;</td>
            <td style="width: 1.4%; vertical-align: top;">&#160;</td>
            <td style="width: 11%; 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-size: 8pt; font-weight: bold;">25,727</div>
            </td>
            <td style="width: 11%; 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-size: 8pt;">(65,249)</div>
            </td>
          </tr>
          <tr>
            <td style="width: 54.6%; vertical-align: top;">&#160;</td>
            <td style="width: 11%; vertical-align: top;">&#160;</td>
            <td style="width: 11%; vertical-align: top;">&#160;</td>
            <td style="width: 1.4%; vertical-align: top;">&#160;</td>
            <td style="width: 11%; vertical-align: top; border-top: 0.5pt solid rgb(0, 0, 0); text-align: right;">&#160;</td>
            <td style="width: 11%; vertical-align: top; border-top: 0.5pt solid rgb(0, 0, 0); text-align: right;">&#160;</td>
          </tr>
          <tr>
            <td style="width: 54.6%; vertical-align: top;">
              <div style="font-family: Verdana, sans-serif; font-size: 8pt; font-weight: bold;">Total Shareholders&#8217; Equity</div>
            </td>
            <td style="width: 11%; vertical-align: top;">&#160;</td>
            <td style="width: 11%; vertical-align: top;">&#160;</td>
            <td style="width: 1.4%; vertical-align: top;">&#160;</td>
            <td style="width: 11%; vertical-align: top; border-bottom: #000000 1.50pt solid;">
              <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 8pt; font-weight: bold;">1,014,492</div>
            </td>
            <td style="width: 11%; vertical-align: top; border-bottom: #000000 1.50pt solid;">
              <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 8pt;">943,171</div>
            </td>
          </tr>
          <tr>
            <td style="width: 54.6%; vertical-align: top;">&#160;</td>
            <td style="width: 11%; vertical-align: top;">&#160;</td>
            <td style="width: 11%; vertical-align: top;">&#160;</td>
            <td style="width: 1.4%; vertical-align: top;">&#160;</td>
            <td style="width: 11%; vertical-align: top; border-top: 1.5pt solid rgb(0, 0, 0); text-align: right;">&#160;</td>
            <td style="width: 11%; vertical-align: top; border-top: 1.5pt solid rgb(0, 0, 0); text-align: right;">&#160;</td>
          </tr>

      </table>
      <div><br>
      </div>
      <div style="font-family: Verdana, sans-serif; font-size: 8pt; font-style: italic;">The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.</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;">43</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="font-family: Verdana, sans-serif; font-size: 11pt; font-variant: small-caps; font-weight: bold;">The Descartes Systems Group Inc.</div>
      <div style="font-family: Verdana, sans-serif; font-size: 11pt; font-variant: small-caps; font-weight: bold;"><a name="z_Toc388007904"></a><a name="z_Toc450718972"></a><a name="z_Toc482968048"></a><a name="z_Toc103007261"></a>Condensed
        Consolidated Statements of Cash Flows</div>
      <div style="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>
      <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="z936e658ad8824d4a94b38999e4a29cd4" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 77.61%; vertical-align: top;">&#160;</td>
            <td style="width: 1.67%; vertical-align: top;">&#160;</td>
            <td colspan="2" style="width: 20.72%; vertical-align: top; border-top: #000000 0.50pt solid;">
              <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 8pt; font-weight: bold;">Three Months Ended</div>
            </td>
          </tr>
          <tr>
            <td style="width: 77.61%; vertical-align: top;">&#160;</td>
            <td rowspan="27" style="width: 1.67%; vertical-align: top;">&#160;</td>
            <td style="width: 10.36%; vertical-align: top; border-top: #000000 0.50pt solid;">
              <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 8pt; font-weight: bold;">April 30,</div>
            </td>
            <td style="width: 10.36%; vertical-align: top; border-top: #000000 0.50pt solid;">
              <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 8pt;">April 30,</div>
            </td>
          </tr>
          <tr>
            <td style="width: 77.61%; vertical-align: top;">&#160;</td>
            <td style="width: 10.36%; vertical-align: top; border-bottom: #000000 0.50pt solid;">
              <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 8pt; font-weight: bold;">2022</div>
            </td>
            <td style="width: 10.36%; vertical-align: top; border-bottom: #000000 0.50pt solid;">
              <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 8pt;">2021</div>
            </td>
          </tr>
          <tr>
            <td style="width: 77.61%; vertical-align: top;">
              <div style="font-family: Verdana, sans-serif; font-size: 8pt; font-weight: bold;">OPERATING ACTIVITIES</div>
            </td>
            <td style="width: 10.36%; vertical-align: top; text-align: right;">&#160;</td>
            <td style="width: 10.36%; vertical-align: top; text-align: right;">&#160;</td>
          </tr>
          <tr>
            <td style="width: 77.61%; vertical-align: top;">
              <div style="font-family: Verdana, sans-serif; font-size: 8pt;">Net income</div>
            </td>
            <td style="width: 10.36%; vertical-align: top;">
              <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 8pt; font-weight: bold;">23,115</div>
            </td>
            <td style="width: 10.36%; vertical-align: top;">
              <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 8pt;">18,421</div>
            </td>
          </tr>
          <tr>
            <td style="width: 77.61%; vertical-align: top;">
              <div style="font-family: Verdana, sans-serif; font-size: 8pt;">Adjustments to reconcile net income to cash provided by operating activities:</div>
            </td>
            <td style="width: 10.36%; vertical-align: top; text-align: right;">&#160;</td>
            <td style="width: 10.36%; vertical-align: top; text-align: right;">&#160;</td>
          </tr>
          <tr>
            <td style="width: 77.61%; vertical-align: top;">
              <div style="margin-left: 13.5pt; font-family: Verdana, sans-serif; font-size: 8pt;">Depreciation</div>
            </td>
            <td style="width: 10.36%; vertical-align: top;">
              <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 8pt; font-weight: bold;">1,245</div>
            </td>
            <td style="width: 10.36%; vertical-align: top;">
              <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 8pt;">1,215</div>
            </td>
          </tr>
          <tr>
            <td style="width: 77.61%; vertical-align: top;">
              <div style="margin-left: 13.5pt; font-family: Verdana, sans-serif; font-size: 8pt;">Amortization of intangible assets</div>
            </td>
            <td style="width: 10.36%; vertical-align: top;">
              <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 8pt; font-weight: bold;">15,048</div>
            </td>
            <td style="width: 10.36%; vertical-align: top;">
              <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 8pt;">13,835</div>
            </td>
          </tr>
          <tr>
            <td style="width: 77.61%; vertical-align: top;">
              <div style="margin-left: 13.5pt; font-family: Verdana, sans-serif; font-size: 8pt;">Stock-based compensation expense (Note 17)</div>
            </td>
            <td style="width: 10.36%; vertical-align: top;">
              <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 8pt; font-weight: bold;">2,787</div>
            </td>
            <td style="width: 10.36%; vertical-align: top;">
              <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 8pt;">2,152</div>
            </td>
          </tr>
          <tr>
            <td style="width: 77.61%; vertical-align: top;">
              <div style="margin-left: 13.5pt; font-family: Verdana, sans-serif; font-size: 8pt;">Other non-cash operating activities</div>
            </td>
            <td style="width: 10.36%; vertical-align: top;">
              <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 8pt; font-weight: bold;">(17)</div>
            </td>
            <td style="width: 10.36%; vertical-align: top;">
              <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 8pt;">276</div>
            </td>
          </tr>
          <tr>
            <td style="width: 77.61%; vertical-align: top;">
              <div style="margin-left: 13.5pt; font-family: Verdana, sans-serif; font-size: 8pt;">Deferred tax expense</div>
            </td>
            <td style="width: 10.36%; vertical-align: top;">
              <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 8pt; font-weight: bold;">2,514</div>
            </td>
            <td style="width: 10.36%; vertical-align: top;">
              <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 8pt;">2,629</div>
            </td>
          </tr>
          <tr>
            <td style="width: 77.61%; vertical-align: top;">
              <div style="font-family: Verdana, sans-serif; font-size: 8pt;">&#160;&#160;&#160;&#160;&#160;Changes in operating assets and liabilities (Note 21)</div>
            </td>
            <td style="width: 10.36%; vertical-align: top;">
              <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 8pt; font-weight: bold;">(260)</div>
            </td>
            <td style="width: 10.36%; vertical-align: top;">
              <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 8pt;">2,378</div>
            </td>
          </tr>
          <tr>
            <td style="width: 77.61%; vertical-align: top;">
              <div style="font-family: Verdana, sans-serif; font-size: 8pt;">Cash provided by operating activities</div>
            </td>
            <td style="width: 10.36%; 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-size: 8pt; font-weight: bold;">44,432</div>
            </td>
            <td style="width: 10.36%; 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-size: 8pt;">40,906</div>
            </td>
          </tr>
          <tr>
            <td style="width: 77.61%; vertical-align: top;">
              <div style="font-family: Verdana, sans-serif; font-size: 8pt; font-weight: bold;">INVESTING ACTIVITIES</div>
            </td>
            <td style="width: 10.36%; vertical-align: top; text-align: right;">&#160;</td>
            <td style="width: 10.36%; vertical-align: top; text-align: right;">&#160;</td>
          </tr>
          <tr>
            <td style="width: 77.61%; vertical-align: top;">
              <div style="margin-left: 13.5pt; font-family: Verdana, sans-serif; font-size: 8pt;">Additions to property and equipment</div>
            </td>
            <td style="width: 10.36%; vertical-align: top;">
              <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 8pt; font-weight: bold;">(1,636)</div>
            </td>
            <td style="width: 10.36%; vertical-align: top;">
              <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 8pt;">(1,655)</div>
            </td>
          </tr>
          <tr>
            <td style="width: 77.61%; vertical-align: top;">
              <div style="text-indent: -4.5pt; margin-left: 18pt; font-family: Verdana, sans-serif; font-size: 8pt;">Acquisition of subsidiaries, net of cash acquired (Note 3)</div>
            </td>
            <td style="width: 10.36%; vertical-align: bottom;">
              <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 8pt; font-weight: bold;">(42,892)</div>
            </td>
            <td style="width: 10.36%; vertical-align: bottom;">
              <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 8pt;">(35,860)</div>
            </td>
          </tr>
          <tr>
            <td style="width: 77.61%; vertical-align: top;">
              <div style="font-family: Verdana, sans-serif; font-size: 8pt;">Cash used in investing activities</div>
            </td>
            <td style="width: 10.36%; 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-size: 8pt; font-weight: bold;">(44,528)</div>
            </td>
            <td style="width: 10.36%; 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-size: 8pt;">(37,515)</div>
            </td>
          </tr>
          <tr>
            <td style="width: 77.61%; vertical-align: top;">
              <div style="font-family: Verdana, sans-serif; font-size: 8pt; font-weight: bold;">FINANCING ACTIVITIES</div>
            </td>
            <td style="width: 10.36%; vertical-align: top; text-align: right;">&#160;</td>
            <td style="width: 10.36%; vertical-align: top; text-align: right;">&#160;</td>
          </tr>
          <tr>
            <td style="width: 77.61%; vertical-align: top;">
              <div style="margin-left: 13.5pt; font-family: Verdana, sans-serif; font-size: 8pt;">Payment of debt issuance costs</div>
            </td>
            <td style="width: 10.36%; vertical-align: top;">
              <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 8pt; font-weight: bold;">(66)</div>
            </td>
            <td style="width: 10.36%; vertical-align: top;">
              <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 8pt;">(60)</div>
            </td>
          </tr>
          <tr>
            <td style="width: 77.61%; vertical-align: top;">
              <div style="margin-left: 13.5pt; font-family: Verdana, sans-serif; font-size: 8pt;">Issuance of common shares for cash, net of issuance costs (Note 15)</div>
            </td>
            <td style="width: 10.36%; vertical-align: top;">
              <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 8pt; font-weight: bold;">388</div>
            </td>
            <td style="width: 10.36%; vertical-align: top;">
              <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 8pt;">647</div>
            </td>
          </tr>
          <tr>
            <td style="width: 77.61%; vertical-align: top;">
              <div style="font-family: Verdana, sans-serif; font-size: 8pt;">Cash provided by financing activities</div>
            </td>
            <td style="width: 10.36%; 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-size: 8pt; font-weight: bold;">322</div>
            </td>
            <td style="width: 10.36%; 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-size: 8pt;">587</div>
            </td>
          </tr>
          <tr>
            <td style="width: 77.61%; vertical-align: top;">
              <div style="font-family: Verdana, sans-serif; font-size: 8pt;">Effect of foreign exchange rate changes on cash</div>
            </td>
            <td style="width: 10.36%; vertical-align: bottom; border-top: #000000 0.50pt solid; border-bottom: #000000 0.50pt solid;">
              <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 8pt; font-weight: bold;">(1,884)</div>
            </td>
            <td style="width: 10.36%; vertical-align: bottom; border-top: #000000 0.50pt solid; border-bottom: #000000 0.50pt solid;">
              <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 8pt;">498</div>
            </td>
          </tr>
          <tr>
            <td style="width: 77.61%; vertical-align: top;">
              <div style="font-family: Verdana, sans-serif; font-size: 8pt; font-weight: bold;">(Decrease) / increase in cash</div>
            </td>
            <td style="width: 10.36%; vertical-align: top;">
              <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 8pt; font-weight: bold;">(1,658)</div>
            </td>
            <td style="width: 10.36%; vertical-align: top;">
              <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 8pt;">4,476</div>
            </td>
          </tr>
          <tr>
            <td style="width: 77.61%; vertical-align: top;">
              <div style="font-family: Verdana, sans-serif; font-size: 8pt; font-weight: bold;">Cash, beginning of period</div>
            </td>
            <td style="width: 10.36%; vertical-align: top; border-bottom: #000000 0.50pt solid;">
              <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 8pt; font-weight: bold;">213,437</div>
            </td>
            <td style="width: 10.36%; vertical-align: top; border-bottom: #000000 0.50pt solid;">
              <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 8pt;">133,661</div>
            </td>
          </tr>
          <tr>
            <td style="width: 77.61%; vertical-align: top;">
              <div style="font-family: Verdana, sans-serif; font-size: 8pt; font-weight: bold;">Cash, end of period</div>
            </td>
            <td style="width: 10.36%; vertical-align: top; border-top: #000000 0.50pt solid; border-bottom: #000000 1.50pt solid;">
              <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 8pt; font-weight: bold;">211,779</div>
            </td>
            <td style="width: 10.36%; vertical-align: top; border-top: #000000 0.50pt solid; border-bottom: #000000 1.50pt solid;">
              <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 8pt;">138,137</div>
            </td>
          </tr>
          <tr>
            <td style="width: 77.61%; vertical-align: top;">
              <div style="font-family: Verdana, sans-serif; font-size: 8pt; font-weight: bold;">Supplemental disclosure of cash flow information:</div>
            </td>
            <td style="width: 10.36%; vertical-align: top; border-top: 1.5pt solid rgb(0, 0, 0); text-align: right;">&#160;</td>
            <td style="width: 10.36%; vertical-align: top; border-top: 1.5pt solid rgb(0, 0, 0); text-align: right;">&#160;</td>
          </tr>
          <tr>
            <td style="width: 77.61%; vertical-align: top;">
              <div style="margin-left: 13.5pt; font-family: Verdana, sans-serif; font-size: 8pt;">Cash paid during the period for interest</div>
            </td>
            <td style="width: 10.36%; vertical-align: top;">
              <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 8pt; font-weight: bold;">-</div>
            </td>
            <td style="width: 10.36%; vertical-align: top;">
              <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 8pt;">-</div>
            </td>
          </tr>
          <tr>
            <td style="width: 77.61%; vertical-align: top;">
              <div style="margin-left: 13.5pt; font-family: Verdana, sans-serif; font-size: 8pt;">Cash paid during the period for income taxes</div>
            </td>
            <td style="width: 10.36%; vertical-align: top; border-bottom: #000000 1.50pt solid;">
              <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 8pt; font-weight: bold;">4,094</div>
            </td>
            <td style="width: 10.36%; vertical-align: top; border-bottom: #000000 1.50pt solid;">
              <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 8pt;">3,178</div>
            </td>
          </tr>

      </table>
      <div><br>
      </div>
      <div style="font-family: Verdana, sans-serif; font-size: 8pt; font-style: italic;">The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.</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;">44</font></div>
        <div style="page-break-after:always;" id="DSPFPageBreak">
          <hr style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;" noshade="noshade"></div>
      </div>
      <div><br>
      </div>
      <div style="text-align: justify; margin-right: 216pt; font-family: Verdana, sans-serif; font-size: 11pt; font-variant: small-caps; font-weight: bold;">The Descartes Systems Group Inc.</div>
      <div style="font-family: Verdana, sans-serif; font-size: 11pt; font-variant: small-caps; font-weight: bold;"><a name="z_Toc396820874"></a><a name="z_Toc450718973"></a><a name="z_Toc482968049"></a><a name="z_Toc103007262"></a>Notes
        to Condensed Consolidated Financial Statements</div>
      <div>
        <div style="font-family: Verdana, sans-serif; font-variant: small-caps;">(Tabular amounts in thousands of US dollars, except per share amounts or as otherwise indicated; 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 style="font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">Note 1 - Description of the Business</div>
      <div><br>
      </div>
      <div style="text-align: justify; font-family: Verdana, sans-serif; font-size: 9.5pt;">The Descartes Systems Group Inc. (&#8220;Descartes&#8221;, &#8220;Company&#8221;, &#8220;our&#8221; or &#8220;we&#8221;) is a provider of global logistics technology solutions. Customers use our modular,
        software-as-a-service (&#8220;SaaS&#8221;) and data solutions to route, schedule, track and measure delivery resources; plan, allocate and execute shipments; rate, audit and pay transportation invoices; access and analyze global trade data; research and
        perform trade tariff and duty calculations; file customs and security documents for imports and exports;&#160;and complete numerous other logistics processes by participating in a large, collaborative multi-modal logistics community. Our pricing model
        provides our customers with flexibility in purchasing our solutions either on a subscription, transactional or perpetual license basis. Our primary focus is on serving transportation providers (air, ocean and truck modes), logistics service
        providers (including third-party logistics providers, freight forwarders and customs brokers) and distribution-intensive companies for which logistics is either a key or a defining part of their own product or service offering, or for which our
        solutions can provide an opportunity to reduce costs, improve service levels, or support growth by optimizing the use of assets and information.</div>
      <div><br>
      </div>
      <div style="font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">Note 2 &#8211;Basis of Presentation</div>
      <div><br>
      </div>
      <div style="text-align: justify; font-family: Verdana, sans-serif; font-size: 9.5pt;">The accompanying unaudited condensed consolidated financial statements are presented in United States (&#8220;US&#8221;) dollars and are prepared in accordance with generally
        accepted accounting principles in the US (&#8220;GAAP&#8221;) and the rules and regulations of the Canadian Securities Administrators and US Securities and Exchange Commission (&#8220;SEC&#8221;) for the preparation of condensed interim financial statements. Accordingly,
        these unaudited condensed consolidated financial statements do not include all of the information and notes required for compliance with GAAP for annual financial statements. These statements should be read in conjunction with our audited annual
        consolidated financial statements prepared in accordance with GAAP for the fiscal year ended January 31, 2022.</div>
      <div><br>
      </div>
      <div style="text-align: justify; font-family: Verdana, sans-serif; font-size: 9.5pt;">The unaudited condensed consolidated financial statements reflect all adjustments, which are, in the opinion of management, necessary for a fair presentation of
        results for the interim periods presented. The preparation of these unaudited condensed consolidated financial statements requires management to make estimates and assumptions that affect the amounts reported in the unaudited condensed consolidated
        financial statements and the accompanying notes. Actual results could differ from these estimates and the results of operations for the interim period should not be considered indicative of results to be expected for the full year ending January
        31, 2023.</div>
      <div><br>
      </div>
      <div style="text-align: justify; font-family: Verdana, sans-serif; font-size: 9.5pt;">The world continues to experience a global pandemic related to the spread of the COVID-19 virus (the &#8220;Pandemic&#8221;). The Pandemic has had disruptive effects in
        countries in which the Company operates, and the future impacts of the Pandemic and any resulting economic impact are largely unknown and rapidly evolving. As the impacts of the Pandemic continue to evolve, estimates and assumptions about future
        events and their effects cannot be determined with certainty and therefore require increased judgment. The future impact of Pandemic uncertainties could result in a significant impact on the reported amounts of assets, liabilities, revenue and
        expenses in these and any future consolidated financial statements. Examples of accounting estimates and judgments that may be impacted by the Pandemic include, but are not limited to; revenue recognition, impairment of goodwill and intangible
        assets and provisions for credit losses.</div>
      <div><br>
      </div>
      <div style="text-align: justify; font-family: Verdana, sans-serif; font-size: 9.5pt;">Our fiscal year commences on February 1<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">st</sup> of each year and ends on January 31<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">st</sup> of the following year. Our fiscal year, which ends on January
        31, 2023, is referred to as the &#8220;current fiscal year&#8221;, &#8220;fiscal 2023&#8221;, &#8220;2023&#8221; or using similar words. Our previous fiscal year, which ended on January 31, 2022, is referred to as the &#8220;previous fiscal year&#8221;, &#8220;fiscal 2022&#8221;, &#8220;2022&#8221; or using similar
        words. Other fiscal years are referenced</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;">45</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; font-size: 9.5pt;">by the applicable year during which the fiscal year ends. For example, &#8220;2024&#8221; refers to the annual period ending January 31, 2024 and the &#8220;fourth quarter of 2024&#8221;
        refers to the quarter ending January 31, 2024.</div>
      <div><br>
      </div>
      <div style="text-align: justify; font-family: Verdana, sans-serif; font-size: 9.5pt;">The significant accounting policies used in preparing these condensed consolidated financial statements are unchanged from those disclosed in the Company&#8217;s fiscal
        2022 annual consolidated financial statements and have been applied consistently to all periods presented in these condensed consolidated financial statements.</div>
      <div><br>
      </div>
      <div style="font-family: Verdana, sans-serif; font-size: 9.5pt; font-style: italic; font-weight: bold;"><a name="z_Hlk8832186"></a>Recently issued accounting pronouncements</div>
      <div style="text-align: justify; font-family: Verdana, sans-serif; font-size: 9.5pt;">In October 2021, the FASB issued Accounting Standards Update 2021-08, &#8220;Business Combinations (Topic 805): Accounting for Contract Assets and Contract Liabilities
        from Contracts with Customers&#8221; (&#8220;ASU 2021-08&#8221;). ASU 2021-08 provides guidance on how to recognize and measure acquired contract assets and liabilities from revenue contracts in a business combination. ASU 2021-08 is effective for annual periods,
        and interim periods within those annual periods, beginning after December 15, 2022, which will be our fiscal year beginning February 1, 2023 (fiscal 2024). Early adoption is permitted. The Company will adopt this guidance in the first quarter of
        fiscal 2024. The adoption of this guidance is not expected to have a material impact on our results of operations or disclosures.</div>
      <div><br>
      </div>
      <div style="text-align: justify; font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">Note 3 &#8211; Acquisitions</div>
      <div><br>
      </div>
      <div style="text-align: justify; font-family: Verdana, sans-serif; font-size: 9.5pt;"><u>Fiscal 2023 Acquisitions</u></div>
      <div style="text-align: justify; font-family: Verdana, sans-serif; font-size: 9.5pt;">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, which was funded from cash on hand, plus potential performance-based contingent consideration of up to $60.0 million based on NetCHB achieving revenue-based targets over the first
        two years post-acquisition. The fair value of the contingent considerations was valued at $13.9 million at the acquisition date. The gross contractual amount of trade receivables acquired was $0.1 million with a fair value of $0.1 million at the
        date of acquisition. Our acquisition date estimate of contractual cash flows not expected to be collected was nominal. The completion of the initial purchase price allocation is pending the finalization of the fair value for trade receivables,
        accrued liability balances as well as potential unrecorded liabilities. We expect to finalize the purchase price allocation on or before February 9, 2023.</div>
      <div><br>
      </div>
      <div style="text-align: justify; font-family: Verdana, sans-serif; font-size: 9.5pt;">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. The gross contractual amount of trade receivables acquired was $0.7 million with a fair value of $0.7
        million at the date of acquisition. Our acquisition date estimate of contractual cash flows not expected to be collected was nominal. The completion of the initial purchase price allocation is pending the finalization of the fair value for trade
        receivables, accrued liability balances as well as potential unrecorded liabilities. We expect to finalize the purchase price allocation on or before April 21, 2023.</div>
      <div><br>
      </div>
      <div style="text-align: justify; font-family: Verdana, sans-serif; font-size: 9.5pt;">For the businesses acquired during fiscal 2023, we incurred acquisition-related costs of $0.2 million for the three month period ended April 30, 2022. The
        acquisition-related costs were primarily for advisory services and are included in other charges in our condensed consolidated statements of operations. During the three month period ended April 30, 2022, we have recognized revenues of $2.0 million
        and net income of $0.7 million from NetCHB and Foxtrot since the date of acquisition in our condensed consolidated statements of operations.</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;">46</font></div>
        <div style="page-break-after:always;" id="DSPFPageBreak">
          <hr style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;" noshade="noshade"></div>
      </div>
      <div><br>
      </div>
      <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="z55cd9a3a77b64a4a9eb0324e2160e9b1" cellpadding="0" cellspacing="0">

