<SEC-DOCUMENT>0000929638-23-001624.txt : 20230602
<SEC-HEADER>0000929638-23-001624.hdr.sgml : 20230602
<ACCEPTANCE-DATETIME>20230601145513
ACCESSION NUMBER:		0000929638-23-001624
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		18
CONFORMED PERIOD OF REPORT:	20230601
FILED AS OF DATE:		20230601
DATE AS OF CHANGE:		20230601

FILER:

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

	FILING VALUES:
		FORM TYPE:		6-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-29970
		FILM NUMBER:		23984300

	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
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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;">UNITED STATES</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;">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 <span style="text-indent: 0pt;"><ix:nonNumeric name="dei:DocumentType" id="Fact_ada0f09802544f97b4640658e6bef7c8" contextRef="c20230601to20230601">6-K</ix:nonNumeric></span>
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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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    <td valign="top" style="width: 100%;">&#160; </td>

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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 2023<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="text-align: center; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">(Translation of registrant&#8217;s name into English)</div>
            </td>

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    <td valign="top" style="width: 100%;">&#160; </td>

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              <div style="font-weight: bold; text-align: center; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">120 Randall Drive</div>
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              <div style="font-weight: bold; text-align: center; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">Waterloo, Ontario</div>
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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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    <td valign="top" style="width: 100%;">
              <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>

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        [x]</span></div>

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        <div>The attached Press Release issued May 31, 2023 is furnished herewith as Exhibit 99.1.</div>

        <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; background-color: rgb(255, 255, 255); text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial;">The attached Quarterly Report to
            Shareholders for the First Quarter of Fiscal 2023 is furnished herewith as Exhibit 99.2.</div>

        </div>

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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>

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    <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>
            </td>

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    <td valign="top" colspan="2" style="width: 47%;">&#160; </td>

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    <td valign="top" align="left" colspan="2" style="WIDTH: 47%">
              <div style="text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">(Registrant)</div>
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    <td valign="top" colspan="2" style="width: 47%;">&#160; </td>

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    <td valign="top" colspan="2" style="width: 47%;">&#160; </td>

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              <div style="TEXT-ALIGN: left; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">By:</div>
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              <div style="TEXT-DECORATION: underline; TEXT-ALIGN: left; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">/s/ <span style="font-family: 'Times New Roman',Times,serif;">Peter V. Nguyen</span>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </div>
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                <div style="font-family: 'Times New Roman'; font-size: 14pt;"><span style="font-size: 10pt; font-family: 'Times New Roman',Times,serif;">Peter V. Nguyen</span><br />
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              <div style="TEXT-ALIGN: left; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">Title:</div>
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    <td valign="top" align="left" style="font-family: 'Times New Roman', Times, serif; font-variant: normal; width: 94%; font-weight: normal; color: #000000; font-style: normal;">
              <div style="TEXT-ALIGN: left; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: -47.05pt; TEXT-INDENT: 0pt">General Counsel</div>
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    <div style="text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">Date:&#160; June 1, 2023<br />
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    <div style="TEXT-ALIGN: left; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">&#160;</div>

    <div style="TEXT-ALIGN: left; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">&#160;</div>

    <div style="TEXT-ALIGN: left; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">&#160;</div>

    <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>
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                <div style="font-weight: bold; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">Description</div>
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    <td valign="top" align="left" style="width: 237.438px;"><a href="exhibit99-1.htm">99.1</a></td>

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                <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
                    May 31, 2023</a></div>
              </td>

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    <td valign="top" align="left" rowspan="1" style="width: 237.438px;"><a href="exhibit99-2.htm">99.2<br />
                </a> </td>

    <td valign="top" align="left" rowspan="1" style="width: 1345.56px;"><a href="exhibit99-2.htm">Quarterly Report to Shareholders For The First Quarter of Fiscal
                  2023<br />
                </a> </td>

  </tr>

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    <td valign="top" align="left" style="width: 237.438px;" rowspan="1"><span style="color: rgb(0, 0, 0); font-family: 'Times New Roman', Times, 'serif'; 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;">Ex. 101</span> </td>

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  <div style="text-align: right; color: rgb(85, 85, 85); font-family: Verdana,sans-serif; font-size: 12pt; font-weight: bold;"><font style="font-weight: bold; font-family: 'Times New Roman'; font-size: 10pt; color: rgb(85, 85, 85);"> Exhibit 99.1</font><br>
  </div>
  <div style="text-align: left; color: rgb(85, 85, 85); font-family: Verdana,sans-serif; font-size: 12pt; font-weight: bold;"> <font style="font-weight: bold;"><img src="descartes_logo.jpg"></font> </div>
  <div style="text-align: center; color: #555555; font-family: Verdana, sans-serif; font-size: 12pt; font-weight: bold;"> <img src="pressrelease_banner.jpg"></div>
  <div style="text-align: center; color: #555555; font-family: Verdana, sans-serif; font-size: 12pt; font-weight: bold;"> <br>
  </div>
  <br>
  <div style="text-align: center; font-family: Verdana, sans-serif; font-size: 16pt;">DESCARTES ANNOUNCES FISCAL 2024 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;">Record Revenues and Income from Operations</div>
  <div><br>
  </div>
  <div style="text-align: justify; font-family: Verdana, sans-serif; font-size: 10pt;"><font style="font-family: Verdana, sans-serif; font-size: 10pt; font-weight: bold;">WATERLOO, Ontario &#8212; May 31, 2023 </font>&#8212; The Descartes Systems Group Inc. (TSX:DSG)
    (Nasdaq:DSGX) announced its financial results for its fiscal 2024 first quarter (<font style="font-family: Verdana, sans-serif; font-size: 10pt; font-weight: bold;">Q1FY24</font>). All financial results referenced are in United States (<font style="font-family: Verdana, sans-serif; font-size: 10pt; font-weight: bold;">US</font>) currency and, unless otherwise indicated, are determined in accordance with US Generally Accepted Accounting Principles (<font style="font-family: Verdana, sans-serif; font-size: 10pt; font-weight: bold;">GAAP</font>).</div>
  <div><br>
  </div>
  <div style="text-align: justify; font-family: Verdana, sans-serif; font-size: 10pt;">&#8220;The Global Logistics Network (GLN) continues to help shippers, carriers and logistics services providers benefit from more efficient supply chains and logistics
    operations,&#8221; said Edward J. Ryan, Descartes&#8217; CEO. &#8220;Our customers&#8217; successes with the GLN have put us in a strong position to continue to invest in our business for the future. We continue to add more services for our customers to manage the complete
    lifecycle of shipments, such as our recent acquisition of Localz.&#8221;</div>
  <div><br>
  </div>
  <div style="text-align: justify; font-family: Verdana, sans-serif; font-size: 10pt; font-weight: bold;">Q1FY24 Financial Results</div>
  <div style="text-align: justify; font-family: Verdana, sans-serif; font-size: 10pt;">As described in more detail below, key financial highlights for Q1FY24 included:</div>
  <div>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z63d6835800154398aaa07271176a4d3c">

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          <td style="width: 36pt; vertical-align: top; text-align: right;">
            <div style="text-align: left; margin-left: 18pt; font-family: Verdana, sans-serif; font-size: 10pt;">&#8226;</div>
          </td>
          <td style="width: auto; vertical-align: top;">
            <div style="text-align: left; font-family: Verdana, sans-serif; font-size: 10pt;">Revenues of $136.6 million, up 17% from $116.4 million in the first quarter of fiscal 2023 (<font style="font-family: Verdana, sans-serif; font-size: 10pt; font-weight: bold;">Q1FY23</font>) and up 9% from $125.1 million in the previous quarter (<font style="font-family: Verdana, sans-serif; font-size: 10pt; font-weight: bold;">Q4FY23</font>);</div>
          </td>
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    </table>
  </div>
  <div>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z5cc9a6340f0b4016a789faf232b786b0">

        <tr>
          <td style="width: 36pt; vertical-align: top; text-align: right;">
            <div style="text-align: left; margin-left: 18pt; font-family: Verdana, sans-serif; font-size: 10pt;">&#8226;</div>
          </td>
          <td style="width: auto; vertical-align: top;">
            <div style="text-align: left; font-family: Verdana, sans-serif; font-size: 10pt;">Revenues were comprised of services revenues of $124.1 million (91% of total revenues), professional services and other revenues of $11.5 million (8% of total
              revenues) and license revenues of $1.0 million (1% of total revenues). Services revenues were up 21% from $102.8 million in Q1FY23 and up 9% from $113.4 million in Q4FY23;</div>
          </td>
        </tr>

    </table>
  </div>
  <div>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zf2c2ca730d8b42caa5ff6359d6e37fad">

        <tr>
          <td style="width: 36pt; vertical-align: top; text-align: right;">
            <div style="text-align: left; margin-left: 18pt; font-family: Verdana, sans-serif; font-size: 10pt;">&#8226;</div>
          </td>
          <td style="width: auto; vertical-align: top;">
            <div style="text-align: left; font-family: Verdana, sans-serif; font-size: 10pt;">Cash provided by operating activities of $48.9 million, up 10% from $44.4 million in Q1FY23 and down from $50.6 million in Q4FY23;</div>
          </td>
        </tr>

    </table>
  </div>
  <div>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z45cb62ef250447349d57ae3239d1977a">

        <tr>
          <td style="width: 36pt; vertical-align: top; text-align: right;">
            <div style="text-align: left; margin-left: 18pt; font-family: Verdana, sans-serif; font-size: 10pt;">&#8226;</div>
          </td>
          <td style="width: auto; vertical-align: top;">
            <div style="text-align: left; font-family: Verdana, sans-serif; font-size: 10pt;">Income from operations of $36.5 million, up 19% from $30.6 million in Q1FY23 and up 9% from $33.6 million in Q4FY23;</div>
          </td>
        </tr>

    </table>
  </div>
  <div>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z63d074e67b1147c088626e092d8c4d54">

        <tr>
          <td style="width: 36pt; vertical-align: top; text-align: right;">
            <div style="text-align: left; margin-left: 18pt; font-family: Verdana, sans-serif; font-size: 10pt;">&#8226;</div>
          </td>
          <td style="width: auto; vertical-align: top;">
            <div style="text-align: left; font-family: Verdana, sans-serif; font-size: 10pt;">Net income of $29.4 million, up 27% from $23.1 million in Q1FY23 and down from $29.8 million in Q4FY23. Net income as a percentage of revenues was 22%, compared
              to 20% in Q1FY23 and 24% in Q4FY23;</div>
          </td>
        </tr>

    </table>
  </div>
  <div>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z81589ec3ed464a59b2ca6ec8758651b4">

        <tr>
          <td style="width: 36pt; vertical-align: top; text-align: right;">
            <div style="text-align: left; margin-left: 18pt; font-family: Verdana, sans-serif; font-size: 10pt;">&#8226;</div>
          </td>
          <td style="width: auto; vertical-align: top;">
            <div style="text-align: left; font-family: Verdana, sans-serif; font-size: 10pt;">Earnings per share on a diluted basis of $0.34, up 26% from $0.27 in Q1FY23 and consistent with $0.34 in Q4FY23; and</div>
          </td>
        </tr>

    </table>
  </div>
  <div>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z838fcdf705d64a3484d534e29abe24c7">

        <tr>
          <td style="width: 36pt; vertical-align: top; text-align: right;">
            <div style="text-align: left; margin-left: 18pt; font-family: Verdana, sans-serif; font-size: 10pt;">&#8226;</div>
          </td>
          <td style="width: auto; vertical-align: top;">
            <div style="text-align: left; font-family: Verdana, sans-serif; font-size: 10pt;">Adjusted EBITDA of $57.7 million, up 13% from $51.2 million in Q1FY23 and up 4% from $55.4 million in Q4FY23. Adjusted EBITDA as a percentage of revenues was 42%,
              compared to 44% in both Q1FY23 and Q4FY23.</div>
          </td>
        </tr>

    </table>
  </div>
  <div><br>
  </div>
  <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" class="BRPFPageBreakArea">
    <div class="BRPFPageNumberArea" style="text-align: center;"><font style="font-family: Verdana, Geneva, 'sans-serif'; font-size: 8pt; font-weight: normal; font-style: normal;">1</font></div>
    <div style="page-break-after: always;" class="BRPFPageBreak">
      <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
  </div>
  <div><br>
  </div>
  <div>
    <div style="text-align: justify; font-family: Verdana, sans-serif; font-size: 10pt;">Adjusted EBITDA and Adjusted EBITDA as a percentage of revenues are non-GAAP financial measures provided as a complement to financial results presented in accordance
      with GAAP. We define Adjusted EBITDA as earnings before interest, taxes, depreciation, amortization, stock-based compensation (for which we include related fees and taxes) and other charges (for which we include restructuring charges and
      acquisition-related expenses). These items are considered by management to be outside Descartes' 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; font-size: 10pt;">The following table summarizes Descartes' results in the categories specified below over the past 5 fiscal quarters (unaudited; dollar amounts, other than per share
    amounts, in millions):</div>
  <div><br>
  </div>
  <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="z7b86ad524de34f569a45af75fc40db48">

      <tr>
        <td style="width: 40.53%; vertical-align: top;">&#160;</td>
        <td style="width: 11.84%; vertical-align: top; border-top: #000000 1px solid; border-bottom: #000000 1px solid;">
          <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 10pt; font-weight: bold;">Q1</div>
          <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 10pt; font-weight: bold;">FY24</div>
        </td>
        <td style="width: 11.84%; vertical-align: top; border-top: #000000 1px solid; border-bottom: #000000 1px solid;">
          <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 10pt;">Q4</div>
          <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 10pt;">FY23</div>
        </td>
        <td style="width: 11.84%; vertical-align: top; border-top: #000000 1px solid; border-bottom: #000000 1px solid;">
          <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 10pt;">Q3</div>
          <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 10pt;">FY23</div>
        </td>
        <td style="width: 11.97%; vertical-align: top; border-top: #000000 1px solid; border-bottom: #000000 1px solid;">
          <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 10pt;">Q2</div>
          <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 10pt;">FY23</div>
        </td>
        <td style="width: 11.97%; vertical-align: top; border-top: #000000 1px solid; border-bottom: #000000 1px solid;">
          <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 10pt;">Q1</div>
          <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 10pt;">FY23</div>
        </td>
      </tr>
      <tr>
        <td style="width: 40.53%; vertical-align: top;">
          <div style="text-align: left; font-family: Verdana, sans-serif; font-size: 10pt;">Revenues</div>
        </td>
        <td style="width: 11.84%; vertical-align: top; border-top: #000000 1px solid;">
          <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 10pt; font-weight: bold;">136.6</div>
        </td>
        <td style="width: 11.84%; vertical-align: top; border-top: #000000 1px solid;">
          <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 10pt;">125.1</div>
        </td>
        <td style="width: 11.84%; vertical-align: top; border-top: #000000 1px solid;">
          <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 10pt;">121.5</div>
        </td>
        <td style="width: 11.97%; vertical-align: top; border-top: #000000 1px solid;">
          <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 10pt;">123.0</div>
        </td>
        <td style="width: 11.97%; vertical-align: top; border-top: #000000 1px solid;">
          <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 10pt;">116.4</div>
        </td>
      </tr>
      <tr>
        <td style="width: 40.53%; vertical-align: top;">
          <div style="text-align: left; font-family: Verdana, sans-serif; font-size: 10pt;">Services revenues</div>
        </td>
        <td style="width: 11.84%; vertical-align: top;">
          <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 10pt; font-weight: bold;">124.1</div>
        </td>
        <td style="width: 11.84%; vertical-align: top;">
          <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 10pt;">113.4</div>
        </td>
        <td style="width: 11.84%; vertical-align: top;">
          <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 10pt;">110.1</div>
        </td>
        <td style="width: 11.97%; vertical-align: top;">
          <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 10pt;">109.4</div>
        </td>
        <td style="width: 11.97%; vertical-align: top;">
          <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 10pt;">102.8</div>
        </td>
      </tr>
      <tr>
        <td style="width: 40.53%; vertical-align: top;">
          <div style="text-align: left; font-family: Verdana, sans-serif; font-size: 10pt;">Gross margin</div>
        </td>
        <td style="width: 11.84%; vertical-align: top;">
          <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 10pt; font-weight: bold;">76%</div>
        </td>
        <td style="width: 11.84%; vertical-align: top;">
          <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 10pt;">77%</div>
        </td>
        <td style="width: 11.84%; vertical-align: top;">
          <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 10pt;">77%</div>
        </td>
        <td style="width: 11.97%; vertical-align: top;">
          <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 10pt;">77%</div>
        </td>
        <td style="width: 11.97%; vertical-align: top;">
          <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 10pt;">76%</div>
        </td>
      </tr>
      <tr>
        <td style="width: 40.53%; vertical-align: top;">
          <div style="text-align: left; font-family: Verdana, sans-serif; font-size: 10pt;">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-size: 10pt; font-weight: bold;">48.9</div>
        </td>
        <td style="width: 11.84%; vertical-align: top;">
          <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 10pt;">50.6</div>
        </td>
        <td style="width: 11.84%; vertical-align: top;">
          <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 10pt;">50.9</div>
        </td>
        <td style="width: 11.97%; vertical-align: top;">
          <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 10pt;">46.4</div>
        </td>
        <td style="width: 11.97%; vertical-align: top;">
          <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 10pt;">44.4</div>
        </td>
      </tr>
      <tr>
        <td style="width: 40.53%; vertical-align: top;">
          <div style="text-align: left; font-family: Verdana, sans-serif; font-size: 10pt;">Income from operations</div>
        </td>
        <td style="width: 11.84%; vertical-align: top;">
          <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 10pt; font-weight: bold;">36.5</div>
        </td>
        <td style="width: 11.84%; vertical-align: top;">
          <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 10pt;">33.6</div>
        </td>
        <td style="width: 11.84%; vertical-align: top;">
          <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 10pt;">34.8</div>
        </td>
        <td style="width: 11.97%; vertical-align: top;">
          <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 10pt;">31.5</div>
        </td>
        <td style="width: 11.97%; vertical-align: top;">
          <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 10pt;">30.6</div>
        </td>
      </tr>
      <tr>
        <td style="width: 40.53%; vertical-align: top;">
          <div style="text-align: left; font-family: Verdana, sans-serif; font-size: 10pt;">Net income</div>
        </td>
        <td style="width: 11.84%; vertical-align: top;">
          <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 10pt; font-weight: bold;">29.4</div>
        </td>
        <td style="width: 11.84%; vertical-align: top;">
          <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 10pt;">29.8</div>
        </td>
        <td style="width: 11.84%; vertical-align: top;">
          <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 10pt;">26.5</div>
        </td>
        <td style="width: 11.97%; vertical-align: top;">
          <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 10pt;">22.9</div>
        </td>
        <td style="width: 11.97%; vertical-align: top;">
          <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 10pt;">23.1</div>
        </td>
      </tr>
      <tr>
        <td style="width: 40.53%; vertical-align: top;">
          <div style="text-align: left; font-family: Verdana, sans-serif; font-size: 10pt;">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-size: 10pt; font-weight: bold;">22%</div>
        </td>
        <td style="width: 11.84%; vertical-align: top;">
          <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 10pt;">24%</div>
        </td>
        <td style="width: 11.84%; vertical-align: top;">
          <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 10pt;">22%</div>
        </td>
        <td style="width: 11.97%; vertical-align: top;">
          <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 10pt;">19%</div>
        </td>
        <td style="width: 11.97%; vertical-align: top;">
          <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 10pt;">20%</div>
        </td>
      </tr>
      <tr>
        <td style="width: 40.53%; vertical-align: top;">
          <div style="text-align: left; font-family: Verdana, sans-serif; font-size: 10pt;">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-size: 10pt; font-weight: bold;">0.34</div>
        </td>
        <td style="width: 11.84%; vertical-align: top;">
          <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 10pt;">0.34</div>
        </td>
        <td style="width: 11.84%; vertical-align: top;">
          <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 10pt;">0.31</div>
        </td>
        <td style="width: 11.97%; vertical-align: top;">
          <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 10pt;">0.27</div>
        </td>
        <td style="width: 11.97%; vertical-align: top;">
          <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 10pt;">0.27</div>
        </td>
      </tr>
      <tr>
        <td style="width: 40.53%; vertical-align: top;">
          <div style="text-align: left; font-family: Verdana, sans-serif; font-size: 10pt;">Adjusted EBITDA</div>
        </td>
        <td style="width: 11.84%; vertical-align: top;">
          <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 10pt; font-weight: bold;">57.7</div>
        </td>
        <td style="width: 11.84%; vertical-align: top;">
          <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 10pt;">55.4</div>
        </td>
        <td style="width: 11.84%; vertical-align: top;">
          <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 10pt;">54.5</div>
        </td>
        <td style="width: 11.97%; vertical-align: top;">
          <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 10pt;">54.0</div>
        </td>
        <td style="width: 11.97%; vertical-align: top;">
          <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 10pt;">51.2</div>
        </td>
      </tr>
      <tr>
        <td style="width: 40.53%; vertical-align: top;">
          <div style="text-align: left; font-family: Verdana, sans-serif; font-size: 10pt;">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-size: 10pt; font-weight: bold;">42%</div>
        </td>
        <td style="width: 11.84%; vertical-align: top;">
          <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 10pt;">44%</div>
        </td>
        <td style="width: 11.84%; vertical-align: top;">
          <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 10pt;">45%</div>
        </td>
        <td style="width: 11.97%; vertical-align: top;">
          <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 10pt;">44%</div>
        </td>
        <td style="width: 11.97%; vertical-align: top;">
          <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 10pt;">44%</div>
        </td>
      </tr>

  </table>
  <div><br>
  </div>
  <div><br>
  </div>
  <div style="text-align: left; font-family: Verdana, sans-serif; font-size: 10pt; font-weight: bold;">Cash Position</div>
  <div style="text-align: justify; font-family: Verdana, sans-serif; font-size: 10pt;">At April 30, 2023, Descartes had $182.2 million in cash. Cash decreased by $94.2 million in Q1FY24. The table set forth below provides a summary of cash flows for Q1FY24
    in millions of dollars:</div>
  <div><br>
  </div>
  <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="z9ed9cb873af449dd9b2cd6e06ebb36c3">

      <tr>
        <td style="width: 84.57%; vertical-align: top;">&#160;</td>
        <td style="width: 15.43%; vertical-align: top; border-top: #000000 1px solid; border-bottom: #000000 1px solid;">
          <div style="text-align: right; margin-right: 7.2pt; font-family: Verdana, sans-serif; font-size: 10pt; font-weight: bold;">Q1FY24</div>
        </td>
      </tr>
      <tr>
        <td style="width: 84.57%; vertical-align: top;">
          <div style="text-align: left; text-indent: -7.5pt; margin-left: 7.5pt; font-family: Verdana, sans-serif; font-size: 10pt;">Cash provided by operating activities</div>
        </td>
        <td style="width: 15.43%; vertical-align: bottom; border-top: #000000 1px solid;">
          <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 10pt; font-weight: bold;">48.9</div>
        </td>
      </tr>
      <tr>
        <td style="width: 84.57%; vertical-align: top;">
          <div style="text-align: left; text-indent: -7.5pt; margin-left: 7.5pt; font-family: Verdana, sans-serif; font-size: 10pt;">Additions to property and equipment</div>
        </td>
        <td style="width: 15.43%; vertical-align: bottom;">
          <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 10pt; font-weight: bold;">(1.2)</div>
        </td>
      </tr>
      <tr>
        <td style="width: 84.57%; vertical-align: top;">
          <div style="text-align: left; text-indent: -7.5pt; margin-left: 7.5pt; font-family: Verdana, sans-serif; font-size: 10pt;">Acquisitions of subsidiaries, net of cash acquired</div>
        </td>
        <td style="width: 15.43%; vertical-align: bottom;">
          <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 10pt; font-weight: bold;">(142.7)</div>
        </td>
      </tr>
      <tr>
        <td style="width: 84.57%; vertical-align: top;">
          <div style="text-align: left; text-indent: -7.5pt; margin-left: 7.5pt; font-family: Verdana, sans-serif; font-size: 10pt;">Net proceeds from the issuance of common shares</div>
        </td>
        <td style="width: 15.43%; vertical-align: bottom;">
          <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 10pt; font-weight: bold;">0.5</div>
        </td>
      </tr>
      <tr>
        <td style="width: 84.57%; vertical-align: top;">
          <div style="text-align: left; text-indent: -7.5pt; margin-left: 7.5pt; font-family: Verdana, sans-serif; font-size: 10pt;">Effect of foreign exchange rate on cash</div>
        </td>
        <td style="width: 15.43%; vertical-align: bottom; border-bottom: #000000 1px solid;">
          <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 10pt; font-weight: bold;">0.3</div>
        </td>
      </tr>
      <tr>
        <td style="width: 84.57%; vertical-align: top;">
          <div style="text-align: left; text-indent: -7.5pt; margin-left: 7.5pt; font-family: Verdana, sans-serif; font-size: 10pt;">Net change in cash</div>
        </td>
        <td style="width: 15.43%; vertical-align: bottom; border-top: #000000 1px solid;">
          <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 10pt; font-weight: bold;">(94.2)</div>
        </td>
      </tr>
      <tr>
        <td style="width: 84.57%; vertical-align: top;">
          <div style="text-align: left; text-indent: -7.5pt; margin-left: 7.5pt; font-family: Verdana, sans-serif; font-size: 10pt;">Cash, beginning of period</div>
        </td>
        <td style="width: 15.43%; vertical-align: bottom; border-bottom: #000000 1px solid;">
          <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 10pt; font-weight: bold;">276.4</div>
        </td>
      </tr>
      <tr>
        <td style="width: 84.57%; vertical-align: top;">
          <div style="text-align: left; text-indent: -7.5pt; margin-left: 7.5pt; font-family: Verdana, sans-serif; font-size: 10pt;">Cash, end of period</div>
        </td>
        <td style="width: 15.43%; vertical-align: top; border-top: #000000 1px solid; border-bottom: #000000 2px double;">
          <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 10pt; font-weight: bold;">182.2</div>
        </td>
      </tr>

  </table>
  <div><br>
  </div>
  <div style="text-align: left; font-family: Verdana, sans-serif; font-size: 10pt; font-weight: bold;">Acquisition of GroundCloud</div>
  <div style="text-align: justify; font-family: Verdana, sans-serif; font-size: 10pt;">On February 14, 2023, Descartes acquired all of the shares of Windigo Logistics, Inc., doing business as GroundCloud (&#8220;GroundCloud&#8221;), a cloud-based provider of
    final-mile carrier solutions and road safety compliance tools. The purchase price for the acquisition was approximately $136.8 million, net of cash acquired, which was funded from cash on hand, plus potential performance-based contingent consideration
    of up to $80.0 million based on GroundCloud achieving revenue-based targets over the first two years post-acquisition.</div>
  <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" class="BRPFPageBreakArea">
    <div class="BRPFPageNumberArea" style="text-align: center;"><font style="font-family: Verdana, Geneva, 'sans-serif'; font-size: 8pt; font-weight: normal; font-style: normal;">2</font></div>
    <div style="page-break-after: always;" class="BRPFPageBreak">
      <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
  </div>
  <div><br>
  </div>
  <div><br>
  </div>
  <div style="text-align: justify; font-family: Verdana, sans-serif; font-size: 10pt; font-weight: bold;">Acquisition of Localz</div>
  <div style="text-align: justify; font-family: Verdana, sans-serif; font-size: 10pt;">On April 20, 2023, Descartes acquired substantially all of the assets of Localz Pty Ltd.(&#8220;Localz&#8221;), a cloud-based customer engagement platform for day-of-service
    interaction and order management. The purchase price for the acquisition was approximately $5.9 million, net of cash acquired, which was funded from cash on hand.</div>
  <div><br>
  </div>
  <div style="text-align: left; font-family: Verdana, sans-serif; font-size: 10pt; font-weight: bold;">Conference Call</div>
  <div style="text-align: justify; font-family: Verdana, sans-serif; font-size: 10pt;">Members of Descartes' executive management team will host a conference call to discuss the company's financial results at 5:30 p.m. ET on Wednesday, May 31. Designated
    numbers are +1 416 764 8658 for North America and +1 888 886 7786 for international, using conference ID <font style="font-family: Verdana, sans-serif; font-size: 10pt;">95079934#</font>.</div>
  <div><br>
  </div>
  <div>
    <div style="text-align: justify; font-family: Verdana, sans-serif; font-size: 10pt;">The company will simultaneously conduct an audio webcast on the Descartes website at <font style="font-family: Verdana, sans-serif; font-size: 10pt;">www.descartes.com/descartes/investor-relations.&#160;</font>Phone
      conference dial-in or webcast login is required approximately 10 minutes beforehand.</div>
  </div>
  <div>
    <div><br>
    </div>
  </div>
  <div style="text-align: justify; font-family: Verdana, sans-serif; font-size: 10pt;">Replays of the conference call will be available until June 7, 2023, by dialling +1 416 764 8692 or Toll-Free for North America using +1 877 674 7070 with Playback
    Passcode: 079934#. An archived replay of the webcast will be available at<font style="font-family: Verdana, sans-serif; font-size: 10pt;">&#160;www.descartes.com/descartes/investor-relations.</font></div>
  <div><br>
  </div>
  <div style="text-align: left; font-family: Verdana, sans-serif; font-size: 10pt; font-weight: bold;">About Descartes</div>
  <div style="text-align: justify; font-family: Verdana, sans-serif; font-size: 10pt;"><font style="font-family: Verdana, sans-serif; font-size: 10pt;">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</font>&#160;<font style="font-family: Verdana, sans-serif; font-size: 10pt;">www.descartes.com</font>&#160;<font style="font-family: Verdana, sans-serif; font-size: 10pt;">and connect with us on LinkedIn</font>&#160;<font style="font-family: Verdana, sans-serif; font-size: 10pt;">and</font>&#160;<font style="font-family: Verdana, sans-serif; font-size: 10pt;">Twitter</font>.
    <font style="font-family: Verdana, sans-serif; font-size: 10pt;">&#160;</font></div>
  <div style="text-align: center; font-family: Verdana, sans-serif; font-size: 10pt;"># # #</div>
  <div style="text-align: justify; font-family: Verdana, sans-serif; font-size: 10pt; font-weight: bold;">Descartes Investor Contact:</div>
  <div style="text-align: justify; font-family: Verdana, sans-serif; font-size: 10pt;">Laurie McCauley&#160; +1-519-746-2969</div>
  <div style="text-align: justify; font-family: Verdana, sans-serif; font-size: 10pt;">investor@descartes.com</div>
  <div><br>
  </div>
  <div style="text-align: justify; font-family: Verdana, sans-serif; font-size: 10pt; font-weight: bold;">Safe Harbor Statement</div>
  <div style="text-align: justify; font-family: Verdana, sans-serif; font-size: 10pt;">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&#160; potential impact of geopolitical events such as the ongoing conflict
    between Russia and Ukraine (the &#8220;Ukraine Conflict&#8221;), or other potentially catastrophic events, such as the spread of the COVID-19 virus (the &#8220;Pandemic&#8221;) on our business, results of operations and financial condition; 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 and Adjusted EBITDA margin operating range; 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 Ukraine Conflict and the Pandemic not having a material negative</div>
  <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" class="BRPFPageBreakArea">
    <div class="BRPFPageNumberArea" style="text-align: center;"><font style="font-family: Verdana, Geneva, 'sans-serif'; font-size: 8pt; font-weight: normal; font-style: normal;">3</font></div>
    <div style="page-break-after: always;" class="BRPFPageBreak">
      <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
  </div>
  <div><br>
  </div>
  <div style="text-align: justify; font-family: Verdana, sans-serif; font-size: 10pt;">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 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. 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="clear: both; margin-top: 10pt; margin-bottom: 10pt;" class="BRPFPageBreakArea">
    <div class="BRPFPageNumberArea" style="text-align: center;"><font style="font-family: Verdana, Geneva, 'sans-serif'; font-size: 8pt; font-weight: normal; font-style: normal;">4</font></div>
    <div style="page-break-after: always;" class="BRPFPageBreak">
      <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
  </div>
  <div><br>
  </div>
  <div style="text-align: justify; font-family: Verdana, sans-serif; font-size: 10pt; 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; font-size: 10pt;">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; font-size: 10pt;">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; font-size: 10pt;">Management considers these non-operating expenses to be outside the scope of Descartes&#8217; ongoing operations and the related expenses are not used by management to measure
    operations. Accordingly, these expenses are excluded from Adjusted EBITDA, which we reference to both measure our operations and as a basis of comparison of our operations from period-to-period. Management believes that investors and financial analysts
    measure our business on the same basis, and we are providing the Adjusted EBITDA financial metric to assist in this evaluation and to provide a higher level of transparency into how we measure our own business. However, Adjusted EBITDA and Adjusted
    EBITDA as a percentage of revenues are non-GAAP financial measures and may not be comparable to similarly titled measures reported by other companies. Adjusted EBITDA and Adjusted EBITDA as a percentage of revenues should not be construed as a
    substitute for net income determined in accordance with GAAP or other non-GAAP measures that may be used by other companies, such as EBITDA. The use of Adjusted EBITDA and Adjusted EBITDA as a percentage of revenues does have limitations. In
    particular, we have completed six acquisitions since the beginning of fiscal 2023 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-size: 10pt;"> </font><br>
  </div>
  <div style="text-align: justify; font-family: Verdana, sans-serif; font-size: 10pt;">The table below reconciles Adjusted EBITDA and Adjusted EBITDA as a percentage of revenues to net income reported in our unaudited Consolidated Statements of Operations
    for Q1FY24, Q4FY23, Q3FY23, Q2FY23, and Q1FY23, which we believe is the most directly comparable GAAP measure.</div>
  <div><br>
  </div>
  <div><br>
  </div>
  <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" class="BRPFPageBreakArea">
    <div class="BRPFPageNumberArea" style="text-align: center;"><font style="font-family: Verdana, Geneva, 'sans-serif'; font-size: 8pt; font-weight: normal; font-style: normal;">5</font></div>
    <div style="page-break-after: always;" class="BRPFPageBreak">
      <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
  </div>
  <div><br>
  </div>
  <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="zf3fb06b94ef941868a67b1fc4d0a3325">

      <tr>
        <td style="width: 39.14%; vertical-align: top;">
          <div style="text-align: justify; font-family: Verdana, sans-serif; font-size: 9pt; font-weight: bold;">(US dollars in millions)</div>
        </td>
        <td style="width: 13.04%; vertical-align: top; border-top: #000000 1px solid; border-bottom: #000000 1px solid;">
          <div style="text-align: right; margin-left: 7.2pt; font-family: Verdana, sans-serif; font-size: 9pt; font-weight: bold;">Q1FY24</div>
        </td>
        <td style="width: 13.04%; vertical-align: top; border-top: #000000 1px solid; border-bottom: #000000 1px solid;">
          <div style="text-align: right; margin-left: 7.2pt; font-family: Verdana, sans-serif; font-size: 9pt;">Q4FY23</div>
        </td>
        <td style="width: 11.6%; vertical-align: top; border-top: #000000 1px solid; border-bottom: #000000 1px solid;">
          <div style="text-align: right; margin-left: 7.2pt; font-family: Verdana, sans-serif; font-size: 9pt;">Q3FY23</div>
        </td>
        <td style="width: 11.6%; vertical-align: top; border-top: #000000 1px solid; border-bottom: #000000 1px solid;">
          <div style="text-align: right; margin-left: 7.2pt; font-family: Verdana, sans-serif; font-size: 9pt;">Q2FY23</div>
        </td>
        <td style="width: 11.6%; vertical-align: top; border-top: #000000 1px solid; border-bottom: #000000 1px solid;">
          <div style="text-align: right; margin-left: 7.2pt; font-family: Verdana, sans-serif; font-size: 9pt;">Q1FY23</div>
        </td>
      </tr>
      <tr>
        <td style="width: 39.14%; vertical-align: top;">
          <div style="text-align: left; font-family: Verdana, sans-serif; font-size: 9pt;"><font style="font-family: Verdana, sans-serif; font-size: 9pt; font-weight: bold;">Net income</font>, as reported on Consolidated Statements of Operations</div>
        </td>
        <td style="width: 13.04%; vertical-align: bottom; border-top: #000000 1px solid;">
          <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 9pt; font-weight: bold;">29.4</div>
        </td>
        <td style="width: 13.04%; vertical-align: bottom; border-top: #000000 1px solid;">
          <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 9pt;">29.8</div>
        </td>
        <td style="width: 11.6%; vertical-align: bottom; border-top: #000000 1px solid;">
          <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 9pt;">26.5</div>
        </td>
        <td style="width: 11.6%; vertical-align: bottom; border-top: #000000 1px solid;">
          <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 9pt;">22.9</div>
        </td>
        <td style="width: 11.6%; vertical-align: bottom; border-top: #000000 1px solid;">
          <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 9pt;">23.1</div>
        </td>
      </tr>
      <tr>
        <td style="width: 39.14%; vertical-align: top;">
          <div style="text-align: left; font-family: Verdana, sans-serif; font-size: 9pt;">Adjustments to reconcile to Adjusted EBITDA:</div>
        </td>
        <td style="width: 13.04%; vertical-align: bottom; text-align: right;">&#160;</td>
        <td style="width: 13.04%; vertical-align: bottom; text-align: right;">&#160;</td>
        <td style="width: 11.6%; vertical-align: bottom; text-align: right;">&#160;</td>
        <td style="width: 11.6%; vertical-align: bottom; text-align: right;">&#160;</td>
        <td style="width: 11.6%; vertical-align: bottom; text-align: right;">&#160;</td>
      </tr>
      <tr>
        <td style="width: 39.14%; vertical-align: top;">
          <div style="text-align: left; margin-left: 9pt; font-family: Verdana, sans-serif; font-size: 9pt;">Interest expense</div>
        </td>
        <td style="width: 13.04%; vertical-align: bottom;">
          <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 9pt; font-weight: bold;">0.3</div>
        </td>
        <td style="width: 13.04%; vertical-align: bottom;">
          <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 9pt;">0.3</div>
        </td>
        <td style="width: 11.6%; vertical-align: bottom;">
          <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 9pt;">0.3</div>
        </td>
        <td style="width: 11.6%; vertical-align: bottom;">
          <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 9pt;">0.3</div>
        </td>
        <td style="width: 11.6%; vertical-align: bottom;">
          <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 9pt;">0.3</div>
        </td>
      </tr>
      <tr>
        <td style="width: 39.14%; vertical-align: top;">
          <div style="text-align: left; margin-left: 9pt; font-family: Verdana, sans-serif; font-size: 9pt;">Investment income</div>
        </td>
        <td style="width: 13.04%; vertical-align: bottom;">
          <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 9pt; font-weight: bold;">(1.6)</div>
        </td>
        <td style="width: 13.04%; vertical-align: bottom;">
          <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 9pt;">(2.8)</div>
        </td>
        <td style="width: 11.6%; vertical-align: bottom;">
          <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 9pt;">(1.1)</div>
        </td>
        <td style="width: 11.6%; vertical-align: bottom;">
          <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 9pt;">(0.5)</div>
        </td>
        <td style="width: 11.6%; vertical-align: bottom;">
          <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 9pt;">(0.2)</div>
        </td>
      </tr>
      <tr>
        <td style="width: 39.14%; vertical-align: top;">
          <div style="text-align: left; margin-left: 9pt; font-family: Verdana, sans-serif; font-size: 9pt;">Income tax expense</div>
        </td>
        <td style="width: 13.04%; vertical-align: bottom;">
          <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 9pt; font-weight: bold;">8.4</div>
        </td>
        <td style="width: 13.04%; vertical-align: bottom;">
          <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 9pt;">6.3</div>
        </td>
        <td style="width: 11.6%; vertical-align: bottom;">
          <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 9pt;">9.0</div>
        </td>
        <td style="width: 11.6%; vertical-align: bottom;">
          <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 9pt;">8.8</div>
        </td>
        <td style="width: 11.6%; vertical-align: bottom;">
          <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 9pt;">7.4</div>
        </td>
      </tr>
      <tr>
        <td style="width: 39.14%; vertical-align: top;">
          <div style="text-align: justify; margin-left: 9pt; font-family: Verdana, sans-serif; font-size: 9pt;">Depreciation expense</div>
        </td>
        <td style="width: 13.04%; vertical-align: bottom;">
          <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 9pt; font-weight: bold;">1.3</div>
        </td>
        <td style="width: 13.04%; vertical-align: bottom;">
          <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 9pt;">1.4</div>
        </td>
        <td style="width: 11.6%; vertical-align: bottom;">
          <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 9pt;">1.3</div>
        </td>
        <td style="width: 11.6%; vertical-align: bottom;">
          <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 9pt;">1.3</div>
        </td>
        <td style="width: 11.6%; vertical-align: bottom;">
          <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 9pt;">1.2</div>
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      </tr>
      <tr>
        <td style="width: 39.14%; vertical-align: top;">
          <div style="text-align: justify; margin-left: 9pt; font-family: Verdana, sans-serif; font-size: 9pt;">Amortization of intangible assets</div>
        </td>
        <td style="width: 13.04%; vertical-align: bottom;">
          <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 9pt; font-weight: bold;">14.7</div>
        </td>
        <td style="width: 13.04%; vertical-align: bottom;">
          <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 9pt;">14.3</div>
        </td>
        <td style="width: 11.6%; vertical-align: bottom;">
          <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 9pt;">14.7</div>
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        <td style="width: 11.6%; vertical-align: bottom;">
          <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 9pt;">16.1</div>
        </td>
        <td style="width: 11.6%; vertical-align: bottom;">
          <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 9pt;">15.1</div>
        </td>
      </tr>
      <tr>
        <td style="width: 39.14%; vertical-align: top;">
          <div style="text-align: left; margin-left: 9pt; font-family: Verdana, sans-serif; font-size: 9pt;">Stock-based compensation and related taxes</div>
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        <td style="width: 13.04%; vertical-align: bottom;">
          <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 9pt; font-weight: bold;">3.3</div>
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        <td style="width: 13.04%; vertical-align: bottom;">
          <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 9pt;">3.6</div>
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        <td style="width: 11.6%; vertical-align: bottom;">
          <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 9pt;">3.6</div>
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        <td style="width: 11.6%; vertical-align: bottom;">
          <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 9pt;">3.8</div>
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        <td style="width: 11.6%; vertical-align: bottom;">
          <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 9pt;">2.9</div>
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      </tr>
      <tr>
        <td style="width: 39.14%; vertical-align: top;">
          <div style="text-align: justify; margin-left: 9pt; font-family: Verdana, sans-serif; font-size: 9pt;">Other charges</div>
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        <td style="width: 13.04%; vertical-align: bottom;">
          <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 9pt; font-weight: bold;">1.9</div>
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        <td style="width: 13.04%; vertical-align: bottom;">
          <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 9pt;">2.5</div>
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        <td style="width: 11.6%; vertical-align: bottom;">
          <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 9pt;">0.2</div>
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        <td style="width: 11.6%; vertical-align: bottom;">
          <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 9pt;">1.3</div>
        </td>
        <td style="width: 11.6%; vertical-align: bottom;">
          <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 9pt;">1.4</div>
        </td>
      </tr>
      <tr>
        <td style="width: 39.14%; vertical-align: top;">
          <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 style="width: 13.04%; vertical-align: bottom; border-top: #000000 1px solid; border-bottom: #000000 2px double;">
          <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 9pt; font-weight: bold;">57.7</div>
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        <td style="width: 13.04%; vertical-align: bottom; border-top: #000000 1px solid; border-bottom: #000000 1px solid;">
          <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 9pt;">55.4</div>
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        <td style="width: 11.6%; vertical-align: bottom; border-top: #000000 1px solid; border-bottom: #000000 1px solid;">
          <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 9pt;">54.5</div>
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        <td style="width: 11.6%; vertical-align: bottom; border-top: #000000 1px solid; border-bottom: #000000 1px solid;">
          <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 9pt;">54.0</div>
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        <td style="width: 11.6%; vertical-align: bottom; border-top: #000000 1px solid; border-bottom: #000000 1px solid;">
          <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 9pt;">51.2</div>
        </td>
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      <tr>
        <td style="width: 39.14%; vertical-align: top;">&#160;</td>
        <td style="width: 13.04%; vertical-align: bottom; border-top: 2px double rgb(0, 0, 0); text-align: right;">&#160;</td>
        <td style="width: 13.04%; vertical-align: bottom; border-top: 2px double rgb(0, 0, 0); text-align: right;">&#160;</td>
        <td style="width: 11.6%; vertical-align: bottom; border-top: 2px double rgb(0, 0, 0); text-align: right;">&#160;</td>
        <td style="width: 11.6%; vertical-align: bottom; border-top: 2px double rgb(0, 0, 0); text-align: right;">&#160;</td>
        <td style="width: 11.6%; vertical-align: bottom; border-top: 2px double rgb(0, 0, 0); text-align: right;">&#160;</td>
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      <tr>
        <td style="width: 39.14%; vertical-align: top;">
          <div style="text-align: justify; font-family: Verdana, sans-serif; font-size: 9pt; font-weight: bold;">Revenues</div>
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        <td style="width: 13.04%; vertical-align: bottom;">
          <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9pt; font-weight: bold;">136.6</div>
        </td>
        <td style="width: 13.04%; vertical-align: bottom;">
          <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9pt;">125.1</div>
        </td>
        <td style="width: 11.6%; vertical-align: bottom;">
          <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9pt;">121.5</div>
        </td>
        <td style="width: 11.6%; vertical-align: bottom;">
          <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9pt;">123.0</div>
        </td>
        <td style="width: 11.6%; vertical-align: bottom;">
          <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9pt;">116.4</div>
        </td>
      </tr>
      <tr>
        <td style="width: 39.14%; vertical-align: top;">
          <div style="text-align: left; font-family: Verdana, sans-serif; font-size: 9pt; font-weight: bold;">Net income as % of revenues</div>
        </td>
        <td style="width: 13.04%; vertical-align: bottom;">
          <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9pt; font-weight: bold;">22%</div>
        </td>
        <td style="width: 13.04%; vertical-align: bottom;">
          <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9pt;">24%</div>
        </td>
        <td style="width: 11.6%; vertical-align: bottom;">
          <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9pt;">22%</div>
        </td>
        <td style="width: 11.6%; vertical-align: bottom;">
          <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9pt;">19%</div>
        </td>
        <td style="width: 11.6%; vertical-align: bottom;">
          <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9pt;">20%</div>
        </td>
      </tr>
      <tr>
        <td style="width: 39.14%; vertical-align: top;">
          <div style="text-align: justify; font-family: Verdana, sans-serif; font-size: 9pt; font-weight: bold;">Adjusted EBITDA as % of revenues</div>
        </td>
        <td style="width: 13.04%; vertical-align: bottom; border-bottom: #000000 2px double;">
          <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9pt; font-weight: bold;">42%</div>
        </td>
        <td style="width: 13.04%; vertical-align: bottom; border-bottom: #000000 2px double;">
          <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9pt;">44%</div>
        </td>
        <td style="width: 11.6%; vertical-align: bottom; border-bottom: #000000 2px double;">
          <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9pt;">45%</div>
        </td>
        <td style="width: 11.6%; vertical-align: bottom; border-bottom: #000000 2px double;">
          <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9pt;">44%</div>
        </td>
        <td style="width: 11.6%; vertical-align: bottom; border-bottom: #000000 2px double;">
          <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9pt;">44%</div>
        </td>
      </tr>
      <tr>
        <td style="width: 39.14%; vertical-align: top;">&#160;</td>
        <td style="width: 13.04%; vertical-align: bottom; text-align: right;">&#160;</td>
        <td style="width: 13.04%; vertical-align: bottom; text-align: right;">&#160;</td>
        <td style="width: 11.6%; vertical-align: bottom; text-align: right;">&#160;</td>
        <td style="width: 11.6%; vertical-align: bottom; text-align: right;">&#160;</td>
        <td style="width: 11.6%; vertical-align: bottom; text-align: right;">&#160;</td>
      </tr>

  </table>
  <div><br>
  </div>
  <div><br>
  </div>
  <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" class="BRPFPageBreakArea">
    <div class="BRPFPageNumberArea" style="text-align: center;"><font style="font-family: Verdana, Geneva, 'sans-serif'; font-size: 8pt; font-weight: normal; font-style: normal;">6</font></div>
    <div style="page-break-after: always;" class="BRPFPageBreak">
      <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
  </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;">Condensed Consolidated Balance Sheets</div>
  <div style="text-align: left; font-family: Verdana, sans-serif; font-size: 10pt; font-variant: small-caps;">(US dollars in thousands; US GAAP; Unaudited)</div>
  <div style="text-align: left; font-family: Verdana, sans-serif; font-size: 10pt; font-variant: small-caps;">
    <hr noshade="noshade" align="center" style="height: 2px; color: #000000; background-color: #000000; text-align: center; margin-left: auto; margin-right: auto; border: none;"> </div>
  <div>
    <div><br>
    </div>
  </div>
  <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="z8ea0410355444a99aae01a729306da7e">

      <tr>
        <td colspan="2" style="width: 74.61%; vertical-align: top;">&#160;</td>
        <td style="width: 12.23%; vertical-align: top; border-top: #000000 1px solid;">
          <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 8pt; font-weight: bold;">April 30,</div>
        </td>
        <td style="width: 13.17%; vertical-align: top; border-top: #000000 1px 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: 74.61%; vertical-align: top;">&#160;</td>
        <td style="width: 12.23%; vertical-align: top; border-bottom: #000000 1px solid;">
          <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 8pt; font-weight: bold;">2023</div>
        </td>
        <td style="width: 13.17%; vertical-align: top; border-bottom: #000000 1px solid;">
          <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 8pt;">2023</div>
        </td>
      </tr>
      <tr>
        <td colspan="2" style="width: 74.61%; vertical-align: top;">
          <div style="text-align: left; font-family: Verdana, sans-serif; font-size: 8pt; font-weight: bold;">ASSETS</div>
        </td>
        <td style="width: 12.23%; vertical-align: top; text-align: right;">&#160;</td>
        <td style="width: 13.17%; vertical-align: top; border-top: 1px solid rgb(0, 0, 0); text-align: right;">&#160;</td>
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      <tr>
        <td colspan="2" style="width: 74.61%; vertical-align: top;">
          <div style="text-align: left; font-family: Verdana, sans-serif; font-size: 8pt;">CURRENT ASSETS</div>
        </td>
        <td style="width: 12.23%; vertical-align: top; text-align: right;">&#160;</td>
        <td style="width: 13.17%; vertical-align: top; text-align: right;">&#160;</td>
      </tr>
      <tr>
        <td colspan="2" style="width: 74.61%; vertical-align: top;">
          <div style="text-align: left; margin-left: 13.5pt; font-family: Verdana, sans-serif; font-size: 8pt;">Cash</div>
        </td>
        <td style="width: 12.23%; vertical-align: top;">
          <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 8pt; font-weight: bold;">182,187</div>
        </td>
        <td style="width: 13.17%; vertical-align: top;">
          <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 8pt;">276,385</div>
        </td>
      </tr>
      <tr>
        <td colspan="2" style="width: 74.61%; vertical-align: top;">
          <div style="text-align: left; margin-left: 13.5pt; font-family: Verdana, sans-serif; font-size: 8pt;">Accounts receivable (net)</div>
        </td>
        <td style="width: 12.23%; vertical-align: top; text-align: right;">&#160;</td>
        <td style="width: 13.17%; vertical-align: top; text-align: right;">&#160;</td>
      </tr>
      <tr>
        <td colspan="2" style="width: 74.61%; vertical-align: top;">
          <div style="text-align: left; margin-left: 27pt; font-family: Verdana, sans-serif; font-size: 8pt;">Trade</div>
        </td>
        <td style="width: 12.23%; vertical-align: top;">
          <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 8pt; font-weight: bold;">50,134</div>
        </td>
        <td style="width: 13.17%; vertical-align: top;">
          <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 8pt;">45,173</div>
        </td>
      </tr>
      <tr>
        <td colspan="2" style="width: 74.61%; vertical-align: top;">
          <div style="text-align: left; margin-left: 27pt; font-family: Verdana, sans-serif; font-size: 8pt;">Other</div>
        </td>
        <td style="width: 12.23%; vertical-align: top;">
          <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 8pt; font-weight: bold;">11,330</div>
        </td>
        <td style="width: 13.17%; vertical-align: top;">
          <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 8pt;">11,658</div>
        </td>
      </tr>
      <tr>
        <td colspan="2" style="width: 74.61%; vertical-align: top;">
          <div style="text-align: left; margin-left: 13.5pt; font-family: Verdana, sans-serif; font-size: 8pt;">Prepaid expenses and other</div>
        </td>
        <td style="width: 12.23%; vertical-align: top;">
          <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 8pt; font-weight: bold;">28,525</div>
        </td>
        <td style="width: 13.17%; vertical-align: top;">
          <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 8pt;">24,676</div>
        </td>
      </tr>
      <tr>
        <td colspan="2" style="width: 74.61%; vertical-align: top;">
          <div style="text-align: left; margin-left: 13.5pt; font-family: Verdana, sans-serif; font-size: 8pt;">Inventory</div>
        </td>
        <td style="width: 12.23%; vertical-align: top;">
          <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 8pt; font-weight: bold;">1,352</div>
        </td>
        <td style="width: 13.17%; vertical-align: top;">
          <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 8pt;">759</div>
        </td>
      </tr>
      <tr>
        <td colspan="2" style="width: 74.61%; vertical-align: top;">&#160;</td>
        <td style="width: 12.23%; vertical-align: top; border-top: #000000 1px solid;">
          <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 8pt; font-weight: bold;">273,528</div>
        </td>
        <td style="width: 13.17%; vertical-align: top; border-top: #000000 1px solid;">
          <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 8pt;">358,651</div>
        </td>
      </tr>
      <tr>
        <td colspan="2" style="width: 74.61%; vertical-align: top;">
          <div style="text-align: left; font-family: Verdana, sans-serif; font-size: 8pt;">OTHER LONG-TERM ASSETS</div>
        </td>
        <td style="width: 12.23%; vertical-align: top;">
          <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 8pt; font-weight: bold;">22,085</div>
        </td>
        <td style="width: 13.17%; vertical-align: top;">
          <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 8pt;">22,247</div>
        </td>
      </tr>
      <tr>
        <td colspan="2" style="width: 74.61%; vertical-align: top;">
          <div style="text-align: left; font-family: Verdana, sans-serif; font-size: 8pt;">PROPERTY AND EQUIPMENT, NET</div>
        </td>
        <td style="width: 12.23%; vertical-align: top;">
          <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 8pt; font-weight: bold;">11,347</div>
        </td>
        <td style="width: 13.17%; vertical-align: top;">
          <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 8pt;">11,434</div>
        </td>
      </tr>
      <tr>
        <td colspan="2" style="width: 74.61%; vertical-align: top;">
          <div style="text-align: left; font-family: Verdana, sans-serif; font-size: 8pt;">RIGHT-OF-USE ASSETS</div>
        </td>
        <td style="width: 12.23%; vertical-align: top;">
          <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 8pt; font-weight: bold;">6,383</div>
        </td>
        <td style="width: 13.17%; vertical-align: top;">
          <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 8pt;">6,774</div>
        </td>
      </tr>
      <tr>
        <td colspan="2" style="width: 74.61%; vertical-align: top;">
          <div style="text-align: left; font-family: Verdana, sans-serif; font-size: 8pt;">DEFERRED INCOME TAXES</div>
        </td>
        <td style="width: 12.23%; vertical-align: top;">
          <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 8pt; font-weight: bold;">4,594</div>
        </td>
        <td style="width: 13.17%; vertical-align: top;">
          <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 8pt;">11,483</div>
        </td>
      </tr>
      <tr>
        <td colspan="2" style="width: 74.61%; vertical-align: top;">
          <div style="text-align: left; font-family: Verdana, sans-serif; font-size: 8pt;">INTANGIBLE ASSETS, NET</div>
        </td>
        <td style="width: 12.23%; vertical-align: top;">
          <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 8pt; font-weight: bold;">295,294</div>
        </td>
        <td style="width: 13.17%; vertical-align: top;">
          <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 8pt;">229,808</div>
        </td>
      </tr>
      <tr>
        <td colspan="2" style="width: 74.61%; vertical-align: top;">
          <div style="text-align: left; font-family: Verdana, sans-serif; font-size: 8pt;">GOODWILL</div>
        </td>
        <td style="width: 12.23%; vertical-align: top;">
          <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 8pt; font-weight: bold;">759,867</div>
        </td>
        <td style="width: 13.17%; vertical-align: top;">
          <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 8pt;">675,647</div>
        </td>
      </tr>
      <tr>
        <td colspan="2" style="width: 74.61%; vertical-align: top;">&#160;</td>
        <td style="width: 12.23%; vertical-align: top; border-top: #000000 1px solid; border-bottom: #000000 2px double;">
          <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 8pt; font-weight: bold;">1,373,098</div>
        </td>
        <td style="width: 13.17%; vertical-align: top; border-top: #000000 1px solid; border-bottom: #000000 2px double;">
          <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 8pt;">1,316,044</div>
        </td>
      </tr>
      <tr>
        <td colspan="2" style="width: 74.61%; vertical-align: top;">
          <div style="text-align: left; font-family: Verdana, sans-serif; font-size: 8pt; font-weight: bold;">LIABILITIES AND SHAREHOLDERS&#8217; EQUITY</div>
        </td>
        <td style="width: 12.23%; vertical-align: top; border-top: 2px double rgb(0, 0, 0); text-align: right;">&#160;</td>
        <td style="width: 13.17%; vertical-align: top; border-top: 2px double rgb(0, 0, 0); text-align: right;">&#160;</td>
      </tr>
      <tr>
        <td colspan="2" style="width: 74.61%; vertical-align: top;">
          <div style="text-align: left; font-family: Verdana, sans-serif; font-size: 8pt;">CURRENT LIABILITIES</div>
        </td>
        <td style="width: 12.23%; vertical-align: top; text-align: right;">&#160;</td>
        <td style="width: 13.17%; vertical-align: top; text-align: right;">&#160;</td>
      </tr>
      <tr>
        <td style="width: 3.13%; vertical-align: top;">&#160;</td>
        <td style="width: 71.47%; vertical-align: top;">
          <div style="text-align: left; font-family: Verdana, sans-serif; font-size: 8pt;">Accounts payable</div>
        </td>
        <td style="width: 12.23%; vertical-align: top;">
          <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 8pt; font-weight: bold;">12,373</div>
        </td>
        <td style="width: 13.17%; vertical-align: top;">
          <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 8pt;">10,569</div>
        </td>
      </tr>
      <tr>
        <td style="width: 3.13%; vertical-align: top;">&#160;</td>
        <td style="width: 71.47%; vertical-align: top;">
          <div style="text-align: left; font-family: Verdana, sans-serif; font-size: 8pt;">Accrued liabilities</div>
        </td>
        <td style="width: 12.23%; vertical-align: top;">
          <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 8pt; font-weight: bold;">102,900</div>
        </td>
        <td style="width: 13.17%; vertical-align: top;">
          <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 8pt;">80,309</div>
        </td>
      </tr>
      <tr>
        <td style="width: 3.13%; vertical-align: top;">&#160;</td>
        <td style="width: 71.47%; vertical-align: top;">
          <div style="text-align: left; font-family: Verdana, sans-serif; font-size: 8pt;">Lease obligations</div>
        </td>
        <td style="width: 12.23%; vertical-align: top;">
          <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 8pt; font-weight: bold;">3,376</div>
        </td>
        <td style="width: 13.17%; vertical-align: top;">
          <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 8pt;">3,397</div>
        </td>
      </tr>
      <tr>
        <td style="width: 3.13%; vertical-align: top;">&#160;</td>
        <td style="width: 71.47%; vertical-align: top;">
          <div style="text-align: left; font-family: Verdana, sans-serif; font-size: 8pt;">Income taxes payable</div>
        </td>
        <td style="width: 12.23%; vertical-align: top;">
          <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 8pt; font-weight: bold;">5,963</div>
        </td>
        <td style="width: 13.17%; vertical-align: top;">
          <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 8pt;">7,536</div>
        </td>
      </tr>
      <tr>
        <td style="width: 3.13%; vertical-align: top;">&#160;</td>
        <td style="width: 71.47%; vertical-align: top;">
          <div style="text-align: left; font-family: Verdana, sans-serif; font-size: 8pt;">Deferred revenue</div>
        </td>
        <td style="width: 12.23%; vertical-align: top;">
          <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 8pt; font-weight: bold;">75,018</div>
        </td>
        <td style="width: 13.17%; vertical-align: top;">
          <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 8pt;">67,784</div>
        </td>
      </tr>
      <tr>
        <td colspan="2" style="width: 74.61%; vertical-align: top;">&#160;</td>
        <td style="width: 12.23%; vertical-align: top; border-top: #000000 1px solid;">
          <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 8pt; font-weight: bold;">199,630</div>
        </td>
        <td style="width: 13.17%; vertical-align: top; border-top: #000000 1px solid;">
          <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 8pt;">169,595</div>
        </td>
      </tr>
      <tr>
        <td colspan="2" style="width: 74.61%; vertical-align: top;">
          <div style="text-align: left; font-family: Verdana, sans-serif; font-size: 8pt;">LONG-TERM DEBT</div>
        </td>
        <td style="width: 12.23%; vertical-align: top;">
          <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 8pt; font-weight: bold;">-</div>
        </td>
        <td style="width: 13.17%; vertical-align: top;">
          <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 8pt;">-</div>
        </td>
      </tr>
      <tr>
        <td colspan="2" style="width: 74.61%; vertical-align: top;">
          <div style="text-align: left; font-family: Verdana, sans-serif; font-size: 8pt;">LEASE OBLIGATIONS</div>
        </td>
        <td style="width: 12.23%; vertical-align: top;">
          <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 8pt; font-weight: bold;">3,493</div>
        </td>
        <td style="width: 13.17%; vertical-align: top;">
          <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 8pt;">3,923</div>
        </td>
      </tr>
      <tr>
        <td colspan="2" style="width: 74.61%; vertical-align: top;">
          <div style="text-align: left; font-family: Verdana, sans-serif; font-size: 8pt;">DEFERRED REVENUE</div>
        </td>
        <td style="width: 12.23%; vertical-align: top;">
          <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 8pt; font-weight: bold;">1,572</div>
        </td>
        <td style="width: 13.17%; vertical-align: top;">
          <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 8pt;">1,615</div>
        </td>
      </tr>
      <tr>
        <td colspan="2" style="width: 74.61%; vertical-align: top;">
          <div style="text-align: left; font-family: Verdana, sans-serif; font-size: 8pt;">INCOME TAXES PAYABLE</div>
        </td>
        <td style="width: 12.23%; vertical-align: top;">
          <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 8pt; font-weight: bold;">7,009</div>
        </td>
        <td style="width: 13.17%; vertical-align: top;">
          <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 8pt;">6,120</div>
        </td>
      </tr>
      <tr>
        <td colspan="2" style="width: 74.61%; vertical-align: top;">
          <div style="text-align: left; font-family: Verdana, sans-serif; font-size: 8pt;">DEFERRED INCOME TAXES</div>
        </td>
        <td style="width: 12.23%; vertical-align: top; border-bottom: #000000 1px solid;">
          <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 8pt; font-weight: bold;">29,157</div>
        </td>
        <td style="width: 13.17%; vertical-align: top;">
          <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 8pt;">35,400</div>
        </td>
      </tr>
      <tr>
        <td colspan="2" style="width: 74.61%; vertical-align: top;">&#160;</td>
        <td style="width: 12.23%; vertical-align: top; border-top: #000000 1px solid;">
          <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 8pt; font-weight: bold;">240,861</div>
        </td>
        <td style="width: 13.17%; vertical-align: top; border-top: #000000 1px solid;">
          <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 8pt;">216,653</div>
        </td>
      </tr>
      <tr>
        <td colspan="2" style="width: 74.61%; vertical-align: top;">&#160;</td>
        <td style="width: 12.23%; vertical-align: top; text-align: right;">&#160;</td>
        <td style="width: 13.17%; vertical-align: top; text-align: right;">&#160;</td>
      </tr>
      <tr>
        <td colspan="2" style="width: 74.61%; vertical-align: top;">
          <div style="text-align: left; font-family: Verdana, sans-serif; font-size: 8pt;">SHAREHOLDERS&#8217; EQUITY</div>
        </td>
        <td style="width: 12.23%; vertical-align: bottom; text-align: right;">&#160;</td>
        <td style="width: 13.17%; vertical-align: bottom; text-align: right;">&#160;</td>
      </tr>
      <tr>
        <td colspan="2" style="width: 74.61%; vertical-align: bottom;">
          <div style="text-align: left; 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 85,078,029 at April 30, 2023 (January 31,
            2023 &#8211; 84,820,100)</div>
        </td>
        <td style="width: 12.23%; vertical-align: bottom;">
          <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 8pt; font-weight: bold;">546,274</div>
        </td>
        <td style="width: 13.17%; vertical-align: bottom;">
          <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 8pt;">538,448</div>
        </td>
      </tr>
      <tr>
        <td colspan="2" style="width: 74.61%; vertical-align: top;">
          <div style="text-align: left; font-family: Verdana, sans-serif; font-size: 8pt;">Additional paid-in capital</div>
        </td>
        <td style="width: 12.23%; vertical-align: top;">
          <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 8pt; font-weight: bold;">482,214</div>
        </td>
        <td style="width: 13.17%; vertical-align: top;">
          <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 8pt;">486,551</div>
        </td>
      </tr>
      <tr>
        <td colspan="2" style="width: 74.61%; vertical-align: top;">
          <div style="text-align: left; font-family: Verdana, sans-serif; font-size: 8pt;">Accumulated other comprehensive income (loss)</div>
        </td>
        <td style="width: 12.23%; vertical-align: top;">
          <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 8pt; font-weight: bold;">(30,452)</div>
        </td>
        <td style="width: 13.17%; vertical-align: top;">
          <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 8pt;">(30,456)</div>
        </td>
      </tr>
      <tr>
        <td colspan="2" style="width: 74.61%; vertical-align: top;">
          <div style="text-align: left; font-family: Verdana, sans-serif; font-size: 8pt;">Retained earnings</div>
        </td>
        <td style="width: 12.23%; vertical-align: top; border-bottom: #000000 1px solid;">
          <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 8pt; font-weight: bold;">134,201</div>
        </td>
        <td style="width: 13.17%; vertical-align: top; border-bottom: #000000 1px solid;">
          <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 8pt;">104,848</div>
        </td>
      </tr>
      <tr>
        <td colspan="2" style="width: 74.61%; vertical-align: top;">&#160;</td>
        <td style="width: 12.23%; vertical-align: top; border-top: #000000 1px solid; border-bottom: #000000 2px double;">
          <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 8pt; font-weight: bold;">1,132,237</div>
        </td>
        <td style="width: 13.17%; vertical-align: top; border-top: #000000 1px solid; border-bottom: #000000 2px double;">
          <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 8pt;">1,099,391</div>
        </td>
      </tr>
      <tr>
        <td colspan="2" style="width: 74.61%; vertical-align: top;">&#160;</td>
        <td style="width: 12.23%; vertical-align: top; border-top: #000000 1px solid; border-bottom: #000000 2px double;">
          <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 8pt; font-weight: bold;">1,373,098</div>
        </td>
        <td style="width: 13.17%; vertical-align: top; border-top: #000000 1px solid; border-bottom: #000000 2px double;">
          <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 8pt;">1,316,044</div>
        </td>
      </tr>

  </table>
  <div><br>
  </div>
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  <div><br>
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  <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" class="BRPFPageBreakArea">
    <div class="BRPFPageNumberArea" style="text-align: center;"><font style="font-family: Verdana, Geneva, 'sans-serif'; font-size: 8pt; font-weight: normal; font-style: normal;">7</font></div>
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      <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
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  <div style="text-align: left; font-family: Verdana, sans-serif; font-size: 11pt; font-variant: small-caps; font-weight: bold;">The Descartes Systems Group Inc.</div>
  <div style="text-align: left; font-family: Verdana, sans-serif; font-size: 11pt; font-variant: small-caps; font-weight: bold;">Consolidated Statements of Operations</div>
  <div style="text-align: left; font-family: Verdana, sans-serif; font-size: 10pt; font-variant: small-caps;">(US dollars in thousands, except per share and weighted average share amounts; US GAAP; Unaudited)</div>
  <div style="text-align: left; font-family: Verdana, sans-serif; font-size: 10pt; font-variant: small-caps;">
    <hr noshade="noshade" align="center" style="height: 2px; color: #000000; background-color: #000000; text-align: center; margin-left: auto; margin-right: auto; border: none;"> </div>
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  <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="zdc06df96a37f4ada9004cf0c3a834eec">

      <tr>
        <td style="width: 52.77%; vertical-align: top;">&#160;</td>
        <td colspan="2" style="width: 22.9%; vertical-align: top;">&#160;</td>
        <td style="width: 1.43%; vertical-align: top;">&#160;</td>
        <td colspan="2" style="width: 22.9%; vertical-align: top; border-top: #000000 1px 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: 52.77%; vertical-align: top;">&#160;</td>
        <td style="width: 11.45%; vertical-align: top;">&#160;</td>
        <td style="width: 11.45%; vertical-align: top;">&#160;</td>
        <td style="width: 1.43%; vertical-align: top;">&#160;</td>
        <td style="width: 11.45%; vertical-align: top; border-top: #000000 1px solid;">
          <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 8pt; font-weight: bold;">April 30,</div>
        </td>
        <td style="width: 11.45%; vertical-align: top; border-top: #000000 1px solid;">
          <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 8pt;">April 30,</div>
        </td>
      </tr>
      <tr>
        <td style="width: 52.77%; vertical-align: top;">&#160;</td>
        <td style="width: 11.45%; vertical-align: top;">&#160;</td>
        <td style="width: 11.45%; vertical-align: top;">&#160;</td>
        <td style="width: 1.43%; vertical-align: top;">&#160;</td>
        <td style="width: 11.45%; vertical-align: top; border-bottom: #000000 1px solid;">
          <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 8pt; font-weight: bold;">2023</div>
        </td>
        <td style="width: 11.45%; vertical-align: top; border-bottom: #000000 1px solid;">
          <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 8pt;">2022</div>
        </td>
      </tr>
      <tr>
        <td style="width: 52.77%; vertical-align: top;">
          <div style="margin-top: 2pt;"><br>
          </div>
        </td>
        <td style="width: 11.45%; vertical-align: top;">&#160;</td>
        <td style="width: 11.45%; vertical-align: top;">&#160;</td>
        <td style="width: 1.43%; vertical-align: top;">&#160;</td>
        <td style="width: 11.45%; vertical-align: top; border-top: 1px solid rgb(0, 0, 0); text-align: right;">&#160;</td>
        <td style="width: 11.45%; vertical-align: top; border-top: 1px solid rgb(0, 0, 0); text-align: right;">&#160;</td>
      </tr>
      <tr>
        <td style="width: 52.77%; vertical-align: top;">
          <div style="margin-top: 1pt; margin-bottom: 1pt; font-weight: bold;"><font style="font-family: Verdana, sans-serif; font-size: 8pt;">REVENUES</font></div>
        </td>
        <td style="width: 11.45%; vertical-align: top;">&#160;</td>
        <td style="width: 11.45%; vertical-align: top;">&#160;</td>
        <td style="width: 1.43%; vertical-align: top;">&#160;</td>
        <td style="width: 11.45%; vertical-align: top;">
          <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 8pt; font-weight: bold;">136,614</div>
        </td>
        <td style="width: 11.45%; vertical-align: top;">
          <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 8pt;">116,395</div>
        </td>
      </tr>
      <tr>
        <td style="width: 52.77%; vertical-align: top;">
          <div style="margin-top: 1pt; margin-bottom: 1pt; font-weight: bold;"><font style="font-family: Verdana, sans-serif; font-size: 8pt;">COST OF REVENUES</font></div>
        </td>
        <td style="width: 11.45%; vertical-align: top;">&#160;</td>
        <td style="width: 11.45%; vertical-align: top;">&#160;</td>
        <td style="width: 1.43%; vertical-align: top;">&#160;</td>
        <td style="width: 11.45%; vertical-align: top; border-bottom: #000000 1px solid;">
          <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 8pt; font-weight: bold;">32,885</div>
        </td>
        <td style="width: 11.45%; vertical-align: top; border-bottom: #000000 1px solid;">
          <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 8pt;">27,823</div>
        </td>
      </tr>
      <tr>
        <td style="width: 52.77%; vertical-align: top;">
          <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>
        </td>
        <td style="width: 11.45%; vertical-align: top;">&#160;</td>
        <td style="width: 11.45%; vertical-align: top;">&#160;</td>
        <td style="width: 1.43%; vertical-align: top;">&#160;</td>
        <td style="width: 11.45%; vertical-align: top; border-top: #000000 1px solid; border-bottom: #000000 1px solid;">
          <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 8pt; font-weight: bold;">103,729</div>
        </td>
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          <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 8pt;">88,572</div>
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        <td style="width: 11.45%; vertical-align: top;">&#160;</td>
        <td style="width: 11.45%; vertical-align: top;">&#160;</td>
        <td style="width: 1.43%; vertical-align: top;">&#160;</td>
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        <td style="width: 11.45%; vertical-align: top; text-align: right;">&#160;</td>
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      <tr>
        <td style="width: 52.77%; vertical-align: top;">
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        <td style="width: 11.45%; vertical-align: top;">&#160;</td>
        <td style="width: 11.45%; vertical-align: top;">&#160;</td>
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        <td style="width: 11.45%; vertical-align: top;">
          <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 8pt; font-weight: bold;">17,053</div>
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        <td style="width: 11.45%; vertical-align: top;">
          <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 8pt;">13,236</div>
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      <tr>
        <td style="width: 52.77%; vertical-align: top;">
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        <td style="width: 11.45%; vertical-align: top;">&#160;</td>
        <td style="width: 11.45%; 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;">20,067</div>
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        <td style="width: 11.45%; vertical-align: top;">
          <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 8pt;">16,569</div>
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        <td style="width: 52.77%; vertical-align: top;">
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        <td style="width: 11.45%; vertical-align: top;">&#160;</td>
        <td style="width: 11.45%; 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;">13,444</div>
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        <td style="width: 11.45%; vertical-align: top;">
          <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 8pt;">11,642</div>
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        <td style="width: 52.77%; vertical-align: top;">
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        <td style="width: 11.45%; vertical-align: top;">&#160;</td>
        <td style="width: 11.45%; vertical-align: top;">&#160;</td>
        <td style="width: 1.43%; vertical-align: top;">&#160;</td>
        <td style="width: 11.45%; vertical-align: top;">
          <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 8pt; font-weight: bold;">1,933</div>
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        <td style="width: 11.45%; vertical-align: top;">
          <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 8pt;">1,482</div>
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        <td style="width: 52.77%; vertical-align: top;">
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        </td>
        <td style="width: 11.45%; vertical-align: top;">&#160;</td>
        <td style="width: 11.45%; vertical-align: top;">&#160;</td>
        <td style="width: 1.43%; vertical-align: top;">&#160;</td>
        <td style="width: 11.45%; vertical-align: top;">
          <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 8pt; font-weight: bold;">14,674</div>
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        <td style="width: 11.45%; vertical-align: top;">
          <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 8pt;">15,048</div>
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      <tr>
        <td style="width: 52.77%; vertical-align: top;">&#160;</td>
        <td style="width: 11.45%; vertical-align: top;">&#160;</td>
        <td style="width: 11.45%; 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;">67,171</div>
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        <td style="width: 11.45%; vertical-align: top; border-top: #000000 1px solid;">
          <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 8pt;">57,977</div>
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      </tr>
      <tr>
        <td style="width: 52.77%; vertical-align: top;">
          <div style="text-align: left; font-family: Verdana, sans-serif; font-size: 8pt; font-weight: bold;">INCOME FROM OPERATIONS</div>
        </td>
        <td style="width: 11.45%; vertical-align: top;">&#160;</td>
        <td style="width: 11.45%; vertical-align: top;">&#160;</td>
        <td style="width: 1.43%; vertical-align: top;">&#160;</td>
        <td style="width: 11.45%; vertical-align: top; border-top: #000000 1px solid;">
          <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 8pt; font-weight: bold;">36,558</div>
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        <td style="width: 11.45%; vertical-align: top; border-top: #000000 1px solid;">
          <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 8pt;">30,595</div>
        </td>
      </tr>
      <tr>
        <td style="width: 52.77%; vertical-align: top;">
          <div style="text-align: left; font-family: Verdana, sans-serif; font-size: 8pt; font-weight: bold;">INTEREST EXPENSE</div>
        </td>
        <td style="width: 11.45%; vertical-align: top;">&#160;</td>
        <td style="width: 11.45%; vertical-align: top;">&#160;</td>
        <td style="width: 1.43%; vertical-align: top;">&#160;</td>
        <td style="width: 11.45%; vertical-align: top;">
          <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 8pt; font-weight: bold;">(337)</div>
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        <td style="width: 11.45%; vertical-align: top;">
          <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 8pt;">(278)</div>
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      <tr>
        <td style="width: 52.77%; vertical-align: top;">
          <div style="text-align: left; font-family: Verdana, sans-serif; font-size: 8pt; font-weight: bold;">INVESTMENT INCOME</div>
        </td>
        <td style="width: 11.45%; vertical-align: top;">&#160;</td>
        <td style="width: 11.45%; vertical-align: top;">&#160;</td>
        <td style="width: 1.43%; vertical-align: top;">&#160;</td>
        <td style="width: 11.45%; vertical-align: top;">
          <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 8pt; font-weight: bold;">1,561</div>
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        <td style="width: 11.45%; vertical-align: top;">
          <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 8pt;">153</div>
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      <tr>
        <td style="width: 52.77%; vertical-align: top; font-weight: bold;">
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        <td style="width: 11.45%; vertical-align: top;">&#160;</td>
        <td style="width: 11.45%; 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;">37,782</div>
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        <td style="width: 11.45%; vertical-align: top; border-top: #000000 1px solid;">
          <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 8pt;">30,470</div>
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      <tr>
        <td style="width: 52.77%; vertical-align: top;">
          <div style="text-align: left; font-family: Verdana, sans-serif; font-size: 8pt; font-weight: bold;">INCOME TAX EXPENSE</div>
        </td>
        <td style="width: 11.45%; vertical-align: top;">&#160;</td>
        <td style="width: 11.45%; vertical-align: top;">&#160;</td>
        <td style="width: 1.43%; vertical-align: top;">&#160;</td>
        <td style="width: 11.45%; vertical-align: top; text-align: right;">&#160;</td>
        <td style="width: 11.45%; vertical-align: top; text-align: right;">&#160;</td>
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      <tr>
        <td style="width: 52.77%; vertical-align: top;">
          <div style="text-align: left; margin-left: 13.5pt; font-family: Verdana, sans-serif; font-size: 8pt;">Current</div>
        </td>
        <td style="width: 11.45%; vertical-align: top;">&#160;</td>
        <td style="width: 11.45%; vertical-align: top;">&#160;</td>
        <td style="width: 1.43%; vertical-align: top;">&#160;</td>
        <td style="width: 11.45%; vertical-align: top;">
          <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 8pt; font-weight: bold;">7,621</div>
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        <td style="width: 11.45%; vertical-align: top;">
          <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 8pt;">4,841</div>
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      <tr>
        <td style="width: 52.77%; vertical-align: top;">
          <div style="text-align: left; margin-left: 13.5pt; font-family: Verdana, sans-serif; font-size: 8pt;">Deferred</div>
        </td>
        <td style="width: 11.45%; vertical-align: top;">&#160;</td>
        <td style="width: 11.45%; vertical-align: top;">&#160;</td>
        <td style="width: 1.43%; vertical-align: top;">&#160;</td>
        <td style="width: 11.45%; vertical-align: top;">
          <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 8pt; font-weight: bold;">808</div>
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        <td style="width: 11.45%; vertical-align: top;">
          <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 8pt;">2,514</div>
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      <tr>
        <td style="width: 52.77%; vertical-align: top;">&#160;</td>
        <td style="width: 11.45%; vertical-align: top;">&#160;</td>
        <td style="width: 11.45%; vertical-align: top;">&#160;</td>
        <td style="width: 1.43%; vertical-align: top;">&#160;</td>
        <td style="width: 11.45%; vertical-align: top; border-top: #000000 1px solid; border-bottom: #000000 1px solid;">
          <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 8pt; font-weight: bold;">8,429</div>
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        <td style="width: 11.45%; vertical-align: top; border-top: #000000 1px solid; border-bottom: #000000 1px solid;">
          <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 8pt;">7,355</div>
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      <tr>
        <td style="width: 52.77%; vertical-align: top;">
          <div style="text-align: left; font-family: Verdana, sans-serif; font-size: 8pt; font-weight: bold;">NET INCOME</div>
        </td>
        <td style="width: 11.45%; vertical-align: top;">&#160;</td>
        <td style="width: 11.45%; vertical-align: top;">&#160;</td>
        <td style="width: 1.43%; vertical-align: top;">&#160;</td>
        <td style="width: 11.45%; vertical-align: top; border-top: #000000 1px solid; border-bottom: #000000 2px double;">
          <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 8pt; font-weight: bold;">29,353</div>
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        <td style="width: 11.45%; vertical-align: top; border-top: #000000 1px solid; border-bottom: #000000 2px double;">
          <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 8pt;">23,115</div>
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        <td style="width: 52.77%; vertical-align: top;">
          <div style="text-align: left; font-family: Verdana, sans-serif; font-size: 8pt; font-weight: bold;">EARNINGS PER SHARE</div>
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        <td style="width: 11.45%; vertical-align: top;">&#160;</td>
        <td style="width: 11.45%; vertical-align: top;">&#160;</td>
        <td style="width: 1.43%; vertical-align: top;">&#160;</td>
        <td style="width: 11.45%; vertical-align: top; border-top: 2px double rgb(0, 0, 0); text-align: right;">&#160;</td>
        <td style="width: 11.45%; vertical-align: top; border-top: 2px double rgb(0, 0, 0); text-align: right;">&#160;</td>
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          <div style="text-align: left; margin-left: 13.5pt; font-family: Verdana, sans-serif; font-size: 8pt;">Basic</div>
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        <td style="width: 11.45%; vertical-align: top;">&#160;</td>
        <td style="width: 11.45%; vertical-align: top;">&#160;</td>
        <td style="width: 1.43%; vertical-align: top;">&#160;</td>
        <td style="width: 11.45%; vertical-align: top;">
          <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 8pt; font-weight: bold;">0.35</div>
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        <td style="width: 11.45%; vertical-align: top;">
          <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 8pt;">0.27</div>
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      <tr>
        <td style="width: 52.77%; vertical-align: top;">
          <div style="text-align: left; margin-left: 13.5pt; font-family: Verdana, sans-serif; font-size: 8pt;">Diluted</div>
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        <td style="width: 11.45%; vertical-align: top;">&#160;</td>
        <td style="width: 11.45%; vertical-align: top;">&#160;</td>
        <td style="width: 1.43%; vertical-align: top;">&#160;</td>
        <td style="width: 11.45%; vertical-align: top; border-bottom: #000000 2px double;">
          <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 8pt; font-weight: bold;">0.34</div>
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        <td style="width: 11.45%; vertical-align: top; border-bottom: #000000 2px double;">
          <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 8pt;">0.27</div>
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        <td style="width: 52.77%; vertical-align: top;">
          <div style="text-align: left; font-family: Verdana, sans-serif; font-size: 8pt; font-weight: bold;">WEIGHTED AVERAGE SHARES OUTSTANDING (thousands)</div>
        </td>
        <td style="width: 11.45%; vertical-align: top;">&#160;</td>
        <td style="width: 11.45%; vertical-align: top;">&#160;</td>
        <td style="width: 1.43%; vertical-align: top;">&#160;</td>
        <td style="width: 11.45%; vertical-align: top; border-top: 2px double rgb(0, 0, 0); text-align: right;">&#160;</td>
        <td style="width: 11.45%; vertical-align: top; border-top: 2px double rgb(0, 0, 0); text-align: right;">&#160;</td>
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      <tr>
        <td style="width: 52.77%; vertical-align: top;">
          <div style="text-align: left; margin-left: 13.5pt; font-family: Verdana, sans-serif; font-size: 8pt;">Basic</div>
        </td>
        <td style="width: 11.45%; vertical-align: top;">&#160;</td>
        <td style="width: 11.45%; vertical-align: top;">&#160;</td>
        <td style="width: 1.43%; vertical-align: top;">&#160;</td>
        <td style="width: 11.45%; vertical-align: top;">
          <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 8pt; font-weight: bold;">84,949</div>
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        <td style="width: 11.45%; vertical-align: top;">
          <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 8pt;">84,765</div>
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      <tr>
        <td style="width: 52.77%; vertical-align: top;">
          <div style="text-align: left; margin-left: 13.5pt; font-family: Verdana, sans-serif; font-size: 8pt;">Diluted</div>
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        <td style="width: 11.45%; vertical-align: top;">&#160;</td>
        <td style="width: 11.45%; vertical-align: top;">&#160;</td>
        <td style="width: 1.43%; vertical-align: top;">&#160;</td>
        <td style="width: 11.45%; vertical-align: top; border-bottom: #000000 2px double;">
          <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 8pt; font-weight: bold;">86,746</div>
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        <td style="width: 11.45%; vertical-align: top; border-bottom: #000000 2px double;">
          <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 8pt;">86,348</div>
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  <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" class="BRPFPageBreakArea">
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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;">Condensed Consolidated Statements of Cash Flows</div>
  <div style="text-align: left; font-family: Verdana, sans-serif; font-size: 10pt; font-variant: small-caps;">(US dollars in thousands; US GAAP; Unaudited)</div>
  <div>
    <div>
      <hr noshade="noshade" align="center" style="height: 2px; color: #000000; background-color: #000000; text-align: center; margin-left: auto; margin-right: auto; border: none;"> </div>
    <div><br>
    </div>
  </div>
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      <tr>
        <td style="width: 77.61%; vertical-align: top;">&#160;</td>
        <td style="width: 1.67%; vertical-align: top;">&#160;</td>
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      </tr>
      <tr>
        <td style="width: 77.61%; vertical-align: top;">&#160;</td>
        <td rowspan="28" style="width: 1.67%; vertical-align: top;">&#160;</td>
        <td style="width: 10.36%; vertical-align: top; border-top: #000000 1px solid;">
          <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 8pt; font-weight: bold;">April 30,</div>
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        <td style="width: 10.36%; vertical-align: top; border-top: #000000 1px solid;">
          <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 8pt;">April 30,</div>
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      <tr>
        <td style="width: 77.61%; 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;">2023</div>
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        <td style="width: 10.36%; vertical-align: top; border-bottom: #000000 1px solid;">
          <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 8pt;">2022</div>
        </td>
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      <tr>
        <td style="width: 77.61%; vertical-align: top;">
          <div style="text-align: left; font-family: Verdana, sans-serif; font-size: 8pt; font-weight: bold;">OPERATING ACTIVITIES</div>
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        <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>
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      <tr>
        <td style="width: 77.61%; vertical-align: top;">
          <div style="text-align: left; font-family: Verdana, sans-serif; font-size: 8pt;">Net income</div>
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        <td style="width: 10.36%; vertical-align: top;">
          <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 8pt; font-weight: bold;">29,353</div>
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        <td style="width: 10.36%; vertical-align: top;">
          <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 8pt;">23,115</div>
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          <div style="text-align: left; font-family: Verdana, sans-serif; font-size: 8pt;">Adjustments to reconcile net income to cash provided by operating activities:</div>
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        <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="text-align: left; margin-left: 13.5pt; font-family: Verdana, sans-serif; font-size: 8pt;">Depreciation</div>
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          <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 8pt; font-weight: bold;">1,265</div>
        </td>
        <td style="width: 10.36%; vertical-align: top;">
          <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 8pt;">1,245</div>
        </td>
      </tr>
      <tr>
        <td style="width: 77.61%; vertical-align: top;">
          <div style="text-align: left; 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;">14,674</div>
        </td>
        <td style="width: 10.36%; vertical-align: top;">
          <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 8pt;">15,048</div>
        </td>
      </tr>
      <tr>
        <td style="width: 77.61%; vertical-align: top;">
          <div style="text-align: left; margin-left: 13.5pt; font-family: Verdana, sans-serif; font-size: 8pt;">Stock-based compensation 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;">2,919</div>
        </td>
        <td style="width: 10.36%; vertical-align: top;">
          <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 8pt;">2,787</div>
        </td>
      </tr>
      <tr>
        <td style="width: 77.61%; vertical-align: top;">
          <div style="text-align: left; 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;">220</div>
        </td>
        <td style="width: 10.36%; vertical-align: top;">
          <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 8pt;">(17)</div>
        </td>
      </tr>
      <tr>
        <td style="width: 77.61%; vertical-align: top;">
          <div style="text-align: left; 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;">808</div>
        </td>
        <td style="width: 10.36%; vertical-align: top;">
          <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 8pt;">2,514</div>
        </td>
      </tr>
      <tr>
        <td style="width: 77.61%; vertical-align: top;">
          <div style="text-align: left; font-family: Verdana, sans-serif; font-size: 8pt;">&#160;&#160;&#160;&#160;&#160;Changes in operating assets and liabilities</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;">(384)</div>
        </td>
        <td style="width: 10.36%; vertical-align: top;">
          <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 8pt;">(260)</div>
        </td>
      </tr>
      <tr>
        <td style="width: 77.61%; vertical-align: top;">
          <div style="text-align: left; 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 1px solid; border-bottom: #000000 1px solid;">
          <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 8pt; font-weight: bold;">48,855</div>
        </td>
        <td style="width: 10.36%; vertical-align: top; border-top: #000000 1px solid; border-bottom: #000000 1px solid;">
          <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 8pt;">44,432</div>
        </td>
      </tr>
      <tr>
        <td style="width: 77.61%; vertical-align: top;">
          <div style="text-align: left; 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="text-align: left; 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;">(1,203)</div>
        </td>
        <td style="width: 10.36%; vertical-align: top;">
          <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 8pt;">(1,636)</div>
        </td>
      </tr>
      <tr>
        <td style="width: 77.61%; vertical-align: top;">
          <div style="text-align: left; 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 style="width: 10.36%; vertical-align: bottom;">
          <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 8pt; font-weight: bold;">(142,700)</div>
        </td>
        <td style="width: 10.36%; vertical-align: bottom;">
          <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 8pt;">(42,892)</div>
        </td>
      </tr>
      <tr>
        <td style="width: 77.61%; vertical-align: top;">
          <div style="text-align: left; 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 1px solid; border-bottom: #000000 1px solid;">
          <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 8pt; font-weight: bold;">(143,903)</div>
        </td>
        <td style="width: 10.36%; vertical-align: top; border-top: #000000 1px solid; border-bottom: #000000 1px solid;">
          <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 8pt;">(44,528)</div>
        </td>
      </tr>
      <tr>
        <td style="width: 77.61%; vertical-align: top;">
          <div style="text-align: left; 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="text-align: left; 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;">(39)</div>
        </td>
        <td style="width: 10.36%; vertical-align: top;">
          <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 8pt;">(66)</div>
        </td>
      </tr>
      <tr>
        <td style="width: 77.61%; vertical-align: top;">
          <div style="text-align: left; 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 style="width: 10.36%; vertical-align: top;">
          <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 8pt; font-weight: bold;">5,455</div>
        </td>
        <td style="width: 10.36%; vertical-align: top;">
          <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 8pt;">388</div>
        </td>
      </tr>
      <tr>
        <td style="width: 77.61%; vertical-align: top;">
          <div style="text-align: left; margin-left: 13.5pt; font-family: Verdana, sans-serif; font-size: 8pt;">Payment of withholding taxes on net share settlements</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;">(4,886)</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="text-align: left; 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 1px solid; border-bottom: #000000 1px solid;">
          <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 8pt; font-weight: bold;">530</div>
        </td>
        <td style="width: 10.36%; vertical-align: top; border-top: #000000 1px solid; border-bottom: #000000 1px solid;">
          <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 8pt;">322</div>
        </td>
      </tr>
      <tr>
        <td style="width: 77.61%; vertical-align: top;">
          <div style="text-align: left; 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 1px solid; border-bottom: #000000 1px solid;">
          <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 8pt; font-weight: bold;">320</div>
        </td>
        <td style="width: 10.36%; vertical-align: bottom; border-top: #000000 1px solid; border-bottom: #000000 1px solid;">
          <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 8pt;">(1,884)</div>
        </td>
      </tr>
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        <td style="width: 77.61%; vertical-align: top;">
          <div style="text-align: left; font-family: Verdana, sans-serif; font-size: 8pt; font-weight: bold;">Decrease 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;">(94,198)</div>
        </td>
        <td style="width: 10.36%; vertical-align: top;">
          <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 8pt;">(1,658)</div>
        </td>
      </tr>
      <tr>
        <td style="width: 77.61%; vertical-align: top;">
          <div style="text-align: left; 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 1px solid;">
          <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 8pt; font-weight: bold;">276,385</div>
        </td>
        <td style="width: 10.36%; vertical-align: top; border-bottom: #000000 1px solid;">
          <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 8pt;">213,437</div>
        </td>
      </tr>
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        <td style="width: 77.61%; vertical-align: top;">
          <div style="text-align: left; 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 1px solid; border-bottom: #000000 2px double;">
          <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 8pt; font-weight: bold;">182,187</div>
        </td>
        <td style="width: 10.36%; vertical-align: top; border-top: #000000 1px solid; border-bottom: #000000 2px double;">
          <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 8pt;">211,779</div>
        </td>
      </tr>
      <tr>
        <td style="width: 77.61%; vertical-align: top;">
          <div style="text-align: left; 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: 2px double rgb(0, 0, 0); text-align: right;">&#160;</td>
        <td style="width: 10.36%; vertical-align: top; border-top: 2px double rgb(0, 0, 0); text-align: right;">&#160;</td>
      </tr>
      <tr>
        <td style="width: 77.61%; vertical-align: top;">
          <div style="text-align: left; 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="text-align: left; 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 2px double;">
          <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 8pt; font-weight: bold;">8,218</div>
        </td>
        <td style="width: 10.36%; vertical-align: top; border-bottom: #000000 2px double;">
          <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 8pt;">4,094</div>
        </td>
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<TYPE>EX-99.1
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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 2024</div>
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            <div style="text-align: right; font-family: Verdana,'sans-serif'; font-size: 10pt;">3</div>
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            <div style="text-align: right; font-family: Verdana,'sans-serif'; font-size: 10pt;">5</div>
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            <div style="text-align: right; font-family: Verdana,'sans-serif'; font-size: 10pt;">9</div>
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            <div style="text-align: right; font-family: Verdana,'sans-serif'; font-size: 10pt;">15</div>
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            <div style="text-align: right; font-family: Verdana,'sans-serif'; font-size: 10pt;">16</div>
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            <div style="text-align: left; font-family: Verdana, sans-serif; font-size: 10pt; font-variant: small-caps;">Commitments, Contingencies and Guarantees</div>
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            <div style="text-align: right; font-family: Verdana,'sans-serif'; font-size: 10pt;">18</div>
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            <div style="text-align: right; font-family: Verdana,'sans-serif'; font-size: 10pt;">19</div>
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            <div style="text-align: right; font-family: Verdana,'sans-serif'; font-size: 10pt;">21</div>
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            <div style="text-align: right; font-family: Verdana,'sans-serif'; font-size: 10pt;">24</div>
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            <div style="text-align: left; font-family: Verdana, sans-serif; font-size: 10pt; font-variant: small-caps;">Notes to Condensed Consolidated Financial Statements</div>
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            <div style="text-align: left; font-family: Verdana, sans-serif; font-size: 10pt; font-variant: small-caps;">Corporate Information</div>
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            <div>&#160;</div>
            <div style="text-align: left; font-family: Verdana,sans-serif; font-size: 11pt; font-variant: small-caps; font-weight: bold;">Management&#8217;s Discussion and Analysis of Financial Condition and Results of Operations</div>
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    <div style="text-align: justify; font-family: Verdana, 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, 2024, is referred to as the &#8220;current fiscal year,&#8221; &#8220;fiscal 2024,&#8221; &#8220;2024&#8221; or using similar words. Our previous fiscal year, which ended on January 31, 2023, is referred to as the &#8220;previous
      fiscal year,&#8221; &#8220;fiscal 2023,&#8221; &#8220;2023&#8221; or using similar words. Other fiscal years are referenced by the applicable year during which the fiscal year ends. For example, 2025 refers to the annual period ending January 31, 2025 and the &#8220;fourth quarter of
      2025&#8221; refers to the quarter ending January 31, 2025.</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 May 31, 2023, covers our quarter ended April 30, 2023, as compared to our quarter ended April 30, 2022. You should read this
      MD&amp;A in conjunction with our unaudited condensed consolidated financial statements for our first quarter of fiscal 2024 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 2023 that are included in our most recent annual report to shareholders (the &#8220;2023 Annual Report&#8221;), as filed on March 1, 2023.</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, 2023, pursuant to NI 51-102, this MD&amp;A updates the MD&amp;A
      included in the 2023 Annual Report.</div>
    <div><br>
    </div>
    <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 <font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">http://www.descartes.com</font>, through the EDGAR website at <font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">http://www.sec.gov</font> or through the SEDAR website at <font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">http://www.sedar.com</font>.</div>
    <div><br>
    </div>
    <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 potential impact of geopolitical events, such as the ongoing conflict between Russia and Ukraine (the &#8220;Ukraine Conflict&#8221;), or other potentially catastrophic events, such as the spread of the COVID-19 virus (the
      "Pandemic"); 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</div>
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    <div style="text-align: justify; font-family: Verdana, sans-serif; font-size: 9.5pt;">combinations and other strategic transactions; our liability under indemnification obligations; our reinvestment of earnings of subsidiaries back into such
      subsidiaries; our dividend policy; expected purchases under our NCIB (as defined herein); 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 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; the availability and suitability of using cash to fund share buybacks under our NCIB; 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-family: Verdana, sans-serif; font-size: 9.5pt; 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 style="text-align: left; font-family: Verdana, sans-serif; font-size: 11pt; font-variant: small-caps; font-weight: bold;">Overview</div>
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        <div style="text-align: justify; font-family: Verdana, 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, security and sustainability of logistics-intensive businesses. Customers use our modular, software-as-a-service (&#8220;SaaS&#8221;) and data solutions to route, track and
          help improve the safety, performance and compliance of 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;">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</div>
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        <div style="text-align: justify; font-family: Verdana, sans-serif; font-size: 9.5pt;">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 ecommerce 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 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>
        <div><br>
        </div>
        <div style="text-align: left; 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</div>
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        <div style="text-align: justify; font-family: Verdana, sans-serif; font-size: 9.5pt;">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, 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: left; 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</div>
      </div>
    </div>
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      <div>&#160;
        <div style="text-align: justify; font-family: Verdana, sans-serif; font-size: 9.5pt;">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 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>
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                <div style="font-family: Verdana, sans-serif; font-size: 9.5pt;">Routing, Mobile and Telematics;</div>
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              <td style="width: 18pt; vertical-align: top; font-family: 'Times New Roman', Times, 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;">Transportation Management;</div>
              </td>
            </tr>