          <tr>
            <td colspan="4" style="width: 100%; vertical-align: top;">
              <div style="text-align: justify; font-family: Verdana, sans-serif; font-size: 9.5pt;">The preliminary purchase price allocation for the businesses acquired during 2023, which has not been finalized, is as follows:</div>
              <div style="text-align: justify; font-family: Verdana, sans-serif; font-size: 9.5pt;"> <br>
              </div>
            </td>
          </tr>
          <tr>
            <td style="width: 60.46%; vertical-align: top;">&#160;</td>
            <td style="width: 13.18%; vertical-align: top; border-bottom: #000000 0.50pt solid;">
              <div style="text-align: right; margin-right: 3pt; font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">NetCHB</div>
            </td>
            <td style="width: 13.18%; vertical-align: top; border-bottom: #000000 0.50pt solid;">
              <div style="text-align: right; margin-right: 3pt; font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">Foxtrot</div>
            </td>
            <td style="width: 13.18%; vertical-align: top; border-bottom: #000000 0.50pt solid;">
              <div style="text-align: right; margin-right: 3pt; font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">Total</div>
            </td>
          </tr>
          <tr>
            <td style="width: 60.46%; vertical-align: top;">
              <div style="margin-right: 2.45pt; font-family: Verdana, sans-serif; font-size: 9.5pt;">Purchase price consideration:</div>
            </td>
            <td style="width: 13.18%; vertical-align: top; border-top: 0.5pt solid rgb(0, 0, 0); text-align: right;">&#160;</td>
            <td style="width: 13.18%; vertical-align: top; border-top: 0.5pt solid rgb(0, 0, 0); text-align: right;">&#160;</td>
            <td style="width: 13.18%; vertical-align: top; border-top: 0.5pt solid rgb(0, 0, 0); text-align: right;">&#160;</td>
          </tr>
          <tr>
            <td style="width: 60.46%; vertical-align: top;">
              <div style="margin-right: 6.95pt; margin-left: 12pt; font-family: Verdana, sans-serif; font-size: 9.5pt;">Cash, less cash acquired related to NetCHB ($658) and Foxtrot (Nil)</div>
            </td>
            <td style="width: 13.18%; vertical-align: bottom;">
              <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 9.5pt;">38,664</div>
            </td>
            <td style="width: 13.18%; vertical-align: top;">
              <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 9.5pt;">4,228</div>
            </td>
            <td style="width: 13.18%; vertical-align: top;">
              <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 9.5pt;">42,892</div>
            </td>
          </tr>
          <tr>
            <td style="width: 60.46%; vertical-align: top;">
              <div style="margin-right: 2.45pt; margin-left: 12pt; font-family: Verdana, sans-serif; font-size: 9.5pt;">Contingent consideration</div>
            </td>
            <td style="width: 13.18%; vertical-align: top;">
              <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 9.5pt;">13,948</div>
            </td>
            <td style="width: 13.18%; vertical-align: top;">
              <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 9.5pt;">-</div>
            </td>
            <td style="width: 13.18%; vertical-align: top;">
              <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 9.5pt;">13,948</div>
            </td>
          </tr>
          <tr>
            <td style="width: 60.46%; vertical-align: top;">
              <div style="margin-right: 2.45pt; margin-left: 12pt; font-family: Verdana, sans-serif; font-size: 9.5pt;">Net working capital adjustments (receivable) / payable</div>
            </td>
            <td style="width: 13.18%; vertical-align: top; border-bottom: #000000 0.50pt solid;">
              <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 9.5pt;">146</div>
            </td>
            <td style="width: 13.18%; vertical-align: top; border-bottom: #000000 0.50pt solid;">
              <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 9.5pt;">75</div>
            </td>
            <td style="width: 13.18%; vertical-align: top; border-bottom: #000000 0.50pt solid;">
              <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 9.5pt;">221</div>
            </td>
          </tr>
          <tr>
            <td style="width: 60.46%; vertical-align: top;">&#160;</td>
            <td style="width: 13.18%; vertical-align: top; border-top: #000000 0.50pt solid; border-bottom: #000000 1.50pt solid;">
              <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 9.5pt;">52,758</div>
            </td>
            <td style="width: 13.18%; vertical-align: top; border-top: #000000 0.50pt solid; border-bottom: #000000 1.50pt solid;">
              <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 9.5pt;">4,303</div>
            </td>
            <td style="width: 13.18%; vertical-align: top; border-top: #000000 0.50pt solid; border-bottom: #000000 1.50pt solid;">
              <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 9.5pt;">57,061</div>
            </td>
          </tr>
          <tr>
            <td style="width: 60.46%; vertical-align: top;">
              <div style="margin-right: 2.45pt; font-family: Verdana, sans-serif; font-size: 9.5pt;">Allocated to:</div>
            </td>
            <td style="width: 13.18%; vertical-align: top; text-align: right;">&#160;</td>
            <td style="width: 13.18%; vertical-align: top; text-align: right;">&#160;</td>
            <td style="width: 13.18%; vertical-align: top; text-align: right;">&#160;</td>
          </tr>
          <tr>
            <td style="width: 60.46%; vertical-align: top;">
              <div style="margin-right: 2.45pt; margin-left: 12pt; font-family: Verdana, sans-serif; font-size: 9.5pt;">Current assets, excluding cash acquired</div>
            </td>
            <td style="width: 13.18%; vertical-align: top;">
              <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 9.5pt;">532</div>
            </td>
            <td style="width: 13.18%; vertical-align: top;">
              <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 9.5pt;">836</div>
            </td>
            <td style="width: 13.18%; vertical-align: top;">
              <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 9.5pt;">1,368</div>
            </td>
          </tr>
          <tr>
            <td style="width: 60.46%; vertical-align: top;">
              <div style="margin-right: 2.45pt; margin-left: 12pt; font-family: Verdana, sans-serif; font-size: 9.5pt;">Current liabilities</div>
            </td>
            <td style="width: 13.18%; vertical-align: top;">
              <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 9.5pt;">(335)</div>
            </td>
            <td style="width: 13.18%; vertical-align: top;">
              <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 9.5pt;">(14)</div>
            </td>
            <td style="width: 13.18%; vertical-align: top;">
              <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 9.5pt;">(349)</div>
            </td>
          </tr>
          <tr>
            <td style="width: 60.46%; vertical-align: top;">
              <div style="margin-right: 2.45pt; margin-left: 12pt; font-family: Verdana, sans-serif; font-size: 9.5pt;">Deferred revenue</div>
            </td>
            <td style="width: 13.18%; vertical-align: top;">
              <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 9.5pt;">-</div>
            </td>
            <td style="width: 13.18%; vertical-align: top;">
              <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 9.5pt;">(336)</div>
            </td>
            <td style="width: 13.18%; vertical-align: top;">
              <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 9.5pt;">(336)</div>
            </td>
          </tr>
          <tr>
            <td style="width: 60.46%; vertical-align: top;">
              <div style="margin-right: 2.45pt; font-family: Verdana, sans-serif; font-size: 9.5pt;">Net tangible assets (liabilities) assumed</div>
            </td>
            <td style="width: 13.18%; vertical-align: top; border-top: #000000 0.50pt solid;">
              <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 9.5pt;">197</div>
            </td>
            <td style="width: 13.18%; vertical-align: top; border-top: #000000 0.50pt solid;">
              <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 9.5pt;">486</div>
            </td>
            <td style="width: 13.18%; vertical-align: top; border-top: #000000 0.50pt solid;">
              <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 9.5pt;">683</div>
            </td>
          </tr>
          <tr>
            <td style="width: 60.46%; vertical-align: top;">
              <div style="margin-right: 2.45pt; font-family: Verdana, sans-serif; font-size: 9.5pt;">Finite life intangible assets acquired:</div>
            </td>
            <td style="width: 13.18%; vertical-align: top; text-align: right;">&#160;</td>
            <td style="width: 13.18%; vertical-align: top; text-align: right;">&#160;</td>
            <td style="width: 13.18%; vertical-align: top; text-align: right;">&#160;</td>
          </tr>
          <tr>
            <td style="width: 60.46%; vertical-align: top;">
              <div style="text-indent: 13.45pt; margin-right: 2.45pt; font-family: Verdana, sans-serif; font-size: 9.5pt;">Customer agreements and relationships</div>
            </td>
            <td style="width: 13.18%; vertical-align: top;">
              <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 9.5pt;">10,900</div>
            </td>
            <td style="width: 13.18%; vertical-align: top;">
              <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 9.5pt;">650</div>
            </td>
            <td style="width: 13.18%; vertical-align: top;">
              <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 9.5pt;">11,550</div>
            </td>
          </tr>
          <tr>
            <td style="width: 60.46%; vertical-align: top;">
              <div style="text-indent: 13.45pt; margin-right: 2.45pt; font-family: Verdana, sans-serif; font-size: 9.5pt;">Existing technology</div>
            </td>
            <td style="width: 13.18%; vertical-align: top;">
              <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 9.5pt;">14,100</div>
            </td>
            <td style="width: 13.18%; vertical-align: top;">
              <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 9.5pt;">1,640</div>
            </td>
            <td style="width: 13.18%; vertical-align: top;">
              <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 9.5pt;">15,740</div>
            </td>
          </tr>
          <tr>
            <td style="width: 60.46%; vertical-align: top;">
              <div style="margin-right: 2.45pt; margin-left: 13.45pt; font-family: Verdana, sans-serif; font-size: 9.5pt;">Trade names</div>
            </td>
            <td style="width: 13.18%; vertical-align: top;">
              <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 9.5pt;">64</div>
            </td>
            <td style="width: 13.18%; vertical-align: top;">
              <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 9.5pt;">-</div>
            </td>
            <td style="width: 13.18%; vertical-align: top;">
              <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 9.5pt;">64</div>
            </td>
          </tr>
          <tr>
            <td style="width: 60.46%; vertical-align: top;">
              <div style="margin-right: 2.45pt; margin-left: 13.45pt; font-family: Verdana, sans-serif; font-size: 9.5pt;">Non-compete covenants</div>
            </td>
            <td style="width: 13.18%; vertical-align: top;">
              <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 9.5pt;">700</div>
            </td>
            <td style="width: 13.18%; vertical-align: top;">
              <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 9.5pt;">-</div>
            </td>
            <td style="width: 13.18%; vertical-align: top;">
              <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 9.5pt;">700</div>
            </td>
          </tr>
          <tr>
            <td style="width: 60.46%; vertical-align: top;">
              <div style="margin-right: 2.45pt; font-family: Verdana, sans-serif; font-size: 9.5pt;">Goodwill</div>
            </td>
            <td style="width: 13.18%; vertical-align: top;">
              <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 9.5pt;">26,797</div>
            </td>
            <td style="width: 13.18%; vertical-align: top;">
              <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 9.5pt;">1,527</div>
            </td>
            <td style="width: 13.18%; vertical-align: top;">
              <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 9.5pt;">28,324</div>
            </td>
          </tr>
          <tr>
            <td style="width: 60.46%; vertical-align: top;">&#160;</td>
            <td style="width: 13.18%; vertical-align: top; border-top: #000000 0.50pt solid; border-bottom: #000000 1.50pt solid;">
              <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 9.5pt;">52,758</div>
            </td>
            <td style="width: 13.18%; vertical-align: top; border-top: #000000 0.50pt solid; border-bottom: #000000 1.50pt solid;">
              <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 9.5pt;">4,303</div>
            </td>
            <td style="width: 13.18%; vertical-align: top; border-top: #000000 0.50pt solid; border-bottom: #000000 1.50pt solid;">
              <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 9.5pt;">57,061</div>
            </td>
          </tr>

      </table>
      <div><br>
      </div>
      <div style="text-align: justify; font-family: Verdana, sans-serif; font-size: 9.5pt;">The above transactions were accounted for using the acquisition method in accordance with ASC Topic 805, &#8220;Business Combinations&#8221;. The purchase price allocations in
        the table above represents our estimates of the allocation of the purchase price and the fair value of net assets acquired. The preliminary purchase price allocations may differ from the final purchase price allocation, and these differences may be
        material. Revisions to the allocations will occur as additional information about the fair value of assets and liabilities becomes available. The final purchase price allocations will be completed within one year from the acquisition date.</div>
      <div><br>
      </div>
      <div style="font-family: Verdana, sans-serif; font-size: 9.5pt;">The acquired intangible assets are being amortized over their estimated useful lives as follows:</div>
      <div><br>
      </div>
      <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="zef06c342832342b48df69f363fbcb75d" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 69.39%; vertical-align: top;">&#160;</td>
            <td style="width: 15.31%; vertical-align: top; border-bottom: #000000 0.50pt solid;">
              <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">NetCHB</div>
            </td>
            <td style="width: 15.31%; vertical-align: top; border-bottom: #000000 0.50pt solid;">
              <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">Foxtrot</div>
            </td>
          </tr>
          <tr>
            <td style="width: 69.39%; vertical-align: top;">
              <div style="font-family: Verdana, sans-serif; font-size: 9.5pt;">&#160;&#160;Customer agreements and relationships</div>
            </td>
            <td style="width: 15.31%; vertical-align: top; border-top: #000000 0.50pt solid;">
              <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt;">13 years</div>
            </td>
            <td style="width: 15.31%; vertical-align: top; border-top: #000000 0.50pt solid;">
              <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt;">13 years</div>
            </td>
          </tr>
          <tr>
            <td style="width: 69.39%; vertical-align: top;">
              <div style="font-family: Verdana, sans-serif; font-size: 9.5pt;">&#160;&#160;Existing technology</div>
            </td>
            <td style="width: 15.31%; vertical-align: top;">
              <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt;">6 years</div>
            </td>
            <td style="width: 15.31%; vertical-align: top;">
              <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt;">6 years</div>
            </td>
          </tr>
          <tr>
            <td style="width: 69.39%; vertical-align: top;">
              <div style="font-family: Verdana, sans-serif; font-size: 9.5pt;">&#160;&#160;Trade names</div>
            </td>
            <td style="width: 15.31%; vertical-align: top;">
              <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt;">2 years</div>
            </td>
            <td style="width: 15.31%; vertical-align: top;">
              <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt;">N/A</div>
            </td>
          </tr>
          <tr>
            <td style="width: 69.39%; vertical-align: top;">
              <div style="font-family: Verdana, sans-serif; font-size: 9.5pt;">&#160;&#160;Non-compete covenants</div>
            </td>
            <td style="width: 15.31%; vertical-align: top;">
              <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt;">5 years</div>
            </td>
            <td style="width: 15.31%; vertical-align: top;">
              <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt;">N/A</div>
            </td>
          </tr>

      </table>
      <div><br>
      </div>
      <div><br>
      </div>
      <div style="text-align: justify; font-family: Verdana, sans-serif; font-size: 9.5pt;">The goodwill on the NetCHB and Foxtrot acquisitions arose as a result of the combined strategic value to our growth plan. The goodwill arising from the NetCHB and
        Foxtrot acquisitions are deductible for tax purposes.</div>
      <div><br>
      </div>
      <div style="text-align: justify; font-family: Verdana, sans-serif; font-size: 9.5pt;"><u>Fiscal 2022 Acquisitions</u></div>
      <div style="text-align: justify; font-family: Verdana, sans-serif; font-size: 9.5pt;">On February 26, 2021, Descartes acquired all of the shares of VitaDex Solutions, LLC, doing business as QuestaWeb (&#8220;QuestaWeb&#8221;), a US-based provider of foreign
        trade zone and customs compliance solutions.</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;">47</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; font-size: 9.5pt;">The purchase price for the acquisition was approximately $35.9 million, net of cash acquired, which was funded from cash on hand. The gross contractual amount of
        trade receivables acquired was $0.6 million with a fair value of $0.5 million at the date of acquisition. Our acquisition date estimate of contractual cash flows not expected to be collected was $0.1 million. The purchase price was finalized in the
        three month period ended January 31, 2022 with no adjustments.</div>
      <div><br>
      </div>
      <div style="text-align: justify; font-family: Verdana, sans-serif; font-size: 9.5pt;">On May 7, 2021, Descartes acquired all of the shares of Portrix Logistics Software GmbH (&#8220;Portrix&#8221;), a provider of multimodal rate management solutions for
        logistics services providers. The purchase price for the acquisition was approximately $25.2 million (EUR 20.7 million), net of cash acquired, which was funded from cash on hand. The gross contractual amount of trade receivables acquired was $0.7
        million with a fair value of $0.7 million at the date of acquisition. Our acquisition date estimate of contractual cash flows not expected to be collected was nominal. The purchase price was finalized in the three month period ended April 30, 2022
        with no adjustments.</div>
      <div><br>
      </div>
      <div style="text-align: justify; font-family: Verdana, sans-serif; font-size: 9.5pt;">On July 8, 2021, Descartes acquired all of the shares of GreenMile, LLC (&#8220;GreenMile&#8221;), a provider of cloud-based mobile route execution solutions for food,
        beverage, and broader distribution verticals. The purchase price for the acquisition was approximately $29.2 million, net of cash acquired, which was funded from cash on hand. Additional contingent consideration of up to $10.0 million in cash is
        payable if certain revenue performance targets are met by GreenMile in the two years following the acquisition. The fair value of the contingent consideration was valued at $3.3 million at the acquisition date.&#160; The gross contractual amount of
        trade receivables acquired was $1.1 million with a fair value of $1.0 million at the date of acquisition. Our acquisition date estimate of contractual cash flows not expected to be collected was $0.1 million. The completion of the initial purchase
        price allocation is pending the finalization of the fair value for trade receivables, accrued liability balances as well as potential unrecorded liabilities. We expect to finalize the purchase price allocation on or before July 8, 2022.</div>
      <div><br>
      </div>
      <div style="text-align: justify; font-family: Verdana, sans-serif; font-size: 9.5pt;"><u>Pro Forma Results of Operations (Unaudited)</u></div>
      <div style="text-align: justify; font-family: Verdana, sans-serif; font-size: 9.5pt;">The financial information in the table below summarizes selected results of operations on a pro forma basis as if we had acquired Foxtrot, NetCHB, GreenMile,
        Portrix and QuestaWeb as of February 1, 2021.</div>
      <div><br>
      </div>
      <div style="text-align: justify; font-family: Verdana, sans-serif; font-size: 9.5pt;">This pro forma information is for information purposes only and does not purport to represent what our actual results of operations for the periods presented would
        have been had the acquisitions of Foxtrot, NetCHB, GreenMile, Portrix and QuestaWeb occurred at February 1, 2021, or to project our results of operations for any future period.</div>
      <div><br>
      </div>
      <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="z9a0ade4796ce4ae984fe19ee25c91fdf" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 72.97%; vertical-align: top;">&#160;</td>
            <td colspan="2" style="width: 27.03%; vertical-align: top; border-top: #000000 0.50pt solid;">
              <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">Three Months Ended</div>
            </td>
          </tr>
          <tr>
            <td style="width: 72.97%; vertical-align: top;">&#160;</td>
            <td style="width: 14.41%; vertical-align: top; border-top: #000000 0.50pt solid;">
              <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">April 30,</div>
            </td>
            <td style="width: 12.61%; vertical-align: top; border-top: #000000 0.50pt solid;">
              <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt;">April 30,</div>
            </td>
          </tr>
          <tr>
            <td style="width: 72.97%; vertical-align: top;">&#160;</td>
            <td style="width: 14.41%; vertical-align: top; border-bottom: #000000 0.50pt solid;">
              <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">2022</div>
            </td>
            <td style="width: 12.61%; vertical-align: top; border-bottom: #000000 0.50pt solid;">
              <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt;">2021</div>
            </td>
          </tr>
          <tr>
            <td style="width: 72.97%; vertical-align: top;">&#160;</td>
            <td style="width: 14.41%; vertical-align: top; border-top: #000000 0.50pt solid;">&#160;</td>
            <td style="width: 12.61%; vertical-align: top; border-top: #000000 0.50pt solid;">&#160;</td>
          </tr>
          <tr>
            <td style="width: 72.97%; vertical-align: top;">
              <div style="font-family: Verdana, sans-serif; font-size: 9.5pt;">Revenue</div>
            </td>
            <td style="width: 14.41%; vertical-align: top;">
              <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">117,236</div>
            </td>
            <td style="width: 12.61%; vertical-align: top;">
              <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt;">105,641</div>
            </td>
          </tr>
          <tr>
            <td style="width: 72.97%; vertical-align: top;">
              <div style="font-family: Verdana, sans-serif; font-size: 9.5pt;">Net income</div>
            </td>
            <td style="width: 14.41%; vertical-align: top;">
              <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">23,161</div>
            </td>
            <td style="width: 12.61%; vertical-align: top;">
              <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt;">18,904</div>
            </td>
          </tr>
          <tr>
            <td style="width: 72.97%; vertical-align: top;">
              <div style="font-family: Verdana, sans-serif; font-size: 9.5pt;">Earnings per share</div>
            </td>
            <td style="width: 14.41%; vertical-align: top;">&#160;</td>
            <td style="width: 12.61%; vertical-align: top;">&#160;</td>
          </tr>
          <tr>
            <td style="width: 72.97%; vertical-align: top;">
              <div style="font-family: Verdana, sans-serif; font-size: 9.5pt;">&#160;&#160;&#160;Basic</div>
            </td>
            <td style="width: 14.41%; vertical-align: top;">
              <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">0.27</div>
            </td>
            <td style="width: 12.61%; vertical-align: top;">
              <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt;">0.22</div>
            </td>
          </tr>
          <tr>
            <td style="width: 72.97%; vertical-align: top;">
              <div style="font-family: Verdana, sans-serif; font-size: 9.5pt;">&#160;&#160;&#160;Diluted</div>
            </td>
            <td style="width: 14.41%; vertical-align: top;">
              <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">0.27</div>
            </td>
            <td style="width: 12.61%; vertical-align: top;">
              <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt;">0.22</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;">48</font></div>
        <div style="page-break-after:always;" id="DSPFPageBreak">
          <hr style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;" noshade="noshade"></div>
      </div>
      <div><a name="z_Hlk72509435"></a><br>
      </div>
      <div style="text-align: justify; font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">Note 4 &#8211; Fair Value Measurements</div>
      <div><br>
      </div>
      <div style="text-align: justify; font-family: Verdana, sans-serif; font-size: 9.5pt;">ASC Topic 820 &#8220;Fair Value Measurements and Disclosures&#8221; (Topic 820) defines fair value as the price that would be received upon sale of an asset or paid upon
        transfer of a liability in an orderly transaction between market participants at the measurement date and in the principal or most advantageous market for that asset or liability. The fair value, in this context, should be calculated based on
        assumptions that market participants would use in pricing the asset or liability, not on assumptions specific to the entity. In addition, the fair value of liabilities should include consideration of non-performance risk, including our own credit
        risk.</div>
      <div><br>
      </div>
      <div style="text-align: justify; font-family: Verdana, sans-serif; font-size: 9.5pt;">Topic 820 establishes a fair value hierarchy which prioritizes the inputs used in the valuation methodologies in measuring fair value into three levels:</div>
      <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z0320ce6a0c76495d9e0940af609f7148" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 18pt;"><br>
            </td>
            <td style="width: 18pt; vertical-align: top; align: right; font-family: Verdana, sans-serif; font-size: 9.5pt;">&#8226;</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: Verdana, sans-serif; font-size: 9.5pt;">Level 1&#8212;inputs are based upon unadjusted quoted prices for identical instruments traded in active markets.</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="ze3cbbdf9b50e4c8ab17e84c2558c993a" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 18pt;"><br>
            </td>
            <td style="width: 18pt; vertical-align: top; align: right; font-family: Verdana, sans-serif; font-size: 9.5pt;">&#8226;</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: Verdana, sans-serif; font-size: 9.5pt;">Level 2&#8212;inputs are based upon quoted prices for similar instruments in active markets, quoted prices for identical or similar instruments in markets that are not active, and
                model-based valuation techniques for which all significant assumptions are observable in the market or can be corroborated by observable market data for substantially the full term of the assets or liabilities.</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="zcb9d11b7cfa941148312e047f42ef727" cellpadding="0" cellspacing="0">

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

      </table>
      <div><br>
      </div>
      <div style="text-align: justify; font-family: Verdana, sans-serif; font-size: 9.5pt;">The carrying amounts of the Company&#8217;s cash, accounts receivable (net), accounts payable, accrued liabilities and income taxes payable approximate their fair value
        (a Level 2 measurement) due to their short maturities.</div>
      <div><br>
      </div>
      <div style="text-align: justify; font-family: Verdana, sans-serif; font-size: 9.5pt;">The following table shows the Company&#8217;s financial instruments measured at fair value on a recurring basis as of April 30, 2022:</div>
      <div><br>
      </div>
      <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="zfa0c96cb7ddc4c0b8346f76ad50c50fc" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 38.34%; vertical-align: top;">&#160;</td>
            <td style="width: 15.4%; vertical-align: bottom; border-top: #000000 0.50pt solid; border-bottom: #000000 0.50pt solid;">
              <div style="text-align: right; text-indent: 1.5pt; font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">Level 1</div>
            </td>
            <td style="width: 15.4%; vertical-align: bottom; border-top: #000000 0.25pt solid; border-bottom: #000000 0.50pt solid;">
              <div style="text-align: right; text-indent: 1.5pt; font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">Level 2</div>
            </td>
            <td style="width: 15.4%; vertical-align: bottom; border-top: #000000 0.25pt solid; border-bottom: #000000 0.50pt solid;">
              <div style="text-align: right; text-indent: 1.5pt; font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">Level 3</div>
            </td>
            <td style="width: 15.45%; vertical-align: bottom; border-top: #000000 0.25pt solid; border-bottom: #000000 0.50pt solid;">
              <div style="text-align: right; text-indent: 1.5pt; font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">Total</div>
            </td>
          </tr>
          <tr>
            <td style="width: 38.34%; vertical-align: top;">
              <div style="font-family: Verdana, sans-serif; font-size: 9.5pt;">Assets:</div>
            </td>
            <td style="width: 15.4%; vertical-align: top; border-top: 0.5pt solid rgb(0, 0, 0); text-align: right;">&#160;</td>
            <td style="width: 15.4%; vertical-align: top; border-top: 0.5pt solid rgb(0, 0, 0); text-align: right;">&#160;</td>
            <td style="width: 15.4%; vertical-align: top; border-top: 0.5pt solid rgb(0, 0, 0); text-align: right;">&#160;</td>
            <td style="width: 15.45%; vertical-align: top; border-top: 0.5pt solid rgb(0, 0, 0); text-align: right;">&#160;</td>
          </tr>
          <tr>
            <td style="width: 38.34%; vertical-align: top;">
              <div style="font-family: Verdana, sans-serif; font-size: 9.5pt;">Equity derivative contracts</div>
            </td>
            <td style="width: 15.4%; vertical-align: top;">
              <div style="text-align: right; text-indent: 1.5pt; font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">-</div>
            </td>
            <td style="width: 15.4%; vertical-align: top;">
              <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 9.5pt; font-weight: bold;">8,266</div>
            </td>
            <td style="width: 15.4%; vertical-align: top;">
              <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 9.5pt; font-weight: bold;">-</div>
            </td>
            <td style="width: 15.45%; vertical-align: top;">
              <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 9.5pt; font-weight: bold;">8,266</div>
            </td>
          </tr>
          <tr>
            <td style="width: 38.34%; vertical-align: top;">&#160;</td>
            <td style="width: 15.4%; vertical-align: top; text-align: right;">&#160;</td>
            <td style="width: 15.4%; vertical-align: top; text-align: right;">&#160;</td>
            <td style="width: 15.4%; vertical-align: top; text-align: right;">&#160;</td>
            <td style="width: 15.45%; vertical-align: top; text-align: right;">&#160;</td>
          </tr>
          <tr>
            <td style="width: 38.34%; vertical-align: top;">
              <div style="font-family: Verdana, sans-serif; font-size: 9.5pt;">Liabilities:</div>
            </td>
            <td style="width: 15.4%; vertical-align: top; text-align: right;">&#160;</td>
            <td style="width: 15.4%; vertical-align: top; text-align: right;">&#160;</td>
            <td style="width: 15.4%; vertical-align: top; text-align: right;">&#160;</td>
            <td style="width: 15.45%; vertical-align: top; text-align: right;">&#160;</td>
          </tr>
          <tr>
            <td style="width: 38.34%; vertical-align: top;">
              <div style="font-family: Verdana, sans-serif; font-size: 9.5pt;">Contingent consideration</div>
            </td>
            <td style="width: 15.4%; vertical-align: top; border-bottom: #000000 1.50pt solid;">
              <div style="text-align: right; text-indent: 1.5pt; font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">-</div>
            </td>
            <td style="width: 15.4%; vertical-align: top; border-bottom: #000000 1.50pt solid;">
              <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 9.5pt; font-weight: bold;">-</div>
            </td>
            <td style="width: 15.4%; vertical-align: top; border-bottom: #000000 1.50pt solid;">
              <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 9.5pt; font-weight: bold;">27,591</div>
            </td>
            <td style="width: 15.45%; vertical-align: top; border-bottom: #000000 1.50pt solid;">
              <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 9.5pt; font-weight: bold;">27,591</div>
            </td>
          </tr>

      </table>
      <div><br>
      </div>
      <div style="text-align: justify; font-family: Verdana, sans-serif; font-size: 9.5pt;">The following table shows the Company&#8217;s financial instruments measured at fair value on a recurring basis as of January 31, 2022:</div>
      <div><br>
      </div>
      <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="z449b33561d4e4cad952f2199f7ad2e5f" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 38.34%; vertical-align: top;">&#160;</td>
            <td style="width: 15.4%; vertical-align: bottom; border-top: #000000 0.50pt solid; border-bottom: #000000 0.50pt solid;">
              <div style="text-align: right; text-indent: 1.5pt; font-family: Verdana, sans-serif; font-size: 9.5pt;">Level 1</div>
            </td>
            <td style="width: 15.4%; vertical-align: bottom; border-top: #000000 0.25pt solid; border-bottom: #000000 0.50pt solid;">
              <div style="text-align: right; text-indent: 1.5pt; font-family: Verdana, sans-serif; font-size: 9.5pt;">Level 2</div>
            </td>
            <td style="width: 15.4%; vertical-align: bottom; border-top: #000000 0.25pt solid; border-bottom: #000000 0.50pt solid;">
              <div style="text-align: right; text-indent: 1.5pt; font-family: Verdana, sans-serif; font-size: 9.5pt;">Level 3</div>
            </td>
            <td style="width: 15.45%; vertical-align: bottom; border-top: #000000 0.25pt solid; border-bottom: #000000 0.50pt solid;">
              <div style="text-align: right; text-indent: 1.5pt; font-family: Verdana, sans-serif; font-size: 9.5pt;">Total</div>
            </td>
          </tr>
          <tr>
            <td style="width: 38.34%; vertical-align: top;">
              <div style="font-family: Verdana, sans-serif; font-size: 9.5pt;">Assets:</div>
            </td>
            <td style="width: 15.4%; vertical-align: top; border-top: 0.5pt solid rgb(0, 0, 0); text-align: right;">&#160;</td>
            <td style="width: 15.4%; vertical-align: top; border-top: 0.5pt solid rgb(0, 0, 0); text-align: right;">&#160;</td>
            <td style="width: 15.4%; vertical-align: top; border-top: 0.5pt solid rgb(0, 0, 0); text-align: right;">&#160;</td>
            <td style="width: 15.45%; vertical-align: top; border-top: 0.5pt solid rgb(0, 0, 0); text-align: right;">&#160;</td>
          </tr>
          <tr>
            <td style="width: 38.34%; vertical-align: top;">
              <div style="font-family: Verdana, sans-serif; font-size: 9.5pt;">Equity derivative contracts</div>
            </td>
            <td style="width: 15.4%; vertical-align: top;">
              <div style="text-align: right; text-indent: 1.5pt; font-family: Verdana, sans-serif; font-size: 9.5pt;">-</div>
            </td>
            <td style="width: 15.4%; vertical-align: top;">
              <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 9.5pt;">10,863</div>
            </td>
            <td style="width: 15.4%; vertical-align: top;">
              <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 9.5pt;">-</div>
            </td>
            <td style="width: 15.45%; vertical-align: top;">
              <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 9.5pt;">10,863</div>
            </td>
          </tr>
          <tr>
            <td style="width: 38.34%; vertical-align: top;">&#160;</td>
            <td style="width: 15.4%; vertical-align: top; text-align: right;">&#160;</td>
            <td style="width: 15.4%; vertical-align: top; text-align: right;">&#160;</td>
            <td style="width: 15.4%; vertical-align: top; text-align: right;">&#160;</td>
            <td style="width: 15.45%; vertical-align: top; text-align: right;">&#160;</td>
          </tr>
          <tr>
            <td style="width: 38.34%; vertical-align: top;">
              <div style="font-family: Verdana, sans-serif; font-size: 9.5pt;">Liabilities:</div>
            </td>
            <td style="width: 15.4%; vertical-align: top; text-align: right;">&#160;</td>
            <td style="width: 15.4%; vertical-align: top; text-align: right;">&#160;</td>
            <td style="width: 15.4%; vertical-align: top; text-align: right;">&#160;</td>
            <td style="width: 15.45%; vertical-align: top; text-align: right;">&#160;</td>
          </tr>
          <tr>
            <td style="width: 38.34%; vertical-align: top;">
              <div style="font-family: Verdana, sans-serif; font-size: 9.5pt;">Contingent consideration</div>
            </td>
            <td style="width: 15.4%; vertical-align: top; border-bottom: #000000 1.50pt solid;">
              <div style="text-align: right; text-indent: 1.5pt; font-family: Verdana, sans-serif; font-size: 9.5pt;">-</div>
            </td>
            <td style="width: 15.4%; vertical-align: top; border-bottom: #000000 1.50pt solid;">
              <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 9.5pt;">-</div>
            </td>
            <td style="width: 15.4%; vertical-align: top; border-bottom: #000000 1.50pt solid;">
              <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 9.5pt;">12,990</div>
            </td>
            <td style="width: 15.45%; vertical-align: top; border-bottom: #000000 1.50pt solid;">
              <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 9.5pt;">12,990</div>
            </td>
          </tr>