        </table>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z226bb3e0a5d14b9d9e4c6112a11b387c">

            <tr>
              <td style="width: 18pt;"><br>
              </td>
              <td style="width: 18pt; vertical-align: top; font-family: 'Times New Roman', Times, 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;">Ecommerce, Shipping &amp; Fulfillment;</div>
              </td>
            </tr>

        </table>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z2e457fbdc27e4f1f93ca937aac3dafc2">

            <tr>
              <td style="width: 18pt;"><br>
              </td>
              <td style="width: 18pt; vertical-align: top; font-family: 'Times New Roman', Times, 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;">Customs &amp; Regulatory Compliance;</div>
              </td>
            </tr>

        </table>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zf79b0a3b33d64d17b927cfac049826cb">

            <tr>
              <td style="width: 18pt;"><br>
              </td>
              <td style="width: 18pt; vertical-align: top; font-family: 'Times New Roman', Times, 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;">Global Trade Intelligence;</div>
              </td>
            </tr>

        </table>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zb8ce93ae50224d1f9ea59ffb17cb89ea">

            <tr>
              <td style="width: 18pt;"><br>
              </td>
              <td style="width: 18pt; vertical-align: top; font-family: 'Times New Roman', Times, 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;">B2B Messaging &amp; Connectivity; and</div>
              </td>
            </tr>

        </table>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z723b1a3e3ab74d8198bf53db9d43269a">

            <tr>
              <td style="width: 18pt;"><br>
              </td>
              <td style="width: 18pt; vertical-align: top; font-family: 'Times New Roman', Times, 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;">Broker &amp; Forwarder Enterprise Systems.</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="clear: both;"><br>
    </div>
    <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div class="BRPFPageNumberArea" style="text-align: center;"><font style="font-family: Verdana, Geneva, 'sans-serif'; font-size: 8pt; font-weight: normal; font-style: normal;">6</font></div>
      <div class="BRPFPageBreak" style="page-break-after: always;">
        <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
    </div>
    <div> <br>
    </div>
    <div class="BRPFTCL" style="float: left; width: 48%;">
      <div>&#160;
        <div style="text-align: justify; font-family: Verdana, sans-serif; font-size: 9.5pt;">The Descartes applications forming part of the Logistics Technology Platform are modular and interoperable to allow organizations the flexibility to deploy them
          quickly within an existing portfolio of solutions. Implementation is streamlined because these solutions use web-native or wireless user interfaces and are pre-integrated with the GLN. With interoperable and multi-party solutions, Descartes&#8217;
          solutions are designed to deliver functionality that can enhance a logistics operation&#8217;s performance and productivity both within the organization and across a complex network of partners.</div>
        <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 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</div>
      </div>
    </div>
    <div class="BRPFTCR" style="float: right; width: 48%;">
      <div>&#160;
        <div style="text-align: justify; font-family: Verdana, sans-serif; font-size: 9.5pt;">America and Europe, we promote our products primarily through direct sales efforts aimed at existing and potential users of our products. In the Asia Pacific,
          Indian subcontinent, South America and African regions, we focus on making our channel partners successful. Channel partners for our other international operations include distributors, alliance partners and value-added resellers.</div>
        <div><br>
        </div>
        <div style="text-align: left; 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 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 cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z5181e8ac70e2494881a8d12364810b14">

            <tr>
              <td style="width: 18pt;"><br>
              </td>
              <td style="width: 18pt; vertical-align: top; font-family: 'Times New Roman', Times, 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;">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 cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zd7fdc9f8955045eb9cff692bf13fe05d">

            <tr>
              <td style="width: 18pt;"><br>
              </td>
              <td style="width: 18pt; vertical-align: top; font-family: 'Times New Roman', Times, 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;">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 cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z76e7cb4cbd0449839f5a8caabefc2d9d">

            <tr>
              <td style="width: 18pt;"><br>
              </td>
              <td style="width: 18pt; vertical-align: top; font-family: 'Times New Roman', Times, 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;">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</div>
      </div>
    </div>
    <div style="clear: both;"><br>
    </div>
    <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div class="BRPFPageNumberArea" style="text-align: center;"><font style="font-family: Verdana, Geneva, 'sans-serif'; font-size: 8pt; font-weight: normal; font-style: normal;">7</font></div>
      <div class="BRPFPageBreak" style="page-break-after: always;">
        <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
    </div>
    <div> <br>
    </div>
    <div class="BRPFTCL" style="float: left; width: 48%;">
      <div>&#160;
        <div style="text-align: justify; font-family: Verdana, sans-serif; font-size: 9.5pt;">delivered through integrated initiatives designed to reach our target customer and prospect groups. These programs include digital and online marketing,
          partner-focused campaigns, proactive media relations, and direct corporate marketing efforts.</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 2024 Highlights</div>
        <div><br>
        </div>
        <div style="text-align: justify; font-family: Verdana, sans-serif; font-size: 9.5pt;">On February 14, 2023, Descartes acquired all of the shares of Windigo Logistics, Inc., doing business as GroundCloud (&#8220;GroundCloud&#8221;), a cloud-based provider of
          final-mile carrier solutions and road safety compliance tools. The purchase price for the acquisition was approximately $136.8 million, net of cash acquired, which was funded from cash on hand, plus potential performance-based contingent
          consideration of up to $80.0 million based on GroundCloud 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 20, 2023, Descartes acquired substantially all of the assets of Localz Pty Ltd. (&#8220;Localz&#8221;), a cloud-based customer engagement platform for day-of-service
          interaction and order management. The purchase price for the acquisition was approximately $5.9 million, net of cash acquired, which was funded from cash on hand.</div>
        <div><br>
        </div>
        <div><br>
        </div>
        <div><br>
        </div>
      </div>
    </div>
    <div class="BRPFTCR" style="float: right; width: 48%;">
      <div>&#160;</div>
    </div>
    <div style="clear: both;"><br>
    </div>
    <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div class="BRPFPageNumberArea" style="text-align: center;"><font style="font-family: Verdana, Geneva, 'sans-serif'; font-size: 8pt; font-weight: normal; font-style: normal;">8</font></div>
      <div class="BRPFPageBreak" style="page-break-after: always;">
        <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
    </div>
    <div>
      <div><br>
      </div>
      <div>
        <div><br>
        </div>
      </div>
      <table cellspacing="0" cellpadding="0" border="0" 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="z4afd87e304d84cb4bccaf6ee55b75734">

          <tr>
            <td style="width: 50%; vertical-align: top; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
              <div>&#160;</div>
              <div style="text-align: left; font-family: Verdana, sans-serif; font-size: 11pt; font-variant: small-caps; font-weight: bold;">Consolidated Operations</div>
              <div>&#160;</div>
            </td>
            <td style="width: 50%; vertical-align: top; padding-bottom: 1px;">&#160;</td>
          </tr>

      </table>
      <div>
        <div><br>
        </div>
      </div>
      <div><br>
      </div>
      <table cellspacing="0" cellpadding="2" border="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="z26716c1ec4a44bcab3d5aa0e228677f4">

          <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 1px 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 1px solid;">
              <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">2024</div>
            </td>
            <td style="width: 11.01%; vertical-align: top; border-bottom: #000000 1px solid;">
              <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt;">2023</div>
            </td>
          </tr>
          <tr>
            <td style="width: 54.52%; vertical-align: top;">
              <div style="text-align: left; 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 1px solid;">
              <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 9.5pt; font-weight: bold;">136.6</div>
            </td>
            <td style="width: 11.01%; vertical-align: top; border-top: #000000 1px solid;">
              <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 9.5pt;">116.4</div>
            </td>
          </tr>
          <tr>
            <td style="width: 54.52%; vertical-align: top;">
              <div style="text-align: left; 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 1px solid;">
              <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 9.5pt; font-weight: bold;">32.9</div>
            </td>
            <td style="width: 11.01%; vertical-align: top; border-bottom: #000000 1px solid;">
              <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 9.5pt;">27.8</div>
            </td>
          </tr>
          <tr>
            <td style="width: 54.52%; vertical-align: top;">
              <div style="text-align: left; 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 1px solid;">
              <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 9.5pt; font-weight: bold;">103.7</div>
            </td>
            <td style="width: 11.01%; vertical-align: top; border-top: #000000 1px solid;">
              <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 9.5pt;">88.6</div>
            </td>
          </tr>
          <tr>
            <td style="width: 54.52%; vertical-align: top;">
              <div style="text-align: left; 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;">50.6</div>
            </td>
            <td style="width: 11.01%; vertical-align: top;">
              <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 9.5pt;">41.4</div>
            </td>
          </tr>
          <tr>
            <td style="width: 54.52%; vertical-align: top;">
              <div style="text-align: left; 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;">1.9</div>
            </td>
            <td style="width: 11.01%; vertical-align: top;">
              <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 9.5pt;">1.5</div>
            </td>
          </tr>
          <tr>
            <td style="width: 54.52%; vertical-align: top;">
              <div style="text-align: left; 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 1px solid;">
              <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 9.5pt; font-weight: bold;">14.7</div>
            </td>
            <td style="width: 11.01%; vertical-align: top; border-bottom: #000000 1px solid;">
              <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 9.5pt;">15.1</div>
            </td>
          </tr>
          <tr>
            <td style="width: 54.52%; vertical-align: top;">
              <div style="text-align: left; 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 1px solid;">
              <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 9.5pt; font-weight: bold;">36.5</div>
            </td>
            <td style="width: 11.01%; vertical-align: top; border-top: #000000 1px solid;">
              <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 9.5pt;">30.6</div>
            </td>
          </tr>
          <tr>
            <td style="width: 54.52%; vertical-align: top;">
              <div style="text-align: left; 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;">1.6</div>
            </td>
            <td style="width: 11.01%; vertical-align: top;">
              <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 9.5pt;">0.2</div>
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          <tr>
            <td style="width: 54.52%; vertical-align: top;">
              <div style="text-align: left; 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 1px 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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              <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 9.5pt;">(0.3)</div>
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            <td style="width: 54.52%; vertical-align: top;">
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            <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 1px solid;">
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          <tr>
            <td style="width: 54.52%; vertical-align: top;">
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            <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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            <td style="width: 54.52%; vertical-align: top;">
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            <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>
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            <td style="width: 54.52%; vertical-align: top;">
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            <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>
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            <td style="width: 54.52%; vertical-align: top;">
              <div style="text-align: left; font-family: Verdana, sans-serif; font-size: 9.5pt;">Net income</div>
              <div style="text-align: left; font-family: Verdana, sans-serif; font-size: 9.5pt;"> <br>
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            <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 1px solid; border-bottom: #000000 2px double;">
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            <td style="width: 11.01%; vertical-align: top; border-top: #000000 1px solid; border-bottom: #000000 2px double;">
              <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 9.5pt;">23.1</div>
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            <td style="width: 54.52%; vertical-align: top;">
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            </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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            <td style="width: 54.52%; vertical-align: top;">
              <div style="text-align: left; margin-left: 9pt; font-family: Verdana, sans-serif; font-size: 9.5pt;">BASIC</div>
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            <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>
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              <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">0.35</div>
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              <div style="text-align: left; margin-left: 9pt; font-family: Verdana, sans-serif; font-size: 9.5pt;">DILUTED</div>
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            <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 2px double;">
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              <div style="text-align: right; margin-right: 6pt; font-family: Verdana, sans-serif; font-size: 9.5pt;">0.27</div>
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            <td style="width: 54.52%; vertical-align: top;">
              <div style="text-align: left; 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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            <td style="width: 54.52%; vertical-align: top;">
              <div style="text-align: left; margin-left: 9pt; font-family: Verdana, sans-serif; font-size: 9.5pt;">BASIC</div>
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            <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;">
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            <td style="width: 54.52%; vertical-align: top;">
              <div style="text-align: left; 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>
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      <div style="text-align: justify; font-family: Verdana, sans-serif; font-size: 9.5pt;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">Total revenues </font>consist of <font style="font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold; font-style: italic;">license revenues, services revenues </font>and <font style="font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold; 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>
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      <div style="text-align: justify; font-family: Verdana, sans-serif; font-size: 9.5pt;">Our<font style="font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">&#160;</font>total revenues were $136.6 million and $116.4 million for the first
        quarter of 2024 and 2023, respectively. The increase in revenues in the first quarter of 2024 compared to the same period of 2023 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 2024. While we saw growth across many lines of our business, services revenue growth in the first quarter of 2024 was driven by sales to new and existing customers of our global trade intelligence, routing
        and transportation management solutions, partially offset by the negative impact from foreign exchange rates as a result of the weakening of British pound sterling, euro and Canadian dollar compared to the US dollar. Revenues were also positively
        impacted by the partial period of contribution from the acquisitions completed in 2024 (GroundCloud and</div>
      <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" class="BRPFPageBreakArea">
        <div class="BRPFPageNumberArea" style="text-align: center;"><font style="font-family: Verdana, Geneva, 'sans-serif'; font-size: 8pt; font-weight: normal; font-style: normal;">9</font></div>
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      <div style="text-align: justify; font-family: Verdana, sans-serif; font-size: 9.5pt;">Localz, collectively, the &#8220;2024 Acquisitions&#8221;), which contributed an incremental $7.3 million in revenue in the first quarter of 2024. The principal contributor to
        the balance of the increase in revenues in the first quarter of 2024 compared to the same period of 2023 was a full period of contribution from the acquisitions completed in 2023 (NetCHB, LLC (&#8220;NetCHB&#8221;), Foxtrot, Inc. (&#8220;Foxtrot&#8221;), XPS Technologies,
        LLC (&#8220;XPS&#8221;), and Trans-Soft, LLC, doing business as Supply Vision (&#8220;Supply Vision&#8221;), collectively, the &#8220;2023 Acquisitions&#8221;).</div>
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          <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 1px solid;">
              <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">First Quarter of</div>
            </td>
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          <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 1px solid;">
              <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">2024</div>
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            <td style="width: 11.22%; vertical-align: top; border-bottom: #000000 1px solid;">
              <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt;">2023</div>
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            <td style="width: 53.69%; vertical-align: top;">
              <div style="text-align: left; 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;">1.0</div>
            </td>
            <td style="width: 11.22%; vertical-align: top;">
              <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt;">2.3</div>
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          <tr>
            <td style="width: 53.69%; vertical-align: top;">
              <div style="text-align: left; 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;">1%</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;">2%</div>
            </td>
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          <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>
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          <tr>
            <td style="width: 53.69%; vertical-align: top;">
              <div style="text-align: left; 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>
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              <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">124.1</div>
            </td>
            <td style="width: 11.22%; vertical-align: top;">
              <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt;">102.8</div>
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          <tr>
            <td style="width: 53.69%; vertical-align: top;">
              <div style="text-align: left; 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>
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              <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt; font-style: italic; font-weight: bold;">91%</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;">88%</div>
            </td>
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          <tr>
            <td style="width: 53.69%; vertical-align: top;">&#160;</td>
            <td style="width: 11.22%; vertical-align: top;">&#160;</td>
            <td style="width: 11.22%; vertical-align: top;">&#160;</td>
            <td style="width: 1.41%; vertical-align: top;">&#160;</td>
            <td style="width: 11.22%; vertical-align: top;">&#160;</td>
            <td style="width: 11.22%; vertical-align: top;">&#160;</td>
          </tr>
          <tr>
            <td style="width: 53.69%; vertical-align: top;">
              <div style="text-align: left; font-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;">11.5</div>
            </td>
            <td style="width: 11.22%; vertical-align: top;">
              <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt;">11.3</div>
            </td>
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          <tr>
            <td style="width: 53.69%; vertical-align: top;">
              <div style="text-align: left; 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 1px solid;">
              <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt; font-style: italic; font-weight: bold;">8%</div>
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            <td style="width: 11.22%; vertical-align: top; border-bottom: #000000 1px solid;">
              <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt; font-style: italic;">10%</div>
            </td>
          </tr>
          <tr>
            <td style="width: 53.69%; vertical-align: top;">
              <div style="text-align: left; 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 1px solid; border-bottom: #000000 2px double;">
              <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">136.6</div>
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            <td style="width: 11.22%; vertical-align: top; border-top: #000000 1px solid; border-bottom: #000000 2px double;">
              <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt;">116.4</div>
            </td>
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      </table>
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      <div style="text-align: justify; font-family: Verdana, sans-serif; font-size: 9.5pt;">Our<font style="font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">&#160;</font><font style="font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold; font-style: italic;">license revenues</font> were $1.0 million and $2.3 million for the first quarter of 2024 and 2023, respectively, representing 1% and 2% of total revenues for the first quarter of 2024 and 2023,
        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>
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      <div style="text-align: justify; font-family: Verdana, sans-serif; font-size: 9.5pt;">Our<font style="font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">&#160;</font><font style="font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold; font-style: italic;">services revenues</font> were $124.1 million and $102.8 million for the first quarter of 2024 and 2023, respectively, representing 91% and 88% of total revenues for the first quarter of 2024 and 2023,
        respectively. The increase in revenues in the first quarter of 2024 compared to the same period of 2023 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 2024. While we saw growth across many lines of our business, services revenue growth in the first quarter of 2024 was driven by sales to new and existing customers of our global trade intelligence, routing and transportation management
        solutions, partially offset by the negative impact from foreign exchange rates as a result of the weakening of British pound sterling, euro and Canadian dollar compared to the US dollar. Services revenues were also positively impacted by the
        partial period of contribution from the 2024 Acquisitions, which contributed an incremental $6.1 million in services revenues in the first quarter of 2024. The principal contributor to the balance of the increase in services revenues in the first
        quarter of 2024 compared to the same period of 2023 was a full period of contribution from the 2023 Acquisitions, including growth of new and existing customers.</div>
      <div><br>
      </div>
      <div style="text-align: justify; font-family: Verdana, sans-serif; font-size: 9.5pt;">Our <font style="font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold; font-style: italic;">professional services and other revenues</font> were
        $11.5 million and $11.3 million for the first quarter of 2024 and 2023, respectively, representing 8% and 10% of total revenues for the first quarter of 2024 and 2023, respectively. The increase in the first quarter of 2024 compared to the same
        period of 2023 was primarily due to the partial period of contribution from the 2024 Acquisitions.</div>
      <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" class="BRPFPageBreakArea">
        <div class="BRPFPageNumberArea" style="text-align: center;"><font style="font-family: Verdana, Geneva, 'sans-serif'; font-size: 8pt; font-weight: normal; font-style: normal;">10</font></div>
        <div style="page-break-after: always;" class="BRPFPageBreak">
          <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
      </div>
      <div><br>
      </div>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="zfaec1ed610a04914b06bbba850ad8d99">

          <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-family: Verdana, sans-serif; font-size: 9.5pt; 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 1px 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 1px solid;">
              <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">2024</div>
            </td>
            <td style="width: 10.62%; vertical-align: top; border-bottom: #000000 1px solid;">
              <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">2023</div>
            </td>
          </tr>
          <tr>
            <td style="width: 56.14%; vertical-align: top;">
              <div style="text-align: left; 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;">90.5</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-weight: bold;">69.1</div>
            </td>
          </tr>
          <tr>
            <td style="width: 56.14%; vertical-align: top;">
              <div style="text-align: left; 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;">66%</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; font-weight: bold;">59%</div>
            </td>
          </tr>
          <tr>
            <td style="width: 56.14%; vertical-align: top;">&#160;</td>
            <td style="width: 12.48%; vertical-align: top;">&#160;</td>
            <td style="width: 8.77%; vertical-align: top;">&#160;</td>
            <td style="width: 1.37%; vertical-align: top;">&#160;</td>
            <td style="width: 10.62%; vertical-align: top;">&#160;</td>
            <td style="width: 10.62%; vertical-align: top;">&#160;</td>
          </tr>
          <tr>
            <td style="width: 56.14%; vertical-align: top;">
              <div style="text-align: left; font-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;">33.7</div>
            </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>
          </tr>
          <tr>
            <td style="width: 56.14%; vertical-align: top;">
              <div style="text-align: left; 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;">25%</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; font-weight: bold;">30%</div>
            </td>
          </tr>
          <tr>
            <td style="width: 56.14%; vertical-align: top;">&#160;</td>
            <td style="width: 12.48%; vertical-align: top;">&#160;</td>
            <td style="width: 8.77%; vertical-align: top;">&#160;</td>
            <td style="width: 1.37%; vertical-align: top;">&#160;</td>
            <td style="width: 10.62%; vertical-align: top;">&#160;</td>
            <td style="width: 10.62%; vertical-align: top;">&#160;</td>
          </tr>
          <tr>
            <td style="width: 56.14%; vertical-align: top;">
              <div style="text-align: left; font-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; font-weight: bold;">8.3</div>
            </td>
          </tr>
          <tr>
            <td style="width: 56.14%; vertical-align: top;">
              <div style="text-align: left; 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;">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; font-style: italic; font-weight: bold;">7%</div>
            </td>
          </tr>
          <tr>
            <td style="width: 56.14%; vertical-align: top;">&#160;</td>
            <td style="width: 12.48%; vertical-align: top;">&#160;</td>
            <td style="width: 8.77%; vertical-align: top;">&#160;</td>
            <td style="width: 1.37%; vertical-align: top;">&#160;</td>
            <td style="width: 10.62%; vertical-align: top;">&#160;</td>
            <td style="width: 10.62%; vertical-align: top;">&#160;</td>
          </tr>
          <tr>
            <td style="width: 56.14%; vertical-align: top;">
              <div style="text-align: left; font-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;">4.1</div>
            </td>
            <td style="width: 10.62%; vertical-align: top;">
              <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">4.4</div>
            </td>
          </tr>
          <tr>
            <td style="width: 56.14%; vertical-align: top;">
              <div style="text-align: left; 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;">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; font-style: italic; font-weight: bold;">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="text-align: left; 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 1px solid; border-bottom: #000000 2px double;">
              <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">136.6</div>
            </td>
            <td style="width: 10.62%; vertical-align: top; border-top: #000000 1px solid; border-bottom: #000000 2px double;">
              <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">116.4</div>
            </td>
          </tr>

      </table>
      <div><br>
      </div>
      <div style="text-align: justify; font-family: Verdana, sans-serif; font-size: 9.5pt;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold; font-style: italic;">Revenues from the United States</font> were $90.5 million
        and $69.1 million for the first quarter of 2024 and 2023, respectively. The increase in the first quarter of 2024 compared to the same period of 2023 was primarily due to growth in services revenues from new and existing customers which contributed
        an incremental $8.9 million in revenue in the first quarter of 2024. The growth in the first quarter of 2024 was primarily driven by sales to new and existing customers of our global trade intelligence, routing and transportation management
        solutions. Revenues were also positively impacted by the partial period of contribution from the 2024 Acquisitions, which contributed an incremental $7.2 million in the first quarter of 2024. The principal contributor to the balance of the increase
        in revenues in the first quarter of 2024 as compared to the same period of 2023 was the inclusion of a full period of revenues from the 2023 Acquisitions, including growth of new and existing customers.</div>
      <div><br>
      </div>
      <div style="text-align: justify; font-family: Verdana, sans-serif; font-size: 9.5pt;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold; font-style: italic;">Revenues from the EMEA</font>&#160;<font style="font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold; font-style: italic;">region</font> were $33.7 million and $34.6 million for the first quarter of 2024 and 2023, respectively. The decrease in the first quarter of 2024 compared to the same
        period of 2023 was primarily due to 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-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold; font-style: italic;">Revenues from Canada</font> were $8.3 million for both the
        first quarter of 2024 and 2023, respectively. Revenues were consistent in the first quarter of 2024 compared to the same period of 2023 primarily due to growth in services revenues offset by the weakening of the Canadian dollar 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-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold; font-style: italic;">Revenues from the Asia Pacific region</font> were $4.1
        million and $4.4 million for the first quarter of 2024 and 2023, respectively. The decrease in the first quarter of 2024 compared to the same period of 2023 was primarily due to lower license and professional services revenues in the first quarter
        of 2024.</div>
      <div><br>
      </div>
      <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" class="BRPFPageBreakArea">
        <div class="BRPFPageNumberArea" style="text-align: center;"><font style="font-family: Verdana, Geneva, 'sans-serif'; font-size: 8pt; font-weight: normal; font-style: normal;">11</font></div>
        <div style="page-break-after: always;" class="BRPFPageBreak">
          <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
      </div>
      <div><br>
      </div>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="z37c6dac6e0cd449386291c08aae8fe56">

          <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: 1px 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: 1px;">&#160;</td>
            <td style="width: 10.62%; vertical-align: top; padding-bottom: 1px;">&#160;</td>
            <td style="width: 10.62%; vertical-align: top; padding-bottom: 1px;">&#160;</td>
            <td style="width: 1.37%; vertical-align: top; padding-bottom: 1px;">&#160;</td>
            <td style="width: 10.62%; vertical-align: top; border-bottom: 1px solid rgb(0, 0, 0);">
              <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">2024</div>
            </td>
            <td style="width: 10.62%; vertical-align: top; border-bottom: 1px solid rgb(0, 0, 0);">
              <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt;">2023</div>
            </td>
          </tr>
          <tr>
            <td style="width: 56.14%; vertical-align: top;">
              <div style="text-align: left; font-family: Verdana, sans-serif; font-size: 9.5pt;"><u>License</u></div>
            </td>
            <td style="width: 10.62%; vertical-align: top;">&#160;</td>
            <td style="width: 10.62%; vertical-align: top;">&#160;</td>
            <td style="width: 1.37%; vertical-align: top;">&#160;</td>
            <td style="width: 10.62%; vertical-align: top;">&#160;</td>
            <td style="width: 10.62%; vertical-align: top;">&#160;</td>
          </tr>
          <tr>
            <td style="width: 56.14%; vertical-align: top;">
              <div style="text-align: left; font-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;">1.0</div>
            </td>
            <td style="width: 10.62%; vertical-align: top;">
              <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt;">2.3</div>
            </td>
          </tr>
          <tr>
            <td style="width: 56.14%; vertical-align: top; padding-bottom: 1px;">
              <div style="text-align: left; 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: 1px;">&#160;</td>
            <td style="width: 10.62%; vertical-align: top; padding-bottom: 1px;">&#160;</td>
            <td style="width: 1.37%; vertical-align: top; padding-bottom: 1px;">&#160;</td>
            <td style="width: 10.62%; vertical-align: top; border-bottom: 1px 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>
            </td>
            <td style="width: 10.62%; vertical-align: top; border-bottom: 1px solid rgb(0, 0, 0);">
              <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt;">0.3</div>
            </td>
          </tr>
          <tr>
            <td style="width: 56.14%; vertical-align: top; padding-bottom: 2px;">
              <div style="text-align: left; font-family: Verdana, sans-serif; font-size: 9.5pt;">Gross margin</div>
            </td>
            <td style="width: 10.62%; vertical-align: top; padding-bottom: 2px;">&#160;</td>
            <td style="width: 10.62%; vertical-align: top; padding-bottom: 2px;">&#160;</td>
            <td style="width: 1.37%; vertical-align: top; padding-bottom: 2px;">&#160;</td>
            <td style="width: 10.62%; vertical-align: top; border-top: 1px solid rgb(0, 0, 0); border-bottom: 2px double rgb(0, 0, 0);">
              <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">0.7</div>
            </td>
            <td style="width: 10.62%; vertical-align: top; border-top: 1px solid rgb(0, 0, 0); border-bottom: 2px double rgb(0, 0, 0);">
              <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt;">2.0</div>
            </td>
          </tr>
          <tr>
            <td style="width: 56.14%; vertical-align: top;">
              <div style="text-align: left; 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: 2px double rgb(0, 0, 0);">
              <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt; font-style: italic; font-weight: bold;">70%</div>
            </td>
            <td style="width: 10.62%; vertical-align: top; border-top: 2px double rgb(0, 0, 0);">
              <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt; font-style: italic;">87%</div>
            </td>
          </tr>
          <tr>
            <td style="width: 56.14%; vertical-align: top;">&#160;</td>
            <td style="width: 10.62%; vertical-align: top;">&#160;</td>
            <td style="width: 10.62%; vertical-align: top;">&#160;</td>
            <td style="width: 1.37%; vertical-align: top;">&#160;</td>
            <td style="width: 10.62%; vertical-align: top;">&#160;</td>
            <td style="width: 10.62%; vertical-align: top;">&#160;</td>
          </tr>
          <tr>
            <td style="width: 56.14%; vertical-align: top;">
              <div style="text-align: left; font-family: Verdana, sans-serif; font-size: 9.5pt;"><u>Services</u></div>
            </td>
            <td style="width: 10.62%; vertical-align: top;">&#160;</td>
            <td style="width: 10.62%; vertical-align: top;">&#160;</td>
            <td style="width: 1.37%; vertical-align: top;">&#160;</td>
            <td style="width: 10.62%; vertical-align: top;">&#160;</td>
            <td style="width: 10.62%; vertical-align: top;">&#160;</td>
          </tr>
          <tr>
            <td style="width: 56.14%; vertical-align: top;">
              <div style="text-align: left; font-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;">124.1</div>
            </td>
            <td style="width: 10.62%; vertical-align: top;">
              <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt;">102.8</div>
            </td>
          </tr>
          <tr>
            <td style="width: 56.14%; vertical-align: top; padding-bottom: 1px;">
              <div style="text-align: left; 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: 1px;">&#160;</td>
            <td style="width: 10.62%; vertical-align: top; padding-bottom: 1px;">&#160;</td>
            <td style="width: 1.37%; vertical-align: top; padding-bottom: 1px;">&#160;</td>
            <td style="width: 10.62%; vertical-align: top; border-bottom: 1px solid rgb(0, 0, 0);">
              <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">25.9</div>
            </td>
            <td style="width: 10.62%; vertical-align: top; border-bottom: 1px solid rgb(0, 0, 0);">
              <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt;">21.4</div>
            </td>
          </tr>
          <tr>
            <td style="width: 56.14%; vertical-align: top; padding-bottom: 2px;">
              <div style="text-align: left; font-family: Verdana, sans-serif; font-size: 9.5pt;">Gross margin</div>
            </td>
            <td style="width: 10.62%; vertical-align: top; padding-bottom: 2px;">&#160;</td>
            <td style="width: 10.62%; vertical-align: top; padding-bottom: 2px;">&#160;</td>
            <td style="width: 1.37%; vertical-align: top; padding-bottom: 2px;">&#160;</td>
            <td style="width: 10.62%; vertical-align: top; border-top: 1px solid rgb(0, 0, 0); border-bottom: 2px double rgb(0, 0, 0);">
              <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">98.2</div>
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            <td style="width: 10.62%; vertical-align: top; border-top: 1px solid rgb(0, 0, 0); border-bottom: 2px double rgb(0, 0, 0);">
              <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt;">81.4</div>
            </td>
          </tr>
          <tr>
            <td style="width: 56.14%; vertical-align: top;">
              <div style="text-align: left; font-family: Verdana, sans-serif; font-size: 9.5pt; font-style: italic;">Gross margin percentage</div>
              <div style="text-align: left; font-family: Verdana, sans-serif; font-size: 9.5pt; font-style: italic;"> <br>
              </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: 2px double 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: 2px double 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="text-align: left; font-family: Verdana, sans-serif; font-size: 9.5pt;"><u>Professional services and other</u></div>
            </td>
            <td style="width: 10.62%; vertical-align: top;">&#160;</td>
            <td style="width: 10.62%; vertical-align: top;">&#160;</td>
            <td style="width: 1.37%; vertical-align: top;">&#160;</td>
            <td style="width: 10.62%; vertical-align: top;">&#160;</td>
            <td style="width: 10.62%; vertical-align: top;">&#160;</td>
          </tr>
          <tr>
            <td style="width: 56.14%; vertical-align: top;">
              <div style="text-align: left; font-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;">11.5</div>
            </td>
            <td style="width: 10.62%; vertical-align: top;">
              <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt;">11.3</div>
            </td>
          </tr>
          <tr>
            <td style="width: 56.14%; vertical-align: top; padding-bottom: 1px;">
              <div style="text-align: left; 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: 1px;">&#160;</td>
            <td style="width: 10.62%; vertical-align: top; padding-bottom: 1px;">&#160;</td>
            <td style="width: 1.37%; vertical-align: top; padding-bottom: 1px;">&#160;</td>
            <td style="width: 10.62%; vertical-align: top; border-bottom: 1px solid rgb(0, 0, 0);">
              <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">6.7</div>
            </td>
            <td style="width: 10.62%; vertical-align: top; border-bottom: 1px solid rgb(0, 0, 0);">
              <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt;">6.1</div>
            </td>
          </tr>
          <tr>
            <td style="width: 56.14%; vertical-align: top; padding-bottom: 2px;">
              <div style="text-align: left; font-family: Verdana, sans-serif; font-size: 9.5pt;">Gross margin</div>
            </td>
            <td style="width: 10.62%; vertical-align: top; padding-bottom: 2px;">&#160;</td>
            <td style="width: 10.62%; vertical-align: top; padding-bottom: 2px;">&#160;</td>
            <td style="width: 1.37%; vertical-align: top; padding-bottom: 2px;">&#160;</td>
            <td style="width: 10.62%; vertical-align: top; border-top: 1px solid rgb(0, 0, 0); border-bottom: 2px double rgb(0, 0, 0);">
              <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">4.8</div>
            </td>
            <td style="width: 10.62%; vertical-align: top; border-top: 1px solid rgb(0, 0, 0); border-bottom: 2px double rgb(0, 0, 0);">
              <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt;">5.2</div>
            </td>
          </tr>
          <tr>
            <td style="width: 56.14%; vertical-align: top;">
              <div style="text-align: left; font-family: Verdana, sans-serif; font-size: 9.5pt; font-style: italic;">Gross margin percentage</div>
              <div style="text-align: left; font-family: Verdana, sans-serif; font-size: 9.5pt; font-style: italic;"> <br>
              </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: 2px double rgb(0, 0, 0);">
              <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt; font-style: italic; font-weight: bold;">42%</div>
            </td>
            <td style="width: 10.62%; vertical-align: top; border-top: 2px double rgb(0, 0, 0);">
              <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt; font-style: italic;">46%</div>
            </td>
          </tr>
          <tr>
            <td style="width: 56.14%; vertical-align: top;">
              <div style="text-align: left; font-family: Verdana, sans-serif; font-size: 9.5pt;"><u>Total</u></div>
            </td>
            <td style="width: 10.62%; vertical-align: top;">&#160;</td>
            <td style="width: 10.62%; vertical-align: top;">&#160;</td>
            <td style="width: 1.37%; vertical-align: top;">&#160;</td>
            <td style="width: 10.62%; vertical-align: top;">&#160;</td>
            <td style="width: 10.62%; vertical-align: top;">&#160;</td>
          </tr>
          <tr>
            <td style="width: 56.14%; vertical-align: top;">
              <div style="text-align: left; font-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;">136.6</div>
            </td>
            <td style="width: 10.62%; vertical-align: top;">
              <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt;">116.4</div>
            </td>
          </tr>
          <tr>
            <td style="width: 56.14%; vertical-align: top; padding-bottom: 1px;">
              <div style="text-align: left; font-family: Verdana, sans-serif; font-size: 9.5pt;">Cost of revenues</div>
            </td>
            <td style="width: 10.62%; vertical-align: top; padding-bottom: 1px;">&#160;</td>
            <td style="width: 10.62%; vertical-align: top; padding-bottom: 1px;">&#160;</td>
            <td style="width: 1.37%; vertical-align: top; padding-bottom: 1px;">&#160;</td>
            <td style="width: 10.62%; vertical-align: top; border-bottom: 1px solid rgb(0, 0, 0);">
              <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">32.9</div>
            </td>
            <td style="width: 10.62%; vertical-align: top; border-bottom: 1px solid rgb(0, 0, 0);">
              <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt;">27.8</div>
            </td>
          </tr>
          <tr>
            <td style="width: 56.14%; vertical-align: top; padding-bottom: 2px;">
              <div style="text-align: left; font-family: Verdana, sans-serif; font-size: 9.5pt;">Gross margin</div>
            </td>
            <td style="width: 10.62%; vertical-align: top; padding-bottom: 2px;">&#160;</td>
            <td style="width: 10.62%; vertical-align: top; padding-bottom: 2px;">&#160;</td>
            <td style="width: 1.37%; vertical-align: top; padding-bottom: 2px;">&#160;</td>
            <td style="width: 10.62%; vertical-align: top; border-top: 1px solid rgb(0, 0, 0); border-bottom: 2px double rgb(0, 0, 0);">
              <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">103.7</div>
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            <td style="width: 10.62%; vertical-align: top; border-top: 1px solid rgb(0, 0, 0); border-bottom: 2px double rgb(0, 0, 0);">
              <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt;">88.6</div>
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          </tr>
          <tr>
            <td style="width: 56.14%; vertical-align: top;">
              <div style="text-align: left; 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: 2px double 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: 2px double rgb(0, 0, 0);">
              <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt; font-style: italic;">76%</div>
            </td>
          </tr>

      </table>
      <div><br>
      </div>
      <div style="text-align: justify; font-family: Verdana, sans-serif; font-size: 9.5pt;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt; 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-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold; font-style: italic;">Gross margin percentage for license revenues</font> was 70%
        and 87% for the first quarter of 2024 and 2023, respectively. Our gross margin on license revenues is impacted by 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-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold; font-style: italic;">Cost of services revenues</font> consists of internal costs
        of running our systems and applications and other personnel-related expenses incurred in providing maintenance, including customer support.</div>
      <div><br>
      </div>
      <div style="text-align: justify; font-family: Verdana, sans-serif; font-size: 9.5pt;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold; font-style: italic;">Gross margin percentage for services revenues</font><font style="font-family: Verdana, sans-serif; font-size: 9.5pt; font-style: italic;">&#160;</font>was 79% for both the first quarter of 2024 and 2023, respectively.<font style="font-family: Times, serif; font-size: 11pt;">&#160;</font></div>
      <div><br>
      </div>
      <div style="text-align: justify; font-family: Verdana, sans-serif; font-size: 9.5pt;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt; 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-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold; font-style: italic;">Gross margin percentage for professional services and other
          revenues</font><font style="font-family: Verdana, sans-serif; font-size: 9.5pt; font-style: italic;">&#160;</font>was 42% and 46% for the first quarter of 2024 and 2023, 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 2024 compared to the first</div>
      <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" class="BRPFPageBreakArea">
        <div class="BRPFPageNumberArea" style="text-align: center;"><font style="font-family: Verdana, Geneva, 'sans-serif'; font-size: 8pt; font-weight: normal; font-style: normal;">12</font></div>
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          <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
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      <div><br>
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      <div style="text-align: justify; font-family: Verdana, sans-serif; font-size: 9.5pt;">quarter of 2023 was negatively impacted by a decreased proportion of professional services revenues compared to hardware and other revenues.</div>
      <div><br>
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      <div style="text-align: justify; font-family: Verdana, sans-serif; font-size: 9.5pt;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold; font-style: italic;">Operating expenses</font>, consisting of sales and
        marketing, research and development and general and administrative expenses, were $50.6 million and $41.4 million for the first quarter of 2024 and 2023, respectively. Operating expenses were higher in the first quarter of 2024 compared to the same
        period of 2023 primarily due to increased headcount-related costs, excluding costs from the 2023 and 2024 Acquisitions, which added approximately $3.0 million. Operating expenses were also higher in the first quarter of 2024 compared to the same
        period of 2023 due to the partial period of costs from the 2024 Acquisitions and a full period of costs from the 2023 Acquisitions, which added approximately $2.5 million and $1.7 million, respectively.</div>
      <div><br>
      </div>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="z4a90acace93f44809bbda21d74607e1e">

          <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 1px 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 1px solid;">
              <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">2024</div>
            </td>
            <td style="width: 10.62%; vertical-align: top; border-bottom: #000000 1px solid;">
              <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt;">2023</div>
            </td>
          </tr>
          <tr>
            <td style="width: 56.14%; vertical-align: top;">
              <div style="text-align: left; 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 1px solid; border-bottom: #000000 1px solid;">
              <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">136.6</div>
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            <td style="width: 10.62%; vertical-align: top; border-top: #000000 1px solid; border-bottom: #000000 1px solid;">
              <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt;">116.4</div>
            </td>
          </tr>
          <tr>
            <td style="width: 56.14%; vertical-align: top;">&#160;</td>
            <td style="width: 10.62%; vertical-align: top;">&#160;</td>
            <td style="width: 10.62%; vertical-align: top;">&#160;</td>
            <td style="width: 1.37%; vertical-align: top;">&#160;</td>
            <td style="width: 10.62%; vertical-align: top; border-top: #000000 1px solid;">&#160;</td>
            <td style="width: 10.62%; vertical-align: top; border-top: #000000 1px solid;">&#160;</td>
          </tr>
          <tr>
            <td style="width: 56.14%; vertical-align: top;">
              <div style="text-align: left; font-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;">17.1</div>
            </td>
            <td style="width: 10.62%; vertical-align: top;">
              <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt;">13.2</div>
            </td>
          </tr>
          <tr>
            <td style="width: 56.14%; vertical-align: top;">
              <div style="text-align: left; 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;">13%</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="text-align: left; 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;">
              <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">20.1</div>
            </td>
            <td style="width: 10.62%; vertical-align: top;">
              <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt;">16.6</div>
            </td>
          </tr>
          <tr>
            <td style="width: 56.14%; vertical-align: top;">
              <div style="text-align: left; 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;">15%</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;">14%</div>
            </td>
          </tr>
          <tr>
            <td style="width: 56.14%; vertical-align: top;">&#160;</td>
            <td style="width: 10.62%; vertical-align: top;">&#160;</td>
            <td style="width: 10.62%; vertical-align: top;">&#160;</td>
            <td style="width: 1.37%; vertical-align: top;">&#160;</td>
            <td style="width: 10.62%; vertical-align: top;">&#160;</td>
            <td style="width: 10.62%; vertical-align: top;">&#160;</td>
          </tr>
          <tr>
            <td style="width: 56.14%; vertical-align: top;">
              <div style="text-align: left; font-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;">13.4</div>
            </td>
            <td style="width: 10.62%; vertical-align: top;">
              <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt;">11.6</div>
            </td>
          </tr>
          <tr>
            <td style="width: 56.14%; vertical-align: top;">
              <div style="text-align: left; 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;">10%</div>
            </td>
          </tr>
          <tr>
            <td style="width: 56.14%; vertical-align: top;">&#160;</td>
            <td style="width: 10.62%; vertical-align: top;">&#160;</td>
            <td style="width: 10.62%; vertical-align: top;">&#160;</td>
            <td style="width: 1.37%; vertical-align: top;">&#160;</td>
            <td style="width: 10.62%; vertical-align: top; border-bottom: #000000 1px solid;">&#160;</td>
            <td style="width: 10.62%; vertical-align: top; border-bottom: #000000 1px solid;">&#160;</td>
          </tr>
          <tr>
            <td style="width: 56.14%; vertical-align: top;">
              <div style="text-align: left; font-family: Verdana, sans-serif; font-size: 9.5pt;">Total operating expenses</div>
              <div style="text-align: left; 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 1px solid; border-bottom: #000000 2px double;">
              <div style="text-align: right; margin-left: 9pt; font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">50.6</div>
              <div style="text-align: right; margin-left: 9pt; font-family: Verdana, sans-serif; font-size: 9.5pt; font-style: italic; font-weight: bold;">37%</div>
            </td>
            <td style="width: 10.62%; vertical-align: top; border-top: #000000 1px solid; border-bottom: #000000 2px double;">
              <div style="text-align: right; margin-left: 9pt; font-family: Verdana, sans-serif; font-size: 9.5pt;">41.4</div>
              <div style="text-align: right; margin-left: 9pt; font-family: Verdana, sans-serif; font-size: 9.5pt; font-style: italic;">36%</div>
            </td>
          </tr>

      </table>
      <div><br>
      </div>
      <div style="text-align: justify; font-family: Verdana, sans-serif; font-size: 9.5pt;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold; font-style: italic;">Sales and marketing</font>&#160;<font style="font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold; font-style: italic;">expenses</font> 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 $17.1 million and $13.2 million for the first quarter of 2024 and 2023, respectively,
        representing 13% and 11% of total revenues in the first quarter of 2024 and 2023, respectively. The increase in sales and marketing expenses in the first quarter of 2024 compared to the same period of 2023 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-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold; font-style: italic;">Research and development</font>&#160;<font style="font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold; font-style: italic;">expenses</font> consist primarily of salaries, stock-based compensation and other personnel-related costs of technical and engineering personnel associated with our
        research and product development activities, as well as costs for third-party outsourced development providers. We expensed all costs related to research and development in the first quarter of 2024 and 2023. Research and development expenses were
        $20.1 million and $16.6 million for the first quarter of 2024 and 2023, respectively, representing 15% and 14% of total revenues in the first quarter of 2024 and 2023, respectively. The increase in research and development expenses in the first
        quarter of 2024 compared to the same period of 2023 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-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold; font-style: italic;">General and administrative</font>&#160;<font style="font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold; font-style: italic;">expenses</font> consist primarily of salaries, stock-based compensation and other personnel-related costs of administrative personnel, as well as professional fees and
        other administrative expenses. General and administrative costs were $13.4 million and $11.6 million for the first quarter of 2024 and 2023, respectively, representing 10% of total revenues in both the first quarter of 2024 and 2023, respectively.
        The increase in general and administrative expenses in the first quarter</div>
      <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" class="BRPFPageBreakArea">
        <div class="BRPFPageNumberArea" style="text-align: center;"><font style="font-family: Verdana, Geneva, 'sans-serif'; font-size: 8pt; font-weight: normal; font-style: normal;">13</font></div>
        <div style="page-break-after: always;" class="BRPFPageBreak">
          <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
      </div>
      <div><br>
      </div>
      <div style="text-align: justify; font-family: Verdana, sans-serif; font-size: 9.5pt;">of 2024 compared to the same period of 2023 was primarily due to increased software costs as well as 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-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold; font-style: italic;">Other charges </font>consist primarily of
        acquisition-related costs with respect to completed and prospective acquisitions, contingent consideration adjustments and restructuring charges. Acquisition-related costs primarily include advisory services, brokerage services, administrative
        costs and retention bonuses, and relate to completed and prospective acquisitions. Restructuring costs relate to the integration of previously completed acquisitions and other cost-reduction activities. Other charges were $1.9 million and $1.5
        million for the first quarter of 2024 and 2023, respectively. The increase in other charges in the first quarter of 2024 compared to the same period of 2023 was primarily a result of increased acquisition-related costs in the first quarter of 2024.</div>
      <div><br>
      </div>
      <div style="text-align: justify; font-family: Verdana, sans-serif; font-size: 9.5pt;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt; 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 $14.7 million and
        $15.1 million in the first quarter of 2024 and 2023, respectively. Amortization expense decreased in the first quarter of 2024 compared to the same period of 2023 primarily due to certain assets being fully amortized in the current year, partially
        offset by the 2024 Acquisitions and 2023 Acquisitions, which added an incremental $2.1 million and $1.5 million of amortization expense, respectively. As at April 30, 2023, the unamortized portion of all intangible assets amounted to $295.3
        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-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold; font-style: italic;">Investment and other income</font> was $1.6 million and
        $0.2 million in the first quarter of 2024 and 2023, respectively. Investment and other income is generally earned on cash balances. The increase in investment and other income in the first quarter of 2024 compared to the same period of 2023 was
        primarily due to an increase in interest rates.</div>
      <div><br>
      </div>
      <div style="text-align: justify; font-family: Verdana, sans-serif; font-size: 9.5pt;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold; font-style: italic;">Interest expense</font> was $0.3 million and $0.3 million
        in the first quarter of 2024 and 2023, respectively. Interest expense is primarily comprised of interest expense on the amount borrowed and outstanding on our revolving debt facility, debt standby charges as well as the amortization of deferred
        financing charges.</div>
      <div><br>
      </div>
      <div style="text-align: justify; font-family: Verdana, sans-serif; font-size: 9.5pt;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold; font-style: italic;">Income tax expense</font><font style="font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">&#160;</font>is comprised of current and deferred income tax expense. Income tax expense for the first quarter of 2024 and 2023 was 22.3% and 24.1% of income before income taxes, respectively. The
        income tax rate as a percentage of income before income taxes decreased in the first quarter of 2024 compared to the same period of 2023 primarily as a result of a recovery from prior period adjustments in Canada and recovery of certain tax
        attributes in the United States.</div>
      <div><br>
      </div>
      <div style="text-align: justify; font-family: Verdana, sans-serif; font-size: 9.5pt;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold; font-style: italic;">Income tax expense &#8211; current</font> was $7.6 million and
        $4.9 million in the first quarter of 2024 and 2023, respectively. Current income tax expense increased in the first quarter of 2024 compared to the same period of 2023 primarily due to the decrease in tax attributes available to shelter income in
        Canada and the United States.</div>
      <div><br>
      </div>
      <div style="text-align: justify; font-family: Verdana, sans-serif; font-size: 9.5pt;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold; font-style: italic;">Income tax expense &#8211; deferred</font> was $0.8 million and
        $2.5 million in the first quarter of 2024 and 2023, respectively. Deferred income tax expense decreased in the first quarter of 2024 compared to the same period of 2023 primarily due to the decrease in tax attributes available in Canada and the
        United States.</div>
      <div><br>
      </div>
      <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" class="BRPFPageBreakArea">
        <div class="BRPFPageNumberArea" style="text-align: center;"><font style="font-family: Verdana, Geneva, 'sans-serif'; font-size: 8pt; font-weight: normal; font-style: normal;">14</font></div>
        <div style="page-break-after: always;" class="BRPFPageBreak">
          <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
      </div>
      <div><br>
      </div>
      <div style="text-align: justify; font-family: Verdana, sans-serif; font-size: 9.5pt;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold; font-style: italic;">Net income</font> was $29.4 million and $23.1 million for
        the first quarter of 2024 and 2023, respectively. Net income increased in the first quarter of 2024 compared to the same period of 2023 primarily due to the growth in services revenues.</div>
      <div><br>
      </div>
      <div>
        <div><br>
        </div>
      </div>
      <table cellspacing="0" cellpadding="0" border="0" 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="zb416e30b45674162850560b308f5403a">

          <tr>
            <td style="width: 50%; vertical-align: top; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
              <div style="text-align: left; font-family: Verdana, sans-serif; font-size: 11pt; font-variant: small-caps; font-weight: bold;"><br>
                Quarterly Operating Results<br>
                <br>
              </div>
            </td>
            <td style="width: 50%; vertical-align: top; padding-bottom: 1px;">&#160;</td>
          </tr>

      </table>
      <div>
        <div><br>
        </div>
      </div>
      <div><br>
      </div>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="z55daff16d4534c9c9435fc3a306b62fc">

          <tr>
            <td 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 millions of dollars, except per share and weighted average number of share
                amounts) for each of the quarters indicated:</div>
            </td>
          </tr>

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

          <tr>
            <td rowspan="1" style="width: 25%; vertical-align: top; padding-bottom: 1px;">&#160;</td>
            <td rowspan="1" style="width: 9.23%; vertical-align: top; border-bottom: 1px solid rgb(0, 0, 0); border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0);">
              <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;">2024</div>
            </td>
            <td colspan="4" rowspan="1" style="width: 9.23%; vertical-align: top; border-bottom: 1px solid rgb(0, 0, 0); border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0);">
              <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>
            <td colspan="3" rowspan="1" style="width: 9.05%; vertical-align: top; border-color: rgb(0, 0, 0); border-style: solid; border-width: 1px;">
              <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>
          </tr>
          <tr>
            <td style="width: 25%; vertical-align: top; padding-bottom: 1px;">&#160;</td>
            <td style="width: 9.23%; vertical-align: top; border-bottom: 1px solid rgb(0, 0, 0);">
              <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">First Quarter</div>
            </td>
            <td style="width: 9.23%; vertical-align: top; border-bottom: 1px solid rgb(0, 0, 0);">
              <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-bottom: 1px solid rgb(0, 0, 0);">
              <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-bottom: 1px solid rgb(0, 0, 0);">
              <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-bottom: 1px solid rgb(0, 0, 0);">
              <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">First Quarter</div>
            </td>
            <td style="width: 9.05%; vertical-align: top; border-bottom: 1px solid rgb(0, 0, 0);">
              <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-bottom: 1px solid rgb(0, 0, 0);">
              <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-bottom: 1px solid rgb(0, 0, 0);">
              <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 9.5pt; font-weight: bold;">Second Quarter</div>
            </td>
          </tr>
          <tr>
            <td style="width: 25%; vertical-align: top;">
              <div style="text-align: left; font-family: Verdana, sans-serif; font-size: 9.5pt;">Revenues</div>
            </td>
            <td style="width: 9.23%; vertical-align: top;">
              <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt;">136.6</div>
            </td>
            <td style="width: 9.23%; vertical-align: top;">
              <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt;">125.1</div>
            </td>
            <td style="width: 9.23%; vertical-align: top;">
              <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt;">121.5</div>
            </td>
            <td style="width: 9.23%; vertical-align: top;">
              <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt;">123.0</div>
            </td>
            <td style="width: 9.23%; vertical-align: top;">
              <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt;">116.4</div>
            </td>
            <td style="width: 9.05%; vertical-align: top;">
              <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt;">112.4</div>
            </td>
            <td style="width: 9.23%; vertical-align: top;">
              <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt;">108.9</div>
            </td>
            <td style="width: 9.23%; vertical-align: top;">
              <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt;">104.6</div>
            </td>
          </tr>
          <tr>
            <td style="width: 25%; vertical-align: top;">
              <div style="text-align: left; 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;">103.7</div>
            </td>
            <td style="width: 9.23%; vertical-align: top;">
              <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt;">96.1</div>
            </td>
            <td style="width: 9.23%; vertical-align: top;">
              <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt;">94.0</div>
            </td>
            <td style="width: 9.23%; vertical-align: top;">
              <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt;">94.1</div>
            </td>
            <td style="width: 9.23%; vertical-align: top;">
              <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt;">88.6</div>
            </td>
            <td style="width: 9.05%; vertical-align: top;">
              <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt;">85.5</div>
            </td>
            <td style="width: 9.23%; vertical-align: top;">
              <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt;">83.3</div>
            </td>
            <td style="width: 9.23%; vertical-align: top;">
              <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt;">79.1</div>
            </td>
          </tr>
          <tr>
            <td style="width: 25%; vertical-align: top;">
              <div style="text-align: left; 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;">50.6</div>
            </td>
            <td style="width: 9.23%; vertical-align: top;">
              <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt;">45.7</div>
            </td>
            <td style="width: 9.23%; vertical-align: top;">
              <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt;">44.3</div>
            </td>
            <td style="width: 9.23%; vertical-align: top;">
              <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt;">45.2</div>
            </td>
            <td style="width: 9.23%; vertical-align: top;">
              <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt;">41.4</div>
            </td>
            <td style="width: 9.05%; vertical-align: top;">
              <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt;">39.7</div>
            </td>
            <td style="width: 9.23%; vertical-align: top;">
              <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt;">39.4</div>
            </td>
            <td style="width: 9.23%; vertical-align: top;">
              <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt;">37.7</div>
            </td>
          </tr>
          <tr>
            <td style="width: 25%; vertical-align: top;">
              <div style="text-align: left; 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;">29.4</div>
            </td>
            <td style="width: 9.23%; vertical-align: top;">
              <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt;">29.8</div>
            </td>
            <td style="width: 9.23%; vertical-align: top;">
              <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt;">26.5</div>
            </td>
            <td style="width: 9.23%; vertical-align: top;">
              <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt;">22.9</div>
            </td>
            <td style="width: 9.23%; vertical-align: top;">
              <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt;">23.1</div>
            </td>
            <td style="width: 9.05%; vertical-align: top;">
              <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt;">19.2</div>
            </td>
            <td style="width: 9.23%; vertical-align: top;">
              <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt;">25.5</div>
            </td>
            <td style="width: 9.23%; vertical-align: top;">
              <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt;">23.2</div>
            </td>
          </tr>
          <tr>
            <td style="width: 25%; vertical-align: top;">
              <div style="text-align: left; 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;">0.35</div>
            </td>
            <td style="width: 9.23%; vertical-align: top;">
              <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt;">0.35</div>
            </td>
            <td style="width: 9.23%; vertical-align: top;">
              <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt;">0.31</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;">0.27</div>
            </td>
            <td style="width: 9.05%; vertical-align: top;">
              <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt;">0.23</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;">0.27</div>
            </td>
          </tr>
          <tr>
            <td style="width: 25%; vertical-align: top;">
              <div style="text-align: left; 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;">0.34</div>
            </td>
            <td style="width: 9.23%; vertical-align: top;">
              <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt;">0.34</div>
            </td>
            <td style="width: 9.23%; vertical-align: top;">
              <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt;">0.31</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;">0.27</div>
            </td>
            <td style="width: 9.05%; vertical-align: top;">
              <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt;">0.22</div>
            </td>
            <td style="width: 9.23%; vertical-align: top;">
              <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt;">0.30</div>
            </td>
            <td style="width: 9.23%; vertical-align: top;">
              <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt;">0.27</div>
            </td>
          </tr>
          <tr>
            <td style="width: 25%; vertical-align: top;">
              <div style="text-align: left; 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: 9.05%; 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>
          </tr>
          <tr>
            <td style="width: 25%; vertical-align: top;">
              <div style="text-align: left; 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;">84,949</div>
            </td>
            <td style="width: 9.23%; vertical-align: top;">
              <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt;">84,819</div>
            </td>
            <td style="width: 9.23%; vertical-align: top;">
              <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt;">84,797</div>
            </td>
            <td style="width: 9.23%; vertical-align: top;">
              <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt;">84,783</div>
            </td>
            <td style="width: 9.23%; vertical-align: top;">
              <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt;">84,765</div>
            </td>
            <td style="width: 9.05%; vertical-align: top;">
              <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt;">84,659</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;">84,566</div>
            </td>
          </tr>
          <tr>
            <td style="width: 25%; vertical-align: top;">
              <div style="text-align: left; 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;">86,746</div>
            </td>
            <td style="width: 9.23%; vertical-align: top;">
              <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt;">86,561</div>
            </td>
            <td style="width: 9.23%; vertical-align: top;">
              <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt;">86,483</div>
            </td>
            <td style="width: 9.23%; vertical-align: top;">
              <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt;">86,338</div>
            </td>
            <td style="width: 9.23%; vertical-align: top;">
              <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt;">86,348</div>
            </td>
            <td style="width: 9.05%; vertical-align: top;">
              <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt;">86,341</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;">86,128</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 nine acquisitions that we have completed since the beginning of fiscal 2022 through the
        end of the first quarter of fiscal 2024. In addition, we have seen increased revenues as a result of an increase in transactions processed over our GLN business document exchange 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;">Revenues increased in the first quarter of 2024 compared to the fourth quarter of 2023 primarily due to the partial period of contribution from the 2024
        Acquisitions which contributed an incremental $7.3 million in revenues as well as the growth in services revenues from new and existing customers. Operating expenses increased in the first quarter of 2024 primarily due to increased
        headcount-related costs which contributed an incremental $3.7 million in operating expenses, including the impact of recent acquisitions. Net income was negatively impacted in the first quarter of 2024 compared to the fourth quarter of 2023 due to
        an increase in income tax expense of $2.1 million, which was primarily related to a release of uncertain tax positions in the fourth quarter of 2023.</div>
      <div><br>
      </div>
      <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" class="BRPFPageBreakArea">
        <div class="BRPFPageNumberArea" style="text-align: center;"><font style="font-family: Verdana, Geneva, 'sans-serif'; font-size: 8pt; font-weight: normal; font-style: normal;">15</font></div>
        <div style="page-break-after: always;" class="BRPFPageBreak">
          <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
      </div>
      <div><br>
      </div>
      <div>
        <div><br>
        </div>
      </div>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="z0560f0b9b74d40f49a2a7234a4b22682">

          <tr>
            <td style="width: 50%; vertical-align: top; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
              <div style="text-align: left; font-family: Verdana, sans-serif; font-size: 11pt; font-variant: small-caps; font-weight: bold;"> <br>
              </div>
              <div style="text-align: left; font-family: Verdana, sans-serif; font-size: 11pt; font-variant: small-caps; font-weight: bold;">Liquidity and Capital Resources</div>
              <div style="text-align: left; font-family: Verdana, sans-serif; font-size: 11pt; font-variant: small-caps; font-weight: bold;"> <br>
              </div>
            </td>
            <td style="width: 50%; vertical-align: top;">&#160;</td>
          </tr>

      </table>
      <div>
        <div><br>
        </div>
      </div>
      <div><br>
      </div>
      <div style="text-align: justify; font-family: Verdana, sans-serif; font-size: 9.5pt;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold; font-style: italic;">Cash. </font>We had $182.2 million and $276.4 million in
        cash as at April 30, 2023 and January 31, 2023, 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, 2023 to April 30, 2023 by $94.2
        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-family: Verdana, sans-serif; font-size: 9.5pt; 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. The credit facility has a five-year maturity with no fixed repayment dates prior to the
        end of the term ending December 2027. With the approval of the lenders, the credit facility can be expanded to a total of $500.0 million. 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, Canadian Dollar Offered Rate (CDOR) 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 facility. 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, 2023, $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, 2023 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-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold; font-style: italic;">Short-form base shelf prospectus.</font><font style="font-family: Verdana, BoldItalic, Verdana; font-size: 9.5pt; font-weight: bold; font-style: italic;">&#160;</font><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">On July 15, 2022, we filed a final short-form base shelf
          prospectus (the &#8220;2022 Base Shelf Prospectus&#8221;), allowing us to offer and issue an unlimited quantity of the following securities during the 25-month period following thereafter: (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. No securities have yet been sold pursuant to
          the 2022 Base Shelf Prospectus.</font></div>
      <div><br>
      </div>
      <div style="text-align: justify; font-family: Verdana, sans-serif; font-size: 9.5pt;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold; font-style: italic;">Normal course issuer bid.</font><font style="font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">&#160;</font>On June 7, 2022, Descartes announced a normal course issuer bid (&#8220;NCIB&#8221;), commencing June 10, 2022, to purchase up to approximately 7.4 million common shares in the open market
        for cancellation. Under the NCIB, Descartes would be permitted to repurchase for cancellation, at its discretion on or before June 9, 2023, 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. Any purchases under the NCIB will be 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. No common shares have yet been purchased pursuant to the NCIB.</div>
      <div><br>
      </div>
      <div style="text-align: justify; font-family: Verdana, sans-serif; font-size: 9.5pt;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold; font-style: italic;">Working capital.</font> As at April 30, 2023, our working
        capital surplus (current assets less current liabilities) was $73.9 million. Current assets primarily include $182.2 million of cash, $50.1 million of current trade receivables and $28.5 million of prepaid assets. Current liabilities primarily
        include $102.9 million of accrued liabilities, $75.0 million of deferred revenue and $12.4 million of accounts payable. Our working capital has decreased from January 31, 2023 to April 30, 2023 by $115.2 million, primarily due to cash used for
        acquisitions.</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</div>
      <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" class="BRPFPageBreakArea">
        <div class="BRPFPageNumberArea" style="text-align: center;"><font style="font-family: Verdana, Geneva, 'sans-serif'; font-size: 8pt; font-weight: normal; font-style: normal;">16</font></div>
        <div style="page-break-after: always;" class="BRPFPageBreak">
          <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
      </div>
      <div><br>
      </div>
      <div style="text-align: justify; font-family: Verdana, sans-serif; font-size: 9.5pt;">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 $182.2
        million of cash as at April 30, 2023, $70.6 million was held by our foreign subsidiaries, most significantly in the United States with lesser amounts held in other countries in the EMEA and Asia Pacific regions. To date, we have not encountered
        significant legal or practical restrictions on the abilities of our subsidiaries to repatriate money to Canada, even if such restrictions may exist in respect of certain foreign jurisdictions where we have subsidiaries. In the future, if we elect
        to repatriate the unremitted earnings of our foreign subsidiaries in the form of dividends, or if the shares of the foreign subsidiaries are sold or transferred, then we could be subject to additional Canadian or foreign income taxes, net of the
        impact of any available foreign tax credits, which would result in a higher effective tax rate. We have not provided for foreign withholding taxes or deferred income tax liabilities related to unremitted earnings of our non-Canadian subsidiaries,
        since such earnings are considered permanently invested in those subsidiaries or are not subject to withholding taxes.</div>
      <div><br>
      </div>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="z76cd8971bb9243d88ba42a2816c89a54">

          <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>
              <div style="text-align: justify; font-family: Verdana, sans-serif; font-size: 9.5pt;"> <br>
              </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 1px solid; border-bottom: #000000 1px 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 1px solid; border-bottom: #000000 1px solid;">
              <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">April 30, 2023</div>
            </td>
            <td style="width: 11.64%; vertical-align: top; border-top: #000000 1px solid; border-bottom: #000000 1px solid;">
              <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt;">April 30, 2022</div>
            </td>
          </tr>
          <tr>
            <td colspan="2" style="width: 56.38%; vertical-align: top;">
              <div style="text-align: left; 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 1px solid;">
              <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 9.5pt; font-weight: bold;">48.9</div>
            </td>
            <td style="width: 11.64%; vertical-align: bottom; border-top: #000000 1px solid;">
              <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 9.5pt;">44.4</div>
            </td>
          </tr>
          <tr>
            <td colspan="2" style="width: 56.38%; vertical-align: top;">
              <div style="text-align: left; 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;">(1.2)</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="text-align: left; 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;">(142.7)</div>
            </td>
            <td style="width: 11.64%; vertical-align: bottom;">
              <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 9.5pt;">(42.9)</div>
            </td>
          </tr>
          <tr>
            <td colspan="2" style="width: 56.38%; vertical-align: top;">
              <div style="text-align: left; 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;">5.4</div>
            </td>
            <td style="width: 11.64%; vertical-align: bottom;">
              <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 9.5pt;">0.4</div>
            </td>
          </tr>
          <tr>
            <td colspan="2" style="width: 56.38%; vertical-align: top;">
              <div style="text-align: left; font-family: Verdana, sans-serif; font-size: 9.5pt;">Payment of withholding taxes on net share settlements</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;">(4.9)</div>
            </td>
            <td style="width: 11.64%; vertical-align: bottom;">
              <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 9.5pt;">-</div>
            </td>
          </tr>
          <tr>
            <td colspan="2" style="width: 56.38%; vertical-align: top;">
              <div style="text-align: left; 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 1px solid;">
              <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 9.5pt; font-weight: bold;">0.3</div>
            </td>
            <td style="width: 11.64%; vertical-align: bottom; border-bottom: #000000 1px solid;">
              <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 9.5pt;">(1.9)</div>
            </td>
          </tr>
          <tr>
            <td colspan="2" style="width: 56.38%; vertical-align: top;">
              <div style="text-align: left; 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 1px solid;">
              <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 9.5pt; font-weight: bold;">(94.2)</div>
            </td>
            <td style="width: 11.64%; vertical-align: bottom; border-top: #000000 1px solid;">
              <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="text-align: left; 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;">276.4</div>
            </td>
            <td style="width: 11.64%; vertical-align: bottom;">
              <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 9.5pt;">213.4</div>
            </td>
          </tr>
          <tr>
            <td colspan="2" style="width: 56.38%; vertical-align: top;">
              <div style="text-align: left; 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 1px solid; border-bottom: #000000 2px double;">
              <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 9.5pt; font-weight: bold;">182.2</div>
            </td>
            <td style="width: 11.64%; vertical-align: bottom; border-top: #000000 1px solid; border-bottom: #000000 2px double;">
              <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 9.5pt;">211.8</div>
            </td>
          </tr>

      </table>
      <div><br>
      </div>
      <div style="text-align: justify; font-family: Verdana, sans-serif; font-size: 9.5pt;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold; font-style: italic;">Cash provided by operating activities</font> was $48.9
        million and $44.4 million for the first quarter of 2024 and 2023, respectively. For the first quarter of 2024, the $48.9 million of cash provided by operating activities resulted from $29.4 million of net income, plus adjustments for $19.9 million
        of non-cash items included in net income and less $0.4 million of cash used by changes in our operating assets and liabilities. 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. Cash provided by operating activities increased in the first quarter of
        2024 compared to the same period of 2023 primarily due to an increase in net income adjusted for non-cash items.</div>
      <div><br>
      </div>
      <div style="text-align: justify; font-family: Verdana, sans-serif; font-size: 9.5pt;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold; font-style: italic;">Additions to property and equipment</font> were $1.2
        million and $1.6 million in the first quarter of 2024 and 2023, respectively. 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="clear: both; margin-top: 10pt; margin-bottom: 10pt;" class="BRPFPageBreakArea">
        <div class="BRPFPageNumberArea" style="text-align: center;"><font style="font-family: Verdana, Geneva, 'sans-serif'; font-size: 8pt; font-weight: normal; font-style: normal;">17</font></div>
        <div style="page-break-after: always;" class="BRPFPageBreak">
          <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
      </div>
      <div><br>
      </div>
      <div style="text-align: justify; font-family: Verdana, sans-serif; font-size: 9.5pt;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold; font-style: italic;">Acquisition of subsidiaries, net of cash acquired</font>
        was $142.7 million and $42.9 million for the first quarter of 2024 and 2023, respectively. Acquisitions in the first quarter of 2024 related to GroundCloud and Localz. Acquisitions in the first quarter of 2023 related to NetCHB and Foxtrot.</div>
      <div><br>
      </div>
      <div style="text-align: justify; font-family: Verdana, sans-serif; font-size: 9.5pt;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold; font-style: italic;">Issuance of common shares, net of issuance costs </font>were

        $5.4 million and $0.4 million for the first quarter of 2024 and 2023, respectively, as a result of the exercise of employee stock options.</div>
      <div><br>
      </div>
      <div style="text-align: justify; font-family: Verdana, sans-serif; font-size: 9.5pt;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold; font-style: italic;">Payment of withholding taxes on net share settlements </font>was