      </table>
      <div><br>
      </div>
      <div style="text-align: justify; font-family: Verdana, sans-serif; font-size: 9.5pt;">The Company enters into equity derivative contracts including floating-rate equity forwards to partially offset the potential fluctuations of certain future
        share-based compensation expenses. The equity derivative contracts are not designated as hedge instruments and the Company does not hold derivatives for speculative purposes. As at April 30, 2022, we had equity derivatives for 252,011 Descartes
        common shares with a weighted average purchase price of $29.25.</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;">49</font></div>
        <div style="page-break-after:always;" id="DSPFPageBreak">
          <hr style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;" noshade="noshade"></div>
      </div>
      <div><br>
      </div>
      <div style="text-align: justify; font-family: Verdana, sans-serif; font-size: 9.5pt;">The fair value of equity contract derivatives is determined utilizing a valuation model based on the quoted market value of our common shares at the balance sheet date (Level 2 fair value inputs). The fair value of equity contract derivatives is recorded as other current assets and gains and losses are recorded in general and
        administrative expenses in the condensed consolidated financial statements. For the three month periods ended April 30, 2022 and April 30, 2021, we recognized an expense (recovery) in general and administrative expenses of $2.5 million and ($0.1)
        million, respectively.</div>
      <div><br>
      </div>
      <div style="text-align: justify; font-family: Verdana, sans-serif; font-size: 9.5pt;">The following table presents the changes in the fair value measurements of contingent consideration in Level 3 of the fair value hierarchy:</div>
      <div><br>
      </div>
      <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="z98c338700f9446a6ba92a74e0affa2d7" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 86.41%; vertical-align: top;">&#160;</td>
            <td style="width: 13.59%; vertical-align: top; border-top: #000000 0.50pt solid; border-bottom: #000000 0.50pt solid;">
              <div style="text-align: right; text-indent: 1.5pt; font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">Level 3</div>
            </td>
          </tr>
          <tr>
            <td style="width: 86.41%; vertical-align: top;">
              <div style="text-indent: -36pt; margin-left: 36pt; font-family: Verdana, sans-serif; font-size: 9.5pt;">Balance at January 31, 2022</div>
            </td>
            <td style="width: 13.59%; vertical-align: bottom; border-top: #000000 0.50pt solid;">
              <div style="text-align: right; text-indent: 1.5pt; font-family: Verdana,sans-serif; font-size: 9.5pt;">12,990</div>
            </td>
          </tr>
          <tr>
            <td style="width: 86.41%; vertical-align: top;">
              <div style="margin-left: 15pt; font-family: Verdana, sans-serif; font-size: 9.5pt;">Increase from acquisitions</div>
            </td>
            <td style="width: 13.59%; vertical-align: bottom;">
              <div style="text-align: right; text-indent: 1.5pt; font-family: Verdana,sans-serif; font-size: 9.5pt; font-weight: bold;">13,948</div>
            </td>
          </tr>
          <tr>
            <td style="width: 86.41%; vertical-align: top;">
              <div style="margin-left: 15pt; font-family: Verdana, sans-serif; font-size: 9.5pt;">Charges through profit or loss</div>
            </td>
            <td style="width: 13.59%; vertical-align: bottom;">
              <div style="text-align: right; text-indent: 1.5pt; font-family: Verdana,sans-serif; font-size: 9.5pt; font-weight: bold;">1,069</div>
            </td>
          </tr>
          <tr>
            <td style="width: 86.41%; vertical-align: top;">
              <div style="margin-left: 15pt; font-family: Verdana, sans-serif; font-size: 9.5pt;">Effect of movements in foreign exchange</div>
            </td>
            <td style="width: 13.59%; vertical-align: bottom;">
              <div style="text-align: right; text-indent: 1.5pt; font-family: Verdana,sans-serif; font-size: 9.5pt; font-weight: bold;">(416)</div>
            </td>
          </tr>
          <tr>
            <td style="width: 86.41%; vertical-align: top;">
              <div style="text-indent: -15pt; margin-left: 15pt; font-family: Verdana, sans-serif; font-size: 9.5pt;">Balance at April 30, 2022</div>
            </td>
            <td style="width: 13.59%; vertical-align: bottom; border-top: #000000 0.50pt solid; border-bottom: #000000 1.50pt solid;">
              <div style="text-align: right; text-indent: 1.5pt; font-family: Verdana,sans-serif; font-size: 9.5pt; font-weight: bold;">27,591</div>
            </td>
          </tr>

      </table>
      <div><br>
      </div>
      <div style="text-align: justify; font-family: Verdana, sans-serif; font-size: 9.5pt;">Estimates of the fair value of contingent consideration is performed by the Company on a quarterly basis. Key unobservable inputs include revenue growth rates and
        the discount rates applied (11% to 13%). The&#160; estimated fair value increases as the annual revenue growth rate increases and as the discount rate decreases and vice versa.</div>
      <div><br>
      </div>
      <div style="font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">Note 5 &#8211; Trade Accounts Receivable</div>
      <div><br>
      </div>
      <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="z19c0996e6505494fa565cc6dae742c30" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 72.32%; vertical-align: top;">&#160;</td>
            <td style="width: 15.18%; vertical-align: top; border-top: #000000 0.50pt solid;">
              <div style="text-align: right; text-indent: 1.5pt; font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">April 30,</div>
            </td>
            <td style="width: 12.5%; vertical-align: top; border-top: #000000 0.50pt solid;">
              <div style="text-align: right; text-indent: 1.5pt; font-family: Verdana, sans-serif; font-size: 9.5pt;">January 31,</div>
            </td>
          </tr>
          <tr>
            <td style="width: 72.32%; vertical-align: top;">&#160;</td>
            <td style="width: 15.18%; vertical-align: top; border-bottom: #000000 0.50pt solid;">
              <div style="text-align: right; text-indent: 1.5pt; font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">2022</div>
            </td>
            <td style="width: 12.5%; vertical-align: top; border-bottom: #000000 0.50pt solid;">
              <div style="text-align: right; text-indent: 1.5pt; font-family: Verdana, sans-serif; font-size: 9.5pt;">2022</div>
            </td>
          </tr>
          <tr>
            <td style="width: 72.32%; vertical-align: top;">
              <div style="font-family: Verdana, sans-serif; font-size: 9.5pt;">Trade accounts receivable</div>
            </td>
            <td style="width: 15.18%; vertical-align: bottom;">
              <div style="text-align: right; text-indent: 1.5pt; font-family: Verdana,sans-serif; font-size: 9.5pt; font-weight: bold;">47,171</div>
            </td>
            <td style="width: 12.5%; vertical-align: bottom;">
              <div style="text-align: right; text-indent: 1.5pt; font-family: Verdana,sans-serif; font-size: 9.5pt;">43,565</div>
            </td>
          </tr>
          <tr>
            <td style="width: 72.32%; vertical-align: top;">
              <div style="font-family: Verdana, sans-serif; font-size: 9.5pt;">Less: Provision for credit losses</div>
            </td>
            <td style="width: 15.18%; vertical-align: top; border-bottom: #000000 0.50pt solid;">
              <div style="text-align: right; text-indent: 1.5pt; font-family: Verdana,sans-serif; font-size: 9.5pt; font-weight: bold;">(1,989)</div>
            </td>
            <td style="width: 12.5%; vertical-align: top; border-bottom: #000000 0.50pt solid;">
              <div style="text-align: right; text-indent: 1.5pt; font-family: Verdana,sans-serif; font-size: 9.5pt;">(1,860)</div>
            </td>
          </tr>
          <tr>
            <td style="width: 72.32%; vertical-align: top;">&#160;</td>
            <td style="width: 15.18%; vertical-align: top; border-top: #000000 0.50pt solid; border-bottom: #000000 1.50pt solid;">
              <div style="text-align: right; text-indent: 1.5pt; font-family: Verdana,sans-serif; font-size: 9.5pt; font-weight: bold;">45,182</div>
            </td>
            <td style="width: 12.5%; vertical-align: top; border-top: #000000 0.50pt solid; border-bottom: #000000 1.50pt solid;">
              <div style="text-align: right; text-indent: 1.5pt; font-family: Verdana,sans-serif; font-size: 9.5pt;">41,705</div>
            </td>
          </tr>

      </table>
      <div><br>
      </div>
      <div style="text-align: justify; font-family: Verdana, sans-serif; font-size: 9.5pt;">Included in accounts receivable are unbilled receivables in the amount of $0.2 million as at April 30, 2022 ($0.5 million as at January 31, 2022). No single
        customer accounted for more than 10% of the accounts receivable balance as of April 30, 2022 and January 31, 2022.</div>
      <div><br>
      </div>
      <div style="font-family: Verdana, sans-serif; font-size: 9.5pt;"><a name="z_Hlk40200559"></a>The following table presents the changes in the provision for credit losses as follows:</div>
      <div><br>
      </div>
      <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="z12e0e7f9b36c426a815e3546ba840106" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 86.41%; vertical-align: top;">&#160;</td>
            <td style="width: 13.59%; vertical-align: top; border-top: #000000 0.50pt solid; border-bottom: #000000 0.50pt solid;">
              <div style="text-align: right; text-indent: 1.5pt; font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">Provision for Credit Losses</div>
            </td>
          </tr>
          <tr>
            <td style="width: 86.41%; vertical-align: top;">
              <div style="text-indent: -36pt; margin-left: 36pt; font-family: Verdana, sans-serif; font-size: 9.5pt;">Balance at January 31, 2022</div>
            </td>
            <td style="width: 13.59%; vertical-align: bottom; border-top: #000000 0.50pt solid;">
              <div style="text-align: right; text-indent: 1.5pt; font-family: Verdana,sans-serif; font-size: 9.5pt;">1,860</div>
            </td>
          </tr>
          <tr>
            <td style="width: 86.41%; vertical-align: top;">
              <div style="margin-left: 15pt; font-family: Verdana, sans-serif; font-size: 9.5pt;">Current period provision for expected losses</div>
            </td>
            <td style="width: 13.59%; vertical-align: bottom;">
              <div style="text-align: right; text-indent: 1.5pt; font-family: Verdana,sans-serif; font-size: 9.5pt; font-weight: bold;">155</div>
            </td>
          </tr>
          <tr>
            <td style="width: 86.41%; vertical-align: top;">
              <div style="margin-left: 15pt; font-family: Verdana, sans-serif; font-size: 9.5pt;">Write-offs charged against the provision</div>
            </td>
            <td style="width: 13.59%; vertical-align: bottom;">
              <div style="text-align: right; text-indent: 1.5pt; font-family: Verdana,sans-serif; font-size: 9.5pt; font-weight: bold;">(20)</div>
            </td>
          </tr>
          <tr>
            <td style="width: 86.41%; vertical-align: top;">
              <div style="margin-left: 15pt; font-family: Verdana, sans-serif; font-size: 9.5pt;">Effect of movements in foreign exchange</div>
            </td>
            <td style="width: 13.59%; vertical-align: bottom;">
              <div style="text-align: right; text-indent: 1.5pt; font-family: Verdana,sans-serif; font-size: 9.5pt; font-weight: bold;">(6)</div>
            </td>
          </tr>
          <tr>
            <td style="width: 86.41%; vertical-align: top;">
              <div style="text-indent: -15pt; margin-left: 15pt; font-family: Verdana, sans-serif; font-size: 9.5pt;">Balance at April 30, 2022</div>
            </td>
            <td style="width: 13.59%; vertical-align: bottom; border-top: #000000 0.50pt solid; border-bottom: #000000 1.50pt solid;">
              <div style="text-align: right; text-indent: 1.5pt; font-family: Verdana,sans-serif; font-size: 9.5pt; font-weight: bold;">1,989</div>
            </td>
          </tr>

      </table>
      <div><br>
      </div>
      <div><br>
      </div>
      <div><br>
      </div>
      <div><br>
      </div>
      <div><br>
      </div>
      <div><br>
      </div>
      <div><br>
      </div>
      <div><br>
      </div>
      <div><br>
      </div>
      <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
        <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-family: Verdana, 'sans-serif'; font-size: 8pt; font-weight: normal; font-style: normal;">50</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="font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">Note 6 &#8211; Other Receivables</div>
      <div><br>
      </div>
      <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="ze00868787bd340c19d9434fe8bb43c0c" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 72.32%; vertical-align: top;">&#160;</td>
            <td style="width: 15.18%; vertical-align: top; border-top: #000000 0.50pt solid;">
              <div style="text-align: right; text-indent: 1.5pt; font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">April 30,</div>
            </td>
            <td style="width: 12.5%; vertical-align: top; border-top: #000000 0.50pt solid;">
              <div style="text-align: right; text-indent: 1.5pt; font-family: Verdana, sans-serif; font-size: 9.5pt;">January 31,</div>
            </td>
          </tr>
          <tr>
            <td style="width: 72.32%; vertical-align: top;">&#160;</td>
            <td style="width: 15.18%; vertical-align: top; border-bottom: #000000 0.50pt solid;">
              <div style="text-align: right; text-indent: 1.5pt; font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">2022</div>
            </td>
            <td style="width: 12.5%; vertical-align: top; border-bottom: #000000 0.50pt solid;">
              <div style="text-align: right; text-indent: 1.5pt; font-family: Verdana, sans-serif; font-size: 9.5pt;">2022</div>
            </td>
          </tr>
          <tr>
            <td style="width: 72.32%; vertical-align: top;">
              <div style="font-family: Verdana, sans-serif; font-size: 9.5pt;">Net working capital adjustments receivable from acquisitions</div>
            </td>
            <td style="width: 15.18%; vertical-align: bottom;">
              <div style="text-align: right; text-indent: 1.5pt; font-family: Verdana,sans-serif; font-size: 9.5pt; font-weight: bold;">77</div>
            </td>
            <td style="width: 12.5%; vertical-align: bottom;">
              <div style="text-align: right; text-indent: 1.5pt; font-family: Verdana,sans-serif; font-size: 9.5pt;">309</div>
            </td>
          </tr>
          <tr>
            <td style="width: 72.32%; vertical-align: top;">
              <div style="font-family: Verdana, sans-serif; font-size: 9.5pt;">Other receivables</div>
            </td>
            <td style="width: 15.18%; vertical-align: top; border-bottom: #000000 0.50pt solid;">
              <div style="text-align: right; text-indent: 1.5pt; font-family: Verdana,sans-serif; font-size: 9.5pt; font-weight: bold;">14,233</div>
            </td>
            <td style="width: 12.5%; vertical-align: top; border-bottom: #000000 0.50pt solid;">
              <div style="text-align: right; text-indent: 1.5pt; font-family: Verdana,sans-serif; font-size: 9.5pt;">13,766</div>
            </td>
          </tr>
          <tr>
            <td style="width: 72.32%; vertical-align: top;">&#160;</td>
            <td style="width: 15.18%; vertical-align: top; border-top: #000000 0.50pt solid; border-bottom: #000000 1.50pt solid;">
              <div style="text-align: right; text-indent: 1.5pt; font-family: Verdana,sans-serif; font-size: 9.5pt; font-weight: bold;">14,310</div>
            </td>
            <td style="width: 12.5%; vertical-align: top; border-top: #000000 0.50pt solid; border-bottom: #000000 1.50pt solid;">
              <div style="text-align: right; text-indent: 1.5pt; font-family: Verdana,sans-serif; font-size: 9.5pt;">14,075</div>
            </td>
          </tr>

      </table>
      <div><br>
      </div>
      <div style="text-align: justify; font-family: Verdana, sans-serif; font-size: 9.5pt;">Other receivables include receivables related to sales and use taxes, income taxes, non-trade receivables and contract assets. At April 30, 2022, $0.1 million ($0.3
        million as at January 31, 2022) of the net working capital adjustments receivable from acquisitions is recoverable from amounts held in escrow related to the respective acquisitions.</div>
      <div><br>
      </div>
      <div style="text-align: justify; font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">Note 7 &#8211; Inventory</div>
      <div><br>
      </div>
      <div style="text-align: justify; font-family: Verdana, sans-serif; font-size: 9.5pt;">At April 30, 2022 and January 31, 2022, inventory is entirely comprised of finished goods inventory. Finished goods inventory primarily consists of hardware and
        related parts for mobile asset units held for sale. For both the three month periods ended April 30, 2022 and April 30, 2021, the provision for excess or obsolete inventories recorded in cost of revenues was nil.</div>
      <div><br>
      </div>
      <div style="font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">Note 8 &#8211; Property and Equipment</div>
      <div><br>
      </div>
      <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="zc09fbad6d9d343e1b13f8bfcfda14527" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 72.32%; vertical-align: top;">&#160;</td>
            <td style="width: 15.18%; vertical-align: top; border-top: #000000 0.50pt solid;">
              <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">April 30,</div>
            </td>
            <td style="width: 12.5%; vertical-align: top; border-top: #000000 0.50pt solid;">
              <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt;">January 31,</div>
            </td>
          </tr>
          <tr>
            <td style="width: 72.32%; vertical-align: top;">&#160;</td>
            <td style="width: 15.18%; vertical-align: top; border-bottom: #000000 0.50pt solid;">
              <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">2022</div>
            </td>
            <td style="width: 12.5%; vertical-align: top; border-bottom: #000000 0.50pt solid;">
              <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt;">2022</div>
            </td>
          </tr>
          <tr>
            <td style="width: 72.32%; vertical-align: top;">
              <div style="font-family: Verdana, sans-serif; font-size: 9.5pt;">Cost</div>
            </td>
            <td style="width: 15.18%; vertical-align: top;">&#160;</td>
            <td style="width: 12.5%; vertical-align: top;">&#160;</td>
          </tr>
          <tr>
            <td style="width: 72.32%; vertical-align: top;">
              <div style="margin-left: 12pt; font-family: Verdana, sans-serif; font-size: 9.5pt;">Computer equipment and software</div>
            </td>
            <td style="width: 15.18%; vertical-align: top;">
              <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">41,666</div>
            </td>
            <td style="width: 12.5%; vertical-align: top;">
              <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt;">40,937</div>
            </td>
          </tr>
          <tr>
            <td style="width: 72.32%; vertical-align: top;">
              <div style="margin-left: 12pt; font-family: Verdana, sans-serif; font-size: 9.5pt;">Furniture and fixtures</div>
            </td>
            <td style="width: 15.18%; vertical-align: top;">
              <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">1,578</div>
            </td>
            <td style="width: 12.5%; vertical-align: top;">
              <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt;">1,553</div>
            </td>
          </tr>
          <tr>
            <td style="width: 72.32%; vertical-align: top;">
              <div style="margin-left: 12pt; font-family: Verdana, sans-serif; font-size: 9.5pt;">Leasehold improvements</div>
            </td>
            <td style="width: 15.18%; vertical-align: top;">
              <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">867</div>
            </td>
            <td style="width: 12.5%; vertical-align: top;">
              <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt;">822</div>
            </td>
          </tr>
          <tr>
            <td style="width: 72.32%; vertical-align: top;">
              <div style="margin-left: 12pt; font-family: Verdana, sans-serif; font-size: 9.5pt;">Equipment installed with customers</div>
            </td>
            <td style="width: 15.18%; vertical-align: top;">
              <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">1,649</div>
            </td>
            <td style="width: 12.5%; vertical-align: top;">
              <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt;">1,635</div>
            </td>
          </tr>
          <tr>
            <td style="width: 72.32%; vertical-align: top;">
              <div style="margin-left: 12pt; font-family: Verdana, sans-serif; font-size: 9.5pt;">Assets under construction</div>
            </td>
            <td style="width: 15.18%; vertical-align: top;">
              <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">475</div>
            </td>
            <td style="width: 12.5%; vertical-align: top;">
              <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt;">524</div>
            </td>
          </tr>
          <tr>
            <td style="width: 72.32%; vertical-align: top;">&#160;</td>
            <td style="width: 15.18%; vertical-align: top; border-top: #000000 0.50pt solid;">
              <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">46,235</div>
            </td>
            <td style="width: 12.5%; vertical-align: top; border-top: #000000 0.50pt solid;">
              <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt;">45,471</div>
            </td>
          </tr>
          <tr>
            <td style="width: 72.32%; vertical-align: top;">
              <div style="font-family: Verdana, sans-serif; font-size: 9.5pt;">Accumulated depreciation</div>
            </td>
            <td style="width: 15.18%; vertical-align: top;">&#160;</td>
            <td style="width: 12.5%; vertical-align: top;">&#160;</td>
          </tr>
          <tr>
            <td style="width: 72.32%; vertical-align: top;">
              <div style="margin-left: 12pt; font-family: Verdana, sans-serif; font-size: 9.5pt;">Computer equipment and software</div>
            </td>
            <td style="width: 15.18%; vertical-align: top;">
              <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">31,908</div>
            </td>
            <td style="width: 12.5%; vertical-align: top;">
              <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt;">31,660</div>
            </td>
          </tr>
          <tr>
            <td style="width: 72.32%; vertical-align: top;">
              <div style="margin-left: 12pt; font-family: Verdana, sans-serif; font-size: 9.5pt;">Furniture and fixtures</div>
            </td>
            <td style="width: 15.18%; vertical-align: top;">
              <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">1,289</div>
            </td>
            <td style="width: 12.5%; vertical-align: top;">
              <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt;">1,257</div>
            </td>
          </tr>
          <tr>
            <td style="width: 72.32%; vertical-align: top;">
              <div style="margin-left: 12pt; font-family: Verdana, sans-serif; font-size: 9.5pt;">Leasehold improvements</div>
            </td>
            <td style="width: 15.18%; vertical-align: top;">
              <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">556</div>
            </td>
            <td style="width: 12.5%; vertical-align: top;">
              <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt;">531</div>
            </td>
          </tr>
          <tr>
            <td style="width: 72.32%; vertical-align: top;">
              <div style="margin-left: 12pt; font-family: Verdana, sans-serif; font-size: 9.5pt;">Equipment installed with customers</div>
            </td>
            <td style="width: 15.18%; vertical-align: top; border-bottom: #000000 0.50pt solid;">
              <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">1,339</div>
            </td>
            <td style="width: 12.5%; vertical-align: top; border-bottom: #000000 0.50pt solid;">
              <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt;">1,206</div>
            </td>
          </tr>
          <tr>
            <td style="width: 72.32%; vertical-align: top;">&#160;</td>
            <td style="width: 15.18%; vertical-align: top; border-top: #000000 0.50pt solid; border-bottom: #000000 0.50pt solid;">
              <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">35,092</div>
            </td>
            <td style="width: 12.5%; 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-size: 9.5pt;">34,654</div>
            </td>
          </tr>
          <tr>
            <td style="width: 72.32%; vertical-align: top;">
              <div style="font-family: Verdana, sans-serif; font-size: 9.5pt;">Net</div>
            </td>
            <td style="width: 15.18%; vertical-align: top; border-top: #000000 0.50pt solid; border-bottom: #000000 1.50pt solid;">
              <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">11,143</div>
            </td>
            <td style="width: 12.5%; vertical-align: top; border-top: #000000 0.50pt solid; border-bottom: #000000 1.50pt solid;">
              <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt;">10,817</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;">51</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="font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">Note 9 - Intangible Assets</div>
      <div><br>
      </div>
      <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="z6f9fad9bf0a24c4382dc19f15fa6d9b3" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 72.63%; vertical-align: top;">&#160;</td>
            <td style="width: 13.68%; vertical-align: top; border-top: #000000 0.50pt solid;">
              <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">April 30,</div>
            </td>
            <td style="width: 13.68%; vertical-align: top; border-top: #000000 0.50pt solid;">
              <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt;">January 31,</div>
            </td>
          </tr>
          <tr>
            <td style="width: 72.63%; vertical-align: top;">&#160;</td>
            <td style="width: 13.68%; vertical-align: top; border-bottom: #000000 0.50pt solid;">
              <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">2022</div>
            </td>
            <td style="width: 13.68%; vertical-align: top; border-bottom: #000000 0.50pt solid;">
              <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt;">2022</div>
            </td>
          </tr>
          <tr>
            <td style="width: 72.63%; vertical-align: top;">
              <div style="font-family: Verdana, sans-serif; font-size: 9.5pt;">Cost</div>
            </td>
            <td style="width: 13.68%; vertical-align: top; border-top: #000000 0.50pt solid;">&#160;</td>
            <td style="width: 13.68%; vertical-align: top; border-top: #000000 0.50pt solid;">&#160;</td>
          </tr>
          <tr>
            <td style="width: 72.63%; vertical-align: top;">
              <div style="margin-left: 12pt; font-family: Verdana, sans-serif; font-size: 9.5pt;">Customer agreements and relationships</div>
            </td>
            <td style="width: 13.68%; vertical-align: top;">
              <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">259,120</div>
            </td>
            <td style="width: 13.68%; vertical-align: top;">
              <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt;">251,402</div>
            </td>
          </tr>
          <tr>
            <td style="width: 72.63%; vertical-align: top;">
              <div style="margin-left: 12pt; font-family: Verdana, sans-serif; font-size: 9.5pt;">Existing technology</div>
            </td>
            <td style="width: 13.68%; vertical-align: top;">
              <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">336,687</div>
            </td>
            <td style="width: 13.68%; vertical-align: top;">
              <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt;">326,411</div>
            </td>
          </tr>
          <tr>
            <td style="width: 72.63%; vertical-align: top;">
              <div style="margin-left: 12pt; font-family: Verdana, sans-serif; font-size: 9.5pt;">Trade names</div>
            </td>
            <td style="width: 13.68%; vertical-align: top;">
              <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">8,948</div>
            </td>
            <td style="width: 13.68%; vertical-align: top;">
              <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt;">9,038</div>
            </td>
          </tr>
          <tr>
            <td style="width: 72.63%; vertical-align: top;">
              <div style="margin-left: 12pt; font-family: Verdana, sans-serif; font-size: 9.5pt;">Non-compete covenants</div>
            </td>
            <td style="width: 13.68%; vertical-align: top;">
              <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">12,833</div>
            </td>
            <td style="width: 13.68%; vertical-align: top;">
              <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt;">12,306</div>
            </td>
          </tr>
          <tr>
            <td style="width: 72.63%; vertical-align: top;">&#160;</td>
            <td style="width: 13.68%; vertical-align: top; border-top: #000000 0.50pt solid;">
              <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">617,588</div>
            </td>
            <td style="width: 13.68%; vertical-align: top; border-top: #000000 0.50pt solid;">
              <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt;">599,157</div>
            </td>
          </tr>
          <tr>
            <td style="width: 72.63%; vertical-align: top;">
              <div style="font-family: Verdana, sans-serif; font-size: 9.5pt;">Accumulated amortization</div>
            </td>
            <td style="width: 13.68%; vertical-align: top;">&#160;</td>
            <td style="width: 13.68%; vertical-align: top;">&#160;</td>
          </tr>
          <tr>
            <td style="width: 72.63%; vertical-align: top;">
              <div style="margin-left: 12pt; font-family: Verdana, sans-serif; font-size: 9.5pt;">Customer agreements and relationships</div>
            </td>
            <td style="width: 13.68%; vertical-align: top;">
              <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">137,247</div>
            </td>
            <td style="width: 13.68%; vertical-align: top;">
              <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt;">135,380</div>
            </td>
          </tr>
          <tr>
            <td style="width: 72.63%; vertical-align: top;">
              <div style="margin-left: 12pt; font-family: Verdana, sans-serif; font-size: 9.5pt;">Existing technology</div>
            </td>
            <td style="width: 13.68%; vertical-align: top;">
              <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">224,892</div>
            </td>
            <td style="width: 13.68%; vertical-align: top;">
              <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt;">218,953</div>
            </td>
          </tr>
          <tr>
            <td style="width: 72.63%; vertical-align: top;">
              <div style="margin-left: 12pt; font-family: Verdana, sans-serif; font-size: 9.5pt;">Trade names</div>
            </td>
            <td style="width: 13.68%; vertical-align: top;">
              <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">6,739</div>
            </td>
            <td style="width: 13.68%; vertical-align: top;">
              <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt;">6,677</div>
            </td>
          </tr>
          <tr>
            <td style="width: 72.63%; vertical-align: top;">
              <div style="margin-left: 12pt; font-family: Verdana, sans-serif; font-size: 9.5pt;">Non-compete covenants</div>
            </td>
            <td style="width: 13.68%; vertical-align: top;">
              <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">8,942</div>
            </td>
            <td style="width: 13.68%; vertical-align: top;">
              <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt;">8,538</div>
            </td>
          </tr>
          <tr>
            <td style="width: 72.63%; vertical-align: top;">&#160;</td>
            <td style="width: 13.68%; vertical-align: top; border-top: #000000 0.25pt solid; border-bottom: #000000 0.25pt solid;">
              <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">377,820</div>
            </td>
            <td style="width: 13.68%; vertical-align: top; border-top: #000000 0.25pt solid; border-bottom: #000000 0.25pt solid;">
              <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt;">369,548</div>
            </td>
          </tr>
          <tr>
            <td style="width: 72.63%; vertical-align: top;">
              <div style="font-family: Verdana, sans-serif; font-size: 9.5pt;">Net</div>
            </td>
            <td style="width: 13.68%; vertical-align: top; border-top: #000000 0.25pt solid; border-bottom: #000000 1.50pt solid;">
              <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">239,768</div>
            </td>
            <td style="width: 13.68%; vertical-align: top; border-top: #000000 0.25pt solid; border-bottom: #000000 1.50pt solid;">
              <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt;">229,609</div>
            </td>
          </tr>