        $4.9 million and nil for the first quarter of 2024 and 2023, respectively. For the first quarter of 2024 and 2023, the Company reduced issuances by 63,330 and nil common shares, respectively, to satisfy employee tax withholding requirements for net
        share settlements of PSUs and RSUs.</div>
      <div><br>
      </div>
      <div>
        <div><br>
        </div>
      </div>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="z0a81502b56bc468298963ebac9fbaa34">

          <tr>
            <td style="width: 50%; vertical-align: top; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
              <div style="text-align: left; font-family: Verdana, sans-serif; font-size: 11pt; font-variant: small-caps; font-weight: bold;"> <br>
              </div>
              <div style="text-align: left; font-family: Verdana, sans-serif; font-size: 11pt; font-variant: small-caps; font-weight: bold;">Commitments, Contingencies and Guarantees</div>
              <div style="text-align: left; font-family: Verdana, sans-serif; font-size: 11pt; font-variant: small-caps; font-weight: bold;"> <br>
              </div>
            </td>
            <td style="width: 50%; vertical-align: top;">&#160;</td>
          </tr>

      </table>
      <div>
        <div><br>
        </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;">Commitments</div>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="z4aa77f22bece4c4e83a6ea066fb0c5c8">

          <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, 2023:</div>
            </td>
          </tr>
          <tr>
            <td style="width: 36.9%; vertical-align: top;">&#160;</td>
            <td style="width: 11.9%; vertical-align: top; border-top: #000000 1px solid; border-bottom: #000000 1px 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 1px solid; border-bottom: #000000 1px 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 1px solid; border-bottom: #000000 1px 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 1px solid; border-bottom: #000000 1px 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 1px solid; border-bottom: #000000 1px 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 1px solid;">&#160;</td>
            <td style="width: 13.1%; vertical-align: top; border-top: #000000 1px solid;">&#160;</td>
            <td style="width: 13.1%; vertical-align: top; border-top: #000000 1px solid;">&#160;</td>
            <td style="width: 12.14%; vertical-align: top; border-top: #000000 1px solid;">&#160;</td>
            <td style="width: 12.86%; vertical-align: top; border-top: #000000 1px solid;">&#160;</td>
          </tr>
          <tr>
            <td style="width: 36.9%; vertical-align: top;">
              <div style="text-align: left; font-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;">3.5</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;">3.2</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;">0.4</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;">-</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;">7.1</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="text-align: left; 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 2023 included in our 2023 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 $1.2 million, respectively, at April 30, 2023. 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, 2023, we had equity derivatives for 286,282 Descartes common shares and a DSU liability for <font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">286,282 Descartes common shares, resulting in no net exposure</font>&#160;<font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">arising from changes to our share price</font>.</div>
      <div><br>
      </div>
      <div style="text-align: left; 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 a result of such obligations and have not accrued any liabilities related to such obligations in our condensed consolidated financial statements.</div>
      <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" class="BRPFPageBreakArea">
        <div class="BRPFPageNumberArea" style="text-align: center;"><font style="font-family: Verdana, Geneva, 'sans-serif'; font-size: 8pt; font-weight: normal; font-style: normal;">18</font></div>
        <div style="page-break-after: always;" class="BRPFPageBreak">
          <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
      </div>
      <div><br>
      </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 GreenMile, NetCHB, XPS, Supply Vision and GroundCloud, up to $228.0 million in cash may become payable if certain revenue
        performance targets are met in the two years following the acquisition. A balance of $51.1 million is accrued related to the fair value of this contingent consideration as at April 30, 2023.</div>
      <div><br>
      </div>
      <div style="text-align: left; 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>
        <div><br>
        </div>
      </div>
      <table cellspacing="0" cellpadding="0" border="0" 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="z88d01ce32be848ea9d14fb30b66b469c">

          <tr>
            <td style="width: 50%; vertical-align: top; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
              <div style="text-align: left; font-family: Verdana, sans-serif; font-size: 11pt; font-variant: small-caps; font-weight: bold;"> <br>
              </div>
              <div style="text-align: left; font-family: Verdana, sans-serif; font-size: 11pt; font-variant: small-caps; font-weight: bold;">Outstanding Share Data</div>
              <div style="text-align: left; font-family: Verdana, sans-serif; font-size: 11pt; font-variant: small-caps; font-weight: bold;"> <br>
              </div>
            </td>
            <td style="width: 50%; vertical-align: top; padding-bottom: 1px;">&#160;</td>
          </tr>

      </table>
      <div>
        <div><br>
        </div>
      </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 May 31, 2023, we had 85,078,029 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 May 31, 2023, there were 1,680,801 options issued and outstanding, and 2,432,696 options remaining available for grant under all stock option plans.</div>
      <div><br>
      </div>
      <div style="text-align: justify; font-family: Verdana, sans-serif; font-size: 9.5pt;">As of May 31, 2023, there were 991,772 performance share units (&#8220;PSUs&#8221;) and 482,094 restricted share units (&#8220;RSUs&#8221;) issued and outstanding, with a potential of up
        to a further 268,091 PSUs being earned if maximum performance is achieved in respect of the outstanding PSU awards. Also, as of May 31, 2023,</div>
      <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" class="BRPFPageBreakArea">
        <div class="BRPFPageNumberArea" style="text-align: center;"><font style="font-family: Verdana, Geneva, 'sans-serif'; font-size: 8pt; font-weight: normal; font-style: normal;">19</font></div>
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      </div>
      <div><br>
      </div>
      <div style="text-align: justify; font-family: Verdana, sans-serif; font-size: 9.5pt;">there were 384,303 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;">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. One of the current agenda items at
        the annual meeting of Descartes shareholders currently scheduled for June 15, 2023 is the consideration and approval of an amended and restated Rights Plan.</div>
      <div><br>
      </div>
      <div>
        <div><br>
        </div>
      </div>
      <table cellspacing="0" cellpadding="0" border="0" 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="zefdf9ccb8d0a4d0195ce50b7464e4a9a">

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              <div style="text-align: left; font-family: Verdana, sans-serif; font-size: 11pt; font-variant: small-caps; font-weight: bold;"> <br>
              </div>
              <div style="text-align: left; 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="text-align: left; font-family: Verdana, sans-serif; font-size: 11pt; font-variant: small-caps; font-weight: bold;"> <br>
              </div>
            </td>
            <td style="width: 50%; vertical-align: top; padding-bottom: 1px;">&#160;</td>
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      </table>
      <div>
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        </div>
      </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 2023 included in our 2023 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, 2023:</div>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zf20369846ba248199d203f1526ba1056">

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            <td style="width: 18pt; vertical-align: top; font-family: 'Times New Roman', Times, 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;">Revenue recognition;</div>
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      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z4c6d2bd5f0714647b3876c502154c744">

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            </td>
            <td style="width: 18pt; vertical-align: top; font-family: 'Times New Roman', Times, 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;">Impairment of long-lived assets;</div>
            </td>
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            <td style="width: 18pt; vertical-align: top; font-family: 'Times New Roman', Times, 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;">Goodwill;</div>
            </td>
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            </td>
            <td style="width: 18pt; vertical-align: top; font-family: 'Times New Roman', Times, 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;">Stock-based compensation;</div>
            </td>
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            </td>
            <td style="width: 18pt; vertical-align: top; font-family: 'Times New Roman', Times, 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;">Income taxes; and</div>
            </td>
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            </td>
            <td style="width: 18pt; vertical-align: top; font-family: 'Times New Roman', Times, 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;">Business combinations.</div>
            </td>
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      <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 2023 Annual Report.</div>
      <div><br>
      </div>
      <div>
        <div><br>
        </div>
      </div>
      <table cellspacing="0" cellpadding="0" border="0" 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="ze368a707b4fd404c8a7d8ae6b364b287">

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              <div style="text-align: left; font-family: Verdana, sans-serif; font-size: 11pt; font-variant: small-caps; font-weight: bold;"> <br>
              </div>
              <div style="text-align: left; 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="text-align: left; font-family: Verdana, sans-serif; font-size: 11pt; font-variant: small-caps; font-weight: bold;"> <br>
              </div>
            </td>
            <td style="width: 50%; vertical-align: top; padding-bottom: 1px;">&#160;</td>
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        <div><br>
        </div>
      </div>
      <div><br>
      </div>
      <div style="text-align: left; font-family: Verdana, sans-serif; font-size: 9.5pt; font-style: italic; font-weight: bold;">Recently adopted 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 was effective for annual periods,
        and interim periods within those annual periods, beginning after December 15, 2022, which was our fiscal</div>
      <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" class="BRPFPageBreakArea">
        <div class="BRPFPageNumberArea" style="text-align: center;"><font style="font-family: Verdana, Geneva, 'sans-serif'; font-size: 8pt; font-weight: normal; font-style: normal;">20</font></div>
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      </div>
      <div style="text-align: justify; font-family: Verdana, sans-serif; font-size: 9.5pt;">year that began February 1, 2023 (fiscal 2024). The Company adopted ASU 2021-08 prospectively in the first quarter of fiscal 2024. The adoption of this guidance did
        not have a material impact on our results of operations or disclosures.</div>
      <div><br>
      </div>
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      </div>
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              <div style="text-align: left; font-family: Verdana, sans-serif; font-size: 11pt; font-variant: small-caps; font-weight: bold;"> <br>
              </div>
              <div style="text-align: left; font-family: Verdana, sans-serif; font-size: 11pt; font-variant: small-caps; font-weight: bold;">Controls and Procedures</div>
              <div style="text-align: left; font-family: Verdana, sans-serif; font-size: 11pt; font-variant: small-caps; font-weight: bold;"> <br>
              </div>
            </td>
            <td style="width: 50%; vertical-align: top;">&#160;</td>
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        </div>
      </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, 2023 and ended on April 30, 2023, 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>
        <div><br>
        </div>
      </div>
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              <div style="text-align: left; font-family: Verdana, sans-serif; font-size: 11pt; font-variant: small-caps; font-weight: bold;"> <br>
              </div>
              <div style="text-align: left; font-family: Verdana, sans-serif; font-size: 11pt; font-variant: small-caps; font-weight: bold;">Trends / Business Outlook</div>
              <div style="text-align: left; font-family: Verdana, sans-serif; font-size: 11pt; font-variant: small-caps; font-weight: bold;"> <br>
              </div>
            </td>
            <td style="width: 50%; vertical-align: top;">&#160;</td>
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      <div><br>
      </div>
      <div style="text-align: justify; font-family: Verdana, sans-serif; font-size: 9.5pt;">This section discusses our outlook for fiscal 2024 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;">As at the time of this MD&amp;A, global economies continue to experience inflation at rates higher than historically normal, with many central banks raising or
        holding interest rates in response. Global fuel prices also remain volatile, in part due to geopolitical tensions, including the ongoing conflict in Ukraine, as well as voluntary production cuts by oil producers, and concerns of a global recession.
        These factors could adversely impact our business or the businesses of our customers and suppliers, which in turn could impact the level of usage and/or demand for our products and services and our resulting revenues. The impact of these factors on
        the global economy in general and on our business specifically is uncertain at this time and the extent to which our business will be affected will depend on a variety of factors, many of which are outside of our control.</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, the UK&#8217;s departure from the European Union, &#8220;Brexit&#8221;), 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 reshipments 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</div>
      <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" class="BRPFPageBreakArea">
        <div class="BRPFPageNumberArea" style="text-align: center;"><font style="font-family: Verdana, Geneva, 'sans-serif'; font-size: 8pt; font-weight: normal; font-style: normal;">21</font></div>
        <div style="page-break-after: always;" class="BRPFPageBreak">
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      </div>
      <div><br>
      </div>
      <div style="text-align: justify; font-family: Verdana, sans-serif; font-size: 9.5pt;">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 applications with end-to-end global trade compliance, trade content and collaborative supply chain execution applications. These applications include freight bookings, contract and rate management, classification of goods for
        tariff and duty purposes, sanctioned party screening, customs filings and electronic shipment manifest processes, transportation management, routing and scheduling, purchase order to dock door processes, and inventory visibility.</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 2024, our services revenues comprised 91% of our total revenues, with the balance being license, professional
        services and other revenues. We expect that our focus in fiscal 2024 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. <font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">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. </font>We define our &#8220;baseline operating expenses&#8221; as our total expenses less <font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">interest, investment and other income, taxes, depreciation and amortization, stock-based compensation (for which we include related costs and taxes), acquisition-related costs and restructuring charges. Baseline operating expenses are not
          a projection of anticipated total expenses for a period as they exclude any expenses associated with anticipated or expected new sales for a period beyond the date that the baseline expenses are measured. </font>Our baseline calibration is not a
        projection of net income for a period 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, 2023, using foreign exchange rates of $0.74 to CAD $1.00, $1.10 to EUR 1.00 and $1.25 to &#163;1.00, we estimated that our baseline revenues for the second quarter of 2024 are approximately $121.0 million and our baseline operating expenses are</div>
      <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" class="BRPFPageBreakArea">
        <div class="BRPFPageNumberArea" style="text-align: center;"><font style="font-family: Verdana, Geneva, 'sans-serif'; font-size: 8pt; font-weight: normal; font-style: normal;">22</font></div>
        <div style="page-break-after: always;" class="BRPFPageBreak">
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      </div>
      <div><br>
      </div>
      <div style="text-align: justify; font-family: Verdana, sans-serif; font-size: 9.5pt;">approximately $76.5 million. We consider this to be our baseline calibration of approximately $44.5 million for the second quarter of 2024, or approximately 37% of
        our baseline revenues as at May 1, 2023.</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 $44.7 million for the remainder of 2024, $57.3 million for 2025, $53.0
        million for 2026, $38.4 million for 2027, $31.3 million for 2028 and $70.6 million thereafter. Expected future amortization expense is based on the level of existing intangible assets at April 30, 2023, is subject to fluctuations in foreign
        exchange rates and assumes no future adjustments or impairment of existing intangible assets.</div>
      <div><br>
      </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 2024 for grants outstanding as at April 30, 2023 will be approximately $13.6
        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, 2022 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 2024. We will continue to perform quarterly analyses of whether any event has occurred
        that would more likely than not reduce our enterprise value below our carrying amounts and, if so, we will perform a goodwill impairment test between the annual dates. The likelihood of any future impairment increases if our public market
        capitalization is adversely impacted by global economic, capital market or other conditions for a sustained period of time. Any future impairment adjustment will be recognized as an expense in the period that such adjustment is identified.</div>
      <div><br>
      </div>
      <div style="text-align: justify; font-family: Verdana, sans-serif; font-size: 9.5pt;">In the first quarter of 2024, capital expenditures were $1.2 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 $4.0 to $5.0 million in capital expenditures in the remainder of fiscal 2024 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;">There can be varied impacts on our results of operations as a consequence of movements in international currency exchange rates. In the first quarter of fiscal
        2024, approximately 71% of our revenues were in US dollars, 10% in euro, 7% in Canadian dollars, 8% in British pound sterling, and the balance in mixed currencies. For that same period, approximately 51% of our operating expenses were in US
        dollars, 14% in euro, 23% in Canadian dollars, 4% in British pound sterling, and the balance in mixed currencies. With this distribution, we generally 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 other aspects of our results of operations are more varied. Generally, if the US dollar
        strengthens 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. 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. We will continue to monitor the impact of foreign exchange on our operating</div>
      <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" class="BRPFPageBreakArea">
        <div class="BRPFPageNumberArea" style="text-align: center;"><font style="font-family: Verdana, Geneva, 'sans-serif'; font-size: 8pt; font-weight: normal; font-style: normal;">23</font></div>
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      </div>
      <div><br>
      </div>
      <div style="text-align: justify; font-family: Verdana, sans-serif; font-size: 9.5pt;">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="text-align: justify; font-family: Verdana, sans-serif; font-size: 9.5pt;">We experienced an effective tax rate of approximately 22% in the first quarter of fiscal 2024, which is slightly lower than our expected range of 25% to 30%. For
        the remainder of fiscal 2024, we believe that the tax rate may also be lower than our typical range if additional uncertain tax positions are released during this fiscal year. We currently anticipate an effective tax rate of between 23% to 27% for
        fiscal 2024, before returning to our typical range in subsequent periods.</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. 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. Considering the balance of the credit facility as at
        April 30, 2023, 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 2024, 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>
        <div><br>
        </div>
      </div>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="z43e96ce6f569490394cbae02bb4a5ad6">

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              <div style="text-align: left; font-family: Verdana, sans-serif; font-size: 11pt; font-variant: small-caps; font-weight: bold;"> <br>
              </div>
              <div style="text-align: left; 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="text-align: left; font-family: Verdana, sans-serif; font-size: 11pt; font-variant: small-caps; font-weight: bold;"> <br>
              </div>
            </td>
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      </table>
      <div>
        <div><br>
        </div>
      </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</div>
      <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" class="BRPFPageBreakArea">
        <div class="BRPFPageNumberArea" style="text-align: center;"><font style="font-family: Verdana, Geneva, 'sans-serif'; font-size: 8pt; font-weight: normal; font-style: normal;">24</font></div>
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      </div>
      <div><br>
      </div>
      <div style="text-align: justify; font-family: Verdana, sans-serif; font-size: 9.5pt;">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>
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            <td style="width: 36pt; vertical-align: top; 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>
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      </table>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z49bd44457f9c47119797c120ae2d5a7e">

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            <td style="width: 18pt;"><br>
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            <td style="width: 36pt; vertical-align: top; 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>
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      </table>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zd284f592b4654f4a8d18b25684b50f26">

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            <td style="width: 36pt; vertical-align: top; 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>
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      </table>
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            <td style="width: 18pt;"><br>
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            <td style="width: 36pt; vertical-align: top; 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>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z316d5e69b71d41959d93759ca294baa4">

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            <td style="width: 18pt;"><br>
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            <td style="width: 36pt; vertical-align: top; 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; 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 cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zf59a80d072464c819b8fc84ae8679203">

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            <td style="width: 36pt; vertical-align: top; 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>
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      </table>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z435b9202e6e8476b8abd56bc06af1ba0">

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            <td style="width: 18pt;"><br>
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            <td style="width: 36pt; vertical-align: top; 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 cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z2777acb662be4e8293ef5e0fb8147292">

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            <td style="width: 18pt;"><br>
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            <td style="width: 36pt; vertical-align: top; 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</div>
      <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" class="BRPFPageBreakArea">
        <div class="BRPFPageNumberArea" style="text-align: center;"><font style="font-family: Verdana, Geneva, '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;">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. 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>
      <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, or a similar health threat, such as the 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, 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: 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>
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      </table>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zedcbd27a31b54a268691c929e6f43a6e">

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            <td style="width: 18pt; vertical-align: top; font-family: 'Times New Roman', Times, 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;">Challenges completing the acquisitions within our expected time frames and budgets;</div>
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      </table>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z57085d5f5a384f20b063aa45e4f4e564">

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            <td style="width: 18pt; vertical-align: top; font-family: 'Times New Roman', Times, 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;">Challenges in integrating acquired businesses with our business;</div>
            </td>
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      </table>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zc4598336f44644d4b1559a4458dc369b">

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            <td style="width: 36pt;"><br>
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            <td style="width: 18pt; vertical-align: top; font-family: 'Times New Roman', Times, 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;">Loss of customers of the acquired business;</div>
            </td>
          </tr>

      </table>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z8390d681d96d4b8d9e203de3f0d81148">

          <tr>
            <td style="width: 36pt;"><br>
            </td>
            <td style="width: 18pt; vertical-align: top; font-family: 'Times New Roman', Times, 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;">Loss of key personnel from the acquired business, such as former executive officers or key technical personnel;</div>
            </td>
          </tr>

      </table>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zb37ab2df0a504a3a80bf39d0a9111ab5">

          <tr>
            <td style="width: 36pt;"><br>
            </td>
            <td style="width: 18pt; vertical-align: top; font-family: 'Times New Roman', Times, 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;">Non-compatible business cultures;</div>
            </td>
          </tr>

      </table>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z9b64b4923e9e4043a12cd906d3df598f">

          <tr>
            <td style="width: 36pt;"><br>
            </td>
            <td style="width: 18pt; vertical-align: top; font-family: 'Times New Roman', Times, 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;">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>
          </tr>

      </table>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zfd69a079d69944a2af52553233247c59">

          <tr>
            <td style="width: 36pt;"><br>
            </td>
            <td style="width: 18pt; vertical-align: top; font-family: 'Times New Roman', Times, 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;">Difficulties in gaining necessary approvals in international markets to expand acquired businesses as contemplated;</div>
            </td>
          </tr>

      </table>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zf4243d5dd99c4ced9da739429ae24493">

          <tr>
            <td style="width: 36pt;"><br>
            </td>
            <td style="width: 18pt; vertical-align: top; font-family: 'Times New Roman', Times, 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;">Our inability to obtain or maintain necessary security clearances to provide international shipment management services;</div>
            </td>
          </tr>

      </table>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zc8e4f8f0617c4dccaae6d08c480cf076">

          <tr>
            <td style="width: 36pt;"><br>
            </td>
            <td style="width: 18pt; vertical-align: top; font-family: 'Times New Roman', Times, 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;">Our failure to make appropriate capital investments in infrastructure to facilitate growth; and</div>
            </td>
          </tr>

      </table>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zac204725a8bc40b08a79826aed9560a5">

          <tr>
            <td style="width: 36pt;"><br>
            </td>
            <td style="width: 18pt; vertical-align: top; font-family: 'Times New Roman', Times, 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;">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 style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" class="BRPFPageBreakArea">
        <div class="BRPFPageNumberArea" style="text-align: center;"><font style="font-family: Verdana, Geneva, 'sans-serif'; font-size: 8pt; font-weight: normal; font-style: normal;">26</font></div>
        <div style="page-break-after: always;" class="BRPFPageBreak">
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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;">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 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</div>
      <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" class="BRPFPageBreakArea">
        <div class="BRPFPageNumberArea" style="text-align: center;"><font style="font-family: Verdana, Geneva, 'sans-serif'; font-size: 8pt; font-weight: normal; font-style: normal;">27</font></div>
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      </div>
      <div><br>
      </div>
      <div style="text-align: justify; font-family: Verdana, sans-serif; font-size: 9.5pt;">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><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 style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" class="BRPFPageBreakArea">
        <div class="BRPFPageNumberArea" style="text-align: center;"><font style="font-family: Verdana, Geneva, 'sans-serif'; font-size: 8pt; font-weight: normal; font-style: normal;">28</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;">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 cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z70c9ab16710c40d5aecf85f25d861203">

          <tr>
            <td style="width: 36pt;"><br>
            </td>
            <td style="width: 18pt; vertical-align: top; font-family: 'Times New Roman', Times, 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;">Established relationships with existing customers or prospects that we are targeting;</div>
            </td>
          </tr>

      </table>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z60b1afd8d9f7456d8f4e134dd9016c85">

          <tr>
            <td style="width: 36pt;"><br>
            </td>
            <td style="width: 18pt; vertical-align: top; font-family: 'Times New Roman', Times, 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;">Superior product functionality and industry-specific expertise;</div>
            </td>
          </tr>

      </table>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zeac471b6b6c24457bf82e65dc1172dc6">

          <tr>
            <td style="width: 36pt;"><br>
            </td>
            <td style="width: 18pt; vertical-align: top; font-family: 'Times New Roman', Times, 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;">Broader range of products to offer and better product life cycle management;</div>
            </td>
          </tr>

      </table>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z03695a17c2124074ac98f82e8cc294af">

          <tr>
            <td style="width: 36pt;"><br>
            </td>
            <td style="width: 18pt; vertical-align: top; font-family: 'Times New Roman', Times, 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;">Larger installed base of customers;</div>
            </td>
          </tr>

      </table>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z812fcf4ba21a49a79b3cba72681404b6">

          <tr>
            <td style="width: 36pt;"><br>
            </td>
            <td style="width: 18pt; vertical-align: top; font-family: 'Times New Roman', Times, 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;">Greater financial, technical, marketing, sales, distribution and other resources;</div>
            </td>
          </tr>

      </table>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z62bb7f6035264963bdff3b8fe7ca4f47">

          <tr>
            <td style="width: 36pt;"><br>
            </td>
            <td style="width: 18pt; vertical-align: top; font-family: 'Times New Roman', Times, 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;">Better performance;</div>
            </td>
          </tr>

      </table>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z59d8ac4a1c7b4db7926f8607ba9468d4">

          <tr>
            <td style="width: 36pt;"><br>
            </td>
            <td style="width: 18pt; vertical-align: top; font-family: 'Times New Roman', Times, 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;">Lower cost structure and more profitable operations;</div>
            </td>
          </tr>

      </table>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="ze9f493a3a8b34e45bb27484266584538">

          <tr>
            <td style="width: 36pt;"><br>
            </td>
            <td style="width: 18pt; vertical-align: top; font-family: 'Times New Roman', Times, 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;">Greater investment in infrastructure;</div>
            </td>
          </tr>

      </table>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z860e90a0e5a44624bbd283ba4a0ec6ff">

          <tr>
            <td style="width: 36pt;"><br>
            </td>
            <td style="width: 18pt; vertical-align: top; font-family: 'Times New Roman', Times, 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;">Greater worldwide presence;</div>
            </td>
          </tr>

      </table>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z0f33441a1e3d45bc8aec53d8a5fbb89e">

          <tr>
            <td style="width: 36pt;"><br>
            </td>
            <td style="width: 18pt; vertical-align: top; font-family: 'Times New Roman', Times, 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;">Early adoption of, or adaptation to changes in, technology; or</div>
            </td>
          </tr>

      </table>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z529860e7828f4191856843e665b74a3f">

          <tr>
            <td style="width: 36pt;"><br>
            </td>
            <td style="width: 18pt; vertical-align: top; font-family: 'Times New Roman', Times, 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;">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 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</div>
      <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" class="BRPFPageBreakArea">
        <div class="BRPFPageNumberArea" style="text-align: center;"><font style="font-family: Verdana, Geneva, 'sans-serif'; font-size: 8pt; font-weight: normal; font-style: normal;">29</font></div>
        <div style="page-break-after: always;" class="BRPFPageBreak">
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      </div>
      <div><br>
      </div>
      <div style="text-align: justify; font-family: Verdana, sans-serif; font-size: 9.5pt;">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 borrowings 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 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</div>
      <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" class="BRPFPageBreakArea">
        <div class="BRPFPageNumberArea" style="text-align: center;"><font style="font-family: Verdana, Geneva, 'sans-serif'; font-size: 8pt; font-weight: normal; font-style: normal;">30</font></div>
        <div style="page-break-after: always;" class="BRPFPageBreak">
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      </div>
      <div><br>
      </div>
      <div style="text-align: justify; font-family: Verdana, sans-serif; font-size: 9.5pt;">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>
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          <tr>
            <td style="width: 36pt;"><br>
            </td>
            <td style="width: 18pt; vertical-align: top; font-family: 'Times New Roman', Times, 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;">Impairment of goodwill or intangible assets;</div>
            </td>
          </tr>

      </table>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z67600075df024b54ad31c0e429750185">

          <tr>
            <td style="width: 36pt;"><br>
            </td>
            <td style="width: 18pt; vertical-align: top; font-family: 'Times New Roman', Times, 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;">A reduction in the useful lives of intangible assets acquired;</div>
            </td>
          </tr>

      </table>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z89bae07ac9194241b61abd3a34ae74c9">

          <tr>
            <td style="width: 36pt;"><br>
            </td>
            <td style="width: 18pt; vertical-align: top; font-family: 'Times New Roman', Times, 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;">Identification of assumed contingent liabilities after we finalize the purchase price allocation period;</div>
            </td>
          </tr>

      </table>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z9eb20142ff4e4d01b4dfca85d942c11b">

          <tr>
            <td style="width: 36pt;"><br>
            </td>
            <td style="width: 18pt; vertical-align: top; font-family: 'Times New Roman', Times, 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;">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 cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="za05f654b75964857b232821afd88d118">

          <tr>
            <td style="width: 36pt;"><br>
            </td>
            <td style="width: 18pt; vertical-align: top; font-family: 'Times New Roman', Times, 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;">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 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>
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          <tr>
            <td style="width: 36pt;"><br>
            </td>
            <td style="width: 18pt; vertical-align: top; font-family: 'Times New Roman', Times, serif; font-size: 9.5pt;">&#8226;</td>
            <td style="width: auto; vertical-align: top; text-align: left;">
              <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, could impact
                our ability to operate in certain markets and/or manage our operations in those markets;</div>
            </td>
          </tr>

      </table>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z53ec8567b3c542c78902b3f00d05fa24">

          <tr>
            <td style="width: 36pt;"><br>
            </td>
            <td style="width: 18pt; vertical-align: top; font-family: 'Times New Roman', Times, 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;">Longer collection time from foreign clients, particularly in the EMEA region and the Asia Pacific region;</div>
            </td>
          </tr>

      </table>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zd95df0deb38c4b0eb7c3b84010899763">

          <tr>
            <td style="width: 36pt;"><br>
            </td>
            <td style="width: 18pt; vertical-align: top; font-family: 'Times New Roman', Times, 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;">Difficulty in repatriating cash from certain foreign jurisdictions;</div>
            </td>
          </tr>

      </table>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zb8aa7bb37261481b847d999d1b00c59d">

          <tr>
            <td style="width: 36pt;"><br>
            </td>
            <td style="width: 18pt; vertical-align: top; font-family: 'Times New Roman', Times, 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;">Language barriers, conflicting international business practices, and other difficulties related to the management and administration of a global business;</div>
            </td>
          </tr>

      </table>
      <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" class="BRPFPageBreakArea">
        <div class="BRPFPageNumberArea" style="text-align: center;"><font style="font-family: Verdana, Geneva, 'sans-serif'; font-size: 8pt; font-weight: normal; font-style: normal;">31</font></div>
        <div style="page-break-after: always;" class="BRPFPageBreak">
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      </div>
      <div><br>
      </div>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z934b18e3a095480392e238bc3b7ecc98">

          <tr>
            <td style="width: 36pt;"><br>
            </td>
            <td style="width: 18pt; vertical-align: top; font-family: 'Times New Roman', Times, 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;">Increased management, travel, infrastructure and legal compliance costs associated with having international operations;</div>
            </td>
          </tr>

      </table>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z29183b112f7a4090a1f440a836c38f13">

          <tr>
            <td style="width: 36pt;"><br>
            </td>
            <td style="width: 18pt; vertical-align: top; font-family: 'Times New Roman', Times, 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;">Difficulties and costs of staffing and managing geographically disparate direct and indirect operations;</div>
            </td>
          </tr>

      </table>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z1257192cc8c54e76ba677628d41dfc6e">

          <tr>
            <td style="width: 36pt;"><br>
            </td>
            <td style="width: 18pt; vertical-align: top; font-family: 'Times New Roman', Times, 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;">Volatility or fluctuations in foreign currency and tariff rates;</div>
            </td>
          </tr>

      </table>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z3ecbb69770a94b8496b02f4b1b28be3c">

          <tr>
            <td style="width: 36pt;"><br>
            </td>
            <td style="width: 18pt; vertical-align: top; font-family: 'Times New Roman', Times, 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;">Multiple, and possibly overlapping, tax structures;</div>
            </td>
          </tr>

      </table>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zeb616006f28e4fec8aa653d61aa04469">

          <tr>
            <td style="width: 36pt;"><br>
            </td>
            <td style="width: 18pt; vertical-align: top; font-family: 'Times New Roman', Times, 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;">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 cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z05cf06db26774586a834348eb4143284">

          <tr>
            <td style="width: 36pt;"><br>
            </td>
            <td style="width: 18pt; vertical-align: top; font-family: 'Times New Roman', Times, 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;">Trade restrictions;</div>
            </td>
          </tr>

      </table>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z3e1c50fa21754f348c32725f43a20242">

          <tr>
            <td style="width: 36pt;"><br>
            </td>
            <td style="width: 18pt; vertical-align: top; font-family: 'Times New Roman', Times, 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;">Enhanced security procedures and requirements relating to certain jurisdictions;</div>
            </td>
          </tr>

      </table>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zd3752c477cde4cf7a395828a817688a0">

          <tr>
            <td style="width: 36pt;"><br>
            </td>
            <td style="width: 18pt; vertical-align: top; font-family: 'Times New Roman', Times, 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;">The need to consider characteristics unique to technology systems used internationally;</div>
            </td>
          </tr>

      </table>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z482a2604c40f4da38935bc1c1fffe40a">

          <tr>
            <td style="width: 36pt;"><br>
            </td>
            <td style="width: 18pt; vertical-align: top; font-family: 'Times New Roman', Times, 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;">Economic or political instability in some markets; and</div>
            </td>
          </tr>

      </table>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z981b79a2013a4d59ada0dd37817754eb">

          <tr>
            <td style="width: 36pt;"><br>
            </td>
            <td style="width: 18pt; vertical-align: top; font-family: 'Times New Roman', Times, 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;">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="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</div>
      <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" class="BRPFPageBreakArea">
        <div class="BRPFPageNumberArea" style="text-align: center;"><font style="font-family: Verdana, Geneva, 'sans-serif'; font-size: 8pt; font-weight: normal; font-style: normal;">32</font></div>
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      </div>
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      </div>
      <div style="text-align: justify; font-family: Verdana, sans-serif; font-size: 9.5pt;">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><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 style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" class="BRPFPageBreakArea">
        <div class="BRPFPageNumberArea" style="text-align: center;"><font style="font-family: Verdana, Geneva, 'sans-serif'; font-size: 8pt; font-weight: normal; font-style: normal;">33</font></div>
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      <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;">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 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</div>
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      <div style="text-align: justify; font-family: Verdana, sans-serif; font-size: 9.5pt;">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>
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            <td style="width: 36pt;"><br>
            </td>
            <td style="width: 18pt; vertical-align: top; font-family: 'Times New Roman', Times, 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;">Volatility or fluctuations in foreign currency exchange rates;</div>
            </td>
          </tr>

      </table>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zfc9bd8987233433184d32f9379e0d906">

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            <td style="width: 36pt;"><br>
            </td>
            <td style="width: 18pt; vertical-align: top; font-family: 'Times New Roman', Times, 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;">Volatility or fluctuations in interest rates;</div>
            </td>
          </tr>

      </table>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z8941ce2d8c0b4d42b5a90b7105b441ac">

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            <td style="width: 36pt;"><br>
            </td>
            <td style="width: 18pt; vertical-align: top; font-family: 'Times New Roman', Times, 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;">Timing of acquisitions and related costs;</div>
            </td>
          </tr>

      </table>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z7c92b11291964154bb9a426ac07fbbd7">

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            <td style="width: 36pt;"><br>
            </td>
            <td style="width: 18pt; vertical-align: top; font-family: 'Times New Roman', Times, 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;">Timing of restructuring activities;</div>
            </td>
          </tr>

      </table>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zdc1b6f78ec174194bf816508ce51e98c">

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            <td style="width: 36pt;"><br>
            </td>
            <td style="width: 18pt; vertical-align: top; font-family: 'Times New Roman', Times, 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;">The introduction of enhanced products and services from competitors;</div>
            </td>
          </tr>

      </table>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z89cf861f66104043b6691056f36959b1">

          <tr>
            <td style="width: 36pt;"><br>
            </td>
            <td style="width: 18pt; vertical-align: top; font-family: 'Times New Roman', Times, 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;">Our ability to introduce new products and updates to our existing products on a timely basis;</div>
            </td>
          </tr>

      </table>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z4b25927781cd46d480d9cb885335578f">

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            <td style="width: 36pt;"><br>
            </td>
            <td style="width: 18pt; vertical-align: top; font-family: 'Times New Roman', Times, 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;">The termination of any key customer contracts, whether by the customer or by us;</div>
            </td>
          </tr>

      </table>
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            <td style="width: 36pt;"><br>
            </td>
            <td style="width: 18pt; vertical-align: top; font-family: 'Times New Roman', Times, 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;">Recognition and expensing of deferred tax assets;</div>
            </td>
          </tr>

      </table>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z9025adbf005444a1a6fcb97d9af5257e">

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            <td style="width: 36pt;"><br>
            </td>
            <td style="width: 18pt; vertical-align: top; font-family: 'Times New Roman', Times, 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;">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>
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            <td style="width: 36pt;"><br>
            </td>
            <td style="width: 18pt; vertical-align: top; font-family: 'Times New Roman', Times, 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;">Legal and compliance costs incurred to comply with regulatory requirements;</div>
            </td>
          </tr>

      </table>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zdc0e0189512140bdb73770c9d71932b1">

          <tr>
            <td style="width: 36pt;"><br>
            </td>
            <td style="width: 18pt; vertical-align: top; font-family: 'Times New Roman', Times, 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;">Fluctuations in the demand for our services and products;</div>
            </td>
          </tr>

      </table>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z4e55cd0628c24f6eb9e9eda7aaa6df01">

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            <td style="width: 36pt;"><br>
            </td>
            <td style="width: 18pt; vertical-align: top; font-family: 'Times New Roman', Times, 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;">The impact of stock-based compensation expense;</div>
            </td>
          </tr>

      </table>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z07ce142fb02542868e9ce7d369848999">

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            <td style="width: 36pt;"><br>
            </td>
            <td style="width: 18pt; vertical-align: top; font-family: 'Times New Roman', Times, 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;">Price and functionality competition in our industry;</div>
            </td>
          </tr>

      </table>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z00801c47a32a4ec4a3a6cfba13a4e53b">

          <tr>
            <td style="width: 36pt;"><br>
            </td>
            <td style="width: 18pt; vertical-align: top; font-family: 'Times New Roman', Times, 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;">Changes in legislation and accounting standards;</div>
            </td>
          </tr>

      </table>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z52de2bb9071e4d608a416d33f52d14eb">

          <tr>
            <td style="width: 36pt;"><br>
            </td>
            <td style="width: 18pt; vertical-align: top; font-family: 'Times New Roman', Times, 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;">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>
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          <tr>
            <td style="width: 36pt;"><br>
            </td>
            <td style="width: 18pt; vertical-align: top; font-family: 'Times New Roman', Times, 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;">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 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</div>
      <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" class="BRPFPageBreakArea">
        <div class="BRPFPageNumberArea" style="text-align: center;"><font style="font-family: Verdana, Geneva, 'sans-serif'; font-size: 8pt; font-weight: normal; font-style: normal;">35</font></div>
        <div style="page-break-after: always;" class="BRPFPageBreak">
          <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
      </div>
      <div><br>
      </div>
      <div style="text-align: justify; font-family: Verdana, sans-serif; font-size: 9.5pt;">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; font-family: 'Times New Roman', Times, 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;">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 cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z32e67a19ecbc4295af387a5847efa64d">

          <tr>
            <td style="width: 36pt;"><br>
            </td>
            <td style="width: 18pt; vertical-align: top; font-family: 'Times New Roman', Times, 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;">Changes in recommendations or financial estimates by industry or investment analysts;</div>
            </td>
          </tr>

      </table>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z4b6255ee9c3442938959ddac04b9fd87">

          <tr>
            <td style="width: 36pt;"><br>
            </td>
            <td style="width: 18pt; vertical-align: top; font-family: 'Times New Roman', Times, 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;">Changes in management or the composition of our board of directors;</div>
            </td>
          </tr>

      </table>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z6998b58406934b3fa269986b20b35333">

          <tr>
            <td style="width: 36pt;"><br>
            </td>
            <td style="width: 18pt; vertical-align: top; font-family: 'Times New Roman', Times, 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;">Outcomes of litigation or arbitration proceedings;</div>
            </td>
          </tr>

      </table>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zd3d1eaaf5de1409488cbb2e399164b38">

          <tr>
            <td style="width: 36pt;"><br>
            </td>
            <td style="width: 18pt; vertical-align: top; font-family: 'Times New Roman', Times, 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;">Announcements of technological innovations or acquisitions by us or by our competitors;</div>
            </td>
          </tr>

      </table>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zcb38d2fb675b4cf59d78de04a5d413bb">

          <tr>
            <td style="width: 36pt;"><br>
            </td>
            <td style="width: 18pt; vertical-align: top; font-family: 'Times New Roman', Times, 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;">Introduction of new products or significant customer wins or losses by us or by our competitors;</div>
            </td>
          </tr>

      </table>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="ze382bd60863c4b108e7cb0a78bde7b98">

          <tr>
            <td style="width: 36pt;"><br>
            </td>
            <td style="width: 18pt; vertical-align: top; font-family: 'Times New Roman', Times, 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;">Developments with respect to our intellectual property rights or those of our competitors;</div>
            </td>
          </tr>

      </table>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="ze339005f2e194df4b49a3a79f0785c02">

          <tr>
            <td style="width: 36pt;"><br>
            </td>
            <td style="width: 18pt; vertical-align: top; font-family: 'Times New Roman', Times, 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;">Fluctuations in the share prices of other companies in the technology and emerging growth sectors;</div>
            </td>
          </tr>

      </table>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z567194c3b0dd403db292eda400bf9d28">

          <tr>
            <td style="width: 36pt;"><br>
            </td>
            <td style="width: 18pt; vertical-align: top; font-family: 'Times New Roman', Times, 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;">General market conditions; and</div>
            </td>
          </tr>

      </table>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z6ae0a0caa7fb455b889d221a8bb80ab1">

          <tr>
            <td style="width: 36pt;"><br>
            </td>
            <td style="width: 18pt; vertical-align: top; font-family: 'Times New Roman', Times, 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;">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</div>
      <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" class="BRPFPageBreakArea">
        <div class="BRPFPageNumberArea" style="text-align: center;"><font style="font-family: Verdana, Geneva, 'sans-serif'; font-size: 8pt; font-weight: normal; font-style: normal;">36</font></div>
        <div style="page-break-after: always;" class="BRPFPageBreak">
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      </div>
      <div><br>
      </div>
      <div style="text-align: justify; font-family: Verdana, sans-serif; font-size: 9.5pt;">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="text-align: justify; font-family: Verdana, sans-serif; font-size: 9.5pt;"> <br>
      </div>
      <div style="text-align: justify; font-family: Verdana, sans-serif; font-size: 9.5pt;"> <br>
      </div>
      <div style="text-align: justify; font-family: Verdana, sans-serif; font-size: 9.5pt;"> <br>
      </div>
      <div style="text-align: justify; font-family: Verdana, sans-serif; font-size: 9.5pt;"> <br>
      </div>
      <div style="text-align: justify; font-family: Verdana, sans-serif; font-size: 9.5pt;"> <br>
      </div>
      <div style="text-align: justify; font-family: Verdana, sans-serif; font-size: 9.5pt;"><br>
        <div><br>
        </div>
        <br>
      </div>
      <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" class="BRPFPageBreakArea">
        <div class="BRPFPageNumberArea" style="text-align: center;"><font style="font-family: Verdana, Geneva, 'sans-serif'; font-size: 8pt; font-weight: normal; font-style: normal;">37</font></div>
        <div style="page-break-after: always;" class="BRPFPageBreak">
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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;">Condensed Consolidated Balance Sheets</div>
      <div style="text-align: left; font-family: Verdana, sans-serif; font-size: 10pt; font-variant: small-caps;">(US dollars in thousands; US GAAP; Unaudited)</div>
      <div>
        <div>
          <hr noshade="noshade" align="center" style="height: 2px; color: #000000; background-color: #000000; text-align: center; margin-left: auto; margin-right: auto; border: none;"></div>
      </div>
      <div><br>
      </div>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="z9ae928bb8b174f69bd6644b260999176">