      </table>
      <div><br>
      </div>
      <div style="text-align: justify; font-family: Verdana, sans-serif; font-size: 9.5pt;">Intangible assets related to our acquisitions are recorded at their fair value at the acquisition date. The change in intangible assets during the three month
        period ended April 30, 2022 is primarily due to the acquisitions of NetCHB and Foxtrot offset by amortization. The balance of the change in intangible assets is due to foreign currency translation.</div>
      <div><br>
      </div>
      <div style="text-align: justify; font-family: Verdana, sans-serif; font-size: 9.5pt;">Intangible assets with a finite life are amortized into income over their useful lives. Amortization expense for existing intangible assets is expected to be $239.8
        million over the following periods: $42.2 million for the remainder of 2023, $44.4 million for 2024, $41.5 million for 2025, $37.3 million for 2026, $22.6 million for 2027 and $51.8 million thereafter. Expected future amortization expense is
        subject to fluctuations in foreign exchange rates and assumes no future adjustments to acquired intangible assets.</div>
      <div><br>
      </div>
      <div style="font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">Note 10 &#8211; Goodwill</div>
      <div><br>
      </div>
      <div style="text-align: justify; font-family: Verdana, sans-serif; font-size: 9.5pt;">Goodwill is recorded when the consideration paid for an acquisition of a business exceeds the fair value of identifiable net tangible and intangible assets
        acquired. The following table summarizes the changes in goodwill since January 31, 2021:</div>
      <div><br>
      </div>
      <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="z4c26e16c4988430482de7bfccac159cf" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 73.21%; vertical-align: top;">&#160;</td>
            <td style="width: 14.29%; vertical-align: top; border-top: #000000 0.50pt solid;">
              <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">April 30,</div>
            </td>
            <td style="width: 12.5%; vertical-align: top; border-top: #000000 0.50pt solid;">
              <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt;">January 31,</div>
            </td>
          </tr>
          <tr>
            <td style="width: 73.21%; vertical-align: top;">&#160;</td>
            <td style="width: 14.29%; vertical-align: top; border-bottom: #000000 0.50pt solid;">
              <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">2022</div>
            </td>
            <td style="width: 12.5%; vertical-align: top; border-bottom: #000000 0.50pt solid;">
              <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt;">2022</div>
            </td>
          </tr>
          <tr>
            <td style="width: 73.21%; vertical-align: top;">
              <div style="font-family: Verdana, sans-serif; font-size: 9.5pt;">Balance at beginning of period</div>
            </td>
            <td style="width: 14.29%; vertical-align: top;">
              <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 9.5pt;">608,761</div>
            </td>
            <td style="width: 12.5%; vertical-align: top;">
              <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 9.5pt;">565,177</div>
            </td>
          </tr>
          <tr>
            <td style="width: 73.21%; vertical-align: top;">
              <div style="margin-left: 12pt; font-family: Verdana, sans-serif; font-size: 9.5pt;">Acquisition of QuestaWeb</div>
            </td>
            <td style="width: 14.29%; vertical-align: top;">
              <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 9.5pt; font-weight: bold;">-</div>
            </td>
            <td style="width: 12.5%; vertical-align: top;">
              <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 9.5pt;">21,691</div>
            </td>
          </tr>
          <tr>
            <td style="width: 73.21%; vertical-align: top;">
              <div style="margin-left: 12pt; font-family: Verdana, sans-serif; font-size: 9.5pt;">Acquisition of Portrix</div>
            </td>
            <td style="width: 14.29%; vertical-align: top;">
              <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 9.5pt; font-weight: bold;">-</div>
            </td>
            <td style="width: 12.5%; vertical-align: top;">
              <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 9.5pt;">15,032</div>
            </td>
          </tr>
          <tr>
            <td style="width: 73.21%; vertical-align: top;">
              <div style="margin-left: 12pt; font-family: Verdana, sans-serif; font-size: 9.5pt;">Acquisition of GreenMile</div>
            </td>
            <td style="width: 14.29%; vertical-align: top;">
              <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 9.5pt; font-weight: bold;">-</div>
            </td>
            <td style="width: 12.5%; vertical-align: top;">
              <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 9.5pt;">12,968</div>
            </td>
          </tr>
          <tr>
            <td style="width: 73.21%; vertical-align: top;">
              <div style="margin-left: 12pt; font-family: Verdana, sans-serif; font-size: 9.5pt;">Acquisition of NetCHB</div>
            </td>
            <td style="width: 14.29%; vertical-align: top;">
              <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 9.5pt; font-weight: bold;">26,797</div>
            </td>
            <td style="width: 12.5%; vertical-align: top;">
              <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 9.5pt;">-</div>
            </td>
          </tr>
          <tr>
            <td style="width: 73.21%; vertical-align: top;">
              <div style="margin-left: 12pt; font-family: Verdana, sans-serif; font-size: 9.5pt;">Acquisition of Foxtrot</div>
            </td>
            <td style="width: 14.29%; vertical-align: top;">
              <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 9.5pt; font-weight: bold;">1,527</div>
            </td>
            <td style="width: 12.5%; vertical-align: top;">
              <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 9.5pt;">-</div>
            </td>
          </tr>
          <tr>
            <td style="width: 73.21%; vertical-align: top;">
              <div style="margin-left: 12pt; font-family: Verdana, sans-serif; font-size: 9.5pt;">Adjustments on account of foreign exchange</div>
            </td>
            <td style="width: 14.29%; vertical-align: top; border-bottom: #000000 0.25pt solid;">
              <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 9.5pt; font-weight: bold;">(7,009)</div>
            </td>
            <td style="width: 12.5%; vertical-align: top; border-bottom: #000000 0.25pt solid;">
              <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 9.5pt;">(6,107)</div>
            </td>
          </tr>
          <tr>
            <td style="width: 73.21%; vertical-align: top;">
              <div style="font-family: Verdana, sans-serif; font-size: 9.5pt;">Balance at end of period</div>
            </td>
            <td style="width: 14.29%; vertical-align: top; border-top: #000000 0.25pt solid; border-bottom: #000000 1.50pt solid;">
              <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 9.5pt; font-weight: bold;">630,076</div>
            </td>
            <td style="width: 12.5%; vertical-align: top; border-top: #000000 0.25pt solid; border-bottom: #000000 1.50pt solid;">
              <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 9.5pt;">608,761</div>
            </td>
          </tr>

      </table>
      <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;">52</font></div>
        <div style="page-break-after:always;" id="DSPFPageBreak">
          <hr style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;" noshade="noshade"></div>
      </div>
      <div><br>
      </div>
      <div><br>
      </div>
      <div style="font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">Note 11 - Accrued Liabilities</div>
      <div><br>
      </div>
      <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="z87dc614be3d64485a0218790621ce299" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 72.63%; vertical-align: top;">&#160;</td>
            <td style="width: 13.68%; vertical-align: top; border-top: #000000 0.50pt solid;">
              <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">April 30,</div>
            </td>
            <td style="width: 13.68%; vertical-align: top; border-top: #000000 0.50pt solid;">
              <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt;">January 31,</div>
            </td>
          </tr>
          <tr>
            <td style="width: 72.63%; vertical-align: top;">&#160;</td>
            <td style="width: 13.68%; vertical-align: top; border-bottom: #000000 0.50pt solid;">
              <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">2022</div>
            </td>
            <td style="width: 13.68%; vertical-align: top; border-bottom: #000000 0.50pt solid;">
              <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt;">2022</div>
            </td>
          </tr>
          <tr>
            <td style="width: 72.63%; vertical-align: top;">
              <div style="font-family: Verdana, sans-serif; font-size: 9.5pt;">Accrued compensation and benefits</div>
            </td>
            <td style="width: 13.68%; vertical-align: top; border-top: #000000 0.50pt solid;">
              <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">27,266</div>
            </td>
            <td style="width: 13.68%; vertical-align: top; border-top: #000000 0.50pt solid;">
              <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt;">32,169</div>
            </td>
          </tr>
          <tr>
            <td style="width: 72.63%; vertical-align: top;">
              <div style="font-family: Verdana, sans-serif; font-size: 9.5pt;">Accrued professional fees</div>
            </td>
            <td style="width: 13.68%; vertical-align: top;">
              <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">1,166</div>
            </td>
            <td style="width: 13.68%; vertical-align: top;">
              <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt;">1,318</div>
            </td>
          </tr>
          <tr>
            <td style="width: 72.63%; vertical-align: top;">
              <div style="font-family: Verdana, sans-serif; font-size: 9.5pt;">Other accrued liabilities</div>
            </td>
            <td style="width: 13.68%; vertical-align: top; border-bottom: #000000 0.25pt solid;">
              <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">39,452</div>
            </td>
            <td style="width: 13.68%; vertical-align: top; border-bottom: #000000 0.25pt solid;">
              <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt;">22,955</div>
            </td>
          </tr>
          <tr>
            <td style="width: 72.63%; vertical-align: top;">&#160;</td>
            <td style="width: 13.68%; vertical-align: top; border-top: #000000 0.25pt solid; border-bottom: #000000 1.50pt solid;">
              <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">67,884</div>
            </td>
            <td style="width: 13.68%; vertical-align: top; border-top: #000000 0.25pt solid; border-bottom: #000000 1.50pt solid;">
              <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt;">56,442</div>
            </td>
          </tr>

      </table>
      <div><br>
      </div>
      <div style="font-family: Verdana, sans-serif; font-size: 9.5pt;">Other accrued liabilities include accrued expenses related to third party resellers and royalties, suppliers, accrued restructuring charges and accrued contingent
        acquisition purchase consideration.</div>
      <div><br>
      </div>
      <div style="font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">Note 12 &#8211; Long-Term Debt</div>
      <div><br>
      </div>
      <div style="text-align: justify; font-family: Verdana, sans-serif; font-size: 9.5pt;"><a name="z_Hlk8832119"></a>We have a senior secured revolving credit facility in place with a syndicate of lenders. The facility is a $350.0 million revolving
        operating credit facility to be available for general corporate purposes, including the financing of ongoing working capital needs and acquisitions. With the approval of the lenders, the credit facility can be expanded to a total of $500.0 million.
        The credit facility has a five-year maturity with no fixed repayment dates prior to the end of the five-year term ending January 2024. Borrowings under the credit facility are secured by a first charge over substantially all of Descartes&#8217; assets.
        Depending on the type of advance, interest rates under the revolving operating portion of the credit facility are based on the Canada or US prime rate, Bankers&#8217; Acceptance (BA), US dollar London Interbank Offered Rate (LIBOR) or the Secured
        Overnight Financing Rate (SOFR) plus an additional 0 to 250 basis points based on the ratio of net debt to adjusted earnings before interest, taxes, depreciation and amortization, as defined in the credit agreement. A standby fee of between 20 to
        40 basis points will be charged on all undrawn amounts. The credit facility contains certain customary representations, warranties and guarantees, and covenants.</div>
      <div><br>
      </div>
      <div style="text-align: justify; font-family: Verdana, sans-serif; font-size: 9.5pt;">No amounts were drawn on the credit facility as of April 30, 2022 and the balance of $350.0 million is available for use. We were in compliance with the covenants
        of the credit facility as of April 30, 2022.</div>
      <div><br>
      </div>
      <div style="text-align: justify; font-family: Verdana, sans-serif; font-size: 9.5pt;">As at April 30, 2022, we had outstanding letters of credit of approximately $0.2 million ($0.2 million as at January 31, 2022), which were not related to our credit
        facility.</div>
      <div><br>
      </div>
      <div style="text-align: justify; font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">Note 13 &#8211; Leases</div>
      <div><br>
      </div>
      <div style="text-align: justify; font-family: Verdana, sans-serif; font-size: 9.5pt;">We have operating leases for buildings, vehicles and computer equipment. Our leases have remaining terms of up to 7 years, some of which include options to extend
        the leases for up to 5 years.</div>
      <div><br>
      </div>
      <div style="text-align: justify; font-family: Verdana, sans-serif; font-size: 9.5pt;">The components of operating lease expense were as follows:</div>
      <div><br>
      </div>
      <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="z39de8a97776f4a8dbd8b44abb33b8a0e" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 50.16%; vertical-align: top;">&#160;</td>
            <td colspan="2" style="width: 24.25%; vertical-align: top;">&#160;</td>
            <td style="width: 1.33%; vertical-align: top;">&#160;</td>
            <td colspan="2" style="width: 24.26%; vertical-align: top; border-top: #000000 0.50pt solid;">
              <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">Three Months Ended</div>
            </td>
          </tr>
          <tr>
            <td style="width: 50.16%; vertical-align: top;">&#160;</td>
            <td style="width: 12.12%; vertical-align: top;">&#160;</td>
            <td style="width: 12.13%; vertical-align: top;">&#160;</td>
            <td style="width: 1.33%; vertical-align: top;">&#160;</td>
            <td style="width: 12.13%; vertical-align: top; border-top: #000000 0.50pt solid;">
              <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">April 30,</div>
            </td>
            <td style="width: 12.13%; vertical-align: top; border-top: #000000 0.50pt solid;">
              <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt;">April 30,</div>
            </td>
          </tr>
          <tr>
            <td style="width: 50.16%; vertical-align: top;">&#160;</td>
            <td style="width: 12.12%; vertical-align: top;">&#160;</td>
            <td style="width: 12.13%; vertical-align: top;">&#160;</td>
            <td style="width: 1.33%; vertical-align: top;">&#160;</td>
            <td style="width: 12.13%; vertical-align: top; border-bottom: #000000 0.50pt solid;">
              <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">2022</div>
            </td>
            <td style="width: 12.13%; vertical-align: top; border-bottom: #000000 0.50pt solid;">
              <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt;">2021</div>
            </td>
          </tr>
          <tr>
            <td style="width: 50.16%; vertical-align: top;">
              <div style="font-family: Verdana, sans-serif; font-size: 9.5pt;">Operating lease cost</div>
            </td>
            <td style="width: 12.12%; vertical-align: top;">&#160;</td>
            <td style="width: 12.13%; vertical-align: bottom;">&#160;</td>
            <td style="width: 1.33%; vertical-align: top;">&#160;</td>
            <td style="width: 12.13%; vertical-align: top;">
              <div style="text-align: right; text-indent: 1.5pt; font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">1,065</div>
            </td>
            <td style="width: 12.13%; vertical-align: top;">
              <div style="text-align: right; text-indent: 1.5pt; font-family: Verdana, sans-serif; font-size: 9.5pt;">1,093</div>
            </td>
          </tr>
          <tr>
            <td style="width: 50.16%; vertical-align: top;">
              <div style="font-family: Verdana, sans-serif; font-size: 9.5pt;">Short-term lease cost</div>
            </td>
            <td style="width: 12.12%; vertical-align: top;">&#160;</td>
            <td style="width: 12.13%; vertical-align: bottom;">&#160;</td>
            <td style="width: 1.33%; vertical-align: top;">&#160;</td>
            <td style="width: 12.13%; vertical-align: top;">
              <div style="text-align: right; text-indent: 1.5pt; font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">149</div>
            </td>
            <td style="width: 12.13%; vertical-align: top;">
              <div style="text-align: right; text-indent: 1.5pt; font-family: Verdana, sans-serif; font-size: 9.5pt;">117</div>
            </td>
          </tr>
          <tr>
            <td style="width: 50.16%; vertical-align: top;">
              <div style="font-family: Verdana, sans-serif; font-size: 9.5pt;">Total operating lease cost</div>
            </td>
            <td style="width: 12.12%; vertical-align: top;">&#160;</td>
            <td style="width: 12.13%; vertical-align: bottom;">&#160;</td>
            <td style="width: 1.33%; vertical-align: top;">&#160;</td>
            <td style="width: 12.13%; vertical-align: top; border-top: #000000 0.25pt solid; border-bottom: #000000 1.50pt solid;">
              <div style="text-align: right; text-indent: 1.5pt; font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">1,214</div>
            </td>
            <td style="width: 12.13%; vertical-align: top; border-top: #000000 0.25pt solid; border-bottom: #000000 1.50pt solid;">
              <div style="text-align: right; text-indent: 1.5pt; font-family: Verdana, sans-serif; font-size: 9.5pt;">1,210</div>
            </td>
          </tr>

      </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;">53</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; font-size: 9.5pt;">Supplemental cash flow information related to operating leases was as follows:</div>
      <div><br>
      </div>
      <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="z2ee032466d464dcfb4f7346c82c28878" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 50.16%; vertical-align: top;">&#160;</td>
            <td colspan="2" style="width: 24.25%; vertical-align: top;">&#160;</td>
            <td style="width: 1.33%; vertical-align: top;">&#160;</td>
            <td colspan="2" style="width: 24.26%; vertical-align: top; border-top: #000000 0.50pt solid;">
              <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">Three Months Ended</div>
            </td>
          </tr>
          <tr>
            <td style="width: 50.16%; vertical-align: top;">&#160;</td>
            <td style="width: 12.12%; vertical-align: top;">&#160;</td>
            <td style="width: 12.13%; vertical-align: top;">&#160;</td>
            <td style="width: 1.33%; vertical-align: top;">&#160;</td>
            <td style="width: 12.13%; vertical-align: top; border-top: #000000 0.50pt solid;">
              <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">April 30,</div>
            </td>
            <td style="width: 12.13%; vertical-align: top; border-top: #000000 0.50pt solid;">
              <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt;">April 30,</div>
            </td>
          </tr>
          <tr>
            <td style="width: 50.16%; vertical-align: top;">&#160;</td>
            <td style="width: 12.12%; vertical-align: top;">&#160;</td>
            <td style="width: 12.13%; vertical-align: top;">&#160;</td>
            <td style="width: 1.33%; vertical-align: top;">&#160;</td>
            <td style="width: 12.13%; vertical-align: top; border-bottom: #000000 0.50pt solid;">
              <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">2022</div>
            </td>
            <td style="width: 12.13%; vertical-align: top; border-bottom: #000000 0.50pt solid;">
              <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt;">2021</div>
            </td>
          </tr>
          <tr>
            <td style="width: 50.16%; vertical-align: top;">
              <div style="font-family: Verdana, sans-serif; font-size: 9.5pt;">Operating cash outflows from operating leases included in measurement of lease liabilities</div>
            </td>
            <td style="width: 12.12%; vertical-align: top;">&#160;</td>
            <td style="width: 12.13%; vertical-align: bottom;">&#160;</td>
            <td style="width: 1.33%; vertical-align: top;">&#160;</td>
            <td style="width: 12.13%; vertical-align: bottom;">
              <div style="text-align: right; text-indent: 1.5pt; font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">1,116</div>
            </td>
            <td style="width: 12.13%; vertical-align: bottom;">
              <div style="text-align: right; text-indent: 1.5pt; font-family: Verdana, sans-serif; font-size: 9.5pt;">1,202</div>
            </td>
          </tr>
          <tr>
            <td style="width: 50.16%; vertical-align: top;">
              <div style="font-family: Verdana, sans-serif; font-size: 9.5pt;">New ROU assets obtained in exchange for lease obligations</div>
            </td>
            <td style="width: 12.12%; vertical-align: top;">&#160;</td>
            <td style="width: 12.13%; vertical-align: bottom;">&#160;</td>
            <td style="width: 1.33%; vertical-align: top;">&#160;</td>
            <td style="width: 12.13%; vertical-align: bottom;">
              <div style="text-align: right; text-indent: 1.5pt; font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">224</div>
            </td>
            <td style="width: 12.13%; vertical-align: bottom;">
              <div style="text-align: right; text-indent: 1.5pt; font-family: Verdana, sans-serif; font-size: 9.5pt;">328</div>
            </td>
          </tr>

      </table>
      <div><br>
      </div>
      <div style="text-align: justify; font-family: Verdana, sans-serif; font-size: 9.5pt;">Supplemental information related to operating leases was as follows:</div>
      <div><br>
      </div>
      <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="z28e9c65f10174f0abddb07bd064b4fe7" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 60.39%; vertical-align: bottom;">&#160;</td>
            <td style="width: 12.71%; vertical-align: bottom;">&#160;</td>
            <td style="width: 13.45%; vertical-align: bottom; border-top: #000000 0.50pt solid; border-bottom: #000000 0.50pt solid;">
              <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">April 30, 2022</div>
            </td>
            <td style="width: 13.45%; vertical-align: bottom; border-top: #000000 0.50pt solid; border-bottom: #000000 0.50pt solid;">
              <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt;">January 31, 2022</div>
            </td>
          </tr>
          <tr>
            <td style="width: 60.39%; vertical-align: top;">
              <div style="font-family: Verdana, sans-serif; font-size: 9.5pt;">Weighted average remaining lease term (years)</div>
            </td>
            <td style="width: 12.71%; vertical-align: top;">&#160;</td>
            <td style="width: 13.45%; vertical-align: top; border-top: #000000 0.50pt solid;">
              <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">3.1</div>
            </td>
            <td style="width: 13.45%; vertical-align: top; border-top: #000000 0.50pt solid;">
              <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt;">3.3</div>
            </td>
          </tr>
          <tr>
            <td style="width: 60.39%; vertical-align: top;">
              <div style="font-family: Verdana, sans-serif; font-size: 9.5pt;">Weighted average discount rate (%)</div>
            </td>
            <td style="width: 12.71%; vertical-align: top;">&#160;</td>
            <td style="width: 13.45%; vertical-align: top;">
              <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">2.1</div>
            </td>
            <td style="width: 13.45%; vertical-align: top;">
              <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt;">2.1</div>
            </td>
          </tr>

      </table>
      <div><br>
      </div>
      <div style="text-align: justify; font-family: Verdana, sans-serif; font-size: 9.5pt;">Maturities of operating lease liabilities were as follows as of April 30, 2022:</div>
      <div><br>
      </div>
      <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="za4027fc6a2ac42e4b6f325c40a8ee2d1" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 61.33%; vertical-align: bottom;">
              <div style="font-family: Verdana, sans-serif; font-size: 9.5pt;">Years Ended January 31,</div>
            </td>
            <td style="width: 12.89%; vertical-align: bottom;">&#160;</td>
            <td style="width: 12.89%; vertical-align: bottom;">&#160;</td>
            <td style="width: 12.89%; vertical-align: bottom; border-top: #000000 0.50pt solid; border-bottom: #000000 0.25pt solid;">
              <div style="text-align: right; margin-left: 9pt; font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">Operating Leases</div>
            </td>
          </tr>
          <tr>
            <td style="width: 61.33%; vertical-align: top;">
              <div style="margin-left: 12pt; font-family: Verdana, sans-serif; font-size: 9.5pt;">Remainder of 2023</div>
            </td>
            <td style="width: 12.89%; vertical-align: top;">&#160;</td>
            <td style="width: 12.89%; vertical-align: top;">&#160;</td>
            <td style="width: 12.89%; vertical-align: top;">
              <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">3,131</div>
            </td>
          </tr>
          <tr>
            <td style="width: 61.33%; vertical-align: top;">
              <div style="margin-left: 12pt; font-family: Verdana, sans-serif; font-size: 9.5pt;">2024</div>
            </td>
            <td style="width: 12.89%; vertical-align: top;">&#160;</td>
            <td style="width: 12.89%; vertical-align: top;">&#160;</td>
            <td style="width: 12.89%; vertical-align: top;">
              <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">3,476</div>
            </td>
          </tr>
          <tr>
            <td style="width: 61.33%; vertical-align: top;">
              <div style="margin-left: 12pt; font-family: Verdana, sans-serif; font-size: 9.5pt;">2025</div>
            </td>
            <td style="width: 12.89%; vertical-align: top;">&#160;</td>
            <td style="width: 12.89%; vertical-align: top;">&#160;</td>
            <td style="width: 12.89%; vertical-align: top;">
              <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">2,415</div>
            </td>
          </tr>
          <tr>
            <td style="width: 61.33%; vertical-align: top;">
              <div style="margin-left: 12pt; font-family: Verdana, sans-serif; font-size: 9.5pt;">2026</div>
            </td>
            <td style="width: 12.89%; vertical-align: top;">&#160;</td>
            <td style="width: 12.89%; vertical-align: top;">&#160;</td>
            <td style="width: 12.89%; vertical-align: top;">
              <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">1,045</div>
            </td>
          </tr>
          <tr>
            <td style="width: 61.33%; vertical-align: top;">
              <div style="margin-left: 12pt; font-family: Verdana, sans-serif; font-size: 9.5pt;">2027</div>
            </td>
            <td style="width: 12.89%; vertical-align: top;">&#160;</td>
            <td style="width: 12.89%; vertical-align: top;">&#160;</td>
            <td style="width: 12.89%; vertical-align: top;">
              <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">297</div>
            </td>
          </tr>
          <tr>
            <td style="width: 61.33%; vertical-align: top;">
              <div style="margin-left: 12pt; font-family: Verdana, sans-serif; font-size: 9.5pt;">2028 and thereafter</div>
            </td>
            <td style="width: 12.89%; vertical-align: top;">&#160;</td>
            <td style="width: 12.89%; vertical-align: top;">&#160;</td>
            <td style="width: 12.89%; vertical-align: top;">
              <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">178</div>
            </td>
          </tr>
          <tr>
            <td style="width: 61.33%; vertical-align: top;">
              <div style="font-family: Verdana, sans-serif; font-size: 9.5pt;">Total lease payments</div>
            </td>
            <td style="width: 12.89%; vertical-align: top;">&#160;</td>
            <td style="width: 12.89%; vertical-align: top;">&#160;</td>
            <td style="width: 12.89%; vertical-align: top; border-top: #000000 0.25pt solid;">
              <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">10,542</div>
            </td>
          </tr>
          <tr>
            <td style="width: 61.33%; vertical-align: top;">
              <div style="margin-left: 10.5pt; font-family: Verdana, sans-serif; font-size: 9.5pt;">Less: imputed interest</div>
            </td>
            <td style="width: 12.89%; vertical-align: top;">&#160;</td>
            <td style="width: 12.89%; vertical-align: top;">&#160;</td>
            <td style="width: 12.89%; vertical-align: top; border-bottom: #000000 0.25pt solid;">
              <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">382</div>
            </td>
          </tr>
          <tr>
            <td style="width: 61.33%; vertical-align: top;">
              <div style="font-family: Verdana, sans-serif; font-size: 9.5pt;">Total lease obligations</div>
            </td>
            <td style="width: 12.89%; vertical-align: top;">&#160;</td>
            <td style="width: 12.89%; vertical-align: top;">&#160;</td>
            <td style="width: 12.89%; vertical-align: top; border-top: #000000 0.25pt solid; border-bottom: #000000 1.50pt solid;">
              <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">10,160</div>
            </td>
          </tr>
          <tr>
            <td style="width: 61.33%; vertical-align: top;">
              <div style="margin-left: 10.5pt; font-family: Verdana, sans-serif; font-size: 9.5pt;">Current</div>
            </td>
            <td style="width: 12.89%; vertical-align: top;">&#160;</td>
            <td style="width: 12.89%; vertical-align: top;">&#160;</td>
            <td style="width: 12.89%; vertical-align: top;">
              <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">3,872</div>
            </td>
          </tr>
          <tr>
            <td style="width: 61.33%; vertical-align: top;">
              <div style="margin-left: 10.5pt; font-family: Verdana, sans-serif; font-size: 9.5pt;">Long-term</div>
            </td>
            <td style="width: 12.89%; vertical-align: top;">&#160;</td>
            <td style="width: 12.89%; vertical-align: top;">&#160;</td>
            <td style="width: 12.89%; vertical-align: top; border-bottom: #000000 1.50pt solid;">
              <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">6,288</div>
            </td>
          </tr>

      </table>
      <div><br>
      </div>
      <div style="font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">Note 14 - Commitments, Contingencies and Guarantees</div>
      <div><br>
      </div>
      <div style="text-align: justify; font-family: Verdana, sans-serif; font-size: 9.5pt; font-style: italic; font-weight: bold;">Commitments</div>
      <div style="text-align: justify; font-family: Verdana, sans-serif; font-size: 9.5pt;">As described in Note 2 to the audited consolidated financial statements for 2022 included in our 2022 Annual Report, we maintain deferred share unit (&#8220;DSU&#8221;) and
        cash-settled restricted share unit (&#8220;CRSU&#8221;) plans for our directors and employees. Any payments made pursuant to these plans are settled in cash. For DSUs and CRSUs, the units vest over time and the liability recognized at any given consolidated
        balance sheet date reflects only those units vested at that date that have not yet been settled in cash. As such, we had an unrecognized aggregate liability for the unvested DSUs and CRSUs of nil and $0.9 million, respectively, at April 30, 2022.
        The ultimate liability for any payment of DSUs and CRSUs is dependent on the trading price of our common shares. To partially offset our exposure to fluctuations in our stock price, we have entered into equity derivative contracts, including
        floating-rate equity forwards. As at April 30, 2022, we had equity derivatives for 252,011 Descartes common shares and a DSU liability for 253,454 Descartes common shares, resulting
          in minimal net exposure&#160;resulting from changes to our share price.</div>
      <div><br>
      </div>
      <div style="font-family: Verdana, sans-serif; font-size: 9.5pt; font-style: italic; font-weight: bold;">Contingencies</div>
      <div style="text-align: justify; font-family: Verdana, sans-serif; font-size: 9.5pt;">We are subject to a variety of other claims and suits that arise from time to time in the ordinary course of our business. The consequences of these matters are not
        presently determinable but, in the opinion of management after consulting with legal counsel, the ultimate aggregate potential liability is not currently expected to have a material effect on our results of operations or financial position.</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;">54</font></div>
        <div style="page-break-after:always;" id="DSPFPageBreak">
          <hr style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;" noshade="noshade"></div>
      </div>
      <div><br>
      </div>
      <div><br>
      </div>
      <div style="text-align: justify; font-family: Verdana, sans-serif; font-size: 9.5pt;"><u>Product Warranties</u></div>
      <div style="text-align: justify; font-family: Verdana, sans-serif; font-size: 9.5pt;">In the normal course of operations, we provide our customers with product warranties relating to the performance of our hardware, software and services. To date, we
        have not encountered material costs as a result of such obligations and have not accrued any liabilities related to such obligations in our condensed consolidated financial statements.</div>
      <div><br>
      </div>
      <div style="text-align: justify; font-family: Verdana, sans-serif; font-size: 9.5pt;"><u>Business combination agreements</u></div>
      <div style="text-align: justify; font-family: Verdana, sans-serif; font-size: 9.5pt;">In respect of our acquisitions of Kontainers, ShipTrack, GreenMile and NetCHB, up to $95.4 million in cash may become payable if certain revenue performance targets
        are met in the two years following the acquisition. A balance of $27.6 million is accrued related to the fair value of this contingent consideration as at April 30, 2022.</div>
      <div><br>
      </div>
      <div style="font-family: Verdana, sans-serif; font-size: 9.5pt; font-style: italic; font-weight: bold;">Guarantees</div>
      <div style="text-align: justify; font-family: Verdana, sans-serif; font-size: 9.5pt;">In the normal course of business, we enter into a variety of agreements that may contain features that meet the definition of a guarantee under ASC Topic 460,
        &#8220;Guarantees&#8221;. The following lists our significant guarantees:</div>
      <div><br>
      </div>
      <div style="text-align: justify; font-family: Verdana, sans-serif; font-size: 9.5pt;"><u>Intellectual property indemnification obligations</u></div>
      <div style="text-align: justify; font-family: Verdana, sans-serif; font-size: 9.5pt;">We provide indemnifications of varying scope to our customers against claims of intellectual property infringement made by third parties arising from the use of our
        products. In the event of such a claim, we are generally obligated to defend our customers against the claim and we are liable to pay damages and costs assessed against our customers that are payable as part of a final judgment or settlement. These
        intellectual property infringement indemnification clauses are not generally subject to any dollar limits and remain in force for the term of our license agreement with our customer, which license terms are typically perpetual. Historically, we
        have not encountered material costs as a result of such indemnification obligations.</div>
      <div><br>
      </div>
      <div style="text-align: justify; font-family: Verdana, sans-serif; font-size: 9.5pt;"><u>Other indemnification agreements</u></div>
      <div style="text-align: justify; font-family: Verdana, sans-serif; font-size: 9.5pt;">In the normal course of operations, we enter into various agreements that provide general indemnities. These indemnities typically arise in connection with
        purchases and sales of assets, securities offerings or buy-backs, service contracts, administration of employee benefit plans, retention of officers and directors, membership agreements, customer financing transactions, and leasing transactions. In
        addition, our corporate by-laws provide for the indemnification of our directors and officers. Each of these indemnities requires us, in certain circumstances, to compensate the counterparties for various costs resulting from breaches of
        representations or obligations under such arrangements, or as a result of third party claims that may be suffered by the counterparty as a consequence of the transaction. We believe that the likelihood that we could incur significant liability
        under these obligations is remote. Historically, we have not made any significant payments under such indemnities.</div>
      <div><br>
      </div>
      <div style="text-align: justify; font-family: Verdana, sans-serif; font-size: 9.5pt;">In evaluating estimated losses for the guarantees or indemnities described above, we consider such factors as the degree of probability of an unfavorable outcome
        and the ability to make a reasonable estimate of the amount of loss. We are unable to make a reasonable estimate of the maximum potential amount payable under such guarantees or indemnities as many of these arrangements do not specify a maximum
        potential dollar exposure or time limitation. The amount also depends on the outcome of future events and conditions, which cannot be predicted. Given the foregoing, to date, we have not accrued any liability in our condensed consolidated financial
        statements for the guarantees or indemnities described above.</div>
      <div><br>
      </div>
      <div style="font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">Note 15 &#8211; Share Capital</div>
      <div><br>
      </div>
      <div style="text-align: justify; font-family: Verdana, sans-serif; font-size: 9.5pt;">On July 16, 2020, we filed a final short-form base shelf prospectus (the &#8220;2020 Base Shelf Prospectus&#8221;), allowing us to offer and issue the following securities: (i)
        common shares; (ii) preferred shares; (iii) senior or subordinated unsecured debt securities; (iv) subscription receipts; (v) warrants; and (vi) securities comprised of more than one of the aforementioned common shares, preferred shares, debt
        securities, subscription receipts and/ or warrants offered together as a unit. These securities may be offered separately or together, in separate series, in amounts, at prices and on terms to be set forth in one or</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;">55</font></div>
        <div style="page-break-after:always;" id="DSPFPageBreak">
          <hr style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;" noshade="noshade"></div>
      </div>
      <div><br>
      </div>
      <div style="text-align: justify; font-family: Verdana, sans-serif; font-size: 9.5pt;">more shelf prospectus supplements. The aggregate initial offering price of securities that may be sold by us (or certain of our current or future shareholders)
        pursuant to the 2020 Base Shelf Prospectus during the 25-month period that the 2020 Base Shelf Prospectus, including any amendments thereto, remains valid is limited to an aggregate of $1 billion. No securities have yet been sold pursuant to the
        2020 Base Shelf Prospectus.</div>
      <div><br>
      </div>
      <div style="text-align: justify; font-family: Verdana, sans-serif; font-size: 9.5pt;">For the three month periods ended April 30, 2022 and April 30, 2021, cash flows provided from stock options and share units exercised were $0.4 million and $0.6
        million, respectively.</div>
      <div><br>
      </div>
      <div style="text-align: justify; font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">Note 16 - Earnings Per Share</div>
      <div><br>
      </div>
      <div style="text-align: justify; font-family: Verdana, sans-serif; font-size: 9.5pt;">The following table sets forth the computation of basic and diluted earnings per share (&#8220;EPS&#8221;) (number of shares in thousands):</div>
      <div><br>
      </div>
      <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="z3f1dd9a3706d40fba34e2e0f2107d84c" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 50.22%; vertical-align: top;">&#160;</td>
            <td colspan="2" style="width: 24.23%; vertical-align: top;">&#160;</td>
            <td style="width: 1.33%; vertical-align: top;">&#160;</td>
            <td colspan="2" style="width: 24.23%; vertical-align: top; border-top: #000000 0.50pt solid;">
              <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">Three Months Ended</div>
            </td>
          </tr>
          <tr>
            <td style="width: 50.22%; vertical-align: top;">&#160;</td>
            <td style="width: 12.11%; vertical-align: top;">&#160;</td>
            <td style="width: 12.11%; vertical-align: top;">&#160;</td>
            <td rowspan="2" style="width: 1.33%; vertical-align: top;">&#160;</td>
            <td style="width: 12.11%; vertical-align: top; border-top: #000000 0.50pt solid;">
              <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">April 30,</div>
            </td>
            <td style="width: 12.11%; vertical-align: top; border-top: #000000 0.50pt solid;">
              <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt;">April 30,</div>
            </td>
          </tr>
          <tr>
            <td style="width: 50.22%; vertical-align: top;">&#160;</td>
            <td style="width: 12.11%; vertical-align: top;">&#160;</td>
            <td style="width: 12.11%; vertical-align: top;">&#160;</td>
            <td style="width: 12.11%; vertical-align: top; border-bottom: #000000 0.50pt solid;">
              <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">2022</div>
            </td>
            <td style="width: 12.11%; vertical-align: top; border-bottom: #000000 0.50pt solid;">
              <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt;">2021</div>
            </td>
          </tr>
          <tr>
            <td style="width: 50.22%; vertical-align: top;">
              <div style="font-family: Verdana, sans-serif; font-size: 9.5pt;">Net income for purposes of calculating basic and diluted earnings per share</div>
            </td>
            <td style="width: 12.11%; vertical-align: bottom;">&#160;</td>
            <td style="width: 12.11%; vertical-align: bottom;">&#160;</td>
            <td rowspan="8" style="width: 1.33%; vertical-align: bottom;">&#160;</td>
            <td style="width: 12.11%; vertical-align: bottom; border-bottom: #000000 0.25pt solid;">
              <div style="text-align: right; text-indent: 1.5pt; font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">23,115</div>
            </td>
            <td style="width: 12.11%; vertical-align: bottom; border-bottom: #000000 0.25pt solid;">
              <div style="text-align: right; text-indent: 1.5pt; font-family: Verdana, sans-serif; font-size: 9.5pt;">18,421</div>
            </td>
          </tr>
          <tr>
            <td style="width: 50.22%; vertical-align: top;">&#160;</td>
            <td style="width: 12.11%; vertical-align: bottom;">&#160;</td>
            <td style="width: 12.11%; vertical-align: bottom;">&#160;</td>
            <td style="width: 12.11%; vertical-align: bottom; border-top: #000000 0.25pt solid;">&#160;</td>
            <td style="width: 12.11%; vertical-align: bottom; border-top: #000000 0.25pt solid;">&#160;</td>
          </tr>
          <tr>
            <td style="width: 50.22%; vertical-align: top;">
              <div style="font-family: Verdana, sans-serif; font-size: 9.5pt;">Weighted average shares outstanding</div>
            </td>
            <td style="width: 12.11%; vertical-align: bottom;">&#160;</td>
            <td style="width: 12.11%; vertical-align: bottom;">&#160;</td>
            <td style="width: 12.11%; vertical-align: bottom;">
              <div style="text-align: right; text-indent: 1.5pt; font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">84,765</div>
            </td>
            <td style="width: 12.11%; vertical-align: bottom;">
              <div style="text-align: right; text-indent: 1.5pt; font-family: Verdana, sans-serif; font-size: 9.5pt;">84,501</div>
            </td>
          </tr>
          <tr>
            <td style="width: 50.22%; vertical-align: top;">
              <div style="font-family: Verdana, sans-serif; font-size: 9.5pt;">Dilutive effect of employee stock options</div>
            </td>
            <td style="width: 12.11%; vertical-align: bottom;">&#160;</td>
            <td style="width: 12.11%; vertical-align: bottom;">&#160;</td>
            <td style="width: 12.11%; vertical-align: bottom;">
              <div style="text-align: right; text-indent: 1.5pt; font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">466</div>
            </td>
            <td style="width: 12.11%; vertical-align: bottom;">
              <div style="text-align: right; text-indent: 1.5pt; font-family: Verdana, sans-serif; font-size: 9.5pt;">413</div>
            </td>
          </tr>
          <tr>
            <td style="width: 50.22%; vertical-align: top;">
              <div style="font-family: Verdana, sans-serif; font-size: 9.5pt;">Dilutive effect of restricted and performance share units</div>
            </td>
            <td style="width: 12.11%; vertical-align: bottom;">&#160;</td>
            <td style="width: 12.11%; vertical-align: bottom;">&#160;</td>
            <td style="width: 12.11%; vertical-align: bottom; border-bottom: #000000 0.25pt solid;">
              <div style="text-align: right; text-indent: 1.5pt; font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">1,117</div>
            </td>
            <td style="width: 12.11%; vertical-align: bottom; border-bottom: #000000 0.25pt solid;">
              <div style="text-align: right; text-indent: 1.5pt; font-family: Verdana, sans-serif; font-size: 9.5pt;">1,131</div>
            </td>
          </tr>
          <tr>
            <td style="width: 50.22%; vertical-align: top;">
              <div style="font-family: Verdana, sans-serif; font-size: 9.5pt;">Weighted average common and common equivalent shares outstanding</div>
            </td>
            <td style="width: 12.11%; vertical-align: bottom;">&#160;</td>
            <td style="width: 12.11%; vertical-align: bottom;">&#160;</td>
            <td style="width: 12.11%; vertical-align: bottom; border-top: #000000 0.25pt solid;">
              <div style="text-align: right; text-indent: 1.5pt; font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">86,348</div>
            </td>
            <td style="width: 12.11%; vertical-align: bottom; border-top: #000000 0.25pt solid;">
              <div style="text-align: right; text-indent: 1.5pt; font-family: Verdana, sans-serif; font-size: 9.5pt;">86,045</div>
            </td>
          </tr>
          <tr>
            <td style="width: 50.22%; vertical-align: top;">
              <div style="font-family: Verdana, sans-serif; font-size: 9.5pt;">Earnings per share</div>
            </td>
            <td style="width: 12.11%; vertical-align: bottom;">&#160;</td>
            <td style="width: 12.11%; vertical-align: bottom;">&#160;</td>
            <td style="width: 12.11%; vertical-align: bottom;">&#160;</td>
            <td style="width: 12.11%; vertical-align: bottom;">&#160;</td>
          </tr>
          <tr>
            <td style="width: 50.22%; vertical-align: top;">
              <div style="margin-left: 9pt; font-family: Verdana, sans-serif; font-size: 9.5pt;">Basic</div>
            </td>
            <td style="width: 12.11%; vertical-align: bottom;">&#160;</td>
            <td style="width: 12.11%; vertical-align: bottom;">&#160;</td>
            <td style="width: 12.11%; vertical-align: bottom;">
              <div style="text-align: right; text-indent: 1.5pt; font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">0.27</div>
            </td>
            <td style="width: 12.11%; vertical-align: bottom;">
              <div style="text-align: right; text-indent: 1.5pt; font-family: Verdana, sans-serif; font-size: 9.5pt;">0.22</div>
            </td>
          </tr>
          <tr>
            <td style="width: 50.22%; vertical-align: top;">
              <div style="margin-left: 9pt; font-family: Verdana, sans-serif; font-size: 9.5pt;">Diluted</div>
            </td>
            <td style="width: 12.11%; vertical-align: bottom;">&#160;</td>
            <td style="width: 12.11%; vertical-align: bottom;">&#160;</td>
            <td style="width: 1.33%; vertical-align: bottom;">&#160;</td>
            <td style="width: 12.11%; vertical-align: bottom; border-bottom: #000000 1.50pt solid;">
              <div style="text-align: right; text-indent: 1.5pt; font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">0.27</div>
            </td>
            <td style="width: 12.11%; vertical-align: bottom; border-bottom: #000000 1.50pt solid;">
              <div style="text-align: right; text-indent: 1.5pt; font-family: Verdana, sans-serif; font-size: 9.5pt;">0.21</div>
            </td>
          </tr>

      </table>
      <div><br>
      </div>
      <div style="text-align: justify; font-family: Verdana, sans-serif; font-size: 9.5pt;"><a name="z_Hlk40293981"></a>For the three month periods ended April 30, 2022 and April 30, 2021, nil and 248,105 options, respectively, were excluded from the
        calculation of diluted EPS as those options had an exercise price greater than or equal to the average market value of our common shares during the applicable periods and their inclusion would have been anti-dilutive.</div>
      <div><br>
      </div>
      <div style="text-align: justify; font-family: Verdana, sans-serif; font-size: 9.5pt;">For the three month periods ended April 30, 2022 and April 30, 2021, the application of the treasury stock method excluded 522,402 and 92,831 options, respectively,
        from the calculation of diluted EPS as the assumed proceeds from the unrecognized stock-based compensation expense of such options that are attributed to future service periods made such options anti-dilutive.</div>
      <div><br>
      </div>
      <div style="text-align: justify; font-family: Verdana, sans-serif; font-size: 9.5pt;">Additionally, for the three month periods ended April 30, 2022 and April 30, 2021, the application of the treasury stock method excluded PSUs and RSUs of 97,991 and
        127,540, respectively, from the calculation of diluted EPS as the unrecognized stock-based compensation expense of such PSUs and RSUs that are attributed to future service periods made such PSUs and RSUs anti-dilutive.</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;">56</font></div>
        <div style="page-break-after:always;" id="DSPFPageBreak">
          <hr style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;" noshade="noshade"></div>
      </div>
      <div><br>
      </div>
      <div style="font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">Note 17 - Stock-Based Compensation Plans</div>
      <div style="text-align: justify;"><a name="z_Hlk40293946"></a><a name="z_Hlk8935286"></a><a name="z_Hlk64022623"></a><br>
      </div>
      <div style="text-align: justify; font-family: Verdana, sans-serif; font-size: 9.5pt;">Total estimated stock-based compensation expense recognized in our condensed consolidated statement of operations was as follows:</div>
      <div><br>
      </div>
      <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="zb56a505f2ed941aeabea25f8dbd03dc3" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 50.16%; vertical-align: top;">&#160;</td>
            <td colspan="2" style="width: 24.25%; vertical-align: top;">&#160;</td>
            <td style="width: 1.33%; vertical-align: top;">&#160;</td>
            <td colspan="2" style="width: 24.26%; vertical-align: top; border-top: #000000 0.50pt solid;">
              <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">Three Months Ended</div>
            </td>
          </tr>
          <tr>
            <td style="width: 50.16%; vertical-align: top;">&#160;</td>
            <td style="width: 12.12%; vertical-align: top;">&#160;</td>
            <td style="width: 12.13%; vertical-align: top;">&#160;</td>
            <td style="width: 1.33%; vertical-align: top;">&#160;</td>
            <td style="width: 12.13%; vertical-align: top; border-top: #000000 0.50pt solid;">
              <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">April 30,</div>
            </td>
            <td style="width: 12.13%; vertical-align: top; border-top: #000000 0.50pt solid;">
              <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt;">April 30,</div>
            </td>
          </tr>
          <tr>
            <td style="width: 50.16%; vertical-align: top;">&#160;</td>
            <td style="width: 12.12%; vertical-align: top;">&#160;</td>
            <td style="width: 12.13%; vertical-align: top;">&#160;</td>
            <td style="width: 1.33%; vertical-align: top;">&#160;</td>
            <td style="width: 12.13%; vertical-align: top; border-bottom: #000000 0.50pt solid;">
              <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">2022</div>
            </td>
            <td style="width: 12.13%; vertical-align: top; border-bottom: #000000 0.50pt solid;">
              <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt;">2021</div>
            </td>
          </tr>
          <tr>
            <td style="width: 50.16%; vertical-align: top;">
              <div style="font-family: Verdana, sans-serif; font-size: 9.5pt;">Cost of revenues</div>
            </td>
            <td style="width: 12.12%; vertical-align: top;">&#160;</td>
            <td style="width: 12.13%; vertical-align: bottom;">&#160;</td>
            <td style="width: 1.33%; vertical-align: top;">&#160;</td>
            <td style="width: 12.13%; vertical-align: top;">
              <div style="text-align: right; text-indent: 1.5pt; font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">195</div>
            </td>
            <td style="width: 12.13%; vertical-align: top;">
              <div style="text-align: right; text-indent: 1.5pt; font-family: Verdana, sans-serif; font-size: 9.5pt;">144</div>
            </td>
          </tr>
          <tr>
            <td style="width: 50.16%; vertical-align: top;">
              <div style="font-family: Verdana, sans-serif; font-size: 9.5pt;">Sales and marketing</div>
            </td>
            <td style="width: 12.12%; vertical-align: top;">&#160;</td>
            <td style="width: 12.13%; vertical-align: bottom;">&#160;</td>
            <td style="width: 1.33%; vertical-align: top;">&#160;</td>
            <td style="width: 12.13%; vertical-align: top;">
              <div style="text-align: right; text-indent: 1.5pt; font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">486</div>
            </td>
            <td style="width: 12.13%; vertical-align: top;">
              <div style="text-align: right; text-indent: 1.5pt; font-family: Verdana, sans-serif; font-size: 9.5pt;">361</div>
            </td>
          </tr>
          <tr>
            <td style="width: 50.16%; vertical-align: top;">
              <div style="font-family: Verdana, sans-serif; font-size: 9.5pt;">Research and development</div>
            </td>
            <td style="width: 12.12%; vertical-align: top;">&#160;</td>
            <td style="width: 12.13%; vertical-align: bottom;">&#160;</td>
            <td style="width: 1.33%; vertical-align: top;">&#160;</td>
            <td style="width: 12.13%; vertical-align: top;">
              <div style="text-align: right; text-indent: 1.5pt; font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">367</div>
            </td>
            <td style="width: 12.13%; vertical-align: top;">
              <div style="text-align: right; text-indent: 1.5pt; font-family: Verdana, sans-serif; font-size: 9.5pt;">280</div>
            </td>
          </tr>
          <tr>
            <td style="width: 50.16%; vertical-align: top;">
              <div style="font-family: Verdana, sans-serif; font-size: 9.5pt;">General and administrative</div>
            </td>
            <td style="width: 12.12%; vertical-align: top;">&#160;</td>
            <td style="width: 12.13%; vertical-align: bottom;">&#160;</td>
            <td rowspan="2" style="width: 1.33%; vertical-align: top;">&#160;</td>
            <td style="width: 12.13%; vertical-align: top;">
              <div style="text-align: right; text-indent: 1.5pt; font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">1,739</div>
            </td>
            <td style="width: 12.13%; vertical-align: top;">
              <div style="text-align: right; text-indent: 1.5pt; font-family: Verdana, sans-serif; font-size: 9.5pt;">1,367</div>
            </td>
          </tr>
          <tr>
            <td style="width: 50.16%; vertical-align: top;">
              <div style="font-family: Verdana, sans-serif; font-size: 9.5pt;">Effect on net income</div>
            </td>
            <td style="width: 12.12%; vertical-align: top;">&#160;</td>
            <td style="width: 12.13%; vertical-align: bottom;">&#160;</td>
            <td style="width: 12.13%; vertical-align: top; border-top: #000000 0.25pt solid; border-bottom: #000000 1.50pt solid;">
              <div style="text-align: right; text-indent: 1.5pt; font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">2,787</div>
            </td>
            <td style="width: 12.13%; vertical-align: top; border-top: #000000 0.25pt solid; border-bottom: #000000 1.50pt solid;">
              <div style="text-align: right; text-indent: 1.5pt; font-family: Verdana, sans-serif; font-size: 9.5pt;">2,152</div>
            </td>
          </tr>

      </table>
      <div><br>
      </div>
      <div style="text-align: justify; font-family: Verdana, sans-serif; font-size: 9.5pt;"><a name="z_Hlk513901283"></a>Differences between how GAAP and applicable income tax laws treat the amount and timing of recognition of stock-based compensation
        expense may result in a deferred tax asset. <a name="z_Hlk71877276"></a>We have recorded a valuation allowance against any such deferred tax asset except for $1.1 million ($0.7 million at January 31, 2022) recognized in the United States. The tax
        benefit in connection with stock options exercised during the three month periods ended April 30, 2022 and April 30, 2021 was $0.4 million and nominal, respectively.</div>
      <div><br>
      </div>
      <div style="text-align: justify; font-family: Verdana, sans-serif; font-size: 9.5pt; font-style: italic; font-weight: bold;">Stock Options</div>
      <div><br>
      </div>
      <div style="text-align: justify; font-family: Verdana, sans-serif; font-size: 9.5pt;">As of April 30, 2022, we had 1,544,254 stock options granted and outstanding under our shareholder-approved stock option plan and 2,791,392 remained available for
        grant.</div>
      <div><br>
      </div>
      <div style="text-align: justify; font-family: Verdana, sans-serif; font-size: 9.5pt;"><a name="OLE_LINK14"></a>As of April 30, 2022, $10.1 million of total unrecognized compensation costs related to non-vested stock option awards is expected to be
        recognized over a weighted average period of 2.9 years. The total fair value of stock options vested during the three month period ended April 30, 2022 was $0.1 million.</div>
      <div><br>
      </div>
      <div style="text-align: justify; font-family: Verdana, sans-serif; font-size: 9.5pt;">The total number of options granted during the three month periods ended April 30, 2022 and April 30, 2021 was 262,277 and 268,025, respectively. The weighted
        average grant-date fair value of options granted during the three month periods ended April 30, 2022 and April 30, 2021 was $19.14 and $16.65 per option, respectively.</div>
      <div><br>
      </div>
      <div style="text-align: justify; font-family: Verdana, sans-serif; font-size: 9.5pt;">The weighted-average assumptions were as follows:</div>
      <div><br>
      </div>
      <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="z06b39845258a418c8b8dc460203e5a98" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 65.27%; vertical-align: top;">&#160;</td>
            <td style="width: 11.58%; vertical-align: bottom;">&#160;</td>
            <td colspan="2" style="width: 23.15%; vertical-align: bottom; border-top: #000000 0.50pt solid; border-bottom: #000000 0.50pt solid;">
              <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">Three Months Ended</div>
            </td>
          </tr>
          <tr>
            <td style="width: 65.27%; vertical-align: top;">&#160;</td>
            <td style="width: 11.58%; vertical-align: bottom;">&#160;</td>
            <td style="width: 11.58%; vertical-align: bottom; border-top: #000000 0.50pt solid; border-bottom: #000000 0.50pt solid;">
              <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">April 30, 2022</div>
            </td>
            <td style="width: 11.58%; vertical-align: bottom; border-top: #000000 0.50pt solid; border-bottom: #000000 0.50pt solid;">
              <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt;">April 30, 2021</div>
            </td>
          </tr>
          <tr>
            <td style="width: 65.27%; vertical-align: top;">
              <div style="font-family: Verdana, sans-serif; font-size: 9.5pt;">&#160;&#160;Expected dividend yield (%)</div>
            </td>
            <td style="width: 11.58%; vertical-align: middle;">&#160;</td>
            <td style="width: 11.58%; vertical-align: middle; border-top: #000000 0.50pt solid;">
              <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">-</div>
            </td>
            <td style="width: 11.58%; vertical-align: middle; border-top: #000000 0.50pt solid;">
              <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt;">-</div>
            </td>
          </tr>
          <tr>
            <td style="width: 65.27%; vertical-align: top;">
              <div style="font-family: Verdana, sans-serif; font-size: 9.5pt;">&#160;&#160;Expected volatility (%)</div>
            </td>
            <td style="width: 11.58%; vertical-align: middle;">&#160;</td>
            <td style="width: 11.58%; vertical-align: middle;">
              <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">29.1</div>
            </td>
            <td style="width: 11.58%; vertical-align: middle;">
              <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt;">27.8</div>
            </td>
          </tr>
          <tr>
            <td style="width: 65.27%; vertical-align: top;">
              <div style="font-family: Verdana, sans-serif; font-size: 9.5pt;">&#160;&#160;Risk-free rate (%)</div>
            </td>
            <td style="width: 11.58%; vertical-align: middle;">&#160;</td>
            <td style="width: 11.58%; vertical-align: middle;">
              <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">2.4</div>
            </td>
            <td style="width: 11.58%; vertical-align: middle;">
              <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt;">0.7</div>
            </td>
          </tr>
          <tr>
            <td style="width: 65.27%; vertical-align: top;">
              <div style="font-family: Verdana, sans-serif; font-size: 9.5pt;">&#160;&#160;Expected option life (years)</div>
            </td>
            <td style="width: 11.58%; vertical-align: middle;">&#160;</td>
            <td style="width: 11.58%; vertical-align: middle;">
              <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">5</div>
            </td>
            <td style="width: 11.58%; vertical-align: middle;">
              <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt;">5</div>
            </td>
          </tr>