          <tr>
            <td colspan="2" style="width: 75.96%; vertical-align: top;">&#160;</td>
            <td style="width: 12.02%; vertical-align: top; border-top: #000000 1px 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 1px 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 1px solid;">
              <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 8pt; font-weight: bold;">2023</div>
            </td>
            <td style="width: 12.02%; vertical-align: top; border-bottom: #000000 1px solid;">
              <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 8pt;">2023</div>
            </td>
          </tr>
          <tr>
            <td colspan="2" style="width: 75.96%; vertical-align: top;">
              <div style="text-align: left; 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="text-align: left; 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="text-align: left; 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;">182,187</div>
            </td>
            <td style="width: 12.02%; vertical-align: top;">
              <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 8pt;">276,385</div>
            </td>
          </tr>
          <tr>
            <td colspan="2" style="width: 75.96%; vertical-align: top;">
              <div style="text-align: left; 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="text-align: left; 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;">50,134</div>
            </td>
            <td style="width: 12.02%; vertical-align: top;">
              <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 8pt;">45,173</div>
            </td>
          </tr>
          <tr>
            <td colspan="2" style="width: 75.96%; vertical-align: top;">
              <div style="text-align: left; 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;">11,330</div>
            </td>
            <td style="width: 12.02%; vertical-align: top;">
              <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 8pt;">11,658</div>
            </td>
          </tr>
          <tr>
            <td colspan="2" style="width: 75.96%; vertical-align: top;">
              <div style="text-align: left; 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;">28,525</div>
            </td>
            <td style="width: 12.02%; vertical-align: top;">
              <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 8pt;">24,676</div>
            </td>
          </tr>
          <tr>
            <td colspan="2" style="width: 75.96%; vertical-align: top;">
              <div style="text-align: left; 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;">1,352</div>
            </td>
            <td style="width: 12.02%; vertical-align: top;">
              <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 8pt;">759</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 1px solid;">
              <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 8pt; font-weight: bold;">273,528</div>
            </td>
            <td style="width: 12.02%; vertical-align: top; border-top: #000000 1px solid;">
              <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 8pt;">358,651</div>
            </td>
          </tr>
          <tr>
            <td colspan="2" style="width: 75.96%; vertical-align: top;">
              <div style="text-align: left; 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;">22,085</div>
            </td>
            <td style="width: 12.02%; vertical-align: top;">
              <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 8pt;">22,247</div>
            </td>
          </tr>
          <tr>
            <td colspan="2" style="width: 75.96%; vertical-align: top;">
              <div style="text-align: left; 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;">11,347</div>
            </td>
            <td style="width: 12.02%; vertical-align: top;">
              <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 8pt;">11,434</div>
            </td>
          </tr>
          <tr>
            <td colspan="2" style="width: 75.96%; vertical-align: top;">
              <div style="text-align: left; 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;">6,383</div>
            </td>
            <td style="width: 12.02%; vertical-align: top;">
              <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 8pt;">6,774</div>
            </td>
          </tr>
          <tr>
            <td colspan="2" style="width: 75.96%; vertical-align: top;">
              <div style="text-align: left; 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;">4,594</div>
            </td>
            <td style="width: 12.02%; vertical-align: top;">
              <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 8pt;">11,483</div>
            </td>
          </tr>
          <tr>
            <td colspan="2" style="width: 75.96%; vertical-align: top;">
              <div style="text-align: left; 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;">295,294</div>
            </td>
            <td style="width: 12.02%; vertical-align: top;">
              <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 8pt;">229,808</div>
            </td>
          </tr>
          <tr>
            <td colspan="2" style="width: 75.96%; vertical-align: top;">
              <div style="text-align: left; 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;">759,867</div>
            </td>
            <td style="width: 12.02%; vertical-align: top;">
              <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 8pt;">675,647</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 1px solid; border-bottom: #000000 2px double;">
              <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 8pt; font-weight: bold;">1,373,098</div>
            </td>
            <td style="width: 12.02%; vertical-align: top; border-top: #000000 1px solid; border-bottom: #000000 2px double;">
              <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 8pt;">1,316,044</div>
            </td>
          </tr>
          <tr>
            <td colspan="2" style="width: 75.96%; vertical-align: top;">
              <div style="text-align: left; 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: 2px double rgb(0, 0, 0); text-align: right;">&#160;</td>
            <td style="width: 12.02%; vertical-align: top; border-top: 2px double rgb(0, 0, 0); text-align: right;">&#160;</td>
          </tr>
          <tr>
            <td colspan="2" style="width: 75.96%; vertical-align: top;">
              <div style="text-align: left; 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="text-align: left; 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;">12,373</div>
            </td>
            <td style="width: 12.02%; vertical-align: top;">
              <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 8pt;">10,569</div>
            </td>
          </tr>
          <tr>
            <td style="width: 2.97%; vertical-align: top;">&#160;</td>
            <td style="width: 73%; vertical-align: top;">
              <div style="text-align: left; 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;">102,900</div>
            </td>
            <td style="width: 12.02%; vertical-align: top;">
              <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 8pt;">80,309</div>
            </td>
          </tr>
          <tr>
            <td style="width: 2.97%; vertical-align: top;">&#160;</td>
            <td style="width: 73%; vertical-align: top;">
              <div style="text-align: left; 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;">3,376</div>
            </td>
            <td style="width: 12.02%; vertical-align: top;">
              <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 8pt;">3,397</div>
            </td>
          </tr>
          <tr>
            <td style="width: 2.97%; vertical-align: top;">&#160;</td>
            <td style="width: 73%; vertical-align: top;">
              <div style="text-align: left; 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;">5,963</div>
            </td>
            <td style="width: 12.02%; vertical-align: top;">
              <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 8pt;">7,536</div>
            </td>
          </tr>
          <tr>
            <td style="width: 2.97%; vertical-align: top;">&#160;</td>
            <td style="width: 73%; vertical-align: top;">
              <div style="text-align: left; 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;">75,018</div>
            </td>
            <td style="width: 12.02%; vertical-align: top;">
              <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 8pt;">67,784</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 1px solid;">
              <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 8pt; font-weight: bold;">199,630</div>
            </td>
            <td style="width: 12.02%; vertical-align: top; border-top: #000000 1px solid;">
              <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 8pt;">169,595</div>
            </td>
          </tr>
          <tr>
            <td colspan="2" style="width: 75.96%; vertical-align: top;">
              <div style="text-align: left; 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;">-</div>
            </td>
          </tr>
          <tr>
            <td colspan="2" style="width: 75.96%; vertical-align: top;">
              <div style="text-align: left; 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;">3,493</div>
            </td>
            <td style="width: 12.02%; vertical-align: top;">
              <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 8pt;">3,923</div>
            </td>
          </tr>
          <tr>
            <td colspan="2" style="width: 75.96%; vertical-align: top;">
              <div style="text-align: left; 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;">1,572</div>
            </td>
            <td style="width: 12.02%; vertical-align: top;">
              <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 8pt;">1,615</div>
            </td>
          </tr>
          <tr>
            <td colspan="2" style="width: 75.96%; vertical-align: top;">
              <div style="text-align: left; 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;">7,009</div>
            </td>
            <td style="width: 12.02%; vertical-align: top;">
              <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 8pt;">6,120</div>
            </td>
          </tr>
          <tr>
            <td colspan="2" style="width: 75.96%; vertical-align: top;">
              <div style="text-align: left; font-family: Verdana, sans-serif; font-size: 8pt;">DEFERRED INCOME TAXES</div>
            </td>
            <td style="width: 12.02%; vertical-align: top; border-bottom: #000000 1px solid;">
              <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 8pt; font-weight: bold;">29,157</div>
            </td>
            <td style="width: 12.02%; vertical-align: top; border-bottom: #000000 1px solid;">
              <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 8pt;">35,400</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 1px solid;">
              <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 8pt; font-weight: bold;">240,861</div>
            </td>
            <td style="width: 12.02%; vertical-align: top; border-top: #000000 1px solid;">
              <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 8pt;">216,653</div>
            </td>
          </tr>
          <tr>
            <td colspan="2" style="width: 75.96%; vertical-align: top;">
              <div style="text-align: left; 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="text-align: left; 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: bottom; text-align: right;">&#160;</td>
          </tr>
          <tr>
            <td colspan="2" style="width: 75.96%; vertical-align: bottom;">
              <div style="text-align: left; 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 85,078,029 at April 30, 2023 (January
                31, 2023 &#8211; 84,820,100)</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;">546,274</div>
            </td>
            <td style="width: 12.02%; vertical-align: bottom;">
              <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 8pt;">538,448</div>
            </td>
          </tr>
          <tr>
            <td colspan="2" style="width: 75.96%; vertical-align: top;">
              <div style="text-align: left; 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;">482,214</div>
            </td>
            <td style="width: 12.02%; vertical-align: top;">
              <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 8pt;">486,551</div>
            </td>
          </tr>
          <tr>
            <td colspan="2" style="width: 75.96%; vertical-align: top;">
              <div style="text-align: left; 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;">(30,452)</div>
            </td>
            <td style="width: 12.02%; vertical-align: top;">
              <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 8pt;">(30,456)</div>
            </td>
          </tr>
          <tr>
            <td colspan="2" style="width: 75.96%; vertical-align: top;">
              <div style="text-align: left; font-family: Verdana, sans-serif; font-size: 8pt;">Retained earnings</div>
            </td>
            <td style="width: 12.02%; vertical-align: top; border-bottom: #000000 1px solid;">
              <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 8pt; font-weight: bold;">134,201</div>
            </td>
            <td style="width: 12.02%; vertical-align: top; border-bottom: #000000 1px solid;">
              <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 8pt;">104,848</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 1px solid;">
              <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 8pt; font-weight: bold;">1,132,237</div>
            </td>
            <td style="width: 12.02%; vertical-align: top; border-top: #000000 1px solid;">
              <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 8pt;">1,099,391</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 1px solid; border-bottom: #000000 2px double;">
              <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 8pt; font-weight: bold;">1,373,098</div>
            </td>
            <td style="width: 12.02%; vertical-align: top; border-top: #000000 1px solid; border-bottom: #000000 2px double;">
              <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 8pt;">1,316,044</div>
            </td>
          </tr>

      </table>
      <div><br>
      </div>
      <div style="text-align: left; 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;" class="BRPFPageBreakArea">
        <div class="BRPFPageNumberArea" style="text-align: center;"><font style="font-family: Verdana, Geneva, 'sans-serif'; font-size: 8pt; font-weight: normal; font-style: normal;">38</font></div>
        <div style="page-break-after: always;" class="BRPFPageBreak">
          <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
      </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;">Condensed Consolidated Statements of Operations</div>
      <div style="text-align: left; font-family: Verdana, sans-serif; font-size: 10pt; font-variant: small-caps;">(US dollars in thousands, except per share and weighted average share amounts; US GAAP; Unaudited)</div>
      <div style="text-align: left; font-family: Verdana, sans-serif; font-size: 10pt; font-variant: small-caps;">
        <hr noshade="noshade" align="center" style="height: 2px; color: #000000; background-color: #000000; text-align: center; margin-left: auto; margin-right: auto; border: none;"> </div>
      <div>
        <div><br>
        </div>
      </div>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="z23f5db119b484468bbf9b4939c7d9b22">

          <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 1px 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 1px 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 1px 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>
            <td style="width: 11.41%; vertical-align: top; border-bottom: #000000 1px solid;">
              <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 8pt; font-weight: bold;">2023</div>
            </td>
            <td style="width: 11.41%; vertical-align: top; border-bottom: #000000 1px solid;">
              <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 8pt;">2022</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: 1px solid rgb(0, 0, 0); text-align: right;">&#160;</td>
            <td style="width: 11.41%; vertical-align: top; border-top: 1px solid rgb(0, 0, 0); text-align: right;">&#160;</td>
          </tr>
          <tr>
            <td style="width: 52.91%; vertical-align: top;">
              <div style="text-align: left; 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;">136,614</div>
            </td>
            <td style="width: 11.41%; vertical-align: top;">
              <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 8pt;">116,395</div>
            </td>
          </tr>
          <tr>
            <td style="width: 52.91%; vertical-align: top;">
              <div style="text-align: left; font-family: Verdana, sans-serif; font-size: 8pt; font-weight: bold;">COST OF REVENUES</div>
            </td>
            <td style="width: 11.41%; vertical-align: top;">&#160;</td>
            <td style="width: 11.41%; vertical-align: top;">&#160;</td>
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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>
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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; 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;">
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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>
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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; font-weight: bold;">17,053</div>
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              <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 8pt;">13,236</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;">
              <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 8pt; font-weight: bold;">20,067</div>
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              <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 8pt;">16,569</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>
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              <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 8pt; font-weight: bold;">13,444</div>
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              <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 8pt;">11,642</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;">1,933</div>
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              <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 8pt;">1,482</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;">14,674</div>
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              <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 8pt;">15,048</div>
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            <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;">67,171</div>
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            <td style="width: 11.41%; vertical-align: top; border-top: #000000 1px solid;">
              <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 8pt;">57,977</div>
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          </tr>
          <tr>
            <td style="width: 52.91%; vertical-align: top;">
              <div style="text-align: left; 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 1px solid;">
              <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 8pt; font-weight: bold;">36,558</div>
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            <td style="width: 11.41%; vertical-align: top; border-top: #000000 1px solid;">
              <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 8pt;">30,595</div>
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          </tr>
          <tr>
            <td style="width: 52.91%; vertical-align: top;">
              <div style="text-align: left; 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;">(337)</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;">(278)</div>
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          <tr>
            <td style="width: 52.91%; vertical-align: top;">
              <div style="text-align: left; 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;">1,561</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;">153</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; border-top: #000000 1px solid;">
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            <td style="width: 11.41%; vertical-align: top; border-top: #000000 1px solid;">
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          <tr>
            <td style="width: 52.91%; vertical-align: top;">
              <div style="text-align: left; font-family: Verdana, sans-serif; font-size: 8pt;"><font style="font-family: Verdana, sans-serif; font-size: 8pt; font-weight: bold;">INCOME TAX EXPENSE </font>(Note 18)</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; 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;">
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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;">
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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;">
              <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 8pt; font-weight: bold;">808</div>
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              <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 8pt;">2,514</div>
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            <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 1px solid; border-bottom: #000000 1px solid;">
              <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 8pt; font-weight: bold;">8,429</div>
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            <td style="width: 11.41%; vertical-align: top; border-top: #000000 1px solid; border-bottom: #000000 1px solid;">
              <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 8pt;">7,355</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-top: #000000 1px solid; border-bottom: #000000 2px double;">
              <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 8pt; font-weight: bold;">29,353</div>
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              <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 8pt;">23,115</div>
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            <td style="width: 52.91%; vertical-align: top;">
              <div style="text-align: left; font-family: Verdana, sans-serif; font-size: 8pt;"><font style="font-family: Verdana, sans-serif; font-size: 8pt; font-weight: bold;">EARNINGS PER SHARE </font>(Note 16)</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-top: 2px double rgb(0, 0, 0); text-align: right;">&#160;</td>
            <td style="width: 11.41%; vertical-align: top; border-top: 2px double rgb(0, 0, 0); text-align: right;">&#160;</td>
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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;">
              <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 8pt; font-weight: bold;">0.35</div>
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              <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 8pt;">0.27</div>
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          <tr>
            <td style="width: 52.91%; vertical-align: top;">
              <div style="text-align: left; 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 2px double;">
              <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 8pt; font-weight: bold;">0.34</div>
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            <td style="width: 11.41%; vertical-align: top; border-bottom: #000000 2px double;">
              <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 8pt;">0.27</div>
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          <tr>
            <td style="width: 52.91%; vertical-align: top;">
              <div style="text-align: left; 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: 2px double rgb(0, 0, 0); text-align: right;">&#160;</td>
            <td style="width: 11.41%; vertical-align: top; border-top: 2px double rgb(0, 0, 0); text-align: right;">&#160;</td>
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          <tr>
            <td style="width: 52.91%; vertical-align: top;">
              <div style="text-align: left; 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;">84,949</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;">84,765</div>
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            <td style="width: 52.91%; vertical-align: top;">
              <div style="text-align: left; 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 2px double;">
              <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 8pt; font-weight: bold;">86,746</div>
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            <td style="width: 11.41%; vertical-align: top; border-bottom: #000000 2px double;">
              <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 8pt;">86,348</div>
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      <div><br>
      </div>
      <div style="text-align: left; 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>
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        <div class="BRPFPageNumberArea" style="text-align: center;"><font style="font-family: Verdana, Geneva, 'sans-serif'; font-size: 8pt; font-weight: normal; font-style: normal;">39</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;">Condensed Consolidated Statements of Comprehensive Income</div>
      <div style="text-align: left; font-family: Verdana, sans-serif; font-size: 10pt; font-variant: small-caps;">(US dollars in thousands; US GAAP; Unaudited)</div>
      <div style="text-align: left; font-family: Verdana, sans-serif; font-size: 10pt; font-variant: small-caps;">
        <hr noshade="noshade" align="center" style="height: 2px; color: #000000; background-color: #000000; text-align: center; margin-left: auto; margin-right: auto; border: none;"> </div>
      <div>
        <div><br>
        </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>
          <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>
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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 style="width: 11%; vertical-align: top; border-top: #000000 1px solid;">
              <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 8pt;">April 30,</div>
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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>
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              <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 8pt; font-weight: bold;">2023</div>
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            <td style="width: 11%; vertical-align: top; border-bottom: #000000 1px solid;">
              <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 8pt;">2022</div>
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          </tr>
          <tr>
            <td style="width: 54.6%; vertical-align: top;">
              <div style="text-align: left; 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>
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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;">29,353</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;">23,115</div>
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            <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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            <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>
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              <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 8pt; font-weight: bold;">4</div>
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              <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 8pt;">(11,618)</div>
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          <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 1px solid; border-bottom: #000000 1px solid;">
              <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 8pt; font-weight: bold;">4</div>
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            <td style="width: 11%; vertical-align: top; border-top: #000000 1px solid; border-bottom: #000000 1px solid;">
              <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 8pt;">(11,618)</div>
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          <tr>
            <td style="width: 54.6%; vertical-align: top;">
              <div style="text-align: left; 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 1px solid; border-bottom: #000000 2px double;">
              <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 8pt; font-weight: bold;">29,357</div>
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            <td style="width: 11%; vertical-align: top; border-top: #000000 1px solid; border-bottom: #000000 2px double;">
              <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 8pt;">11,497</div>
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      <div><br>
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      <div style="text-align: left; 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 style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" class="BRPFPageBreakArea">
        <div class="BRPFPageNumberArea" style="text-align: center;"><font style="font-family: Verdana, Geneva, 'sans-serif'; font-size: 8pt; font-weight: normal; font-style: normal;">40</font></div>
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      <div><br>
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      <div style="text-align: left; font-family: Verdana, sans-serif; font-size: 11pt; font-variant: small-caps; font-weight: bold;">The Descartes Systems Group Inc.</div>
      <div style="text-align: left; font-family: Verdana, sans-serif; font-size: 11pt; font-variant: small-caps; font-weight: bold;">Condensed Consolidated Statements of Shareholders&#8217; Equity</div>
      <div style="text-align: left; font-family: Verdana, sans-serif; font-size: 10pt; font-variant: small-caps;">(US dollars in thousands; US GAAP; Unaudited)</div>
      <div>
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            <td style="width: 54.6%; vertical-align: top;">&#160;</td>
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            <td style="width: 1.4%; vertical-align: top;">&#160;</td>
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            <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>
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            <td style="width: 11%; vertical-align: top; border-top: #000000 1px solid;">
              <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 8pt;">April 30,</div>
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            <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>
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            <td style="width: 11%; vertical-align: top; border-bottom: #000000 1px solid;">
              <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 8pt;">2022</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>
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          <tr>
            <td style="width: 54.6%; vertical-align: top;">
              <div style="text-align: left; 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>
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          <tr>
            <td style="width: 54.6%; vertical-align: top;">
              <div style="text-align: left; 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;">538,448</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;">536,297</div>
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          <tr>
            <td style="width: 54.6%; vertical-align: top;">
              <div style="text-align: left; 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;">7,826</div>
            </td>
            <td style="width: 11%; vertical-align: top;">
              <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 8pt;">545</div>
            </td>
          </tr>
          <tr>
            <td style="width: 54.6%; vertical-align: top;">
              <div style="text-align: left; 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 1px solid; border-bottom: #000000 1px solid;">
              <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 8pt; font-weight: bold;">546,274</div>
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            <td style="width: 11%; vertical-align: top; border-top: #000000 1px solid; border-bottom: #000000 1px solid;">
              <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 8pt;">536,842</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: 1px solid rgb(0, 0, 0); text-align: right;">&#160;</td>
            <td style="width: 11%; vertical-align: top; border-top: 1px solid rgb(0, 0, 0); text-align: right;">&#160;</td>
          </tr>
          <tr>
            <td style="width: 54.6%; vertical-align: top;">
              <div style="text-align: left; 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="text-align: left; 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;">486,551</div>
            </td>
            <td style="width: 11%; vertical-align: top;">
              <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 8pt;">473,303</div>
            </td>
          </tr>
          <tr>
            <td style="width: 54.6%; vertical-align: top;">
              <div style="text-align: left; 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;">2,919</div>
            </td>
            <td style="width: 11%; vertical-align: top;">
              <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 8pt;">2,787</div>
            </td>
          </tr>
          <tr>
            <td style="width: 54.6%; vertical-align: top;">
              <div style="text-align: left; 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;">(7,256)</div>
            </td>
            <td style="width: 11%; vertical-align: top;">
              <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 8pt;">(156)</div>
            </td>
          </tr>
          <tr>
            <td style="width: 54.6%; vertical-align: top;">
              <div style="text-align: left; 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 1px solid; border-bottom: #000000 1px solid;">
              <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 8pt; font-weight: bold;">482,214</div>
            </td>
            <td style="width: 11%; vertical-align: top; border-top: #000000 1px solid; border-bottom: #000000 1px solid;">
              <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 8pt;">475,934</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: 1px solid rgb(0, 0, 0); text-align: right;">&#160;</td>
            <td style="width: 11%; vertical-align: top; border-top: 1px solid rgb(0, 0, 0); text-align: right;">&#160;</td>
          </tr>
          <tr>
            <td style="width: 54.6%; vertical-align: top;">
              <div style="text-align: left; 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="text-align: left; 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;">(30,456)</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;">(12,393)</div>
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          </tr>
          <tr>
            <td style="width: 54.6%; vertical-align: top;">
              <div style="text-align: left; 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;">4</div>
            </td>
            <td style="width: 11%; vertical-align: top;">
              <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 8pt;">(11,618)</div>
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          </tr>
          <tr>
            <td style="width: 54.6%; vertical-align: top;">
              <div style="text-align: left; 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 1px solid; border-bottom: #000000 1px solid;">
              <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 8pt; font-weight: bold;">(30,452)</div>
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            <td style="width: 11%; vertical-align: top; border-top: #000000 1px solid; border-bottom: #000000 1px solid;">
              <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 8pt;">(24,011)</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: 1px solid rgb(0, 0, 0); text-align: right;">&#160;</td>
            <td style="width: 11%; vertical-align: top; border-top: 1px solid rgb(0, 0, 0); text-align: right;">&#160;</td>
          </tr>
          <tr>
            <td style="width: 54.6%; vertical-align: top;">
              <div style="text-align: left; font-family: Verdana, sans-serif; font-size: 8pt; font-weight: bold;">Retained earnings</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="text-align: left; 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;">104,848</div>
            </td>
            <td style="width: 11%; vertical-align: top;">
              <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 8pt;">2,612</div>
            </td>
          </tr>
          <tr>
            <td style="width: 54.6%; vertical-align: top;">
              <div style="text-align: left; 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;">29,353</div>
            </td>
            <td style="width: 11%; vertical-align: top;">
              <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 8pt;">23,115</div>
            </td>
          </tr>
          <tr>
            <td style="width: 54.6%; vertical-align: top;">
              <div style="text-align: left; 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 1px solid; border-bottom: #000000 1px solid;">
              <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 8pt; font-weight: bold;">134,201</div>
            </td>
            <td style="width: 11%; vertical-align: top; border-top: #000000 1px solid; border-bottom: #000000 1px solid;">
              <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 8pt;">25,727</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: 1px solid rgb(0, 0, 0); text-align: right;">&#160;</td>
            <td style="width: 11%; vertical-align: top; border-top: 1px solid rgb(0, 0, 0); text-align: right;">&#160;</td>
          </tr>
          <tr>
            <td style="width: 54.6%; vertical-align: top;">
              <div style="text-align: left; 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 2px double;">
              <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 8pt; font-weight: bold;">1,132,237</div>
            </td>
            <td style="width: 11%; vertical-align: top; border-bottom: #000000 2px double;">
              <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 8pt;">1,014,492</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: 2px double rgb(0, 0, 0); text-align: right;">&#160;</td>
            <td style="width: 11%; vertical-align: top; border-top: 2px double rgb(0, 0, 0); text-align: right;">&#160;</td>
          </tr>

      </table>
      <div><br>
      </div>
      <div style="text-align: left; 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;" class="BRPFPageBreakArea">
        <div class="BRPFPageNumberArea" style="text-align: center;"><font style="font-family: Verdana, Geneva, 'sans-serif'; font-size: 8pt; font-weight: normal; font-style: normal;">41</font></div>
        <div style="page-break-after: always;" class="BRPFPageBreak">
          <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
      </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;">Condensed Consolidated Statements of Cash Flows</div>
      <div style="text-align: left; font-family: Verdana, sans-serif; font-size: 10pt; font-variant: small-caps;">(US dollars in thousands; US GAAP; Unaudited)</div>
      <div style="text-align: left; font-family: Verdana, sans-serif; font-size: 10pt; font-variant: small-caps;">
        <hr noshade="noshade" align="center" style="height: 2px; color: #000000; background-color: #000000; text-align: center; margin-left: auto; margin-right: auto; border: none;"> </div>
      <div>
        <div><br>
        </div>
      </div>
      <table cellspacing="0" cellpadding="1" border="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="z86335e93ea0e4a8a98176d7a53fd217b">

          <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 1px 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="28" style="width: 1.67%; vertical-align: top;">&#160;</td>
            <td style="width: 10.36%; vertical-align: top; border-top: #000000 1px 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 1px 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 1px solid;">
              <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 8pt; font-weight: bold;">2023</div>
            </td>
            <td style="width: 10.36%; vertical-align: top; border-bottom: #000000 1px solid;">
              <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 8pt;">2022</div>
            </td>
          </tr>
          <tr>
            <td style="width: 77.61%; vertical-align: top;">
              <div style="text-align: left; 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="text-align: left; 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;">29,353</div>
            </td>
            <td style="width: 10.36%; vertical-align: top;">
              <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 8pt;">23,115</div>
            </td>
          </tr>
          <tr>
            <td style="width: 77.61%; vertical-align: top;">
              <div style="text-align: left; 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="text-align: left; 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;">1,265</div>
            </td>
            <td style="width: 10.36%; vertical-align: top;">
              <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 8pt;">1,245</div>
            </td>
          </tr>
          <tr>
            <td style="width: 77.61%; vertical-align: top;">
              <div style="text-align: left; 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;">14,674</div>
            </td>
            <td style="width: 10.36%; vertical-align: top;">
              <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 8pt;">15,048</div>
            </td>
          </tr>
          <tr>
            <td style="width: 77.61%; vertical-align: top;">
              <div style="text-align: left; 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;">2,919</div>
            </td>
            <td style="width: 10.36%; vertical-align: top;">
              <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 8pt;">2,787</div>
            </td>
          </tr>
          <tr>
            <td style="width: 77.61%; vertical-align: top;">
              <div style="text-align: left; 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;">220</div>
            </td>
            <td style="width: 10.36%; vertical-align: top;">
              <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 8pt;">(17)</div>
            </td>
          </tr>
          <tr>
            <td style="width: 77.61%; vertical-align: top;">
              <div style="text-align: left; 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;">808</div>
            </td>
            <td style="width: 10.36%; vertical-align: top;">
              <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 8pt;">2,514</div>
            </td>
          </tr>
          <tr>
            <td style="width: 77.61%; vertical-align: top;">
              <div style="text-align: left; 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;">(384)</div>
            </td>
            <td style="width: 10.36%; vertical-align: top;">
              <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 8pt;">(260)</div>
            </td>
          </tr>
          <tr>
            <td style="width: 77.61%; vertical-align: top;">
              <div style="text-align: left; 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 1px solid; border-bottom: #000000 1px solid;">
              <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 8pt; font-weight: bold;">48,855</div>
            </td>
            <td style="width: 10.36%; vertical-align: top; border-top: #000000 1px solid; border-bottom: #000000 1px solid;">
              <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 8pt;">44,432</div>
            </td>
          </tr>
          <tr>
            <td style="width: 77.61%; vertical-align: top;">
              <div style="text-align: left; 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="text-align: left; 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;">(1,203)</div>
            </td>
            <td style="width: 10.36%; vertical-align: top;">
              <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 8pt;">(1,636)</div>
            </td>
          </tr>
          <tr>
            <td style="width: 77.61%; vertical-align: top;">
              <div style="text-align: left; 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;">(142,700)</div>
            </td>
            <td style="width: 10.36%; vertical-align: bottom;">
              <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 8pt;">(42,892)</div>
            </td>
          </tr>
          <tr>
            <td style="width: 77.61%; vertical-align: top;">
              <div style="text-align: left; 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 1px solid; border-bottom: #000000 1px solid;">
              <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 8pt; font-weight: bold;">(143,903)</div>
            </td>
            <td style="width: 10.36%; vertical-align: top; border-top: #000000 1px solid; border-bottom: #000000 1px solid;">
              <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 8pt;">(44,528)</div>
            </td>
          </tr>
          <tr>
            <td style="width: 77.61%; vertical-align: top;">
              <div style="text-align: left; 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="text-align: left; 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;">(39)</div>
            </td>
            <td style="width: 10.36%; vertical-align: top;">
              <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 8pt;">(66)</div>
            </td>
          </tr>
          <tr>
            <td style="width: 77.61%; vertical-align: top;">
              <div style="text-align: left; 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;">5,455</div>
            </td>
            <td style="width: 10.36%; vertical-align: top;">
              <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 8pt;">388</div>
            </td>
          </tr>
          <tr>
            <td style="width: 77.61%; vertical-align: top;">
              <div style="text-align: left; margin-left: 13.5pt; font-family: Verdana, sans-serif; font-size: 8pt;">Payment of withholding taxes on net share settlements</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;">(4,886)</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="text-align: left; 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 1px solid; border-bottom: #000000 1px solid;">
              <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 8pt; font-weight: bold;">530</div>
            </td>
            <td style="width: 10.36%; vertical-align: top; border-top: #000000 1px solid; border-bottom: #000000 1px solid;">
              <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 8pt;">322</div>
            </td>
          </tr>
          <tr>
            <td style="width: 77.61%; vertical-align: top;">
              <div style="text-align: left; 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 1px solid; border-bottom: #000000 1px solid;">
              <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 8pt; font-weight: bold;">320</div>
            </td>
            <td style="width: 10.36%; vertical-align: bottom; border-top: #000000 1px solid; border-bottom: #000000 1px solid;">
              <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 8pt;">(1,884)</div>
            </td>
          </tr>
          <tr>
            <td style="width: 77.61%; vertical-align: top;">
              <div style="text-align: left; font-family: Verdana, sans-serif; font-size: 8pt; font-weight: bold;">Decrease 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;">(94,198)</div>
            </td>
            <td style="width: 10.36%; vertical-align: top;">
              <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 8pt;">(1,658)</div>
            </td>
          </tr>
          <tr>
            <td style="width: 77.61%; vertical-align: top;">
              <div style="text-align: left; 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 1px solid;">
              <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 8pt; font-weight: bold;">276,385</div>
            </td>
            <td style="width: 10.36%; vertical-align: top; border-bottom: #000000 1px solid;">
              <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 8pt;">213,437</div>
            </td>
          </tr>
          <tr>
            <td style="width: 77.61%; vertical-align: top;">
              <div style="text-align: left; 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 1px solid; border-bottom: #000000 2px double;">
              <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 8pt; font-weight: bold;">182,187</div>
            </td>
            <td style="width: 10.36%; vertical-align: top; border-top: #000000 1px solid; border-bottom: #000000 2px double;">
              <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 8pt;">211,779</div>
            </td>
          </tr>
          <tr>
            <td style="width: 77.61%; vertical-align: top;">
              <div style="text-align: left; 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: 2px double rgb(0, 0, 0); text-align: right;">&#160;</td>
            <td style="width: 10.36%; vertical-align: top; border-top: 2px double rgb(0, 0, 0); text-align: right;">&#160;</td>
          </tr>
          <tr>
            <td style="width: 77.61%; vertical-align: top;">
              <div style="text-align: left; 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="text-align: left; 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 2px double;">
              <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 8pt; font-weight: bold;">8,218</div>
            </td>
            <td style="width: 10.36%; vertical-align: top; border-bottom: #000000 2px double;">
              <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 8pt;">4,094</div>
            </td>
          </tr>

      </table>
      <div><br>
      </div>
      <div style="text-align: left; 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;" class="BRPFPageBreakArea">
        <div class="BRPFPageNumberArea" style="text-align: center;"><font style="font-family: Verdana, Geneva, 'sans-serif'; font-size: 8pt; font-weight: normal; font-style: normal;">42</font></div>
        <div style="page-break-after: always;" class="BRPFPageBreak">
          <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></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="text-align: left; font-family: Verdana, sans-serif; font-size: 11pt; font-variant: small-caps; font-weight: bold;">Notes to Condensed Consolidated Financial Statements</div>
      <div>
        <div style="text-align: left; font-family: Verdana, sans-serif; font-size: 10pt; font-variant: small-caps;">(Tabular amounts in thousands of US dollars, except per share amounts or as otherwise indicated; US GAAP; Unaudited)----</div>
      </div>
      <div><br>
      </div>
      <div style="text-align: left; 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="text-align: left; 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, 2023.</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, 2024.</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, 2024, is referred to as the &#8220;current fiscal year&#8221;, &#8220;fiscal 2024&#8221;, &#8220;2024&#8221; or using similar words. Our previous fiscal year, which ended on January 31, 2023, is referred to as the &#8220;previous fiscal year&#8221;, &#8220;fiscal 2023&#8221;, &#8220;2023&#8221; or using similar
        words. Other fiscal years are referenced by the applicable year during which the fiscal year ends. For example, &#8220;2025&#8221; refers to the annual period ending January 31, 2025 and the &#8220;fourth quarter of 2025&#8221; refers to the quarter ending January 31,
        2025.</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
        2023 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="text-align: left; font-family: Verdana, sans-serif; font-size: 9.5pt; font-style: italic; font-weight: bold;">Recently adopted 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-</div>
      <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" class="BRPFPageBreakArea">
        <div class="BRPFPageNumberArea" style="text-align: center;"><font style="font-family: Verdana, Geneva, 'sans-serif'; font-size: 8pt; font-weight: normal; font-style: normal;">43</font></div>
        <div style="page-break-after: always;" class="BRPFPageBreak">
          <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
      </div>
      <div><br>
      </div>
      <div style="text-align: justify; font-family: Verdana, sans-serif; font-size: 9.5pt;">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 was effective for annual periods, and interim periods within those annual periods, beginning after December 15, 2022, which was our fiscal year that began February 1, 2023 (fiscal 2024). The Company adopted ASU 2021-08 prospectively in the
        first quarter of fiscal 2024. The adoption of this guidance did not 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 2024 Acquisitions</u></div>
      <div style="text-align: justify; font-family: Verdana, sans-serif; font-size: 9.5pt;">On February 14, 2023, Descartes acquired all of the shares of Windigo Logistics, Inc., doing business as GroundCloud (&#8220;GroundCloud&#8221;), a cloud-based provider of
        final-mile carrier solutions and road safety compliance tools. The purchase price for the acquisition was approximately $136.8 million, net of cash acquired, which was funded from cash on hand, plus potential performance-based contingent
        consideration of up to $80.0 million based on GroundCloud achieving revenue-based targets over the first two years post-acquisition. The fair value of the contingent consideration was valued at $19.6 million at the acquisition date. The gross
        contractual amount of trade receivables acquired was $1.5 million with a fair value of $1.5 million at the date of acquisition. Our acquisition date estimate of contractual cash flows not expected to be collected was nominal. The completion of the
        initial purchase price allocation is pending the finalization of the fair value for trade receivables, accrued liability balances, deferred revenue as well as potential unrecorded liabilities. We expect to finalize the purchase price allocation on
        or before February 14, 2024.</div>
      <div><br>
      </div>
      <div style="text-align: justify; font-family: Verdana, sans-serif; font-size: 9.5pt;">On April 20, 2023, Descartes acquired substantially all of the assets of Localz Pty Ltd.(&#8220;Localz&#8221;), a cloud-based customer engagement platform for day-of-service
        interaction and order management. The purchase price for the acquisition was approximately $5.9 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 $0.6 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, deferred revenue as well as potential unrecorded liabilities. We expect to finalize the purchase price allocation on or before April 20, 2024.</div>
      <div><br>
      </div>
      <div style="text-align: justify; font-family: Verdana, sans-serif; font-size: 9.5pt;">For the businesses acquired during fiscal 2024, we incurred acquisition-related costs of $1.0 million for the three month period ended April 30, 2023. 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, 2023, we have recognized revenues of $7.3 million
        and a net loss of $0.5 million from GroundCloud and Localz 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;" class="BRPFPageBreakArea">
        <div class="BRPFPageNumberArea" style="text-align: center;"><font style="font-family: Verdana, Geneva, 'sans-serif'; font-size: 8pt; font-weight: normal; font-style: normal;">44</font></div>
        <div style="page-break-after: always;" class="BRPFPageBreak">
          <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
      </div>
      <div><br>
      </div>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="zabcc213f5e714c468427fcac4452f30d">