      </table>
      <div><br>
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      <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;">57</font></div>
        <div style="page-break-after:always;" id="DSPFPageBreak">
          <hr style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;" noshade="noshade"></div>
      </div>
      <div><br>
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      <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="z9cf7e236e3754e5ca573f35cd08e6618" cellpadding="0" cellspacing="0">

          <tr>
            <td colspan="6" style="width: 100%; vertical-align: top;">
              <div style="font-family: Verdana, sans-serif; font-size: 9.5pt;">A summary of option activity under all of our plans is presented as follows:</div>
            </td>
          </tr>
          <tr>
            <td style="width: 41.96%; vertical-align: top;">&#160;</td>
            <td style="width: 2.32%; vertical-align: top;">&#160;</td>
            <td style="width: 13.93%; vertical-align: bottom; border-top: #000000 0.50pt solid; border-bottom: #000000 0.50pt solid;">
              <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">Number of Stock Options Outstanding</div>
            </td>
            <td style="width: 13.93%; vertical-align: bottom; border-top: #000000 0.50pt solid; border-bottom: #000000 0.50pt solid;">
              <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">Weighted-</div>
              <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">Average Exercise</div>
              <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">&#160;Price</div>
            </td>
            <td style="width: 13.93%; vertical-align: bottom; border-top: #000000 0.50pt solid; border-bottom: #000000 0.50pt solid;">
              <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">Weighted- Average Remaining Contractual Life (years)</div>
            </td>
            <td style="width: 13.93%; vertical-align: bottom; border-top: #000000 0.50pt solid; border-bottom: #000000 0.50pt solid;">
              <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">Aggregate Intrinsic</div>
              <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">&#160;Value</div>
              <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">&#160;(in millions)</div>
            </td>
          </tr>
          <tr>
            <td style="width: 41.96%; vertical-align: top;">
              <div style="font-family: Verdana, sans-serif; font-size: 9.5pt;">Balance at January 31, 2022</div>
            </td>
            <td style="width: 2.32%; vertical-align: top;">&#160;</td>
            <td style="width: 13.93%; vertical-align: top;">
              <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 9.5pt;">1,319,279</div>
            </td>
            <td style="width: 13.93%; vertical-align: top;">
              <div style="text-align: right; margin-right: 3.9pt; font-family: Verdana,sans-serif; font-size: 9.5pt;">$42.35</div>
            </td>
            <td style="width: 13.93%; vertical-align: top;">
              <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt;">4.4</div>
            </td>
            <td style="width: 13.93%; vertical-align: top;">
              <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt;">$41.5</div>
            </td>
          </tr>
          <tr>
            <td style="width: 41.96%; vertical-align: top;">
              <div style="text-indent: 2.75pt; margin-left: 12.25pt; font-family: Verdana, sans-serif; font-size: 9.5pt;">Granted</div>
            </td>
            <td style="width: 2.32%; vertical-align: top;">&#160;</td>
            <td style="width: 13.93%; vertical-align: top;">
              <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 9.5pt; font-weight: bold;">262,277</div>
            </td>
            <td style="width: 13.93%; vertical-align: top;">
              <div style="text-align: right; margin-right: 3.9pt; font-family: Verdana,sans-serif; font-size: 9.5pt; font-weight: bold;">$63.67</div>
            </td>
            <td style="width: 13.93%; vertical-align: top; text-align: right;">&#160;</td>
            <td style="width: 13.93%; vertical-align: top; text-align: right;">&#160;</td>
          </tr>
          <tr>
            <td style="width: 41.96%; vertical-align: top;">
              <div style="text-indent: 2.75pt; margin-left: 12pt; font-family: Verdana, sans-serif; font-size: 9.5pt;">Exercised</div>
            </td>
            <td style="width: 2.32%; vertical-align: top;">&#160;</td>
            <td style="width: 13.93%; vertical-align: top;">
              <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 9.5pt; font-weight: bold;">(25,352)</div>
            </td>
            <td style="width: 13.93%; vertical-align: top;">
              <div style="text-align: right; margin-right: 3.9pt; font-family: Verdana,sans-serif; font-size: 9.5pt; font-weight: bold;">$26.19</div>
            </td>
            <td style="width: 13.93%; vertical-align: top; text-align: right;">&#160;</td>
            <td style="width: 13.93%; vertical-align: top; text-align: right;">&#160;</td>
          </tr>
          <tr>
            <td style="width: 41.96%; vertical-align: top;">
              <div style="text-indent: 2.75pt; margin-left: 12pt; font-family: Verdana, sans-serif; font-size: 9.5pt;">Forfeited</div>
            </td>
            <td style="width: 2.32%; vertical-align: top;">&#160;</td>
            <td style="width: 13.93%; vertical-align: top;">
              <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 9.5pt; font-weight: bold;">(11,950)</div>
            </td>
            <td style="width: 13.93%; vertical-align: top;">
              <div style="text-align: right; margin-right: 3.9pt; font-family: Verdana,sans-serif; font-size: 9.5pt; font-weight: bold;">$52.95</div>
            </td>
            <td style="width: 13.93%; vertical-align: top; text-align: right;">&#160;</td>
            <td style="width: 13.93%; vertical-align: top; text-align: right;">&#160;</td>
          </tr>
          <tr>
            <td style="width: 41.96%; vertical-align: top;">
              <div style="font-family: Verdana, sans-serif; font-size: 9.5pt;">Balance at April 30, 2022</div>
            </td>
            <td style="width: 2.32%; vertical-align: top;">&#160;</td>
            <td style="width: 13.93%; vertical-align: top; border-top: #000000 0.50pt solid; border-bottom: #000000 1.50pt solid;">
              <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 9.5pt; font-weight: bold;">1,544,254</div>
            </td>
            <td style="width: 13.93%; vertical-align: top; border-top: #000000 0.50pt solid; border-bottom: #000000 1.50pt solid;">
              <div style="text-align: right; margin-right: 3.9pt; font-family: Verdana,sans-serif; font-size: 9.5pt; font-weight: bold;">$45.76</div>
            </td>
            <td style="width: 13.93%; vertical-align: top; border-top: #000000 0.50pt solid; border-bottom: #000000 1.50pt solid;">
              <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">4.7</div>
            </td>
            <td style="width: 13.93%; vertical-align: top; border-top: #000000 0.50pt solid; border-bottom: #000000 1.50pt solid;">
              <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">$27.1</div>
            </td>
          </tr>
          <tr>
            <td style="width: 41.96%; vertical-align: top;">&#160;</td>
            <td style="width: 2.32%; vertical-align: top;">&#160;</td>
            <td style="width: 13.93%; vertical-align: top; border-top: 0.5pt solid rgb(0, 0, 0); text-align: right;">&#160;</td>
            <td style="width: 13.93%; vertical-align: top; border-top: 0.5pt solid rgb(0, 0, 0); text-align: right;">&#160;</td>
            <td style="width: 13.93%; vertical-align: top; border-top: 0.5pt solid rgb(0, 0, 0); text-align: right;">&#160;</td>
            <td style="width: 13.93%; vertical-align: top; border-top: 0.5pt solid rgb(0, 0, 0); text-align: right;">&#160;</td>
          </tr>
          <tr>
            <td style="width: 41.96%; vertical-align: top;">
              <div style="font-family: Verdana, sans-serif; font-size: 9.5pt;">Vested or expected to vest at April 30, 2022</div>
            </td>
            <td style="width: 2.32%; vertical-align: top;">&#160;</td>
            <td style="width: 13.93%; vertical-align: bottom; border-bottom: #000000 1.50pt solid;">
              <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 9.5pt; font-weight: bold;">1,544,254</div>
            </td>
            <td style="width: 13.93%; vertical-align: bottom; border-bottom: #000000 1.50pt solid;">
              <div style="text-align: right; margin-right: 3.9pt; font-family: Verdana,sans-serif; font-size: 9.5pt; font-weight: bold;">$45.76</div>
            </td>
            <td style="width: 13.93%; vertical-align: bottom; border-bottom: #000000 1.50pt solid;">
              <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">4.7</div>
            </td>
            <td style="width: 13.93%; vertical-align: bottom; border-bottom: #000000 1.50pt solid;">
              <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">$27.1</div>
            </td>
          </tr>
          <tr>
            <td style="width: 41.96%; vertical-align: top;">&#160;</td>
            <td style="width: 2.32%; vertical-align: top;">&#160;</td>
            <td style="width: 13.93%; vertical-align: top; border-top: 1.5pt solid rgb(0, 0, 0); text-align: right;">&#160;</td>
            <td style="width: 13.93%; vertical-align: top; border-top: 1.5pt solid rgb(0, 0, 0); text-align: right;">&#160;</td>
            <td style="width: 13.93%; vertical-align: top; border-top: 1.5pt solid rgb(0, 0, 0); text-align: right;">&#160;</td>
            <td style="width: 13.93%; vertical-align: top; border-top: 1.5pt solid rgb(0, 0, 0); text-align: right;">&#160;</td>
          </tr>
          <tr>
            <td style="width: 41.96%; vertical-align: top;">
              <div style="font-family: Verdana, sans-serif; font-size: 9.5pt;">Exercisable at April 30, 2022</div>
            </td>
            <td style="width: 2.32%; vertical-align: top;">&#160;</td>
            <td style="width: 13.93%; vertical-align: top; border-bottom: #000000 1.50pt solid;">
              <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 9.5pt; font-weight: bold;">834,908</div>
            </td>
            <td style="width: 13.93%; vertical-align: top; border-bottom: #000000 1.50pt solid;">
              <div style="text-align: right; margin-right: 3.9pt; font-family: Verdana,sans-serif; font-size: 9.5pt; font-weight: bold;">$36.92</div>
            </td>
            <td style="width: 13.93%; vertical-align: top; border-bottom: #000000 1.50pt solid;">
              <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">3.7</div>
            </td>
            <td style="width: 13.93%; vertical-align: top; border-bottom: #000000 1.50pt solid;">
              <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">$21.9</div>
            </td>
          </tr>

      </table>
      <div><br>
      </div>
      <div style="text-align: justify; font-family: Verdana, sans-serif; font-size: 9.5pt;">The total intrinsic value of options exercised during the three month periods ended April 30, 2022 and April 30, 2021 was $1.1 million and $0.6 million,
        respectively.</div>
      <div><br>
      </div>
      <div style="text-align: justify; font-family: Verdana, sans-serif; font-size: 9.5pt; font-style: italic; font-weight: bold;">Performance Share Units</div>
      <div><br>
      </div>
      <div style="text-align: justify; font-family: Verdana, sans-serif; font-size: 9.5pt;">A summary of PSU activity is as follows:</div>
      <div><br>
      </div>
      <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="za6d7300797234999bb802165bdc79639" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 41.96%; vertical-align: top;">&#160;</td>
            <td style="width: 2.32%; vertical-align: top;">&#160;</td>
            <td style="width: 13.93%; vertical-align: bottom; border-top: #000000 0.50pt solid; border-bottom: #000000 0.50pt solid;">
              <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">Number of PSUs Outstanding</div>
            </td>
            <td style="width: 13.93%; vertical-align: bottom; border-top: #000000 0.50pt solid; border-bottom: #000000 0.50pt solid;">
              <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">Weighted-</div>
              <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">Average Granted Date Fair Value</div>
            </td>
            <td style="width: 13.93%; vertical-align: bottom; border-top: #000000 0.50pt solid; border-bottom: #000000 0.50pt solid;">
              <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">Weighted- Average Remaining Contractual Life (years)</div>
            </td>
            <td style="width: 13.93%; vertical-align: bottom; border-top: #000000 0.50pt solid; border-bottom: #000000 0.50pt solid;">
              <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">Aggregate Intrinsic</div>
              <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">&#160;Value</div>
              <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">&#160;(in millions)</div>
            </td>
          </tr>
          <tr>
            <td style="width: 41.96%; vertical-align: top;">
              <div style="font-family: Verdana, sans-serif; font-size: 9.5pt;">Balance at January 31, 2022</div>
            </td>
            <td style="width: 2.32%; vertical-align: top;">&#160;</td>
            <td style="width: 13.93%; vertical-align: top;">
              <div style="text-align: right; margin-right: 3.9pt; font-family: Verdana,sans-serif; font-size: 9.5pt;">777,538</div>
            </td>
            <td style="width: 13.93%; vertical-align: top;">
              <div style="text-align: right; margin-right: 3.9pt; font-family: Verdana,sans-serif; font-size: 9.5pt;">$35.76</div>
            </td>
            <td style="width: 13.93%; vertical-align: top;">
              <div style="text-align: right; margin-right: 3.6pt; font-family: Verdana, sans-serif; font-size: 9.5pt;">4.8</div>
            </td>
            <td style="width: 13.93%; vertical-align: top;">
              <div style="text-align: right; margin-right: 3.6pt; font-family: Verdana, sans-serif; font-size: 9.5pt;">$57.4</div>
            </td>
          </tr>
          <tr>
            <td style="width: 41.96%; vertical-align: top;">
              <div style="margin-left: 12.25pt; font-family: Verdana, sans-serif; font-size: 9.5pt;">Granted</div>
            </td>
            <td style="width: 2.32%; vertical-align: top;">&#160;</td>
            <td style="width: 13.93%; vertical-align: top;">
              <div style="text-align: right; margin-right: 3.9pt; font-family: Verdana,sans-serif; font-size: 9.5pt; font-weight: bold;">97,991</div>
            </td>
            <td style="width: 13.93%; vertical-align: top;">
              <div style="text-align: right; margin-right: 3.9pt; font-family: Verdana,sans-serif; font-size: 9.5pt; font-weight: bold;">$67.09</div>
            </td>
            <td style="width: 13.93%; vertical-align: top; text-align: right;">&#160;</td>
            <td style="width: 13.93%; vertical-align: top; text-align: right;">&#160;</td>
          </tr>
          <tr>
            <td style="width: 41.96%; vertical-align: top;">
              <div style="margin-left: 12.25pt; font-family: Verdana, sans-serif; font-size: 9.5pt;">Performance units issued</div>
            </td>
            <td style="width: 2.32%; vertical-align: top;">&#160;</td>
            <td style="width: 13.93%; vertical-align: top;">
              <div style="text-align: right; margin-right: 3.9pt; font-family: Verdana,sans-serif; font-size: 9.5pt; font-weight: bold;">39,704</div>
            </td>
            <td style="width: 13.93%; vertical-align: top;">
              <div style="text-align: right; margin-right: 3.9pt; font-family: Verdana,sans-serif; font-size: 9.5pt; font-weight: bold;">$56.11</div>
            </td>
            <td style="width: 13.93%; vertical-align: top; text-align: right;">&#160;</td>
            <td style="width: 13.93%; vertical-align: top; text-align: right;">&#160;</td>
          </tr>
          <tr>
            <td style="width: 41.96%; vertical-align: top;">
              <div style="font-family: Verdana, sans-serif; font-size: 9.5pt;">Balance at April 30, 2022</div>
            </td>
            <td style="width: 2.32%; vertical-align: top;">&#160;</td>
            <td style="width: 13.93%; vertical-align: top; border-top: #000000 0.50pt solid; border-bottom: #000000 1.50pt solid;">
              <div style="text-align: right; margin-right: 3.9pt; font-family: Verdana,sans-serif; font-size: 9.5pt; font-weight: bold;">915,233</div>
            </td>
            <td style="width: 13.93%; vertical-align: top; border-top: #000000 0.50pt solid; border-bottom: #000000 1.50pt solid;">
              <div style="text-align: right; margin-right: 3.9pt; font-family: Verdana,sans-serif; font-size: 9.5pt; font-weight: bold;">$39.66</div>
            </td>
            <td style="width: 13.93%; vertical-align: top; border-top: #000000 0.50pt solid; border-bottom: #000000 1.50pt solid;">
              <div style="text-align: right; margin-right: 3.9pt; font-family: Verdana,sans-serif; font-size: 9.5pt; font-weight: bold;">5.2</div>
            </td>
            <td style="width: 13.93%; vertical-align: top; border-top: #000000 0.50pt solid; border-bottom: #000000 1.50pt solid;">
              <div style="text-align: right; margin-right: 3.9pt; font-family: Verdana,sans-serif; font-size: 9.5pt; font-weight: bold;">$57.6</div>
            </td>
          </tr>
          <tr>
            <td style="width: 41.96%; vertical-align: top;">&#160;</td>
            <td style="width: 2.32%; vertical-align: top;">&#160;</td>
            <td style="width: 13.93%; vertical-align: top; border-top: 0.5pt solid rgb(0, 0, 0); text-align: right;">&#160;</td>
            <td style="width: 13.93%; vertical-align: top; border-top: 0.5pt solid rgb(0, 0, 0); text-align: right;">&#160;</td>
            <td style="width: 13.93%; vertical-align: top; border-top: 0.5pt solid rgb(0, 0, 0); text-align: right;">&#160;</td>
            <td style="width: 13.93%; vertical-align: top; border-top: 0.5pt solid rgb(0, 0, 0); text-align: right;">&#160;</td>
          </tr>
          <tr>
            <td style="width: 41.96%; vertical-align: top;">
              <div style="font-family: Verdana, sans-serif; font-size: 9.5pt;">Vested or expected to vest at April 30, 2022</div>
            </td>
            <td style="width: 2.32%; vertical-align: top;">&#160;</td>
            <td style="width: 13.93%; vertical-align: bottom; border-bottom: #000000 1.50pt solid;">
              <div style="text-align: right; margin-right: 3.9pt; font-family: Verdana,sans-serif; font-size: 9.5pt; font-weight: bold;">915,233</div>
            </td>
            <td style="width: 13.93%; vertical-align: bottom; border-bottom: #000000 1.50pt solid;">
              <div style="text-align: right; margin-right: 3.9pt; font-family: Verdana,sans-serif; font-size: 9.5pt; font-weight: bold;">$39.66</div>
            </td>
            <td style="width: 13.93%; vertical-align: bottom; border-bottom: #000000 1.50pt solid;">
              <div style="text-align: right; margin-right: 3.9pt; font-family: Verdana,sans-serif; font-size: 9.5pt; font-weight: bold;">5.2</div>
            </td>
            <td style="width: 13.93%; vertical-align: bottom; border-bottom: #000000 1.50pt solid;">
              <div style="text-align: right; margin-right: 3.9pt; font-family: Verdana,sans-serif; font-size: 9.5pt; font-weight: bold;">$57.6</div>
            </td>
          </tr>
          <tr>
            <td style="width: 41.96%; vertical-align: top;">&#160;</td>
            <td style="width: 2.32%; vertical-align: top;">&#160;</td>
            <td style="width: 13.93%; vertical-align: top; border-top: 1.5pt solid rgb(0, 0, 0); text-align: right;">&#160;</td>
            <td style="width: 13.93%; vertical-align: top; border-top: 1.5pt solid rgb(0, 0, 0); text-align: right;">&#160;</td>
            <td style="width: 13.93%; vertical-align: top; border-top: 1.5pt solid rgb(0, 0, 0); text-align: right;">&#160;</td>
            <td style="width: 13.93%; vertical-align: top; border-top: 1.5pt solid rgb(0, 0, 0); text-align: right;">&#160;</td>
          </tr>
          <tr>
            <td style="width: 41.96%; vertical-align: top;">
              <div style="font-family: Verdana, sans-serif; font-size: 9.5pt;">Exercisable at April 30, 2022</div>
            </td>
            <td style="width: 2.32%; vertical-align: top;">&#160;</td>
            <td style="width: 13.93%; vertical-align: top; border-bottom: #000000 2.25pt solid;">
              <div style="text-align: right; margin-right: 3.9pt; font-family: Verdana,sans-serif; font-size: 9.5pt; font-weight: bold;">654,467</div>
            </td>
            <td style="width: 13.93%; vertical-align: top; border-bottom: #000000 2.25pt solid;">
              <div style="text-align: right; margin-right: 3.9pt; font-family: Verdana,sans-serif; font-size: 9.5pt; font-weight: bold;">$27.64</div>
            </td>
            <td style="width: 13.93%; vertical-align: top; border-bottom: #000000 2.25pt solid;">
              <div style="text-align: right; margin-right: 3.9pt; font-family: Verdana,sans-serif; font-size: 9.5pt; font-weight: bold;">3.8</div>
            </td>
            <td style="width: 13.93%; vertical-align: top; border-bottom: #000000 2.25pt solid;">
              <div style="text-align: right; margin-right: 3.9pt; font-family: Verdana,sans-serif; font-size: 9.5pt; font-weight: bold;">$41.2</div>
            </td>
          </tr>

      </table>
      <div><br>
      </div>
      <div style="text-align: justify; font-family: Verdana, sans-serif; font-size: 9.5pt;">The aggregate intrinsic value represents the total pre-tax intrinsic value (the aggregate closing share price of our common shares on April 30, 2022) that would
        have been received by PSU holders if all PSUs had been vested on April 30, 2022.</div>
      <div><br>
      </div>
      <div style="text-align: justify; font-family: Verdana, sans-serif; font-size: 9.5pt;">As of April 30, 2022, $12.0 million of total unrecognized compensation costs related to non-vested awards is expected to be recognized over a weighted average
        period of 1.8 years. The total fair value of PSUs vested during the three month period ended April 30, 2022 was $5.2 million.</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;">58</font></div>
        <div style="page-break-after:always;" id="DSPFPageBreak">
          <hr style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;" noshade="noshade"></div>
      </div>
      <div><br>
      </div>
      <div style="text-align: justify; font-family: Verdana, sans-serif; font-size: 9.5pt; font-style: italic; font-weight: bold;">Restricted Share Units</div>
      <div><br>
      </div>
      <div style="text-align: justify; font-family: Verdana, sans-serif; font-size: 9.5pt;">A summary of RSU activity is as follows:</div>
      <div><br>
      </div>
      <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="z1666ef493eb94a569788eb978e33dfa6" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 41.96%; vertical-align: top;">&#160;</td>
            <td style="width: 2.32%; vertical-align: top;">&#160;</td>
            <td style="width: 13.93%; vertical-align: bottom; border-top: #000000 0.50pt solid; border-bottom: #000000 0.50pt solid;">
              <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">Number of RSUs Outstanding</div>
            </td>
            <td style="width: 13.93%; vertical-align: bottom; border-top: #000000 0.50pt solid; border-bottom: #000000 0.50pt solid;">
              <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">Weighted-</div>
              <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">Average Granted Date Fair Value</div>
            </td>
            <td style="width: 13.93%; vertical-align: bottom; border-top: #000000 0.50pt solid; border-bottom: #000000 0.50pt solid;">
              <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">Weighted- Average Remaining Contractual Life (years)</div>
            </td>
            <td style="width: 13.93%; vertical-align: bottom; border-top: #000000 0.50pt solid; border-bottom: #000000 0.50pt solid;">
              <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">Aggregate Intrinsic</div>
              <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">&#160;Value</div>
              <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">&#160;(in millions)</div>
            </td>
          </tr>
          <tr>
            <td style="width: 41.96%; vertical-align: top;">
              <div style="font-family: Verdana, sans-serif; font-size: 9.5pt;">Balance at January 31, 2022</div>
            </td>
            <td style="width: 2.32%; vertical-align: top;">&#160;</td>
            <td style="width: 13.93%; vertical-align: top;">
              <div style="text-align: right; margin-right: 3.9pt; font-family: Verdana,sans-serif; font-size: 9.5pt;">410,980</div>
            </td>
            <td style="width: 13.93%; vertical-align: top;">
              <div style="text-align: right; margin-right: 3.9pt; font-family: Verdana,sans-serif; font-size: 9.5pt;">$29.17</div>
            </td>
            <td style="width: 13.93%; vertical-align: top;">
              <div style="text-align: right; margin-right: 6pt; font-family: Verdana,sans-serif; font-size: 9.5pt;">5.0</div>
            </td>
            <td style="width: 13.93%; vertical-align: top;">
              <div style="text-align: right; margin-right: 4.5pt; font-family: Verdana, sans-serif; font-size: 9.5pt;">$30.3</div>
            </td>
          </tr>
          <tr>
            <td style="width: 41.96%; vertical-align: top;">
              <div style="margin-left: 12.25pt; font-family: Verdana, sans-serif; font-size: 9.5pt;">Granted</div>
            </td>
            <td style="width: 2.32%; vertical-align: top;">&#160;</td>
            <td style="width: 13.93%; vertical-align: top;">
              <div style="text-align: right; margin-right: 3.9pt; font-family: Verdana,sans-serif; font-size: 9.5pt; font-weight: bold;">63,651</div>
            </td>
            <td style="width: 13.93%; vertical-align: top;">
              <div style="text-align: right; margin-right: 3.9pt; font-family: Verdana,sans-serif; font-size: 9.5pt; font-weight: bold;">$63.53</div>
            </td>
            <td style="width: 13.93%; vertical-align: top; text-align: right;">&#160;</td>
            <td style="width: 13.93%; vertical-align: top; text-align: right;">&#160;</td>
          </tr>
          <tr>
            <td style="width: 41.96%; vertical-align: top;">
              <div style="font-family: Verdana, sans-serif; font-size: 9.5pt;">Balance at April 30, 2022</div>
            </td>
            <td style="width: 2.32%; vertical-align: top;">&#160;</td>
            <td style="width: 13.93%; vertical-align: top; border-top: #000000 0.50pt solid; border-bottom: #000000 1.50pt solid;">
              <div style="text-align: right; margin-right: 3.9pt; font-family: Verdana,sans-serif; font-size: 9.5pt; font-weight: bold;">474,631</div>
            </td>
            <td style="width: 13.93%; vertical-align: top; border-top: #000000 0.50pt solid; border-bottom: #000000 1.50pt solid;">
              <div style="text-align: right; margin-right: 3.9pt; font-family: Verdana,sans-serif; font-size: 9.5pt; font-weight: bold;">$33.49</div>
            </td>
            <td style="width: 13.93%; vertical-align: top; border-top: #000000 0.50pt solid; border-bottom: #000000 1.50pt solid;">
              <div style="text-align: right; margin-right: 3.9pt; font-family: Verdana,sans-serif; font-size: 9.5pt; font-weight: bold;">5.4</div>
            </td>
            <td style="width: 13.93%; vertical-align: top; border-top: #000000 0.50pt solid; border-bottom: #000000 1.50pt solid;">
              <div style="text-align: right; margin-right: 3.9pt; font-family: Verdana,sans-serif; font-size: 9.5pt; font-weight: bold;">$29.9</div>
            </td>
          </tr>
          <tr>
            <td style="width: 41.96%; vertical-align: top;">&#160;</td>
            <td style="width: 2.32%; vertical-align: top;">&#160;</td>
            <td style="width: 13.93%; vertical-align: top; border-top: 0.5pt solid rgb(0, 0, 0); text-align: right;">&#160;</td>
            <td style="width: 13.93%; vertical-align: top; border-top: 0.5pt solid rgb(0, 0, 0); text-align: right;">&#160;</td>
            <td style="width: 13.93%; vertical-align: top; border-top: 0.5pt solid rgb(0, 0, 0); text-align: right;">&#160;</td>
            <td style="width: 13.93%; vertical-align: top; border-top: 0.5pt solid rgb(0, 0, 0); text-align: right;">&#160;</td>
          </tr>
          <tr>
            <td style="width: 41.96%; vertical-align: top;">
              <div style="font-family: Verdana, sans-serif; font-size: 9.5pt;">Vested or expected to vest at April 30, 2022</div>
            </td>
            <td style="width: 2.32%; vertical-align: top;">&#160;</td>
            <td style="width: 13.93%; vertical-align: bottom; border-bottom: #000000 1.50pt solid;">
              <div style="text-align: right; margin-right: 3.9pt; font-family: Verdana,sans-serif; font-size: 9.5pt; font-weight: bold;">474,631</div>
            </td>
            <td style="width: 13.93%; vertical-align: bottom; border-bottom: #000000 1.50pt solid;">
              <div style="text-align: right; margin-right: 3.9pt; font-family: Verdana,sans-serif; font-size: 9.5pt; font-weight: bold;">$33.49</div>
            </td>
            <td style="width: 13.93%; vertical-align: bottom; border-bottom: #000000 1.50pt solid;">
              <div style="text-align: right; margin-right: 3.9pt; font-family: Verdana,sans-serif; font-size: 9.5pt; font-weight: bold;">5.4</div>
            </td>
            <td style="width: 13.93%; vertical-align: bottom; border-bottom: #000000 1.50pt solid;">
              <div style="text-align: right; margin-right: 3.9pt; font-family: Verdana,sans-serif; font-size: 9.5pt; font-weight: bold;">$29.9</div>
            </td>
          </tr>
          <tr>
            <td style="width: 41.96%; vertical-align: top;">&#160;</td>
            <td style="width: 2.32%; vertical-align: top;">&#160;</td>
            <td style="width: 13.93%; vertical-align: top; border-top: 1.5pt solid rgb(0, 0, 0); text-align: right;">&#160;</td>
            <td style="width: 13.93%; vertical-align: top; border-top: 1.5pt solid rgb(0, 0, 0); text-align: right;">&#160;</td>
            <td style="width: 13.93%; vertical-align: top; border-top: 1.5pt solid rgb(0, 0, 0); text-align: right;">&#160;</td>
            <td style="width: 13.93%; vertical-align: top; border-top: 1.5pt solid rgb(0, 0, 0); text-align: right;">&#160;</td>
          </tr>
          <tr>
            <td style="width: 41.96%; vertical-align: top;">
              <div style="font-family: Verdana, sans-serif; font-size: 9.5pt;">Exercisable at April 30, 2022</div>
            </td>
            <td style="width: 2.32%; vertical-align: top;">&#160;</td>
            <td style="width: 13.93%; vertical-align: top; border-bottom: #000000 2.25pt solid;">
              <div style="text-align: right; margin-right: 3.9pt; font-family: Verdana,sans-serif; font-size: 9.5pt; font-weight: bold;">355,675</div>
            </td>
            <td style="width: 13.93%; vertical-align: top; border-bottom: #000000 2.25pt solid;">
              <div style="text-align: right; margin-right: 3.9pt; font-family: Verdana,sans-serif; font-size: 9.5pt; font-weight: bold;">$24.36</div>
            </td>
            <td style="width: 13.93%; vertical-align: top; border-bottom: #000000 2.25pt solid;">
              <div style="text-align: right; margin-right: 3.9pt; font-family: Verdana,sans-serif; font-size: 9.5pt; font-weight: bold;">4.2</div>
            </td>
            <td style="width: 13.93%; vertical-align: top; border-bottom: #000000 2.25pt solid;">
              <div style="text-align: right; margin-right: 3.9pt; font-family: Verdana,sans-serif; font-size: 9.5pt; font-weight: bold;">$22.4</div>
            </td>
          </tr>