          <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 2024, 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 1px solid;">
              <div style="text-align: right; margin-right: 3pt; font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">Ground-</div>
              <div style="text-align: right; margin-right: 3pt; font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">Cloud</div>
            </td>
            <td style="width: 13.18%; vertical-align: top; border-bottom: #000000 1px solid;">
              <div style="text-align: right; margin-right: 3pt; font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">Localz</div>
            </td>
            <td style="width: 13.18%; vertical-align: top; border-bottom: #000000 1px 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="text-align: left; 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: 1px solid rgb(0, 0, 0); text-align: right;">&#160;</td>
            <td style="width: 13.18%; vertical-align: top; border-top: 1px solid rgb(0, 0, 0); text-align: right;">&#160;</td>
            <td style="width: 13.18%; vertical-align: top; border-top: 1px solid rgb(0, 0, 0); text-align: right;">&#160;</td>
          </tr>
          <tr>
            <td style="width: 60.46%; vertical-align: top;">
              <div style="text-align: left; margin-right: 6.95pt; margin-left: 12pt; font-family: Verdana, sans-serif; font-size: 9.5pt;">Cash, less cash acquired related to GroundCloud ($4,381) and Localz (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;">136,843</div>
            </td>
            <td style="width: 13.18%; vertical-align: top;">
              <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 9.5pt;">5,857</div>
            </td>
            <td style="width: 13.18%; vertical-align: top;">
              <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 9.5pt;">142,700</div>
            </td>
          </tr>
          <tr>
            <td style="width: 60.46%; vertical-align: top;">
              <div style="text-align: left; 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;">19,550</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;">19,550</div>
            </td>
          </tr>
          <tr>
            <td style="width: 60.46%; vertical-align: top;">
              <div style="text-align: left; 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 1px solid;">
              <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 9.5pt;">1,391</div>
            </td>
            <td style="width: 13.18%; vertical-align: top; border-bottom: #000000 1px solid;">
              <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 9.5pt;">-</div>
            </td>
            <td style="width: 13.18%; vertical-align: top; border-bottom: #000000 1px solid;">
              <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 9.5pt;">1,391</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 1px solid; border-bottom: #000000 2px double;">
              <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 9.5pt;">157,784</div>
            </td>
            <td style="width: 13.18%; vertical-align: top; border-top: #000000 1px solid; border-bottom: #000000 2px double;">
              <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 9.5pt;">5,857</div>
            </td>
            <td style="width: 13.18%; vertical-align: top; border-top: #000000 1px solid; border-bottom: #000000 2px double;">
              <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 9.5pt;">163,641</div>
            </td>
          </tr>
          <tr>
            <td style="width: 60.46%; vertical-align: top;">
              <div style="text-align: left; 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="text-align: left; 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;">1,908</div>
            </td>
            <td style="width: 13.18%; vertical-align: top;">
              <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 9.5pt;">619</div>
            </td>
            <td style="width: 13.18%; vertical-align: top;">
              <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 9.5pt;">2,527</div>
            </td>
          </tr>
          <tr>
            <td style="width: 60.46%; vertical-align: top;">
              <div style="text-align: left; margin-right: 2.45pt; margin-left: 12pt; font-family: Verdana, sans-serif; font-size: 9.5pt;">Right-of-use Assets</div>
            </td>
            <td style="width: 13.18%; vertical-align: top;">
              <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 9.5pt;">144</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;">144</div>
            </td>
          </tr>
          <tr>
            <td style="width: 60.46%; vertical-align: top;">
              <div style="text-align: left; 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;">(2,206)</div>
            </td>
            <td style="width: 13.18%; vertical-align: top;">
              <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 9.5pt;">(227)</div>
            </td>
            <td style="width: 13.18%; vertical-align: top;">
              <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 9.5pt;">(2,433)</div>
            </td>
          </tr>
          <tr>
            <td style="width: 60.46%; vertical-align: top;">
              <div style="text-align: left; 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;">(136)</div>
            </td>
            <td style="width: 13.18%; vertical-align: top;">
              <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 9.5pt;">(1,460)</div>
            </td>
            <td style="width: 13.18%; vertical-align: top;">
              <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 9.5pt;">(1,596)</div>
            </td>
          </tr>
          <tr>
            <td style="width: 60.46%; vertical-align: top;">
              <div style="text-align: left; margin-right: 2.45pt; margin-left: 12pt; font-family: Verdana, sans-serif; font-size: 9.5pt;">Lease obligations</div>
            </td>
            <td style="width: 13.18%; vertical-align: top;">
              <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 9.5pt;">(144)</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;">(144)</div>
            </td>
          </tr>
          <tr>
            <td style="width: 60.46%; vertical-align: top;">
              <div style="text-align: left; margin-right: 2.45pt; font-family: Verdana, sans-serif; font-size: 9.5pt;">Net tangible assets (liabilities) assumed</div>
              <div style="text-align: left; margin-right: 2.45pt; font-family: Verdana, sans-serif; font-size: 9.5pt;"> <br>
              </div>
            </td>
            <td style="width: 13.18%; vertical-align: top; border-top: #000000 1px solid;">
              <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 9.5pt;">(434)</div>
            </td>
            <td style="width: 13.18%; vertical-align: top; border-top: #000000 1px solid;">
              <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 9.5pt;">(1,068)</div>
            </td>
            <td style="width: 13.18%; vertical-align: top; border-top: #000000 1px solid;">
              <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 9.5pt;">(1,502)</div>
            </td>
          </tr>
          <tr>
            <td style="width: 60.46%; vertical-align: top;">
              <div style="text-align: left; 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-align: left; 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;">29,400</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;">29,400</div>
            </td>
          </tr>
          <tr>
            <td style="width: 60.46%; vertical-align: top;">
              <div style="text-align: left; 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;">42,800</div>
            </td>
            <td style="width: 13.18%; vertical-align: top;">
              <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 9.5pt;">5,971</div>
            </td>
            <td style="width: 13.18%; vertical-align: top;">
              <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 9.5pt;">48,771</div>
            </td>
          </tr>
          <tr>
            <td style="width: 60.46%; vertical-align: top;">
              <div style="text-align: left; 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;">1,100</div>
            </td>
            <td style="width: 13.18%; vertical-align: top;">
              <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 9.5pt;">-</div>
            </td>
            <td style="width: 13.18%; vertical-align: top;">
              <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 9.5pt;">1,100</div>
            </td>
          </tr>
          <tr>
            <td style="width: 60.46%; vertical-align: top;">
              <div style="text-align: left; 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;">1,000</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;">1,000</div>
            </td>
          </tr>
          <tr>
            <td style="width: 60.46%; vertical-align: top;">
              <div style="text-align: left; 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;">83,918</div>
            </td>
            <td style="width: 13.18%; vertical-align: top;">
              <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 9.5pt;">954</div>
            </td>
            <td style="width: 13.18%; vertical-align: top;">
              <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 9.5pt;">84,872</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 1px solid; border-bottom: #000000 2px double;">
              <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 9.5pt;">157,784</div>
            </td>
            <td style="width: 13.18%; vertical-align: top; border-top: #000000 1px solid; border-bottom: #000000 2px double;">
              <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 9.5pt;">5,857</div>
            </td>
            <td style="width: 13.18%; vertical-align: top; border-top: #000000 1px solid; border-bottom: #000000 2px double;">
              <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 9.5pt;">163,641</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="text-align: left; 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 cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="zf2264f159b66424cb9f85054140efaf8">

          <tr>
            <td style="width: 69.39%; vertical-align: top;">&#160;</td>
            <td style="width: 15.31%; vertical-align: top; border-bottom: #000000 1px solid;">
              <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">GroundCloud</div>
            </td>
            <td style="width: 15.31%; vertical-align: top; border-bottom: #000000 1px solid;">
              <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">Localz</div>
            </td>
          </tr>
          <tr>
            <td style="width: 69.39%; vertical-align: top;">
              <div style="text-align: left; 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 1px 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 1px solid;">
              <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="text-align: left; 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="text-align: left; 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;">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;">N/A</div>
            </td>
          </tr>
          <tr>
            <td style="width: 69.39%; vertical-align: top;">
              <div style="text-align: left; 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 style="text-align: justify; font-family: Verdana, sans-serif; font-size: 9.5pt;">The goodwill on the GroundCloud and Localz acquisitions arose as a result of the combined strategic value to our growth plan. The goodwill arising from the
        GroundCloud and Localz 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 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</div>
      <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" class="BRPFPageBreakArea">
        <div class="BRPFPageNumberArea" style="text-align: center;"><font style="font-family: Verdana, Geneva, 'sans-serif'; font-size: 8pt; font-weight: normal; font-style: normal;">45</font></div>
        <div style="page-break-after: always;" class="BRPFPageBreak">
          <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
      </div>
      <div><br>
      </div>
      <div style="text-align: justify; font-family: Verdana, sans-serif; font-size: 9.5pt;">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 purchase price was finalized in the three month period ended January 31, 2023 with no adjustments.</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 purchase price was finalized in the three month period ended April 30, 2023 with no adjustments.</div>
      <div><br>
      </div>
      <div style="text-align: justify; font-family: Verdana, sans-serif; font-size: 9.5pt;">On June 3, 2022, Descartes acquired all of the shares of XPS Technologies, LLC (&#8220;XPS&#8221;), a provider of ecommerce multi-carrier parcel shipping solutions. The
        purchase price for the acquisition was approximately $61.1 million, net of cash acquired, which was funded from cash on hand, plus potential performance-based contingent consideration of up to $75.0 million based on XPS achieving revenue-based
        targets over the first two years post-acquisition. The fair value of the contingent consideration was valued at $9.4 million at the acquisition date. The gross contractual amount of trade receivables acquired was $1.5 million with a fair value of
        $1.5 million at the date of acquisition. Our acquisition date estimate of contractual cash flows not expected to be collected was nominal. The completion of the initial purchase price allocation is pending the finalization of the fair value for
        trade receivables, accrued liability balances as well as potential unrecorded liabilities. We expect to finalize the purchase price allocation on or before June 3, 2023.</div>
      <div><br>
      </div>
      <div style="text-align: justify; font-family: Verdana, sans-serif; font-size: 9.5pt;">On January 5, 2023, Descartes acquired all of the shares of Tran-Soft, LLC, doing business as Supply Vision (&#8220;Supply Vision&#8221;), a provider of shipment management
        solutions for North American Logistics Services Providers. The purchase price for the acquisition was approximately $11.6 million, net of cash acquired, which was funded from cash on hand, plus potential performance-based contingent consideration
        of up to $3.0 million based on Supply Vision achieving revenue-based targets over the first two years post-acquisition. The fair value of the contingent consideration was valued at $2.7 million at the acquisition date. The gross contractual amount
        of trade receivables acquired was $0.3 million with a fair value of $0.3 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, deferred revenue as well as potential unrecorded liabilities. We expect to finalize the purchase price allocation on or before January
        5, 2024.</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 Localz, GroundCloud, Supply
        Vision, XPS, Foxtrot and NetCHB as of February 1, 2022.</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 Localz, GroundCloud, Supply Vision, XPS, Foxtrot and NetCHB occurred at February 1, 2022, or to project our results of operations for any future period.</div>
      <div><br>
      </div>
      <div><br>
      </div>
      <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" class="BRPFPageBreakArea">
        <div class="BRPFPageNumberArea" style="text-align: center;"><font style="font-family: Verdana, Geneva, 'sans-serif'; font-size: 8pt; font-weight: normal; font-style: normal;">46</font></div>
        <div style="page-break-after: always;" class="BRPFPageBreak">
          <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
      </div>
      <div><br>
      </div>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="z19f6e2c67b1940eebe7973022c1b4ebe">

          <tr>
            <td style="width: 72.97%; vertical-align: top;">&#160;</td>
            <td colspan="2" style="width: 27.03%; vertical-align: top; border-top: #000000 1px 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 1px 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 1px 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 1px solid;">
              <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">2023</div>
            </td>
            <td style="width: 12.61%; vertical-align: top; border-bottom: #000000 1px solid;">
              <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt;">2022</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 1px solid;">&#160;</td>
            <td style="width: 12.61%; vertical-align: top; border-top: #000000 1px solid;">&#160;</td>
          </tr>
          <tr>
            <td style="width: 72.97%; vertical-align: top;">
              <div style="text-align: left; 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;">138,630</div>
            </td>
            <td style="width: 12.61%; vertical-align: top;">
              <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt;">132,591</div>
            </td>
          </tr>
          <tr>
            <td style="width: 72.97%; vertical-align: top;">
              <div style="text-align: left; 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;">28,594</div>
            </td>
            <td style="width: 12.61%; vertical-align: top;">
              <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt;">22,833</div>
            </td>
          </tr>
          <tr>
            <td style="width: 72.97%; vertical-align: top;">
              <div style="text-align: left; 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="text-align: left; 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;">0.34</div>
            </td>
            <td style="width: 12.61%; vertical-align: top;">
              <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt;">0.27</div>
            </td>
          </tr>
          <tr>
            <td style="width: 72.97%; vertical-align: top;">
              <div style="text-align: left; 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;">0.33</div>
            </td>
            <td style="width: 12.61%; vertical-align: top;">
              <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt;">0.26</div>
            </td>
          </tr>

      </table>
      <div><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 cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z8763c6467711417f8e40254848ea7cd8">

          <tr>
            <td style="width: 18pt;"><br>
            </td>
            <td style="width: 18pt; vertical-align: top; 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 cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zd62bca1b87234754b2cba8ce3a05159a">

          <tr>
            <td style="width: 18pt;"><br>
            </td>
            <td style="width: 18pt; vertical-align: top; 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 cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z86cc47e20ce94801ab41744d77095912">

          <tr>
            <td style="width: 18pt;"><br>
            </td>
            <td style="width: 18pt; vertical-align: top; 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, 2023:</div>
      <div><br>
      </div>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="z9766364987d1413da6ef49469f4709d7">

          <tr>
            <td style="width: 38.34%; vertical-align: top;">&#160;</td>
            <td style="width: 15.4%; vertical-align: bottom; border-top: #000000 1px solid; border-bottom: #000000 1px 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 1px solid; border-bottom: #000000 1px 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 1px solid; border-bottom: #000000 1px 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 1px solid; border-bottom: #000000 1px 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="text-align: left; font-family: Verdana, sans-serif; font-size: 9.5pt;">Assets:</div>
            </td>
            <td style="width: 15.4%; vertical-align: top; border-top: 1px solid rgb(0, 0, 0); text-align: right;">&#160;</td>
            <td style="width: 15.4%; vertical-align: top; border-top: 1px solid rgb(0, 0, 0); text-align: right;">&#160;</td>
            <td style="width: 15.4%; vertical-align: top; border-top: 1px solid rgb(0, 0, 0); text-align: right;">&#160;</td>
            <td style="width: 15.45%; vertical-align: top; border-top: 1px solid rgb(0, 0, 0); text-align: right;">&#160;</td>
          </tr>
          <tr>
            <td style="width: 38.34%; vertical-align: top;">
              <div style="text-align: left; 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;">13,607</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;">13,607</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="text-align: left; 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="text-align: left; font-family: Verdana, sans-serif; font-size: 9.5pt;">Contingent consideration</div>
            </td>
            <td style="width: 15.4%; vertical-align: top; border-bottom: #000000 2px double;">
              <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 2px double;">
              <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 2px double;">
              <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 9.5pt; font-weight: bold;">51,102</div>
            </td>
            <td style="width: 15.45%; vertical-align: top; border-bottom: #000000 2px double;">
              <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 9.5pt; font-weight: bold;">51,102</div>
            </td>
          </tr>

      </table>
      <div><br>
      </div>
      <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" class="BRPFPageBreakArea">
        <div class="BRPFPageNumberArea" style="text-align: center;"><font style="font-family: Verdana, Geneva, 'sans-serif'; font-size: 8pt; font-weight: normal; font-style: normal;">47</font></div>
        <div style="page-break-after: always;" class="BRPFPageBreak">
          <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
      </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 January 31, 2023:</div>
      <div><br>
      </div>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="zd798d513dc3b4295ad309cf1039f9847">

          <tr>
            <td style="width: 38.34%; vertical-align: top;">&#160;</td>
            <td style="width: 15.4%; vertical-align: bottom; border-top: #000000 1px solid; border-bottom: #000000 1px 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 1px solid; border-bottom: #000000 1px 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 1px solid; border-bottom: #000000 1px 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 1px solid; border-bottom: #000000 1px 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="text-align: left; font-family: Verdana, sans-serif; font-size: 9.5pt;">Assets:</div>
            </td>
            <td style="width: 15.4%; vertical-align: top; border-top: 1px solid rgb(0, 0, 0); text-align: right;">&#160;</td>
            <td style="width: 15.4%; vertical-align: top; border-top: 1px solid rgb(0, 0, 0); text-align: right;">&#160;</td>
            <td style="width: 15.4%; vertical-align: top; border-top: 1px solid rgb(0, 0, 0); text-align: right;">&#160;</td>
            <td style="width: 15.45%; vertical-align: top; border-top: 1px solid rgb(0, 0, 0); text-align: right;">&#160;</td>
          </tr>
          <tr>
            <td style="width: 38.34%; vertical-align: top;">
              <div style="text-align: left; 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;">11,610</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;">11,610</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="text-align: left; 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="text-align: left; font-family: Verdana, sans-serif; font-size: 9.5pt;">Contingent consideration</div>
            </td>
            <td style="width: 15.4%; vertical-align: top; border-bottom: #000000 2px double;">
              <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 2px double;">
              <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 2px double;">
              <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 9.5pt;">30,949</div>
            </td>
            <td style="width: 15.45%; vertical-align: top; border-bottom: #000000 2px double;">
              <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 9.5pt;">30,949</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, 2023, we had equity derivatives for 286,282 Descartes
        common shares with a weighted average purchase price of $31.71.</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 <font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">our common shares at the balance sheet date </font>(Level 2 fair value inputs). The fair value of equity contract derivatives is recorded as other current assets and gains and losses are recorded in general and
        administrative expenses in the condensed consolidated financial statements. For the three month periods ended April 30, 2023 and April 30, 2022, we recognized an expense (recovery) in general and administrative expenses of ($2.1) million and $2.5
        million, respectively.</div>
      <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 (10% to 12%). The estimated fair value increases as the annual revenue growth rate increases and as the discount rate decreases and vice versa. The following table presents the changes in the fair value measurements of
        the contingent consideration in Level 3 of the fair value hierarchy:</div>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="z7c1cee21d4d64f3ea38ce7c66fb020b5">

          <tr>
            <td style="width: 86.41%; vertical-align: top;">&#160;</td>
            <td style="width: 13.59%; vertical-align: top; border-top: #000000 1px solid; border-bottom: #000000 1px solid;">
              <div style="text-align: right; text-indent: 1.5pt; font-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-align: left; text-indent: -36pt; margin-left: 36pt; font-family: Verdana, sans-serif; font-size: 9.5pt;">Balance at January 31, 2023</div>
            </td>
            <td style="width: 13.59%; vertical-align: bottom; border-top: #000000 1px solid;">
              <div style="text-align: right; text-indent: 1.5pt; font-family: Verdana,sans-serif; font-size: 9.5pt;">30,949</div>
            </td>
          </tr>
          <tr>
            <td style="width: 86.41%; vertical-align: top;">
              <div style="text-align: left; 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;">19,550</div>
            </td>
          </tr>
          <tr>
            <td style="width: 86.41%; vertical-align: top;">
              <div style="text-align: left; 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;">603</div>
            </td>
          </tr>
          <tr>
            <td style="width: 86.41%; vertical-align: top;">
              <div style="text-align: left; text-indent: -15pt; margin-left: 15pt; font-family: Verdana, sans-serif; font-size: 9.5pt;">Balance at April 30, 2023</div>
            </td>
            <td style="width: 13.59%; vertical-align: bottom; border-top: #000000 1px solid; border-bottom: #000000 2px double;">
              <div style="text-align: right; text-indent: 1.5pt; font-family: Verdana,sans-serif; font-size: 9.5pt; font-weight: bold;">51,102</div>
            </td>
          </tr>

      </table>
      <div><br>
      </div>
      <div style="text-align: left; font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">Note 5 &#8211; Trade Accounts Receivable</div>
      <div><br>
      </div>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="zaf44d475503d4294adcd7a29241b7f89">

          <tr>
            <td style="width: 72.32%; vertical-align: top;">&#160;</td>
            <td style="width: 15.18%; vertical-align: top; border-top: #000000 1px solid;">
              <div style="text-align: right; text-indent: 1.5pt; font-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 1px 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 1px solid;">
              <div style="text-align: right; text-indent: 1.5pt; font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">2023</div>
            </td>
            <td style="width: 12.5%; vertical-align: top; border-bottom: #000000 1px solid;">
              <div style="text-align: right; text-indent: 1.5pt; font-family: Verdana, sans-serif; font-size: 9.5pt;">2023</div>
            </td>
          </tr>
          <tr>
            <td style="width: 72.32%; vertical-align: top;">
              <div style="text-align: left; 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;">51,383</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;">46,718</div>
            </td>
          </tr>
          <tr>
            <td style="width: 72.32%; vertical-align: top;">
              <div style="text-align: left; 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 1px solid;">
              <div style="text-align: right; text-indent: 1.5pt; font-family: Verdana,sans-serif; font-size: 9.5pt; font-weight: bold;">(1,249)</div>
            </td>
            <td style="width: 12.5%; vertical-align: top; border-bottom: #000000 1px solid;">
              <div style="text-align: right; text-indent: 1.5pt; font-family: Verdana,sans-serif; font-size: 9.5pt;">(1,545)</div>
            </td>
          </tr>
          <tr>
            <td style="width: 72.32%; vertical-align: top;">&#160;</td>
            <td style="width: 15.18%; vertical-align: top; border-top: #000000 1px solid; border-bottom: #000000 2px double;">
              <div style="text-align: right; text-indent: 1.5pt; font-family: Verdana,sans-serif; font-size: 9.5pt; font-weight: bold;">50,134</div>
            </td>
            <td style="width: 12.5%; vertical-align: top; border-top: #000000 1px solid; border-bottom: #000000 2px double;">
              <div style="text-align: right; text-indent: 1.5pt; font-family: Verdana,sans-serif; font-size: 9.5pt;">45,173</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 $1.5 million as at April 30, 2023 ($0.3 million as at January 31, 2023). No single
        customer accounted for more than 10% of the accounts receivable balance as of April 30, 2023 and January 31, 2023.</div>
      <div><br>
      </div>
      <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" class="BRPFPageBreakArea">
        <div class="BRPFPageNumberArea" style="text-align: center;"><font style="font-family: Verdana, Geneva, 'sans-serif'; font-size: 8pt; font-weight: normal; font-style: normal;">48</font></div>
        <div style="page-break-after: always;" class="BRPFPageBreak">
          <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
      </div>
      <div style="text-align: left;"><br>
      </div>
      <div style="text-align: left; font-family: Verdana, sans-serif; font-size: 9.5pt;">The following table presents the changes in the provision for credit losses as follows:</div>
      <div><br>
      </div>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="zf9f693f4fc23448d9ef9d9e6dde3a79e">

          <tr>
            <td style="width: 86.41%; vertical-align: top;">&#160;</td>
            <td style="width: 13.59%; vertical-align: top; border-top: #000000 1px solid; border-bottom: #000000 1px solid;">
              <div style="text-align: right; text-indent: 1.5pt; font-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-align: left; text-indent: -36pt; margin-left: 36pt; font-family: Verdana, sans-serif; font-size: 9.5pt;">Balance at January 31, 2023</div>
            </td>
            <td style="width: 13.59%; vertical-align: bottom; border-top: #000000 1px solid;">
              <div style="text-align: right; text-indent: 1.5pt; font-family: Verdana,sans-serif; font-size: 9.5pt;">1,545</div>
            </td>
          </tr>
          <tr>
            <td style="width: 86.41%; vertical-align: top;">
              <div style="text-align: left; 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;">203</div>
            </td>
          </tr>
          <tr>
            <td style="width: 86.41%; vertical-align: top;">
              <div style="text-align: left; 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; font-family: Verdana,sans-serif; font-size: 9.5pt; font-weight: bold;">(500)</div>
            </td>
          </tr>
          <tr>
            <td style="width: 86.41%; vertical-align: top;">
              <div style="text-align: left; 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; font-family: Verdana,sans-serif; font-size: 9.5pt; font-weight: bold;">1</div>
            </td>
          </tr>
          <tr>
            <td style="width: 86.41%; vertical-align: top;">
              <div style="text-align: left; text-indent: -15pt; margin-left: 15pt; font-family: Verdana, sans-serif; font-size: 9.5pt;">Balance at April 30, 2023</div>
            </td>
            <td style="width: 13.59%; vertical-align: bottom; border-top: #000000 1px solid; border-bottom: #000000 2px double;">
              <div style="text-align: right; text-indent: 1.5pt; font-family: Verdana,sans-serif; font-size: 9.5pt; font-weight: bold;">1,249</div>
            </td>
          </tr>

      </table>
      <div><br>
      </div>
      <div style="text-align: left; font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">Note 6 &#8211; Other Receivables</div>
      <div><br>
      </div>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="z9c6f0013e5f64e1c993ae56d571a0b3a">

          <tr>
            <td style="width: 72.32%; vertical-align: top;">&#160;</td>
            <td style="width: 15.18%; vertical-align: top; border-top: #000000 1px solid;">
              <div style="text-align: right; text-indent: 1.5pt; font-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 1px 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 1px solid;">
              <div style="text-align: right; text-indent: 1.5pt; font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">2023</div>
            </td>
            <td style="width: 12.5%; vertical-align: top; border-bottom: #000000 1px solid;">
              <div style="text-align: right; text-indent: 1.5pt; font-family: Verdana, sans-serif; font-size: 9.5pt;">2023</div>
            </td>
          </tr>
          <tr>
            <td style="width: 72.32%; vertical-align: top;">
              <div style="text-align: left; 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;">384</div>
            </td>
          </tr>
          <tr>
            <td style="width: 72.32%; vertical-align: top;">
              <div style="text-align: left; font-family: Verdana, sans-serif; font-size: 9.5pt;">Other receivables</div>
            </td>
            <td style="width: 15.18%; vertical-align: top; border-bottom: #000000 1px solid;">
              <div style="text-align: right; text-indent: 1.5pt; font-family: Verdana,sans-serif; font-size: 9.5pt; font-weight: bold;">11,253</div>
            </td>
            <td style="width: 12.5%; vertical-align: top; border-bottom: #000000 1px solid;">
              <div style="text-align: right; text-indent: 1.5pt; font-family: Verdana,sans-serif; font-size: 9.5pt;">11,274</div>
            </td>
          </tr>
          <tr>
            <td style="width: 72.32%; vertical-align: top;">&#160;</td>
            <td style="width: 15.18%; vertical-align: top; border-top: #000000 1px solid; border-bottom: #000000 2px double;">
              <div style="text-align: right; text-indent: 1.5pt; font-family: Verdana,sans-serif; font-size: 9.5pt; font-weight: bold;">11,330</div>
            </td>
            <td style="width: 12.5%; vertical-align: top; border-top: #000000 1px solid; border-bottom: #000000 2px double;">
              <div style="text-align: right; text-indent: 1.5pt; font-family: Verdana,sans-serif; font-size: 9.5pt;">11,658</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, 2023, $0.1 million ($0.4
        million as at January 31, 2023) 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, 2023 and January 31, 2023, 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, 2023 and April 30, 2022, the provision for excess or obsolete inventories recorded in cost of revenues was nil.</div>
      <div><br>
      </div>
      <div style="text-align: left; font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">Note 8 &#8211; Property and Equipment</div>
      <div><br>
      </div>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="zd74ebc6a8e414bf8834e13618650a63e">

          <tr>
            <td style="width: 72.32%; vertical-align: top;">&#160;</td>
            <td style="width: 15.18%; vertical-align: top; border-top: #000000 1px solid;">
              <div style="text-align: right; font-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 1px 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 1px solid;">
              <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">2023</div>
            </td>
            <td style="width: 12.5%; vertical-align: top; border-bottom: #000000 1px solid;">
              <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt;">2023</div>
            </td>
          </tr>
          <tr>
            <td style="width: 72.32%; vertical-align: top;">
              <div style="text-align: left; 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="text-align: left; 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;">44,957</div>
            </td>
            <td style="width: 12.5%; vertical-align: top;">
              <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt;">44,304</div>
            </td>
          </tr>
          <tr>
            <td style="width: 72.32%; vertical-align: top;">
              <div style="text-align: left; 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;">1,536</div>
            </td>
            <td style="width: 12.5%; vertical-align: top;">
              <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt;">1,533</div>
            </td>
          </tr>
          <tr>
            <td style="width: 72.32%; vertical-align: top;">
              <div style="text-align: left; 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;">1,077</div>
            </td>
            <td style="width: 12.5%; vertical-align: top;">
              <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt;">1,076</div>
            </td>
          </tr>
          <tr>
            <td style="width: 72.32%; vertical-align: top;">
              <div style="text-align: left; 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;">2,073</div>
            </td>
            <td style="width: 12.5%; vertical-align: top;">
              <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt;">1,936</div>
            </td>
          </tr>
          <tr>
            <td style="width: 72.32%; vertical-align: top;">
              <div style="text-align: left; 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;">516</div>
            </td>
            <td style="width: 12.5%; vertical-align: top;">
              <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt;">358</div>
            </td>
          </tr>
          <tr>
            <td style="width: 72.32%; vertical-align: top;">&#160;</td>
            <td style="width: 15.18%; vertical-align: top; border-top: #000000 1px solid;">
              <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">50,159</div>
            </td>
            <td style="width: 12.5%; vertical-align: top; border-top: #000000 1px solid;">
              <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt;">49,207</div>
            </td>
          </tr>
          <tr>
            <td style="width: 72.32%; vertical-align: top;">
              <div style="text-align: left; 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="text-align: left; 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;">35,200</div>
            </td>
            <td style="width: 12.5%; vertical-align: top;">
              <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt;">34,275</div>
            </td>
          </tr>
          <tr>
            <td style="width: 72.32%; vertical-align: top;">
              <div style="text-align: left; 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;">1,314</div>
            </td>
            <td style="width: 12.5%; vertical-align: top;">
              <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt;">1,283</div>
            </td>
          </tr>
          <tr>
            <td style="width: 72.32%; vertical-align: top;">
              <div style="text-align: left; 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;">693</div>
            </td>
            <td style="width: 12.5%; vertical-align: top;">
              <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt;">660</div>
            </td>
          </tr>
          <tr>
            <td style="width: 72.32%; vertical-align: top;">
              <div style="text-align: left; 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 1px solid;">
              <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">1,605</div>
            </td>
            <td style="width: 12.5%; vertical-align: top; border-bottom: #000000 1px solid;">
              <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt;">1,555</div>
            </td>
          </tr>
          <tr>
            <td style="width: 72.32%; vertical-align: top;">&#160;</td>
            <td style="width: 15.18%; vertical-align: top; border-top: #000000 1px solid; border-bottom: #000000 1px solid;">
              <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">38,812</div>
            </td>
            <td style="width: 12.5%; vertical-align: top; border-top: #000000 1px solid; border-bottom: #000000 1px solid;">
              <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt;">37,773</div>
            </td>
          </tr>
          <tr>
            <td style="width: 72.32%; vertical-align: top;">
              <div style="text-align: left; font-family: Verdana, sans-serif; font-size: 9.5pt;">Net</div>
            </td>
            <td style="width: 15.18%; vertical-align: top; border-top: #000000 1px solid; border-bottom: #000000 2px double;">
              <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">11,347</div>
            </td>
            <td style="width: 12.5%; vertical-align: top; border-top: #000000 1px solid; border-bottom: #000000 2px double;">
              <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt;">11,434</div>
            </td>
          </tr>

      </table>
      <div><br>
      </div>
      <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" class="BRPFPageBreakArea">
        <div class="BRPFPageNumberArea" style="text-align: center;"><font style="font-family: Verdana, Geneva, 'sans-serif'; font-size: 8pt; font-weight: normal; font-style: normal;">49</font></div>
        <div style="page-break-after: always;" class="BRPFPageBreak">
          <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
      </div>
      <div><br>
      </div>
      <div style="text-align: left; font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">Note 9 - Intangible Assets</div>
      <div><br>
      </div>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="z283e0e02762d46c28524349e558c5737">

          <tr>
            <td style="width: 72.63%; vertical-align: top;">&#160;</td>
            <td style="width: 13.68%; vertical-align: top; border-top: #000000 1px solid;">
              <div style="text-align: right; font-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 1px 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 1px solid;">
              <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">2023</div>
            </td>
            <td style="width: 13.68%; vertical-align: top; border-bottom: #000000 1px solid;">
              <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt;">2023</div>
            </td>
          </tr>
          <tr>
            <td style="width: 72.63%; vertical-align: top;">
              <div style="text-align: left; font-family: Verdana, sans-serif; font-size: 9.5pt;">Cost</div>
            </td>
            <td style="width: 13.68%; vertical-align: top; border-top: #000000 1px solid;">&#160;</td>
            <td style="width: 13.68%; vertical-align: top; border-top: #000000 1px solid;">&#160;</td>
          </tr>
          <tr>
            <td style="width: 72.63%; vertical-align: top;">
              <div style="text-align: left; margin-left: 12pt; font-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;">298,256</div>
            </td>
            <td style="width: 13.68%; vertical-align: top;">
              <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt;">268,712</div>
            </td>
          </tr>
          <tr>
            <td style="width: 72.63%; vertical-align: top;">
              <div style="text-align: left; 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;">402,915</div>
            </td>
            <td style="width: 13.68%; vertical-align: top;">
              <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt;">355,695</div>
            </td>
          </tr>
          <tr>
            <td style="width: 72.63%; vertical-align: top;">
              <div style="text-align: left; 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;">10,129</div>
            </td>
            <td style="width: 13.68%; vertical-align: top;">
              <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt;">9,026</div>
            </td>
          </tr>
          <tr>
            <td style="width: 72.63%; vertical-align: top;">
              <div style="text-align: left; 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;">14,872</div>
            </td>
            <td style="width: 13.68%; vertical-align: top;">
              <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt;">13,893</div>
            </td>
          </tr>
          <tr>
            <td style="width: 72.63%; vertical-align: top;">&#160;</td>
            <td style="width: 13.68%; vertical-align: top; border-top: #000000 1px solid;">
              <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">726,172</div>
            </td>
            <td style="width: 13.68%; vertical-align: top; border-top: #000000 1px solid;">
              <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt;">647,326</div>
            </td>
          </tr>
          <tr>
            <td style="width: 72.63%; vertical-align: top;">
              <div style="text-align: left; 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="text-align: left; 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;">155,982</div>
            </td>
            <td style="width: 13.68%; vertical-align: top;">
              <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt;">151,016</div>
            </td>
          </tr>
          <tr>
            <td style="width: 72.63%; vertical-align: top;">
              <div style="text-align: left; 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;">256,589</div>
            </td>
            <td style="width: 13.68%; vertical-align: top;">
              <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt;">248,867</div>
            </td>
          </tr>
          <tr>
            <td style="width: 72.63%; vertical-align: top;">
              <div style="text-align: left; 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;">7,534</div>
            </td>
            <td style="width: 13.68%; vertical-align: top;">
              <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt;">7,318</div>
            </td>
          </tr>
          <tr>
            <td style="width: 72.63%; vertical-align: top;">
              <div style="text-align: left; 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;">10,773</div>
            </td>
            <td style="width: 13.68%; vertical-align: top;">
              <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt;">10,317</div>
            </td>
          </tr>
          <tr>
            <td style="width: 72.63%; vertical-align: top;">&#160;</td>
            <td style="width: 13.68%; vertical-align: top; border-top: #000000 1px solid; border-bottom: #000000 1px solid;">
              <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">430,878</div>
            </td>
            <td style="width: 13.68%; vertical-align: top; border-top: #000000 1px solid; border-bottom: #000000 1px solid;">
              <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt;">417,518</div>
            </td>
          </tr>
          <tr>
            <td style="width: 72.63%; vertical-align: top;">
              <div style="text-align: left; font-family: Verdana, sans-serif; font-size: 9.5pt;">Net</div>
            </td>
            <td style="width: 13.68%; vertical-align: top; border-top: #000000 1px solid; border-bottom: #000000 2px double;">
              <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">295,294</div>
            </td>
            <td style="width: 13.68%; vertical-align: top; border-top: #000000 1px solid; border-bottom: #000000 2px double;">
              <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt;">229,808</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, 2023 is primarily due to the acquisitions of GroundCloud and Localz 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 $295.3
        million over the following periods: $44.7 million for the remainder of 2024, $57.3 million for 2025, $53.0 million for 2026, $38.4 million for 2027, $31.3 million for 2028 and $70.6 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="text-align: left; 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, 2022:</div>
      <div><br>
      </div>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="zbd9fe895703f43b4a487723ec99baa9d">

          <tr>
            <td style="width: 73.21%; vertical-align: top;">&#160;</td>
            <td style="width: 14.29%; vertical-align: top; border-top: #000000 1px solid;">
              <div style="text-align: right; font-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 1px 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 1px solid;">
              <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">2023</div>
            </td>
            <td style="width: 12.5%; vertical-align: top; border-bottom: #000000 1px solid;">
              <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt;">2023</div>
            </td>
          </tr>
          <tr>
            <td style="width: 73.21%; vertical-align: top;">
              <div style="text-align: left; 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; font-weight: bold;">675,647</div>
            </td>
            <td style="width: 12.5%; vertical-align: top;">
              <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 9.5pt;">608,761</div>
            </td>
          </tr>
          <tr>
            <td style="width: 73.21%; vertical-align: top;">
              <div style="text-align: left; 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;">-</div>
            </td>
            <td style="width: 12.5%; vertical-align: top;">
              <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 9.5pt;">26,797</div>
            </td>
          </tr>
          <tr>
            <td style="width: 73.21%; vertical-align: top;">
              <div style="text-align: left; 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;">-</div>
            </td>
            <td style="width: 12.5%; vertical-align: top;">
              <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 9.5pt;">1,527</div>
            </td>
          </tr>
          <tr>
            <td style="width: 73.21%; vertical-align: top;">
              <div style="text-align: left; margin-left: 12pt; font-family: Verdana, sans-serif; font-size: 9.5pt;">Acquisition of XPS</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;">43,529</div>
            </td>
          </tr>
          <tr>
            <td style="width: 73.21%; vertical-align: top;">
              <div style="text-align: left; margin-left: 12pt; font-family: Verdana, sans-serif; font-size: 9.5pt;">Acquisition of Supply Vision</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;">6,763</div>
            </td>
          </tr>
          <tr>
            <td style="width: 73.21%; vertical-align: top;">
              <div style="text-align: left; margin-left: 12pt; font-family: Verdana, sans-serif; font-size: 9.5pt;">Acquisition of GroundCloud</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;">83,918</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="text-align: left; margin-left: 12pt; font-family: Verdana, sans-serif; font-size: 9.5pt;">Acquisition of Localz</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;">954</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="text-align: left; 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 1px solid;">
              <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 9.5pt; font-weight: bold;">(652)</div>
            </td>
            <td style="width: 12.5%; vertical-align: top; border-bottom: #000000 1px solid;">
              <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 9.5pt;">(11,730)</div>
            </td>
          </tr>
          <tr>
            <td style="width: 73.21%; vertical-align: top;">
              <div style="text-align: left; 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 1px solid; border-bottom: #000000 2px double;">
              <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 9.5pt; font-weight: bold;">759,867</div>
            </td>
            <td style="width: 12.5%; vertical-align: top; border-top: #000000 1px solid; border-bottom: #000000 2px double;">
              <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 9.5pt;">675,647</div>
            </td>
          </tr>

      </table>
      <div><br>
      </div>
      <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" class="BRPFPageBreakArea">
        <div class="BRPFPageNumberArea" style="text-align: center;"><font style="font-family: Verdana, Geneva, 'sans-serif'; font-size: 8pt; font-weight: normal; font-style: normal;">50</font></div>
        <div style="page-break-after: always;" class="BRPFPageBreak">
          <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
      </div>
      <div><br>
      </div>
      <div style="text-align: left; font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">Note 11 - Accrued Liabilities</div>
      <div><br>
      </div>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="z8008ffb7a7874785bdb482045ba5bc33">

          <tr>
            <td style="width: 72.63%; vertical-align: top;">&#160;</td>
            <td style="width: 13.68%; vertical-align: top; border-top: #000000 1px solid;">
              <div style="text-align: right; font-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 1px 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 1px solid;">
              <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">2023</div>
            </td>
            <td style="width: 13.68%; vertical-align: top; border-bottom: #000000 1px solid;">
              <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt;">2023</div>
            </td>
          </tr>
          <tr>
            <td style="width: 72.63%; vertical-align: top;">
              <div style="text-align: left; 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 1px solid;">
              <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">34,444</div>
            </td>
            <td style="width: 13.68%; vertical-align: top; border-top: #000000 1px solid;">
              <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt;">35,536</div>
            </td>
          </tr>
          <tr>
            <td style="width: 72.63%; vertical-align: top;">
              <div style="text-align: left; font-family: Verdana, sans-serif; font-size: 9.5pt;">Accrued contingent acquisition consideration</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;">51,102</div>
            </td>
            <td style="width: 13.68%; vertical-align: top;">
              <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt;">30,949</div>
            </td>
          </tr>
          <tr>
            <td style="width: 72.63%; vertical-align: top;">
              <div style="text-align: left; 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;">1,628</div>
            </td>
            <td style="width: 13.68%; vertical-align: top;">
              <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt;">1,619</div>
            </td>
          </tr>
          <tr>
            <td style="width: 72.63%; vertical-align: top;">
              <div style="text-align: left; 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 1px solid;">
              <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">15,726</div>
            </td>
            <td style="width: 13.68%; vertical-align: top; border-bottom: #000000 1px solid;">
              <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt;">12,205</div>
            </td>
          </tr>
          <tr>
            <td style="width: 72.63%; vertical-align: top;">&#160;</td>
            <td style="width: 13.68%; vertical-align: top; border-top: #000000 1px solid; border-bottom: #000000 2px double;">
              <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">102,900</div>
            </td>
            <td style="width: 13.68%; vertical-align: top; border-top: #000000 1px solid; border-bottom: #000000 2px double;">
              <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt;">80,309</div>
            </td>
          </tr>

      </table>
      <div><br>
      </div>
      <div style="text-align: left; font-family: Verdana, sans-serif; font-size: 9.5pt;">Other accrued liabilities include accrued expenses related to third party resellers and royalties, suppliers, and accrued restructuring charges.</div>
      <div><br>
      </div>
      <div style="text-align: left; 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;">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. The credit facility has a five-year maturity with no fixed repayment dates prior to the end of the term ending December 2027. With
        the approval of the lenders, the credit facility can be expanded to a total of $500.0 million. 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, Canadian Dollar Offered Rate (CDOR) 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 facility. 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, 2023 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, 2023.</div>
      <div><br>
      </div>
      <div style="text-align: justify; font-family: Verdana, sans-serif; font-size: 9.5pt;">As at April 30, 2023, we had outstanding letters of credit of approximately $0.2 million ($0.2 million as at January 31, 2023), 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 6 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 cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="z7672984219284a70bbbec425eef14298">

          <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 1px 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 1px 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 1px 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 1px solid;">
              <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">2023</div>
            </td>
            <td style="width: 12.13%; vertical-align: top; border-bottom: #000000 1px solid;">
              <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt;">2022</div>
            </td>
          </tr>
          <tr>
            <td style="width: 50.16%; vertical-align: top;">
              <div style="text-align: left; 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;">973</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;">1,065</div>
            </td>
          </tr>
          <tr>
            <td style="width: 50.16%; vertical-align: top;">
              <div style="text-align: left; 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;">182</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;">149</div>
            </td>
          </tr>
          <tr>
            <td style="width: 50.16%; vertical-align: top;">
              <div style="text-align: left; 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 1px solid; border-bottom: #000000 2px double;">
              <div style="text-align: right; text-indent: 1.5pt; font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">1,155</div>
            </td>
            <td style="width: 12.13%; vertical-align: top; border-top: #000000 1px solid; border-bottom: #000000 2px double;">
              <div style="text-align: right; text-indent: 1.5pt; font-family: Verdana, sans-serif; font-size: 9.5pt;">1,214</div>
            </td>
          </tr>

      </table>
      <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;" class="BRPFPageBreakArea">
        <div class="BRPFPageNumberArea" style="text-align: center;"><font style="font-family: Verdana, Geneva, 'sans-serif'; font-size: 8pt; font-weight: normal; font-style: normal;">51</font></div>
        <div style="page-break-after: always;" class="BRPFPageBreak">
          <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></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 cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="z62fdcdf576df4752a58273bb93140da7">

          <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 1px 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 1px 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 1px 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 1px solid;">
              <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">2023</div>
            </td>
            <td style="width: 12.13%; vertical-align: top; border-bottom: #000000 1px solid;">
              <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt;">2022</div>
            </td>
          </tr>
          <tr>
            <td style="width: 50.16%; vertical-align: top;">
              <div style="text-align: left; 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;">989</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;">1,116</div>
            </td>
          </tr>
          <tr>
            <td style="width: 50.16%; vertical-align: top;">
              <div style="text-align: left; 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;">482</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;">224</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 cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="z77746c723ec04710ab61ac0386ad7323">

          <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 1px solid; border-bottom: #000000 1px solid;">
              <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">April 30, </div>
              <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">2023</div>
            </td>
            <td style="width: 13.45%; vertical-align: bottom; border-top: #000000 1px solid; border-bottom: #000000 1px solid;">
              <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt;">January 31, </div>
              <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt;">2023</div>
            </td>
          </tr>
          <tr>
            <td style="width: 60.39%; vertical-align: top;">
              <div style="text-align: left; 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 1px solid;">
              <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">2.4</div>
            </td>
            <td style="width: 13.45%; vertical-align: top; border-top: #000000 1px solid;">
              <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt;">2.6</div>
            </td>
          </tr>
          <tr>
            <td style="width: 60.39%; vertical-align: top;">
              <div style="text-align: left; 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;">2.6</div>
            </td>
            <td style="width: 13.45%; vertical-align: top;">
              <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt;">2.4</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, 2023:</div>
      <div><br>
      </div>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="z2eba13a1dc564a78b82a30739816023f">