      </table>
      <div><br>
      </div>
      <div style="text-align: justify; font-family: Verdana, sans-serif; font-size: 9.5pt;">The aggregate intrinsic value represents the total pre-tax intrinsic value (the aggregate closing share price of our common shares on April 30, 2022) that would
        have been received by RSU holders if all RSUs had been vested on April 30, 2022.</div>
      <div><br>
      </div>
      <div style="text-align: justify; font-family: Verdana, sans-serif; font-size: 9.5pt;">As of April 30, 2022, $6.6 million of total unrecognized compensation costs related to non-vested awards is expected to be recognized over a weighted average period
        of 2.1 years. The total fair value of RSUs vested during the three month period ended April 30, 2022 was nil.</div>
      <div><br>
      </div>
      <div style="text-align: justify; font-family: Verdana, sans-serif; font-size: 9.5pt; font-style: italic; font-weight: bold;">Deferred Share Unit Plan</div>
      <div><br>
      </div>
      <div style="text-align: justify; font-family: Verdana, sans-serif; font-size: 9.5pt;">As at April 30, 2022, the total number of DSUs held by participating directors was 253,454 (252,011 at January 31, 2022), representing an aggregate accrued
        liability of $15.7 million ($18.3 million at January 31, 2022). During the three month period ended April 30, 2022, 1,443 DSUs were granted. The fair value of the DSU liability is based on the closing price of our common shares at the balance sheet
        date. The total compensation cost (recovery) related to DSUs recognized during the three month periods ended April 30, 2022 and April 30, 2021 was ($2.4) million and $0.2 million, respectively.</div>
      <div><br>
      </div>
      <div style="text-align: justify; font-family: Verdana, sans-serif; font-size: 9.5pt; font-style: italic; font-weight: bold;">Cash-Settled Restricted Share Unit Plan</div>
      <div><br>
      </div>
      <div style="text-align: justify; font-family: Verdana, sans-serif; font-size: 9.5pt;">A summary of activity under our CRSU plan is as follows:</div>
      <div><br>
      </div>
      <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="zfb9aa2d4898b45039e66cb9ae5fabd21" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 41.96%; vertical-align: top;">&#160;</td>
            <td style="width: 2.32%; vertical-align: top;">&#160;</td>
            <td style="width: 13.93%; vertical-align: top;">&#160;</td>
            <td style="width: 13.93%; vertical-align: top;">&#160;</td>
            <td style="width: 13.93%; vertical-align: bottom; border-top: #000000 0.50pt solid; border-bottom: #000000 0.50pt solid;">
              <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">Number of CRSUs Outstanding</div>
            </td>
            <td style="width: 13.93%; vertical-align: bottom; border-top: #000000 0.50pt solid; border-bottom: #000000 0.50pt solid;">
              <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">Weighted- Average Remaining Contractual Life (years)</div>
            </td>
          </tr>
          <tr>
            <td style="width: 41.96%; vertical-align: top;">
              <div style="font-family: Verdana, sans-serif; font-size: 9.5pt;">Balance at January 31, 2022</div>
            </td>
            <td style="width: 2.32%; vertical-align: top;">&#160;</td>
            <td style="width: 13.93%; vertical-align: top;">&#160;</td>
            <td style="width: 13.93%; vertical-align: top;">&#160;</td>
            <td style="width: 13.93%; vertical-align: top; border-top: #000000 0.50pt solid;">
              <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 9.5pt;">24,428</div>
            </td>
            <td style="width: 13.93%; vertical-align: top; border-top: #000000 0.50pt solid;">
              <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt;">1.4</div>
            </td>
          </tr>
          <tr>
            <td style="width: 41.96%; vertical-align: top;">
              <div style="margin-left: 12pt; font-family: Verdana, sans-serif; font-size: 9.5pt;">Granted</div>
            </td>
            <td style="width: 2.32%; vertical-align: top;">&#160;</td>
            <td style="width: 13.93%; vertical-align: top;">&#160;</td>
            <td style="width: 13.93%; vertical-align: top;">&#160;</td>
            <td style="width: 13.93%; vertical-align: top;">
              <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 9.5pt; font-weight: bold;">5,475</div>
            </td>
            <td style="width: 13.93%; vertical-align: top; text-align: right;">&#160;</td>
          </tr>
          <tr>
            <td style="width: 41.96%; vertical-align: top;">
              <div style="margin-left: 12pt; font-family: Verdana, sans-serif; font-size: 9.5pt;">Vested and settled in cash</div>
            </td>
            <td style="width: 2.32%; vertical-align: top;">&#160;</td>
            <td style="width: 13.93%; vertical-align: top;">&#160;</td>
            <td style="width: 13.93%; vertical-align: top;">&#160;</td>
            <td style="width: 13.93%; vertical-align: top;">
              <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 9.5pt; font-weight: bold;">(4,733)</div>
            </td>
            <td style="width: 13.93%; vertical-align: top; text-align: right;">&#160;</td>
          </tr>
          <tr>
            <td style="width: 41.96%; vertical-align: top;">
              <div style="font-family: Verdana, sans-serif; font-size: 9.5pt;">Balance at April 30, 2022</div>
            </td>
            <td style="width: 2.32%; vertical-align: top;">&#160;</td>
            <td style="width: 13.93%; vertical-align: top;">&#160;</td>
            <td style="width: 13.93%; vertical-align: top;">&#160;</td>
            <td style="width: 13.93%; vertical-align: top; border-top: #000000 0.50pt solid; border-bottom: #000000 1.50pt solid;">
              <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 9.5pt; font-weight: bold;">25,170</div>
            </td>
            <td style="width: 13.93%; vertical-align: top; border-top: #000000 0.50pt solid; border-bottom: #000000 1.50pt solid;">
              <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">1.6</div>
            </td>
          </tr>
          <tr>
            <td style="width: 41.96%; vertical-align: top;">&#160;</td>
            <td style="width: 2.32%; vertical-align: top;">&#160;</td>
            <td style="width: 13.93%; vertical-align: top;">&#160;</td>
            <td style="width: 13.93%; vertical-align: top;">&#160;</td>
            <td style="width: 13.93%; vertical-align: top; border-top: 0.5pt solid rgb(0, 0, 0); text-align: right;">&#160;</td>
            <td style="width: 13.93%; vertical-align: top; border-top: 0.5pt solid rgb(0, 0, 0); text-align: right;">&#160;</td>
          </tr>
          <tr>
            <td style="width: 41.96%; vertical-align: top;">
              <div style="font-family: Verdana, sans-serif; font-size: 9.5pt;">Non-vested at April 30, 2022</div>
            </td>
            <td style="width: 2.32%; vertical-align: top;">&#160;</td>
            <td style="width: 13.93%; vertical-align: bottom;">&#160;</td>
            <td style="width: 13.93%; vertical-align: bottom;">&#160;</td>
            <td style="width: 13.93%; vertical-align: bottom; border-bottom: #000000 1.50pt solid;">
              <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 9.5pt; font-weight: bold;">25,170</div>
            </td>
            <td style="width: 13.93%; vertical-align: bottom; border-bottom: #000000 1.50pt solid;">
              <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">1.6</div>
            </td>
          </tr>

      </table>
      <div><br>
      </div>
      <div style="text-align: justify; font-family: Verdana, sans-serif; font-size: 9.5pt;">We recognize the compensation cost of the CRSUs ratably over the service/vesting period relating to the grant and have recorded an aggregate accrued liability of
        $0.7 million at April 30, 2022 ($0.8 million at January 31, 2022). As at April 30, 2022, the unrecognized aggregate liability for the unvested CRSUs was</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;">59</font></div>
        <div style="page-break-after:always;" id="DSPFPageBreak">
          <hr style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;" noshade="noshade"></div>
      </div>
      <div><br>
      </div>
      <div style="text-align: justify; font-family: Verdana, sans-serif; font-size: 9.5pt;">$0.9 million ($1.0 million at January 31, 2022). The fair value of the CRSU liability is based on the closing price of our common shares at the balance sheet date.
        The total compensation cost related to CRSUs recognized during both the three month periods ended April 30, 2022 and April 30, 2021 was $0.3 million.</div>
      <div><br>
      </div>
      <div style="font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;"><a name="z_Hlk71875128"></a><a name="z_Hlk103273086"></a>Note 18 - Income Taxes</div>
      <div><br>
      </div>
      <div style="text-align: justify; font-family: Verdana, sans-serif; font-size: 9.5pt;"><a name="z_Hlk514080182"></a>The effective tax rate (which is the provision for income taxes expressed as a percentage of income before income taxes) was 24.1% and
        20.5% for the three month periods ended April 30, 2022 and 2021, respectively. The increase in the three month period ended April 30, 2022 compared to the three month period ended April 30, 2021 was primarily due to a release in valuation
        allowances on tax losses carried forward in the comparative period, and a release in tax reserves due to statute barred periods in the comparative period. In addition, we did benefit from the recovery of certain deferred tax attributes in the US in
        the three month period ended April 30, 2022. The remainder of the differences are due to normal course movements and non-material items.</div>
      <div><br>
      </div>
      <div style="text-align: justify; font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">Note 19 &#8211; Contract Balances, Performance Obligations and Contract Costs</div>
      <div><br>
      </div>
      <div style="font-family: Verdana, sans-serif; font-size: 9.5pt;"><u>Deferred Revenue</u></div>
      <div style="font-family: Verdana, sans-serif; font-size: 9.5pt;">The following table presents the changes in the deferred revenue balance as follows:</div>
      <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="z5b9cd632a85549cab491da113724b5e2" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 86.41%; vertical-align: top;">&#160;</td>
            <td style="width: 13.59%; vertical-align: top; text-align: right;">&#160;</td>
          </tr>
          <tr>
            <td style="width: 86.41%; vertical-align: top;">&#160;</td>
            <td style="width: 13.59%; vertical-align: top; border-top: #000000 0.50pt solid; border-bottom: #000000 0.50pt solid;">
              <div style="text-align: right; text-indent: 1.5pt; font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">Deferred Revenue</div>
            </td>
          </tr>
          <tr>
            <td style="width: 86.41%; vertical-align: top;">
              <div style="text-indent: -36pt; margin-left: 36pt; font-family: Verdana, sans-serif; font-size: 9.5pt;">Balance at January 31, 2022</div>
            </td>
            <td style="width: 13.59%; vertical-align: bottom; border-top: #000000 0.50pt solid;">
              <div style="text-align: right; text-indent: 1.5pt; font-family: Verdana,sans-serif; font-size: 9.5pt;">58,700</div>
            </td>
          </tr>
          <tr>
            <td style="width: 86.41%; vertical-align: top;">
              <div style="margin-left: 15pt; font-family: Verdana, sans-serif; font-size: 9.5pt;">Recognition of previously deferred revenue</div>
            </td>
            <td style="width: 13.59%; vertical-align: bottom;">
              <div style="text-align: right; text-indent: 1.5pt; font-family: Verdana,sans-serif; font-size: 9.5pt; font-weight: bold;">(3,451)</div>
            </td>
          </tr>
          <tr>
            <td style="width: 86.41%; vertical-align: top;">
              <div style="margin-left: 15pt; font-family: Verdana, sans-serif; font-size: 9.5pt;">Deferral of revenue</div>
            </td>
            <td style="width: 13.59%; vertical-align: bottom;">
              <div style="text-align: right; text-indent: 1.5pt; font-family: Verdana,sans-serif; font-size: 9.5pt; font-weight: bold;">9,673</div>
            </td>
          </tr>
          <tr>
            <td style="width: 86.41%; vertical-align: top;">
              <div style="margin-left: 15pt; font-family: Verdana, sans-serif; font-size: 9.5pt;">Increases from business combinations, net</div>
            </td>
            <td style="width: 13.59%; vertical-align: bottom;">
              <div style="text-align: right; text-indent: 1.5pt; font-family: Verdana,sans-serif; font-size: 9.5pt; font-weight: bold;">317</div>
            </td>
          </tr>
          <tr>
            <td style="width: 86.41%; vertical-align: top;">
              <div style="margin-left: 15pt; font-family: Verdana, sans-serif; font-size: 9.5pt;">Effect of movements in foreign exchange</div>
            </td>
            <td style="width: 13.59%; vertical-align: bottom; border-bottom: #000000 0.50pt solid;">
              <div style="text-align: right; text-indent: 1.5pt; font-family: Verdana,sans-serif; font-size: 9.5pt; font-weight: bold;">(1,931)</div>
            </td>
          </tr>
          <tr>
            <td style="width: 86.41%; vertical-align: top;">
              <div style="text-indent: -15pt; margin-left: 15pt; font-family: Verdana, sans-serif; font-size: 9.5pt;">Balance at April 30, 2022</div>
            </td>
            <td style="width: 13.59%; vertical-align: bottom; border-top: #000000 0.50pt solid; border-bottom: #000000 1.50pt solid;">
              <div style="text-align: right; text-indent: 1.5pt; font-family: Verdana,sans-serif; font-size: 9.5pt; font-weight: bold;">63,308</div>
            </td>
          </tr>
          <tr>
            <td style="width: 86.41%; vertical-align: top;">
              <div style="margin-left: 15pt; font-family: Verdana, sans-serif; font-size: 9.5pt;">Current</div>
            </td>
            <td style="width: 13.59%; vertical-align: bottom; border-top: #000000 1.50pt solid;">
              <div style="text-align: right; text-indent: 1.5pt; font-family: Verdana,sans-serif; font-size: 9.5pt; font-weight: bold;">62,340</div>
            </td>
          </tr>
          <tr>
            <td style="width: 86.41%; vertical-align: top;">
              <div style="margin-left: 15pt; font-family: Verdana, sans-serif; font-size: 9.5pt;">Long-term</div>
            </td>
            <td style="width: 13.59%; vertical-align: bottom; border-bottom: #000000 1.50pt solid;">
              <div style="text-align: right; text-indent: 1.5pt; font-family: Verdana,sans-serif; font-size: 9.5pt; font-weight: bold;">968</div>
            </td>
          </tr>

      </table>
      <div><br>
      </div>
      <div style="font-family: Verdana, sans-serif; font-size: 9.5pt;"><u>Performance Obligations</u></div>
      <div style="text-align: justify; font-family: Verdana, sans-serif; font-size: 9.5pt;">As of April 30, 2022, approximately $365.1 million of revenue is expected to be recognized in the future related to performance obligations that are unsatisfied (or
        partially unsatisfied) at the end of the reporting period. We expect to recognize revenue on approximately 80% of these remaining performance obligations over the next 24 months with the balance recognized thereafter.</div>
      <div><br>
      </div>
      <div style="text-align: justify; font-family: Verdana, sans-serif; font-size: 9.5pt;"><u>Contract Assets</u></div>
      <div style="font-family: Verdana, sans-serif; font-size: 9.5pt;">The following table presents the changes in the contract assets balance as follows:</div>
      <div><br>
      </div>
      <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="zb8af33b434cf418f83464728ce40f545" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 86.41%; vertical-align: top;">&#160;</td>
            <td style="width: 13.59%; vertical-align: top; border-top: #000000 0.50pt solid; border-bottom: #000000 0.50pt solid;">
              <div style="text-align: right; text-indent: 1.5pt; font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">Contract Assets</div>
            </td>
          </tr>
          <tr>
            <td style="width: 86.41%; vertical-align: top;">
              <div style="text-indent: -36pt; margin-left: 36pt; font-family: Verdana, sans-serif; font-size: 9.5pt;">Balance at January 31, 2022</div>
            </td>
            <td style="width: 13.59%; vertical-align: bottom; border-top: #000000 0.50pt solid;">
              <div style="text-align: right; text-indent: 1.5pt; font-family: Verdana,sans-serif; font-size: 9.5pt;">1,443</div>
            </td>
          </tr>
          <tr>
            <td style="width: 86.41%; vertical-align: top;">
              <div style="margin-left: 15pt; font-family: Verdana, sans-serif; font-size: 9.5pt;">Transfers to trade receivables from contract assets</div>
            </td>
            <td style="width: 13.59%; vertical-align: bottom;">
              <div style="text-align: right; text-indent: 1.5pt; font-family: Verdana,sans-serif; font-size: 9.5pt; font-weight: bold;">(255)</div>
            </td>
          </tr>
          <tr>
            <td style="width: 86.41%; vertical-align: top;">
              <div style="margin-left: 15pt; font-family: Verdana, sans-serif; font-size: 9.5pt;">Increases as a result of revenue recognized during the period, net of amounts transferred to trade receivables</div>
            </td>
            <td style="width: 13.59%; vertical-align: bottom;">
              <div style="text-align: right; text-indent: 1.5pt; font-family: Verdana,sans-serif; font-size: 9.5pt; font-weight: bold;">725</div>
            </td>
          </tr>
          <tr>
            <td style="width: 86.41%; vertical-align: top;">
              <div style="margin-left: 15pt; font-family: Verdana, sans-serif; font-size: 9.5pt;">Effect of movements in foreign exchange</div>
            </td>
            <td style="width: 13.59%; vertical-align: bottom;">
              <div style="text-align: right; text-indent: 1.5pt; font-family: Verdana,sans-serif; font-size: 9.5pt; font-weight: bold;">(4)</div>
            </td>
          </tr>
          <tr>
            <td style="width: 86.41%; vertical-align: top;">
              <div style="text-indent: -15pt; margin-left: 15pt; font-family: Verdana, sans-serif; font-size: 9.5pt;">Balance at April 30, 2022</div>
            </td>
            <td style="width: 13.59%; vertical-align: bottom; border-top: #000000 0.50pt solid; border-bottom: #000000 1.50pt solid;">
              <div style="text-align: right; text-indent: 1.5pt; font-family: Verdana,sans-serif; font-size: 9.5pt; font-weight: bold;">1,909</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;">60</font></div>
        <div style="page-break-after:always;" id="DSPFPageBreak">
          <hr style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;" noshade="noshade"></div>
      </div>
      <div><br>
      </div>
      <div style="text-align: justify; font-family: Verdana, sans-serif; font-size: 9.5pt;"><u>Contract Costs</u></div>
      <div style="text-align: justify; font-family: Verdana, sans-serif; font-size: 9.5pt;">Capitalized contract costs net of accumulated amortization is $17.0 million at April 30, 2022 ($16.6 million at January 31, 2022). Capitalized contract costs are
        amortized consistent with the pattern of transfer to the customer for the goods and services to which the asset relates. For the three month periods ended April 30, 2022 and April
          30, 2021, the total contract cost amortization included in sales and marketing expenses was $1.4 million and $1.0 million, respectively. For both the three month periods ended April 30, 2022 and April 30, 2021, there was no impairment loss in relation to the capitalized contract costs.</div>
      <div><br>
      </div>
      <div style="font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">Note 20 - Other Charges</div>
      <div><br>
      </div>
      <div style="text-align: justify; font-family: Verdana, sans-serif; font-size: 9.5pt;">Other charges are comprised of acquisition-related costs, contingent consideration adjustments and restructuring initiatives which have been undertaken from time to
        time under various restructuring plans. Acquisition-related costs primarily include advisory services, administrative costs and retention bonuses to employees joining by way of an acquisition, and collectively relate to completed and prospective
        acquisitions.</div>
      <div><br>
      </div>
      <div style="text-align: justify; font-family: Verdana, sans-serif; font-size: 9.5pt;">The following tables shows the components of other charges as follows:</div>
      <div><br>
      </div>
      <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="z9f443500041e41b2af259ac1ee8412f7" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 49.96%; vertical-align: top;">&#160;</td>
            <td colspan="2" style="width: 24.36%; vertical-align: top;">&#160;</td>
            <td style="width: 1.32%; vertical-align: top;">&#160;</td>
            <td colspan="2" style="width: 24.36%; vertical-align: top; border-top: #000000 0.50pt solid;">
              <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">Three Months Ended</div>
            </td>
          </tr>
          <tr>
            <td style="width: 49.96%; vertical-align: top;">&#160;</td>
            <td style="width: 12.18%; vertical-align: top;">&#160;</td>
            <td style="width: 12.18%; vertical-align: top;">&#160;</td>
            <td style="width: 1.32%; vertical-align: top;">&#160;</td>
            <td style="width: 12.18%; vertical-align: top; border-top: #000000 0.50pt solid;">
              <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">April 30,</div>
            </td>
            <td style="width: 12.18%; vertical-align: top; border-top: #000000 0.50pt solid;">
              <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt;">April 30,</div>
            </td>
          </tr>
          <tr>
            <td style="width: 49.96%; vertical-align: top;">&#160;</td>
            <td style="width: 12.18%; vertical-align: top;">&#160;</td>
            <td style="width: 12.18%; vertical-align: top;">&#160;</td>
            <td rowspan="4" style="width: 1.32%; vertical-align: top;">&#160;</td>
            <td style="width: 12.18%; vertical-align: top; border-bottom: #000000 0.50pt solid;">
              <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">2022</div>
            </td>
            <td style="width: 12.18%; vertical-align: top; border-bottom: #000000 0.50pt solid;">
              <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt;">2021</div>
            </td>
          </tr>
          <tr>
            <td style="width: 49.96%; vertical-align: top;">
              <div style="font-family: Verdana, sans-serif; font-size: 9.5pt;">Acquisition-related costs</div>
            </td>
            <td style="width: 12.18%; vertical-align: top;">&#160;</td>
            <td style="width: 12.18%; vertical-align: top;">&#160;</td>
            <td style="width: 12.18%; vertical-align: top;">
              <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 9.5pt; font-weight: bold;">725</div>
            </td>
            <td style="width: 12.18%; vertical-align: top;">
              <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 9.5pt;">517</div>
            </td>
          </tr>
          <tr>
            <td style="width: 49.96%; vertical-align: top;">
              <div style="font-family: Verdana, sans-serif; font-size: 9.5pt;">Contingent consideration adjustments</div>
            </td>
            <td style="width: 12.18%; vertical-align: top;">&#160;</td>
            <td style="width: 12.18%; vertical-align: top;">&#160;</td>
            <td style="width: 12.18%; vertical-align: top;">
              <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 9.5pt; font-weight: bold;">704</div>
            </td>
            <td style="width: 12.18%; vertical-align: top;">
              <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 9.5pt;">-</div>
            </td>
          </tr>
          <tr>
            <td style="width: 49.96%; vertical-align: top;">
              <div style="font-family: Verdana, sans-serif; font-size: 9.5pt;">Restructuring costs</div>
            </td>
            <td style="width: 12.18%; vertical-align: top;">&#160;</td>
            <td style="width: 12.18%; vertical-align: top;">&#160;</td>
            <td style="width: 12.18%; vertical-align: top;">
              <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 9.5pt; font-weight: bold;">53</div>
            </td>
            <td style="width: 12.18%; vertical-align: top;">
              <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 9.5pt;">3</div>
            </td>
          </tr>
          <tr>
            <td style="width: 49.96%; vertical-align: top;">&#160;</td>
            <td style="width: 12.18%; vertical-align: top;">&#160;</td>
            <td style="width: 12.18%; vertical-align: top;">&#160;</td>
            <td style="width: 1.32%; vertical-align: top;">&#160;</td>
            <td style="width: 12.18%; vertical-align: top; border-top: #000000 0.25pt solid; border-bottom: #000000 1.50pt solid;">
              <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 9.5pt; font-weight: bold;">1,482</div>
            </td>
            <td style="width: 12.18%; vertical-align: top; border-top: #000000 0.25pt solid; border-bottom: #000000 1.50pt solid;">
              <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 9.5pt;">520</div>
            </td>
          </tr>

      </table>
      <div><br>
      </div>
      <div style="font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">Note 21 &#8211; Supplemental Cash Flow Information</div>
      <div><br>
      </div>
      <div style="text-align: justify; font-family: Verdana, sans-serif; font-size: 9.5pt;">The following tables presents the cash flow changes in operating asset and liabilities:</div>
      <div><br>
      </div>
      <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="z69ca5193404a4791871b929e83589b61" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 49.96%; vertical-align: top;">&#160;</td>
            <td colspan="2" style="width: 24.36%; vertical-align: top;">&#160;</td>
            <td style="width: 1.32%; vertical-align: top;">&#160;</td>
            <td colspan="2" style="width: 24.36%; vertical-align: top; border-top: #000000 0.50pt solid;">
              <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">Three Months Ended</div>
            </td>
          </tr>
          <tr>
            <td style="width: 49.96%; vertical-align: top;">&#160;</td>
            <td style="width: 12.18%; vertical-align: top;">&#160;</td>
            <td style="width: 12.18%; vertical-align: top;">&#160;</td>
            <td style="width: 1.32%; vertical-align: top;">&#160;</td>
            <td style="width: 12.18%; vertical-align: top; border-top: #000000 0.50pt solid;">
              <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">April 30,</div>
            </td>
            <td style="width: 12.18%; vertical-align: top; border-top: #000000 0.50pt solid;">
              <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt;">April 30,</div>
            </td>
          </tr>
          <tr>
            <td style="width: 49.96%; vertical-align: top;">&#160;</td>
            <td style="width: 12.18%; vertical-align: top;">&#160;</td>
            <td style="width: 12.18%; vertical-align: top;">&#160;</td>
            <td rowspan="10" style="width: 1.32%; vertical-align: top;">&#160;</td>
            <td style="width: 12.18%; vertical-align: top; border-bottom: #000000 0.50pt solid;">
              <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">2022</div>
            </td>
            <td style="width: 12.18%; vertical-align: top; border-bottom: #000000 0.50pt solid;">
              <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt;">2021</div>
            </td>
          </tr>
          <tr>
            <td style="width: 49.96%; vertical-align: top;">
              <div style="font-family: Verdana, sans-serif; font-size: 9.5pt;">Trade accounts receivable</div>
            </td>
            <td style="width: 12.18%; vertical-align: top;">&#160;</td>
            <td style="width: 12.18%; vertical-align: top;">&#160;</td>
            <td style="width: 12.18%; vertical-align: top;">
              <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 9.5pt; font-weight: bold;">(2,920)</div>
            </td>
            <td style="width: 12.18%; vertical-align: top;">
              <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 9.5pt;">1,103</div>
            </td>
          </tr>
          <tr>
            <td style="width: 49.96%; vertical-align: top;">
              <div style="font-family: Verdana, sans-serif; font-size: 9.5pt;">Other accounts receivable</div>
            </td>
            <td style="width: 12.18%; vertical-align: top;">&#160;</td>
            <td style="width: 12.18%; vertical-align: top;">&#160;</td>
            <td style="width: 12.18%; vertical-align: top;">
              <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 9.5pt; font-weight: bold;">(183)</div>
            </td>
            <td style="width: 12.18%; vertical-align: top;">
              <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 9.5pt;">1,708</div>
            </td>
          </tr>
          <tr>
            <td style="width: 49.96%; vertical-align: top;">
              <div style="font-family: Verdana, sans-serif; font-size: 9.5pt;">Prepaid expenses and other</div>
            </td>
            <td style="width: 12.18%; vertical-align: top;">&#160;</td>
            <td style="width: 12.18%; vertical-align: top;">&#160;</td>
            <td style="width: 12.18%; vertical-align: top;">
              <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 9.5pt; font-weight: bold;">779</div>
            </td>
            <td style="width: 12.18%; vertical-align: top;">
              <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 9.5pt;">(527)</div>
            </td>
          </tr>
          <tr>
            <td style="width: 49.96%; vertical-align: top;">
              <div style="font-family: Verdana, sans-serif; font-size: 9.5pt;">Inventory</div>
            </td>
            <td style="width: 12.18%; vertical-align: top;">&#160;</td>
            <td style="width: 12.18%; vertical-align: top;">&#160;</td>
            <td style="width: 12.18%; vertical-align: top;">
              <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 9.5pt; font-weight: bold;">54</div>
            </td>
            <td style="width: 12.18%; vertical-align: top;">
              <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 9.5pt;">(172)</div>
            </td>
          </tr>
          <tr>
            <td style="width: 49.96%; vertical-align: top;">
              <div style="font-family: Verdana, sans-serif; font-size: 9.5pt;">Accounts payable</div>
            </td>
            <td style="width: 12.18%; vertical-align: top;">&#160;</td>
            <td style="width: 12.18%; vertical-align: top;">&#160;</td>
            <td style="width: 12.18%; vertical-align: top;">
              <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 9.5pt; font-weight: bold;">(842)</div>
            </td>
            <td style="width: 12.18%; vertical-align: top;">
              <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 9.5pt;">(120)</div>
            </td>
          </tr>
          <tr>
            <td style="width: 49.96%; vertical-align: top;">
              <div style="font-family: Verdana, sans-serif; font-size: 9.5pt;">Accrued liabilities</div>
            </td>
            <td style="width: 12.18%; vertical-align: top;">&#160;</td>
            <td style="width: 12.18%; vertical-align: top;">&#160;</td>
            <td style="width: 12.18%; vertical-align: top;">
              <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 9.5pt; font-weight: bold;">(2,079)</div>
            </td>
            <td style="width: 12.18%; vertical-align: top;">
              <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 9.5pt;">(912)</div>
            </td>
          </tr>
          <tr>
            <td style="width: 49.96%; vertical-align: top;">
              <div style="font-family: Verdana, sans-serif; font-size: 9.5pt;">Income taxes payable</div>
            </td>
            <td style="width: 12.18%; vertical-align: top;">&#160;</td>
            <td style="width: 12.18%; vertical-align: top;">&#160;</td>
            <td style="width: 12.18%; vertical-align: top;">
              <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 9.5pt; font-weight: bold;">423</div>
            </td>
            <td style="width: 12.18%; vertical-align: top;">
              <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 9.5pt;">(1,603)</div>
            </td>
          </tr>
          <tr>
            <td style="width: 49.96%; vertical-align: top;">
              <div style="font-family: Verdana, sans-serif; font-size: 9.5pt;">Operating leases</div>
            </td>
            <td style="width: 12.18%; vertical-align: top;">&#160;</td>
            <td style="width: 12.18%; vertical-align: top;">&#160;</td>
            <td style="width: 12.18%; vertical-align: top;">
              <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 9.5pt; font-weight: bold;">(109)</div>
            </td>
            <td style="width: 12.18%; vertical-align: top;">
              <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 9.5pt;">283</div>
            </td>
          </tr>
          <tr>
            <td style="width: 49.96%; vertical-align: top;">
              <div style="font-family: Verdana, sans-serif; font-size: 9.5pt;">Deferred revenue</div>
            </td>
            <td style="width: 12.18%; vertical-align: top;">&#160;</td>
            <td style="width: 12.18%; vertical-align: top;">&#160;</td>
            <td style="width: 12.18%; vertical-align: top;">
              <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 9.5pt; font-weight: bold;">4,617</div>
            </td>
            <td style="width: 12.18%; vertical-align: top;">
              <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 9.5pt;">2,618</div>
            </td>
          </tr>
          <tr>
            <td style="width: 49.96%; vertical-align: top;">&#160;</td>
            <td style="width: 12.18%; vertical-align: top;">&#160;</td>
            <td style="width: 12.18%; vertical-align: top;">&#160;</td>
            <td style="width: 1.32%; vertical-align: top;">&#160;</td>
            <td style="width: 12.18%; vertical-align: top; border-top: #000000 0.25pt solid; border-bottom: #000000 1.50pt solid;">
              <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 9.5pt; font-weight: bold;">(260)</div>
            </td>
            <td style="width: 12.18%; vertical-align: top; border-top: #000000 0.25pt solid; border-bottom: #000000 1.50pt solid;">
              <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 9.5pt;">2,378</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;">61</font></div>
        <div style="page-break-after:always;" id="DSPFPageBreak">
          <hr style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;" noshade="noshade"></div>
      </div>
      <div><br>
      </div>
      <div style="font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">Note 22 - Segmented Information</div>
      <div><br>
      </div>
      <div style="text-align: justify; font-family: Verdana, sans-serif; font-size: 9.5pt;">We review our operating results, assess our performance, make decisions about resources, and generate discrete financial information at the single enterprise level.
        Accordingly, we have determined that we operate in one reportable business segment providing logistics technology solutions. The following tables provide our disaggregated revenue information by geographic location of customer and revenue type:</div>
      <div><br>
      </div>
      <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="z143a909bfce04bad944c6f28c53f74dd" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 51.91%; vertical-align: top;">&#160;</td>
            <td colspan="2" style="width: 23.2%; vertical-align: top;">&#160;</td>
            <td style="width: 1.67%; vertical-align: top;">&#160;</td>
            <td colspan="2" style="width: 23.21%; vertical-align: top; border-top: #000000 0.50pt solid;">
              <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">Three Months Ended</div>
            </td>
          </tr>
          <tr>
            <td style="width: 51.91%; vertical-align: top;">&#160;</td>
            <td style="width: 11.6%; vertical-align: top;">&#160;</td>
            <td style="width: 11.61%; vertical-align: top;">&#160;</td>
            <td rowspan="5" style="width: 1.67%; vertical-align: top;">&#160;</td>
            <td style="width: 11.61%; vertical-align: top; border-top: #000000 0.50pt solid;">
              <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">April 30,</div>
            </td>
            <td style="width: 11.61%; vertical-align: top; border-top: #000000 0.50pt solid;">
              <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt;">April 30,</div>
            </td>
          </tr>
          <tr>
            <td style="width: 51.91%; vertical-align: top;">&#160;</td>
            <td style="width: 11.6%; vertical-align: top;">&#160;</td>
            <td style="width: 11.61%; vertical-align: top;">&#160;</td>
            <td style="width: 11.61%; vertical-align: top; border-bottom: #000000 0.50pt solid;">
              <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">2022</div>
            </td>
            <td style="width: 11.61%; vertical-align: top; border-bottom: #000000 0.50pt solid;">
              <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt;">2021</div>
            </td>
          </tr>
          <tr>
            <td style="width: 51.91%; vertical-align: top;">
              <div style="font-family: Verdana, sans-serif; font-size: 9.5pt;">Revenues</div>
            </td>
            <td style="width: 11.6%; vertical-align: top;">&#160;</td>
            <td style="width: 11.61%; vertical-align: top;">&#160;</td>
            <td style="width: 11.61%; vertical-align: top;">&#160;</td>
            <td style="width: 11.61%; vertical-align: top;">&#160;</td>
          </tr>
          <tr>
            <td style="width: 51.91%; vertical-align: top;">
              <div style="margin-left: 7.5pt; font-family: Verdana, sans-serif; font-size: 9.5pt;">United States</div>
            </td>
            <td style="width: 11.6%; vertical-align: top;">&#160;</td>
            <td style="width: 11.61%; vertical-align: top;">&#160;</td>
            <td style="width: 11.61%; vertical-align: top;">
              <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">69,064</div>
            </td>
            <td style="width: 11.61%; vertical-align: top;">
              <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt;">55,257</div>
            </td>
          </tr>
          <tr>
            <td style="width: 51.91%; vertical-align: top;">
              <div style="margin-left: 7.5pt; font-family: Verdana, sans-serif; font-size: 9.5pt;">Europe, Middle-East and Africa</div>
            </td>
            <td style="width: 11.6%; vertical-align: top;">&#160;</td>
            <td style="width: 11.61%; vertical-align: top;">&#160;</td>
            <td style="width: 11.61%; vertical-align: top;">
              <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">34,631</div>
            </td>
            <td style="width: 11.61%; vertical-align: top;">
              <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt;">31,087</div>
            </td>
          </tr>
          <tr>
            <td style="width: 51.91%; vertical-align: top;">
              <div style="margin-left: 7.5pt; font-family: Verdana, sans-serif; font-size: 9.5pt;">Canada</div>
            </td>
            <td style="width: 11.6%; vertical-align: top;">&#160;</td>
            <td style="width: 11.61%; vertical-align: top;">&#160;</td>
            <td style="width: 1.67%; vertical-align: top;">&#160;</td>
            <td style="width: 11.61%; vertical-align: top;">
              <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">8,286</div>
            </td>
            <td style="width: 11.61%; vertical-align: top;">
              <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt;">8,372</div>
            </td>
          </tr>
          <tr>
            <td style="width: 51.91%; vertical-align: top;">
              <div style="margin-left: 7.5pt; font-family: Verdana, sans-serif; font-size: 9.5pt;">Asia Pacific</div>
            </td>
            <td style="width: 11.6%; vertical-align: top;">&#160;</td>
            <td style="width: 11.61%; vertical-align: top;">&#160;</td>
            <td rowspan="2" style="width: 1.67%; vertical-align: top;">&#160;</td>
            <td style="width: 11.61%; vertical-align: top; border-bottom: #000000 0.25pt solid;">
              <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">4,414</div>
            </td>
            <td style="width: 11.61%; vertical-align: top; border-bottom: #000000 0.25pt solid;">
              <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt;">4,122</div>
            </td>
          </tr>
          <tr>
            <td style="width: 51.91%; vertical-align: top;">&#160;</td>
            <td style="width: 11.6%; vertical-align: top;">&#160;</td>
            <td style="width: 11.61%; vertical-align: top;">&#160;</td>
            <td style="width: 11.61%; vertical-align: top; border-top: #000000 0.25pt solid; border-bottom: #000000 1.50pt solid;">
              <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">116,395</div>
            </td>
            <td style="width: 11.61%; vertical-align: top; border-top: #000000 0.25pt solid; border-bottom: #000000 1.50pt solid;">
              <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt;">98,838</div>
            </td>
          </tr>

      </table>
      <div><br>
      </div>
      <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="z0ada3811800d4a8b8cc6ac60445fe714" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 51.91%; vertical-align: top;">&#160;</td>
            <td colspan="2" style="width: 23.2%; vertical-align: top;">&#160;</td>
            <td style="width: 1.67%; vertical-align: top;">&#160;</td>
            <td colspan="2" style="width: 23.21%; vertical-align: top; border-top: #000000 0.50pt solid;">
              <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">Three Months Ended</div>
            </td>
          </tr>
          <tr>
            <td style="width: 51.91%; vertical-align: top;">&#160;</td>
            <td style="width: 11.6%; vertical-align: top;">&#160;</td>
            <td style="width: 11.61%; vertical-align: top;">&#160;</td>
            <td rowspan="7" style="width: 1.67%; vertical-align: top;">&#160;</td>
            <td style="width: 11.61%; vertical-align: top; border-top: #000000 0.50pt solid;">
              <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">April 30,</div>
            </td>
            <td style="width: 11.61%; vertical-align: top; border-top: #000000 0.50pt solid;">
              <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt;">April 30,</div>
            </td>
          </tr>
          <tr>
            <td style="width: 51.91%; vertical-align: top;">&#160;</td>
            <td style="width: 11.6%; vertical-align: top;">&#160;</td>
            <td style="width: 11.61%; vertical-align: top;">&#160;</td>
            <td style="width: 11.61%; vertical-align: top; border-bottom: #000000 0.50pt solid;">
              <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">2022</div>
            </td>
            <td style="width: 11.61%; vertical-align: top; border-bottom: #000000 0.50pt solid;">
              <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt;">2021</div>
            </td>
          </tr>
          <tr>
            <td style="width: 51.91%; vertical-align: top;">
              <div style="font-family: Verdana, sans-serif; font-size: 9.5pt;">Revenues</div>
            </td>
            <td style="width: 11.6%; vertical-align: top;">&#160;</td>
            <td style="width: 11.61%; vertical-align: top;">&#160;</td>
            <td style="width: 11.61%; vertical-align: top;">&#160;</td>
            <td style="width: 11.61%; vertical-align: top;">&#160;</td>
          </tr>
          <tr>
            <td style="width: 51.91%; vertical-align: top;">
              <div style="margin-left: 7.5pt; font-family: Verdana, sans-serif; font-size: 9.5pt;">Services</div>
            </td>
            <td style="width: 11.6%; vertical-align: top;">&#160;</td>
            <td style="width: 11.61%; vertical-align: top;">&#160;</td>
            <td style="width: 11.61%; vertical-align: top;">
              <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">102,833</div>
            </td>
            <td style="width: 11.61%; vertical-align: top;">
              <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt;">88,320</div>
            </td>
          </tr>
          <tr>
            <td style="width: 51.91%; vertical-align: top;">
              <div style="margin-left: 7.5pt; font-family: Verdana, sans-serif; font-size: 9.5pt;">Professional services and other</div>
            </td>
            <td style="width: 11.6%; vertical-align: top;">&#160;</td>
            <td style="width: 11.61%; vertical-align: top;">&#160;</td>
            <td style="width: 11.61%; vertical-align: top;">
              <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">11,248</div>
            </td>
            <td style="width: 11.61%; vertical-align: top;">
              <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt;">9,179</div>
            </td>
          </tr>
          <tr>
            <td style="width: 51.91%; vertical-align: top;">
              <div style="margin-left: 7.5pt; font-family: Verdana, sans-serif; font-size: 9.5pt;">License</div>
            </td>
            <td style="width: 11.6%; vertical-align: top;">&#160;</td>
            <td style="width: 11.61%; vertical-align: top;">&#160;</td>
            <td style="width: 11.61%; vertical-align: top; border-bottom: #000000 0.25pt solid;">
              <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">2,314</div>
            </td>
            <td style="width: 11.61%; vertical-align: top; border-bottom: #000000 0.25pt solid;">
              <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt;">1,339</div>
            </td>
          </tr>
          <tr>
            <td style="width: 51.91%; vertical-align: top;">&#160;</td>
            <td style="width: 11.6%; vertical-align: top;">&#160;</td>
            <td style="width: 11.61%; vertical-align: top;">&#160;</td>
            <td style="width: 11.61%; vertical-align: top; border-top: #000000 0.25pt solid; border-bottom: #000000 1.50pt solid;">
              <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">116,395</div>
            </td>
            <td style="width: 11.61%; vertical-align: top; border-top: #000000 0.25pt solid; border-bottom: #000000 1.50pt solid;">
              <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt;">98,838</div>
            </td>
          </tr>

      </table>
      <div><br>
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      <div style="text-align: justify; font-family: Verdana, sans-serif; font-size: 9.5pt;">License revenues are derived from perpetual licenses granted to our customers to use our software products. Services revenues are comprised of ongoing transactional
        and/or subscription fees for use of our services and products by our customers and maintenance, which include revenues associated with maintenance and support of our services and products. Professional services and other revenues are comprised of
        professional services revenues from consulting, implementation and training services related to our services and products, hardware revenues and other revenues.</div>
      <div><br>
      </div>
      <div style="text-align: justify; font-family: Verdana, sans-serif; font-size: 9.5pt;">The following table provides information by geographic area of operation for our long-lived assets. Long-lived assets represent property and equipment and
        intangible assets that are attributed to geographic areas.</div>
      <div><br>
      </div>
      <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="zf3e8ef713fb7468fb6111d5bb4447a08" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 72.82%; vertical-align: top;">&#160;</td>
            <td style="width: 13.59%; vertical-align: top; border-top: #000000 0.50pt solid;">
              <div style="text-align: right; text-indent: -3pt; margin-left: 3pt; font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">April 30,</div>
            </td>
            <td style="width: 13.59%; vertical-align: top; border-top: #000000 0.50pt solid;">
              <div style="text-align: right; text-indent: -3pt; margin-left: 3pt; font-family: Verdana, sans-serif; font-size: 9.5pt;">January 31,</div>
            </td>
          </tr>
          <tr>
            <td style="width: 72.82%; vertical-align: top;">&#160;</td>
            <td style="width: 13.59%; vertical-align: top; border-bottom: #000000 0.50pt solid;">
              <div style="text-align: right; text-indent: -3pt; margin-left: 3pt; font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">2022</div>
            </td>
            <td style="width: 13.59%; vertical-align: top; border-bottom: #000000 0.50pt solid;">
              <div style="text-align: right; text-indent: -3pt; margin-left: 3pt; font-family: Verdana, sans-serif; font-size: 9.5pt;">2022</div>
            </td>
          </tr>
          <tr>
            <td style="width: 72.82%; vertical-align: top;">
              <div style="font-family: Verdana, sans-serif; font-size: 9.5pt;">Total long-lived assets</div>
            </td>
            <td style="width: 13.59%; vertical-align: top;">&#160;</td>
            <td style="width: 13.59%; vertical-align: top;">&#160;</td>
          </tr>
          <tr>
            <td style="width: 72.82%; vertical-align: top;">
              <div style="margin-left: 7.5pt; font-family: Verdana, sans-serif; font-size: 9.5pt;">United States</div>
            </td>
            <td style="width: 13.59%; vertical-align: top;">
              <div style="text-align: right; text-indent: -3pt; margin-left: 3pt; font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">124,042</div>
            </td>
            <td style="width: 13.59%; vertical-align: top;">
              <div style="text-align: right; text-indent: -3pt; margin-left: 3pt; font-family: Verdana, sans-serif; font-size: 9.5pt;">102,649</div>
            </td>
          </tr>
          <tr>
            <td style="width: 72.82%; vertical-align: top;">
              <div style="margin-left: 7.5pt; font-family: Verdana, sans-serif; font-size: 9.5pt;">Europe, Middle-East and Africa</div>
            </td>
            <td style="width: 13.59%; vertical-align: top;">
              <div style="text-align: right; text-indent: -3pt; margin-left: 3pt; font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">39,477</div>
            </td>
            <td style="width: 13.59%; vertical-align: top;">
              <div style="text-align: right; text-indent: -3pt; margin-left: 3pt; font-family: Verdana, sans-serif; font-size: 9.5pt;">43,922</div>
            </td>
          </tr>
          <tr>
            <td style="width: 72.82%; vertical-align: top;">
              <div style="margin-left: 7.5pt; font-family: Verdana, sans-serif; font-size: 9.5pt;">Canada</div>
            </td>
            <td style="width: 13.59%; vertical-align: top;">
              <div style="text-align: right; text-indent: -3pt; margin-left: 3pt; font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">79,183</div>
            </td>
            <td style="width: 13.59%; vertical-align: top;">
              <div style="text-align: right; text-indent: -3pt; margin-left: 3pt; font-family: Verdana, sans-serif; font-size: 9.5pt;">84,943</div>
            </td>
          </tr>
          <tr>
            <td style="width: 72.82%; vertical-align: top;">
              <div style="margin-left: 7.5pt; font-family: Verdana, sans-serif; font-size: 9.5pt;">Asia Pacific</div>
            </td>
            <td style="width: 13.59%; vertical-align: top;">
              <div style="text-align: right; text-indent: -3pt; margin-left: 3pt; font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">8,209</div>
            </td>
            <td style="width: 13.59%; vertical-align: top;">
              <div style="text-align: right; text-indent: -3pt; margin-left: 3pt; font-family: Verdana, sans-serif; font-size: 9.5pt;">8,912</div>
            </td>
          </tr>
          <tr>
            <td style="width: 72.82%; vertical-align: top;">&#160;</td>
            <td style="width: 13.59%; vertical-align: top; border-top: #000000 0.25pt solid; border-bottom: #000000 1.50pt solid;">
              <div style="text-align: right; text-indent: -3pt; margin-left: 3pt; font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">250,911</div>
            </td>
            <td style="width: 13.59%; vertical-align: top; border-top: #000000 0.25pt solid; border-bottom: #000000 1.50pt solid;">
              <div style="text-align: right; text-indent: -3pt; margin-left: 3pt; font-family: Verdana, sans-serif; font-size: 9.5pt;">240,426</div>
            </td>
          </tr>

      </table>
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  </div>
  <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;"> <br>
    </font></div>
  <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;"> <br>
    </font></div>
  <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;">62</font></div>
  <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;"> <br>
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  <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
    <div id="DSPFPageBreak" style="page-break-after: always;">
      <hr style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;" noshade="noshade"></div>
  </div>
  <div>
    <div><br>
    </div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="zfb0045fb05f642c1afeb18c37bb95bd6" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 50.59%; vertical-align: top; border-top: 0.5pt solid rgb(0, 0, 0); border-bottom: 0.5pt solid rgb(0, 0, 0);">
            <div style="font-family: Verdana, sans-serif; font-size: 11pt; font-variant: small-caps; font-weight: bold;"><a name="z_Toc396820875"></a><a name="z_Toc103007263"></a></div>
            <div style="font-family: Verdana, sans-serif; font-size: 11pt; font-variant: small-caps; font-weight: bold;"> <br>
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            <div style="font-family: Verdana, sans-serif; font-size: 11pt; font-variant: small-caps; font-weight: bold;">Corporate Information</div>
            <div>&#160;</div>
          </td>
          <td style="width: 49.41%; vertical-align: top;">&#160;</td>
        </tr>

    </table>
    <div><br>
    </div>
    <div><br>
    </div>
    <div style="font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">Stock Exchange Information</div>
    <div style="text-align: justify; margin-right: 216pt; font-family: Verdana, sans-serif; font-size: 9.5pt;">Our common stock trades on the Toronto Stock Exchange under the symbol DSG and on The Nasdaq Stock Market under the symbol DSGX.</div>
    <div><br>
    </div>
    <table style="font-family: 'Times New Roman',Times,serif; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: rgb(0, 0, 0);" id="zaa7bdb65d7da4ef38d68bf667fbd0f78" border="0" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 50%; vertical-align: top;">
            <div style="font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">Transfer Agents</div>
          </td>
          <td style="width: 50%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 50%; vertical-align: top;">
            <div style="font-family: Verdana, sans-serif; font-size: 9.5pt;">Computershare Investor Services Inc.</div>
          </td>
          <td style="width: 50%; vertical-align: top;">
            <div style="font-family: Verdana, sans-serif; font-size: 9.5pt;">Computershare Trust Company</div>
          </td>
        </tr>
        <tr>
          <td style="width: 50%; vertical-align: top;">
            <div style="font-family: Verdana, sans-serif; font-size: 9.5pt;">100 University Avenue</div>
          </td>
          <td style="width: 50%; vertical-align: top;">
            <div style="font-family: Verdana, sans-serif; font-size: 9.5pt;">12039 West Alameda Parkway</div>
          </td>
        </tr>
        <tr>
          <td style="width: 50%; vertical-align: top;">
            <div style="font-family: Verdana, sans-serif; font-size: 9.5pt;">Toronto, Ontario M5J 2Y1</div>
          </td>
          <td style="width: 50%; vertical-align: top;">
            <div style="font-family: Verdana, sans-serif; font-size: 9.5pt;">Suite Z-2 Lakewood, Colorado</div>
          </td>
        </tr>
        <tr>
          <td style="width: 50%; vertical-align: top;">
            <div style="font-family: Verdana, sans-serif; font-size: 9.5pt;">North America: (800) 663-9097</div>
          </td>
          <td style="width: 50%; vertical-align: top;">
            <div style="font-family: Verdana, sans-serif; font-size: 9.5pt;">80228 USA</div>
          </td>
        </tr>
        <tr>
          <td style="width: 50%; vertical-align: top;">
            <div style="font-family: Verdana, sans-serif; font-size: 9.5pt;">Phone: (416) 263-9200</div>
          </td>
          <td style="width: 50%; vertical-align: top;">
            <div style="font-family: Verdana, sans-serif; font-size: 9.5pt;">Phone: (303) 262-0600</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <div><br>
    </div>
    <div style="font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">Independent Registered Public Accounting Firm</div>
    <div style="font-family: Verdana, sans-serif; font-size: 9.5pt;">KPMG LLP</div>
    <div style="font-family: Verdana, sans-serif; font-size: 9.5pt;">Bay Adelaide Centre</div>
    <div style="font-family: Verdana, sans-serif; font-size: 9.5pt;">333 Bay Street</div>
    <div style="font-family: Verdana, sans-serif; font-size: 9.5pt;">Suite 4600</div>
    <div style="font-family: Verdana, sans-serif; font-size: 9.5pt;">Toronto, Ontario M5H 2S5</div>
    <div style="font-family: Verdana, sans-serif; font-size: 9.5pt;">Phone: (416) 777-8500</div>
    <div><br>
    </div>
    <div><br>
    </div>
    <div style="font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">Investor Inquiries</div>
    <div style="font-family: Verdana, sans-serif; font-size: 9.5pt;">Investor Relations</div>
    <div style="font-family: Verdana, sans-serif; font-size: 9.5pt;">The Descartes Systems Group Inc.</div>
    <div style="font-family: Verdana, sans-serif; font-size: 9.5pt;">120 Randall Drive</div>
    <div style="font-family: Verdana, sans-serif; font-size: 9.5pt;">Waterloo, Ontario N2V 1C6</div>
    <div style="font-family: Verdana, sans-serif; font-size: 9.5pt;">Phone: (519) 746-8110 ext. 202358</div>
    <div style="font-family: Verdana, sans-serif; font-size: 9.5pt;">Toll Free: (800) 419-8495</div>
    <div style="font-family: Verdana, sans-serif; font-size: 9.5pt;">E-mail: investor@descartes.com</div>
    <div style="font-family: Verdana, sans-serif; font-size: 9.5pt;">www.descartes.com</div>
    <div><br>
    </div>
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    <div style="font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">The Descartes Systems Group Inc.</div>
    <div style="font-family: Verdana, sans-serif; font-size: 9.5pt;">Corporate Headquarters</div>
    <div style="font-family: Verdana, sans-serif; font-size: 9.5pt;">120 Randall Drive</div>
    <div style="font-family: Verdana, sans-serif; font-size: 9.5pt;">Waterloo, Ontario N2V 1C6</div>
    <div style="font-family: Verdana, sans-serif; font-size: 9.5pt;">Canada</div>
    <div style="font-family: Verdana, sans-serif; font-size: 9.5pt;">Phone: (519) 746-8110</div>
    <div style="text-indent: 36pt; font-family: Verdana, sans-serif; font-size: 9.5pt;">&#160;(800) 419-8495</div>
    <div><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">Fax:</font><font style="text-indent: 0px; font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">(519) 747-0082</font></div>
    <div><br>
    </div>
    <div style="font-family: Verdana, sans-serif; font-size: 9.5pt;">info@descartes.com</div>
    <div style="font-family: Verdana, sans-serif; font-size: 9.5pt;">www.descartes.com</div>
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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