          <tr>
            <td style="width: 61.33%; vertical-align: bottom;">
              <div style="text-align: left; 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 1px solid; border-bottom: #000000 1px 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="text-align: left; margin-left: 12pt; font-family: Verdana, sans-serif; font-size: 9.5pt;">Remainder of 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;">3,528</div>
            </td>
          </tr>
          <tr>
            <td style="width: 61.33%; vertical-align: top;">
              <div style="text-align: left; 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;">2,351</div>
            </td>
          </tr>
          <tr>
            <td style="width: 61.33%; vertical-align: top;">
              <div style="text-align: left; 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;">830</div>
            </td>
          </tr>
          <tr>
            <td style="width: 61.33%; vertical-align: top;">
              <div style="text-align: left; 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;">259</div>
            </td>
          </tr>
          <tr>
            <td style="width: 61.33%; vertical-align: top;">
              <div style="text-align: left; margin-left: 12pt; font-family: Verdana, sans-serif; font-size: 9.5pt;">2028</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;">92</div>
            </td>
          </tr>
          <tr>
            <td style="width: 61.33%; vertical-align: top;">
              <div style="text-align: left; margin-left: 12pt; font-family: Verdana, sans-serif; font-size: 9.5pt;">2029 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;">47</div>
            </td>
          </tr>
          <tr>
            <td style="width: 61.33%; vertical-align: top;">
              <div style="text-align: left; 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 1px solid;">
              <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">7,107</div>
            </td>
          </tr>
          <tr>
            <td style="width: 61.33%; vertical-align: top;">
              <div style="text-align: left; 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 1px solid;">
              <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">238</div>
            </td>
          </tr>
          <tr>
            <td style="width: 61.33%; vertical-align: top;">
              <div style="text-align: left; 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 1px solid; border-bottom: #000000 2px double;">
              <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">6,869</div>
            </td>
          </tr>
          <tr>
            <td style="width: 61.33%; vertical-align: top;">
              <div style="text-align: left; 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;">3,376</div>
            </td>
          </tr>
          <tr>
            <td style="width: 61.33%; vertical-align: top;">
              <div style="text-align: left; 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 2px double;">
              <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">3,493</div>
            </td>
          </tr>

      </table>
      <div><br>
      </div>
      <div style="text-align: left; 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 2023 included in our 2023 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 $1.2 million, respectively, at April 30, 2023.
        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, 2023, we had equity derivatives for 286,282 Descartes common shares and a DSU liability for <font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">286,282 Descartes common shares, resulting
          in no net exposure</font>&#160;<font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">resulting from changes to our share price</font>.</div>
      <div><br>
      </div>
      <div style="text-align: left; 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;" class="BRPFPageBreakArea">
        <div class="BRPFPageNumberArea" style="text-align: center;"><font style="font-family: Verdana, Geneva, 'sans-serif'; font-size: 8pt; font-weight: normal; font-style: normal;">52</font></div>
        <div style="page-break-after: always;" class="BRPFPageBreak">
          <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></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 GreenMile, NetCHB, XPS, Supply Vision and GroundCloud, up to $228.0 million in cash may become payable if certain revenue
        performance targets are met in the two years following the acquisition. A balance of $51.1 million is accrued related to the fair value of this contingent consideration as at April 30, 2023.</div>
      <div><br>
      </div>
      <div style="text-align: left; 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="text-align: left; 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 15, 2022, we filed the 2022 Base Shelf Prospectus, allowing us to offer and issue an unlimited quantity of the following securities during the 25-month
        period following thereafter: (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</div>
      <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" class="BRPFPageBreakArea">
        <div class="BRPFPageNumberArea" style="text-align: center;"><font style="font-family: Verdana, Geneva, 'sans-serif'; font-size: 8pt; font-weight: normal; font-style: normal;">53</font></div>
        <div style="page-break-after: always;" class="BRPFPageBreak">
          <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
      </div>
      <div><br>
      </div>
      <div style="text-align: justify; font-family: Verdana, sans-serif; font-size: 9.5pt;">forth in one or more shelf prospectus supplements. No securities have yet been sold pursuant to the 2022 Base Shelf Prospectus.</div>
      <div><br>
      </div>
      <div style="text-align: justify; font-family: Verdana, sans-serif; font-size: 9.5pt;">On June 7, 2022, Descartes announced a NCIB, commencing June 10, 2022, to purchase up to approximately 7.4 million common shares in the open market for
        cancellation. Under the NCIB, Descartes would be permitted to repurchase for cancellation, at its discretion on or before June 9, 2023, 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. Any purchases under the NCIB will be 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. No common shares have yet been purchased pursuant to the NCIB.</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, 2023 and April 30, 2022, cash flows provided from stock options and share units exercised were $5.4 million and $0.4
        million, respectively.</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, 2023 and April 30, 2022, the Company withheld 63,330 and nil common shares, respectively, to satisfy employee tax
        withholding requirements for net share settlements of PSUs and RSUs. For the three months ended April 30, 2023 and April 30, 2022, total payments to satisfy employee tax withholding requirements for net share settlements of PSUs and RSUs were $4.9
        million and nil, respectively, and are reflected as a financing activity in the condensed consolidated statements of cash flows.</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 cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="z08991053f1ce406e90db8752e5a17074">

          <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 1px 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 1px 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 1px 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 1px solid;">
              <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">2023</div>
            </td>
            <td style="width: 12.11%; vertical-align: top; border-bottom: #000000 1px solid;">
              <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt;">2022</div>
            </td>
          </tr>
          <tr>
            <td style="width: 50.22%; vertical-align: top;">
              <div style="text-align: left; 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 1px solid;">
              <div style="text-align: right; text-indent: 1.5pt; font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">29,353</div>
            </td>
            <td style="width: 12.11%; vertical-align: bottom; border-bottom: #000000 1px solid;">
              <div style="text-align: right; text-indent: 1.5pt; font-family: Verdana, sans-serif; font-size: 9.5pt;">23,115</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 1px solid;">&#160;</td>
            <td style="width: 12.11%; vertical-align: bottom; border-top: #000000 1px solid;">&#160;</td>
          </tr>
          <tr>
            <td style="width: 50.22%; vertical-align: top;">
              <div style="text-align: left; font-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;">84,949</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;">84,765</div>
            </td>
          </tr>
          <tr>
            <td style="width: 50.22%; vertical-align: top;">
              <div style="text-align: left; 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;">548</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;">466</div>
            </td>
          </tr>
          <tr>
            <td style="width: 50.22%; vertical-align: top;">
              <div style="text-align: left; 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 1px solid;">
              <div style="text-align: right; text-indent: 1.5pt; font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">1,249</div>
            </td>
            <td style="width: 12.11%; vertical-align: bottom; border-bottom: #000000 1px solid;">
              <div style="text-align: right; text-indent: 1.5pt; font-family: Verdana, sans-serif; font-size: 9.5pt;">1,117</div>
            </td>
          </tr>
          <tr>
            <td style="width: 50.22%; vertical-align: top;">
              <div style="text-align: left; 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 1px solid;">
              <div style="text-align: right; text-indent: 1.5pt; font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">86,746</div>
            </td>
            <td style="width: 12.11%; vertical-align: bottom; border-top: #000000 1px solid;">
              <div style="text-align: right; text-indent: 1.5pt; font-family: Verdana, sans-serif; font-size: 9.5pt;">86,348</div>
            </td>
          </tr>
          <tr>
            <td style="width: 50.22%; vertical-align: top;">
              <div style="text-align: left; 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="text-align: left; 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;">0.35</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;">0.27</div>
            </td>
          </tr>
          <tr>
            <td style="width: 50.22%; vertical-align: top;">
              <div style="text-align: left; 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 2px double;">
              <div style="text-align: right; text-indent: 1.5pt; font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">0.34</div>
            </td>
            <td style="width: 12.11%; vertical-align: bottom; border-bottom: #000000 2px double;">
              <div style="text-align: right; text-indent: 1.5pt; font-family: Verdana, sans-serif; font-size: 9.5pt;">0.27</div>
            </td>
          </tr>

      </table>
      <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, 2023 and April 30, 2022, 269,558 and nil 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, 2023 and April 30, 2022, the application of the treasury stock method excluded 14,009 and 522,402 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="clear: both; margin-top: 10pt; margin-bottom: 10pt;" class="BRPFPageBreakArea">
        <div class="BRPFPageNumberArea" style="text-align: center;"><font style="font-family: Verdana, Geneva, 'sans-serif'; font-size: 8pt; font-weight: normal; font-style: normal;">54</font></div>
        <div style="page-break-after: always;" class="BRPFPageBreak">
          <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
      </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, 2023 and April 30, 2022, the application of the treasury stock method excluded PSUs and RSUs of 156,908
        and 97,991, 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="text-align: left; font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">Note 17 - Stock-Based Compensation Plans</div>
      <div style="text-align: justify;"><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>
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          <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 1px 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 1px 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 1px 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 1px solid;">
              <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">2023</div>
            </td>
            <td style="width: 12.13%; vertical-align: top; border-bottom: #000000 1px solid;">
              <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt;">2022</div>
            </td>
          </tr>
          <tr>
            <td style="width: 50.16%; vertical-align: top;">
              <div style="text-align: left; 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;">201</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;">195</div>
            </td>
          </tr>
          <tr>
            <td style="width: 50.16%; vertical-align: top;">
              <div style="text-align: left; 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;">870</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;">486</div>
            </td>
          </tr>
          <tr>
            <td style="width: 50.16%; vertical-align: top;">
              <div style="text-align: left; 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;">385</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;">367</div>
            </td>
          </tr>
          <tr>
            <td style="width: 50.16%; vertical-align: top;">
              <div style="text-align: left; 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;">1,463</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;">1,739</div>
            </td>
          </tr>
          <tr>
            <td style="width: 50.16%; vertical-align: top;">
              <div style="text-align: left; 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 1px solid; border-bottom: #000000 2px double;">
              <div style="text-align: right; text-indent: 1.5pt; font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">2,919</div>
            </td>
            <td style="width: 12.13%; vertical-align: top; border-top: #000000 1px solid; border-bottom: #000000 2px double;">
              <div style="text-align: right; text-indent: 1.5pt; font-family: Verdana, sans-serif; font-size: 9.5pt;">2,787</div>
            </td>
          </tr>

      </table>
      <div><br>
      </div>
      <div style="text-align: justify; font-family: Verdana, sans-serif; font-size: 9.5pt;">Differences between how GAAP and applicable income tax laws treat the amount and timing of recognition of stock-based compensation expense may result in a deferred
        tax asset. We have recorded a valuation allowance against any such deferred tax asset except for $0.8 million ($0.8 million at January 31, 2023) recognized in the United States. The tax benefit in connection with stock options exercised during the
        three month periods ended April 30, 2023 and April 30, 2022 was nominal and $0.4 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;">Stock Options</div>
      <div><br>
      </div>
      <div style="text-align: justify; font-family: Verdana, sans-serif; font-size: 9.5pt;">As of April 30, 2023, we had 1,685,341 stock options granted and outstanding under our shareholder-approved stock option plan and 2,428,156 remained available for
        grant.</div>
      <div><br>
      </div>
      <div style="text-align: justify; font-family: Verdana, sans-serif; font-size: 9.5pt;">As of April 30, 2023, $13.6 million of total unrecognized compensation costs related to non-vested stock option awards is expected to be recognized over a weighted
        average period of 3.0 years. The total fair value of stock options vested during the three month period ended April 30, 2023 was $0.1 million.</div>
      <div><br>
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      <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, 2023 and April 30, 2022 was 276,292 and 262,277, respectively. The weighted
        average grant-date fair value of options granted during the three month periods ended April 30, 2023 and April 30, 2022 was $26.10 and $19.14 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 cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="z6c08df6780ab4577b74416d68418af25">

          <tr>
            <td style="width: 65.37%; vertical-align: top;">&#160;</td>
            <td style="width: 11.54%; vertical-align: bottom;">&#160;</td>
            <td colspan="2" style="width: 23.09%; vertical-align: bottom; border-top: #000000 1px solid; border-bottom: #000000 1px 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: 65.37%; vertical-align: top;">&#160;</td>
            <td style="width: 11.54%; vertical-align: bottom;">&#160;</td>
            <td style="width: 11.54%; vertical-align: bottom; border-top: #000000 1px solid; border-bottom: #000000 1px solid;">
              <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">April 30, </div>
              <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">2023</div>
            </td>
            <td style="width: 11.54%; vertical-align: bottom; border-top: #000000 1px solid; border-bottom: #000000 1px solid;">
              <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt;">April 30, </div>
              <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt;">2022</div>
            </td>
          </tr>
          <tr>
            <td style="width: 65.37%; vertical-align: top;">
              <div style="text-align: left; font-family: Verdana, sans-serif; font-size: 9.5pt;">&#160;&#160;Expected dividend yield (%)</div>
            </td>
            <td style="width: 11.54%; vertical-align: middle;">&#160;</td>
            <td style="width: 11.54%; vertical-align: middle; border-top: #000000 1px solid;">
              <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">-</div>
            </td>
            <td style="width: 11.54%; vertical-align: middle; border-top: #000000 1px solid;">
              <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt;">-</div>
            </td>
          </tr>
          <tr>
            <td style="width: 65.37%; vertical-align: top;">
              <div style="text-align: left; font-family: Verdana, sans-serif; font-size: 9.5pt;">&#160;&#160;Expected volatility (%)</div>
            </td>
            <td style="width: 11.54%; vertical-align: middle;">&#160;</td>
            <td style="width: 11.54%; vertical-align: middle;">
              <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">30.8</div>
            </td>
            <td style="width: 11.54%; vertical-align: middle;">
              <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt;">29.1</div>
            </td>
          </tr>
          <tr>
            <td style="width: 65.37%; vertical-align: top;">
              <div style="text-align: left; font-family: Verdana, sans-serif; font-size: 9.5pt;">&#160;&#160;Risk-free rate (%)</div>
            </td>
            <td style="width: 11.54%; vertical-align: middle;">&#160;</td>
            <td style="width: 11.54%; vertical-align: middle;">
              <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">3.2</div>
            </td>
            <td style="width: 11.54%; vertical-align: middle;">
              <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt;">2.4</div>
            </td>
          </tr>
          <tr>
            <td style="width: 65.37%; vertical-align: top;">
              <div style="text-align: left; font-family: Verdana, sans-serif; font-size: 9.5pt;">&#160;&#160;Expected option life (years)</div>
            </td>
            <td style="width: 11.54%; vertical-align: middle;">&#160;</td>
            <td style="width: 11.54%; 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: 11.54%; 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;" class="BRPFPageBreakArea">
        <div class="BRPFPageNumberArea" style="text-align: center;"><font style="font-family: Verdana, Geneva, 'sans-serif'; font-size: 8pt; font-weight: normal; font-style: normal;">55</font></div>
        <div style="page-break-after: always;" class="BRPFPageBreak">
          <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
      </div>
      <div><br>
      </div>
      <table cellspacing="0" cellpadding="2" border="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="z0f2f8fd1c3b34967a14f11becfd4ccf1">

          <tr>
            <td colspan="6" style="width: 100%; vertical-align: top;">
              <div style="text-align: left; 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: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
              <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: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
              <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: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
              <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: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
              <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="text-align: left; font-family: Verdana, sans-serif; font-size: 9.5pt;">Balance at January 31, 2023</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;">1,593,433</div>
            </td>
            <td style="width: 13.93%; vertical-align: top;">
              <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 9.5pt;">$45.54</div>
            </td>
            <td style="width: 13.93%; vertical-align: top;">
              <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 9.5pt;">4.1</div>
            </td>
            <td style="width: 13.93%; vertical-align: top;">
              <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 9.5pt;">$45.7</div>
            </td>
          </tr>
          <tr>
            <td style="width: 41.96%; vertical-align: top;">
              <div style="text-align: left; text-indent: 2.75pt; margin-left: 12.25pt; font-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;">276,292</div>
            </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;">$79.54</div>
            </td>
            <td style="width: 13.93%; vertical-align: top; text-align: right;">&#160;</td>
            <td style="width: 13.93%; vertical-align: top; text-align: right;">&#160;</td>
          </tr>
          <tr>
            <td style="width: 41.96%; vertical-align: top;">
              <div style="text-align: left; 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;">(183,611)</div>
            </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;">$30.63</div>
            </td>
            <td style="width: 13.93%; vertical-align: top; text-align: right;">&#160;</td>
            <td style="width: 13.93%; vertical-align: top; text-align: right;">&#160;</td>
          </tr>
          <tr>
            <td style="width: 41.96%; vertical-align: top;">
              <div style="text-align: left; 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;">(773)</div>
            </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;">$58.70</div>
            </td>
            <td style="width: 13.93%; vertical-align: top; text-align: right;">&#160;</td>
            <td style="width: 13.93%; vertical-align: top; text-align: right;">&#160;</td>
          </tr>
          <tr>
            <td style="width: 41.96%; vertical-align: top;">
              <div style="text-align: left; font-family: Verdana, sans-serif; font-size: 9.5pt;">Balance at April 30, 2023</div>
            </td>
            <td style="width: 2.32%; vertical-align: top;">&#160;</td>
            <td style="width: 13.93%; vertical-align: top; border-top: 1px solid rgb(0, 0, 0); border-bottom: 2px double rgb(0, 0, 0);">
              <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 9.5pt; font-weight: bold;">1,685,341</div>
            </td>
            <td style="width: 13.93%; vertical-align: top; border-top: 1px solid rgb(0, 0, 0); border-bottom: 2px double rgb(0, 0, 0);">
              <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 9.5pt; font-weight: bold;">$51.27</div>
            </td>
            <td style="width: 13.93%; vertical-align: top; border-top: 1px solid rgb(0, 0, 0); border-bottom: 2px double rgb(0, 0, 0);">
              <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 9.5pt; font-weight: bold;">4.6</div>
            </td>
            <td style="width: 13.93%; vertical-align: top; border-top: 1px solid rgb(0, 0, 0); border-bottom: 2px double rgb(0, 0, 0);">
              <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 9.5pt; font-weight: bold;">$47.3</div>
            </td>
          </tr>
          <tr>
            <td style="width: 41.96%; vertical-align: top;">&#160;</td>
            <td style="width: 2.32%; vertical-align: top;">&#160;</td>
            <td style="width: 13.93%; vertical-align: top; border-top: 1px solid rgb(0, 0, 0); text-align: right;">&#160;</td>
            <td style="width: 13.93%; vertical-align: top; border-top: 1px solid rgb(0, 0, 0); text-align: right;">&#160;</td>
            <td style="width: 13.93%; vertical-align: top; border-top: 1px solid rgb(0, 0, 0); text-align: right;">&#160;</td>
            <td style="width: 13.93%; vertical-align: top; border-top: 1px solid rgb(0, 0, 0); text-align: right;">&#160;</td>
          </tr>
          <tr>
            <td style="width: 41.96%; vertical-align: top;">
              <div style="text-align: left; font-family: Verdana, sans-serif; font-size: 9.5pt;">Vested or expected to vest at April 30, 2023</div>
            </td>
            <td style="width: 2.32%; vertical-align: top;">&#160;</td>
            <td style="width: 13.93%; vertical-align: bottom; border-bottom: 2px double rgb(0, 0, 0);">
              <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 9.5pt; font-weight: bold;">1,685,341</div>
            </td>
            <td style="width: 13.93%; vertical-align: bottom; border-bottom: 2px double rgb(0, 0, 0);">
              <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 9.5pt; font-weight: bold;">$51.27</div>
            </td>
            <td style="width: 13.93%; vertical-align: bottom; border-bottom: 2px double rgb(0, 0, 0);">
              <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 9.5pt; font-weight: bold;">4.6</div>
            </td>
            <td style="width: 13.93%; vertical-align: bottom; border-bottom: 2px double rgb(0, 0, 0);">
              <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 9.5pt; font-weight: bold;">$47.3</div>
            </td>
          </tr>
          <tr>
            <td style="width: 41.96%; vertical-align: top;">&#160;</td>
            <td style="width: 2.32%; vertical-align: top;">&#160;</td>
            <td style="width: 13.93%; vertical-align: top; border-top: 2px double rgb(0, 0, 0); text-align: right;">&#160;</td>
            <td style="width: 13.93%; vertical-align: top; border-top: 2px double rgb(0, 0, 0); text-align: right;">&#160;</td>
            <td style="width: 13.93%; vertical-align: top; border-top: 2px double rgb(0, 0, 0); text-align: right;">&#160;</td>
            <td style="width: 13.93%; vertical-align: top; border-top: 2px double rgb(0, 0, 0); text-align: right;">&#160;</td>
          </tr>
          <tr>
            <td style="width: 41.96%; vertical-align: top;">
              <div style="text-align: left; font-family: Verdana, sans-serif; font-size: 9.5pt;">Exercisable at April 30, 2023</div>
            </td>
            <td style="width: 2.32%; vertical-align: top;">&#160;</td>
            <td style="width: 13.93%; vertical-align: top; border-bottom: 2px double rgb(0, 0, 0);">
              <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 9.5pt; font-weight: bold;">926,076</div>
            </td>
            <td style="width: 13.93%; vertical-align: top; border-bottom: 2px double rgb(0, 0, 0);">
              <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 9.5pt; font-weight: bold;">$40.73</div>
            </td>
            <td style="width: 13.93%; vertical-align: top; border-bottom: 2px double rgb(0, 0, 0);">
              <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 9.5pt; font-weight: bold;">3.5</div>
            </td>
            <td style="width: 13.93%; vertical-align: top; border-bottom: 2px double rgb(0, 0, 0);">
              <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 9.5pt; font-weight: bold;">$35.7</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, 2023 and April 30, 2022 was $8.8 million and $1.1 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 cellspacing="0" cellpadding="2" border="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="ze08a9ede308f4959863e823128ecb353">

          <tr>
            <td style="width: 41.96%; vertical-align: top;">&#160;</td>
            <td style="width: 2.32%; vertical-align: top;">&#160;</td>
            <td style="width: 13.93%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
              <div style="text-align: right; font-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: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
              <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: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
              <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: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
              <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="text-align: left; font-family: Verdana, sans-serif; font-size: 9.5pt;">Balance at January 31, 2023</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;">915,233</div>
            </td>
            <td style="width: 13.93%; vertical-align: top;">
              <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 9.5pt;">$38.41</div>
            </td>
            <td style="width: 13.93%; vertical-align: top;">
              <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 9.5pt;">4.5</div>
            </td>
            <td style="width: 13.93%; vertical-align: top;">
              <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 9.5pt;">$67.9</div>
            </td>
          </tr>
          <tr>
            <td style="width: 41.96%; vertical-align: top;">
              <div style="text-align: left; 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;">95,134</div>
            </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;">$105.58</div>
            </td>
            <td style="width: 13.93%; vertical-align: top; text-align: right;">&#160;</td>
            <td style="width: 13.93%; vertical-align: top; text-align: right;">&#160;</td>
          </tr>
          <tr>
            <td style="width: 41.96%; vertical-align: top;">
              <div style="text-align: left; 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; font-family: Verdana,sans-serif; font-size: 9.5pt; font-weight: bold;">68,005</div>
            </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;">$53.60</div>
            </td>
            <td style="width: 13.93%; vertical-align: top; text-align: right;">&#160;</td>
            <td style="width: 13.93%; vertical-align: top; text-align: right;">&#160;</td>
          </tr>
          <tr>
            <td style="width: 41.96%; vertical-align: top;">
              <div style="text-align: left; margin-left: 12.25pt; 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;">(84,125)</div>
            </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;">$11.11</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="text-align: left; font-family: Verdana, sans-serif; font-size: 9.5pt;">Balance at April 30, 2023</div>
            </td>
            <td style="width: 2.32%; vertical-align: top;">&#160;</td>
            <td style="width: 13.93%; vertical-align: top; border-top: 1px solid rgb(0, 0, 0); border-bottom: 2px double rgb(0, 0, 0);">
              <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 9.5pt; font-weight: bold;">994,247</div>
            </td>
            <td style="width: 13.93%; vertical-align: top; border-top: 1px solid rgb(0, 0, 0); border-bottom: 2px double rgb(0, 0, 0);">
              <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 9.5pt; font-weight: bold;">$53.77</div>
            </td>
            <td style="width: 13.93%; vertical-align: top; border-top: 1px solid rgb(0, 0, 0); border-bottom: 2px double rgb(0, 0, 0);">
              <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 9.5pt; font-weight: bold;">5.3</div>
            </td>
            <td style="width: 13.93%; vertical-align: top; border-top: 1px solid rgb(0, 0, 0); border-bottom: 2px double rgb(0, 0, 0);">
              <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 9.5pt; font-weight: bold;">$78.8</div>
            </td>
          </tr>
          <tr>
            <td style="width: 41.96%; vertical-align: top;">&#160;</td>
            <td style="width: 2.32%; vertical-align: top;">&#160;</td>
            <td style="width: 13.93%; vertical-align: top; border-top: 1px solid rgb(0, 0, 0); text-align: right;">&#160;</td>
            <td style="width: 13.93%; vertical-align: top; border-top: 1px solid rgb(0, 0, 0); text-align: right;">&#160;</td>
            <td style="width: 13.93%; vertical-align: top; border-top: 1px solid rgb(0, 0, 0); text-align: right;">&#160;</td>
            <td style="width: 13.93%; vertical-align: top; border-top: 1px solid rgb(0, 0, 0); text-align: right;">&#160;</td>
          </tr>
          <tr>
            <td style="width: 41.96%; vertical-align: top;">
              <div style="text-align: left; font-family: Verdana, sans-serif; font-size: 9.5pt;">Vested or expected to vest at April 30, 2023</div>
            </td>
            <td style="width: 2.32%; vertical-align: top;">&#160;</td>
            <td style="width: 13.93%; vertical-align: bottom; border-bottom: 2px double rgb(0, 0, 0);">
              <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 9.5pt; font-weight: bold;">994,247</div>
            </td>
            <td style="width: 13.93%; vertical-align: bottom; border-bottom: 2px double rgb(0, 0, 0);">
              <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 9.5pt; font-weight: bold;">$53.77</div>
            </td>
            <td style="width: 13.93%; vertical-align: bottom; border-bottom: 2px double rgb(0, 0, 0);">
              <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 9.5pt; font-weight: bold;">5.3</div>
            </td>
            <td style="width: 13.93%; vertical-align: bottom; border-bottom: 2px double rgb(0, 0, 0);">
              <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 9.5pt; font-weight: bold;">$78.8</div>
            </td>
          </tr>
          <tr>
            <td style="width: 41.96%; vertical-align: top;">&#160;</td>
            <td style="width: 2.32%; vertical-align: top;">&#160;</td>
            <td style="width: 13.93%; vertical-align: top; border-top: 2px double rgb(0, 0, 0); text-align: right;">&#160;</td>
            <td style="width: 13.93%; vertical-align: top; border-top: 2px double rgb(0, 0, 0); text-align: right;">&#160;</td>
            <td style="width: 13.93%; vertical-align: top; border-top: 2px double rgb(0, 0, 0); text-align: right;">&#160;</td>
            <td style="width: 13.93%; vertical-align: top; border-top: 2px double rgb(0, 0, 0); text-align: right;">&#160;</td>
          </tr>
          <tr>
            <td style="width: 41.96%; vertical-align: top;">
              <div style="text-align: left; font-family: Verdana, sans-serif; font-size: 9.5pt;">Exercisable at April 30, 2023</div>
            </td>
            <td style="width: 2.32%; vertical-align: top;">&#160;</td>
            <td style="width: 13.93%; vertical-align: top; border-bottom: 2px double rgb(0, 0, 0);">
              <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 9.5pt; font-weight: bold;">723,681</div>
            </td>
            <td style="width: 13.93%; vertical-align: top; border-bottom: 2px double rgb(0, 0, 0);">
              <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 9.5pt; font-weight: bold;">$36.68</div>
            </td>
            <td style="width: 13.93%; vertical-align: top; border-bottom: 2px double rgb(0, 0, 0);">
              <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 9.5pt; font-weight: bold;">4.0</div>
            </td>
            <td style="width: 13.93%; vertical-align: top; border-bottom: 2px double rgb(0, 0, 0);">
              <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 9.5pt; font-weight: bold;">$57.4</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, 2023) that would
        have been received by PSU holders if all PSUs had been vested on April 30, 2023.</div>
      <div><br>
      </div>
      <div style="text-align: justify; font-family: Verdana, sans-serif; font-size: 9.5pt;">As of April 30, 2023, $15.7 million of total unrecognized compensation costs related to non-vested awards is expected to be recognized over a weighted average
        period of 2.3 years. The total fair value of PSUs vested during the three month period ended April 30, 2023 was $4.6 million.</div>
      <div><br>
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      <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" class="BRPFPageBreakArea">
        <div class="BRPFPageNumberArea" style="text-align: center;"><font style="font-family: Verdana, Geneva, 'sans-serif'; font-size: 8pt; font-weight: normal; font-style: normal;">56</font></div>
        <div style="page-break-after: always;" class="BRPFPageBreak">
          <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></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 cellspacing="0" cellpadding="1" border="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="z189ed901629f4e7ba4391103268c973b">

          <tr>
            <td style="width: 41.96%; vertical-align: top;">&#160;</td>
            <td style="width: 2.32%; vertical-align: top;">&#160;</td>
            <td style="width: 13.93%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
              <div style="text-align: right; font-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: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
              <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: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
              <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 9.5pt; font-weight: bold;">Weighted- Average Remaining Contractual Life (years)</div>
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            <td style="width: 13.93%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
              <div style="text-align: right; font-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="text-align: left; font-family: Verdana, sans-serif; font-size: 9.5pt;">Balance at January 31, 2023</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;">474,631</div>
            </td>
            <td style="width: 13.93%; vertical-align: top;">
              <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 9.5pt;">$32.44</div>
            </td>
            <td style="width: 13.93%; vertical-align: top;">
              <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 9.5pt;">4.7</div>
            </td>
            <td style="width: 13.93%; vertical-align: top;">
              <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 9.5pt;">$35.2</div>
            </td>
          </tr>
          <tr>
            <td style="width: 41.96%; vertical-align: top;">
              <div style="text-align: left; 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;">61,774</div>
            </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;">$79.60</div>
            </td>
            <td style="width: 13.93%; vertical-align: top; text-align: right;">&#160;</td>
            <td style="width: 13.93%; vertical-align: top; text-align: right;">&#160;</td>
          </tr>
          <tr>
            <td style="width: 41.96%; vertical-align: top;">
              <div style="text-align: left; margin-left: 12.25pt; 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;">(53,898)</div>
            </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;">$8.49</div>
            </td>
            <td style="width: 13.93%; vertical-align: top; text-align: right;">&#160;</td>
            <td style="width: 13.93%; vertical-align: top; text-align: right;">&#160;</td>
          </tr>
          <tr>
            <td style="width: 41.96%; vertical-align: top;">
              <div style="text-align: left; font-family: Verdana, sans-serif; font-size: 9.5pt;">Balance at April 30, 2023</div>
            </td>
            <td style="width: 2.32%; vertical-align: top;">&#160;</td>
            <td style="width: 13.93%; vertical-align: top; border-top: 1px solid rgb(0, 0, 0); border-bottom: 2px double rgb(0, 0, 0);">
              <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 9.5pt; font-weight: bold;">482,507</div>
            </td>
            <td style="width: 13.93%; vertical-align: top; border-top: 1px solid rgb(0, 0, 0); border-bottom: 2px double rgb(0, 0, 0);">
              <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 9.5pt; font-weight: bold;">$40.07</div>
            </td>
            <td style="width: 13.93%; vertical-align: top; border-top: 1px solid rgb(0, 0, 0); border-bottom: 2px double rgb(0, 0, 0);">
              <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 9.5pt; font-weight: bold;">5.6</div>
            </td>
            <td style="width: 13.93%; vertical-align: top; border-top: 1px solid rgb(0, 0, 0); border-bottom: 2px double rgb(0, 0, 0);">
              <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 9.5pt; font-weight: bold;">$38.2</div>
            </td>
          </tr>
          <tr>
            <td style="width: 41.96%; vertical-align: top;">&#160;</td>
            <td style="width: 2.32%; vertical-align: top;">&#160;</td>
            <td style="width: 13.93%; vertical-align: top; border-top: 1px solid rgb(0, 0, 0); text-align: right;">&#160;</td>
            <td style="width: 13.93%; vertical-align: top; border-top: 1px solid rgb(0, 0, 0); text-align: right;">&#160;</td>
            <td style="width: 13.93%; vertical-align: top; border-top: 1px solid rgb(0, 0, 0); text-align: right;">&#160;</td>
            <td style="width: 13.93%; vertical-align: top; border-top: 1px solid rgb(0, 0, 0); text-align: right;">&#160;</td>
          </tr>
          <tr>
            <td style="width: 41.96%; vertical-align: top;">
              <div style="text-align: left; font-family: Verdana, sans-serif; font-size: 9.5pt;">Vested or expected to vest at April 30, 2023</div>
            </td>
            <td style="width: 2.32%; vertical-align: top;">&#160;</td>
            <td style="width: 13.93%; vertical-align: bottom; border-bottom: 2px double rgb(0, 0, 0);">
              <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 9.5pt; font-weight: bold;">482,507</div>
            </td>
            <td style="width: 13.93%; vertical-align: bottom; border-bottom: 2px double rgb(0, 0, 0);">
              <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 9.5pt; font-weight: bold;">$40.07</div>
            </td>
            <td style="width: 13.93%; vertical-align: bottom; border-bottom: 2px double rgb(0, 0, 0);">
              <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 9.5pt; font-weight: bold;">5.6</div>
            </td>
            <td style="width: 13.93%; vertical-align: bottom; border-bottom: 2px double rgb(0, 0, 0);">
              <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 9.5pt; font-weight: bold;">$38.2</div>
            </td>
          </tr>
          <tr>
            <td style="width: 41.96%; vertical-align: top;">&#160;</td>
            <td style="width: 2.32%; vertical-align: top;">&#160;</td>
            <td style="width: 13.93%; vertical-align: top; border-top: 2px double rgb(0, 0, 0); text-align: right;">&#160;</td>
            <td style="width: 13.93%; vertical-align: top; border-top: 2px double rgb(0, 0, 0); text-align: right;">&#160;</td>
            <td style="width: 13.93%; vertical-align: top; border-top: 2px double rgb(0, 0, 0); text-align: right;">&#160;</td>
            <td style="width: 13.93%; vertical-align: top; border-top: 2px double rgb(0, 0, 0); text-align: right;">&#160;</td>
          </tr>
          <tr>
            <td style="width: 41.96%; vertical-align: top;">
              <div style="text-align: left; font-family: Verdana, sans-serif; font-size: 9.5pt;">Exercisable at April 30, 2023</div>
            </td>
            <td style="width: 2.32%; vertical-align: top;">&#160;</td>
            <td style="width: 13.93%; vertical-align: top; border-bottom: 2px double rgb(0, 0, 0);">
              <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 9.5pt; font-weight: bold;">361,598</div>
            </td>
            <td style="width: 13.93%; vertical-align: top; border-bottom: 2px double rgb(0, 0, 0);">
              <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 9.5pt; font-weight: bold;">$30.10</div>
            </td>
            <td style="width: 13.93%; vertical-align: top; border-bottom: 2px double rgb(0, 0, 0);">
              <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 9.5pt; font-weight: bold;">4.4</div>
            </td>
            <td style="width: 13.93%; vertical-align: top; border-bottom: 2px double rgb(0, 0, 0);">
              <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 9.5pt; font-weight: bold;">$28.6</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, 2023) that would
        have been received by RSU holders if all RSUs had been vested on April 30, 2023.</div>
      <div><br>
      </div>
      <div style="text-align: justify; font-family: Verdana, sans-serif; font-size: 9.5pt;">As of April 30, 2023, $7.8 million of total unrecognized compensation costs related to non-vested awards is expected to be recognized over a weighted average period
        of 2.3 years. The total fair value of RSUs vested during the three month period ended April 30, 2023 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, 2023, the total number of DSUs held by participating directors was 286,282 (283,338 at January 31, 2023), representing an aggregate accrued
        liability of $22.7 million ($20.6 million at January 31, 2023). During the three month period ended April 30, 2023, 2,944 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, 2023 and April 30, 2022 was $2.4 million and ($2.4) 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 cellspacing="0" cellpadding="1" border="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="z2e6bd83cff6e44be8c9a3ec168c4e6ae">

          <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: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
              <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: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
              <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="text-align: left; font-family: Verdana, sans-serif; font-size: 9.5pt;">Balance at January 31, 2023</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: 1px solid rgb(0, 0, 0);">
              <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 9.5pt;">14,583</div>
            </td>
            <td style="width: 13.93%; vertical-align: top; border-top: 1px solid rgb(0, 0, 0);">
              <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="text-align: left; 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;">7,879</div>
            </td>
            <td style="width: 13.93%; vertical-align: top; text-align: right;">&#160;</td>
          </tr>
          <tr>
            <td style="width: 41.96%; vertical-align: top;">
              <div style="text-align: left; margin-left: 12pt; font-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;">(3,079)</div>
            </td>
            <td style="width: 13.93%; vertical-align: top; text-align: right;">&#160;</td>
          </tr>
          <tr>
            <td style="width: 41.96%; vertical-align: top;">
              <div style="text-align: left; font-family: Verdana, sans-serif; font-size: 9.5pt;">Balance at April 30, 2023</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: 1px solid rgb(0, 0, 0); border-bottom: 2px double rgb(0, 0, 0);">
              <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 9.5pt; font-weight: bold;">19,383</div>
            </td>
            <td style="width: 13.93%; vertical-align: top; border-top: 1px solid rgb(0, 0, 0); border-bottom: 2px double rgb(0, 0, 0);">
              <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 9.5pt; font-weight: bold;">2.0</div>
            </td>
          </tr>
          <tr>
            <td style="width: 41.96%; vertical-align: top;">&#160;</td>
            <td style="width: 2.32%; vertical-align: top;">&#160;</td>
            <td style="width: 13.93%; vertical-align: top;">&#160;</td>
            <td style="width: 13.93%; vertical-align: top;">&#160;</td>
            <td style="width: 13.93%; vertical-align: top; border-top: 1px solid rgb(0, 0, 0); text-align: right;">&#160;</td>
            <td style="width: 13.93%; vertical-align: top; border-top: 1px solid rgb(0, 0, 0); text-align: right;">&#160;</td>
          </tr>
          <tr>
            <td style="width: 41.96%; vertical-align: top;">
              <div style="text-align: left; font-family: Verdana, sans-serif; font-size: 9.5pt;">Non-vested at April 30, 2023</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: 2px double rgb(0, 0, 0);">
              <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 9.5pt; font-weight: bold;">19,383</div>
            </td>
            <td style="width: 13.93%; vertical-align: bottom; border-bottom: 2px double 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>
          </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
        $0.3 million at April 30, 2023 ($0.4 million at</div>
      <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" class="BRPFPageBreakArea">
        <div class="BRPFPageNumberArea" style="text-align: center;"><font style="font-family: Verdana, Geneva, 'sans-serif'; font-size: 8pt; font-weight: normal; font-style: normal;">57</font></div>
        <div style="page-break-after: always;" class="BRPFPageBreak">
          <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
      </div>
      <div><br>
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      <div style="text-align: justify; font-family: Verdana, sans-serif; font-size: 9.5pt;">January 31, 2023). As at April 30, 2023, the unrecognized aggregate liability for the unvested CRSUs was $1.2 million ($0.7 million at January 31, 2023). The fair
        value of the CRSU liability is based on the closing price of our common shares at the balance sheet date. The total compensation cost related to CRSUs recognized during the three month periods ended April 30, 2023 and April 30, 2022 was $0.2
        million and $0.3 million, respectively.</div>
      <div><br>
      </div>
      <div style="text-align: left; font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">Note 18 - Income Taxes</div>
      <div><br>
      </div>
      <div style="text-align: justify; font-family: Verdana, sans-serif; font-size: 9.5pt;">The effective tax rate (which is the provision for income taxes expressed as a percentage of income before income taxes) was 22.3% and 24.1% for the three month
        periods ended April 30, 2023 and 2022, respectively. The decrease in the three month period ended April 30, 2023 compared to the three month period ended April 30, 2022 was primarily due to a recovery from prior period adjustments in Canada. The
        remainder of the difference is 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="text-align: left; font-family: Verdana, sans-serif; font-size: 9.5pt;"><u>Deferred Revenue</u></div>
      <div style="text-align: left; font-family: Verdana, sans-serif; font-size: 9.5pt;">The following table presents the changes in the deferred revenue balance as follows:</div>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="zebf18737cbac4287bebe3c9b0c44c923">

          <tr>
            <td style="width: 86.41%; vertical-align: top;">&#160;</td>
            <td style="width: 13.59%; vertical-align: top; text-align: right;">&#160;</td>
          </tr>
          <tr>
            <td style="width: 86.41%; vertical-align: top;">&#160;</td>
            <td style="width: 13.59%; vertical-align: top; border-top: #000000 1px solid; border-bottom: #000000 1px solid;">
              <div style="text-align: right; text-indent: 1.5pt; font-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-align: left; text-indent: -36pt; margin-left: 36pt; font-family: Verdana, sans-serif; font-size: 9.5pt;">Balance at January 31, 2023</div>
            </td>
            <td style="width: 13.59%; vertical-align: bottom; border-top: #000000 1px solid;">
              <div style="text-align: right; text-indent: 1.5pt; font-family: Verdana,sans-serif; font-size: 9.5pt;">69,399</div>
            </td>
          </tr>
          <tr>
            <td style="width: 86.41%; vertical-align: top;">
              <div style="text-align: left; 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;">(11,819)</div>
            </td>
          </tr>
          <tr>
            <td style="width: 86.41%; vertical-align: top;">
              <div style="text-align: left; 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;">17,525</div>
            </td>
          </tr>
          <tr>
            <td style="width: 86.41%; vertical-align: top;">
              <div style="text-align: left; 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;">1,485</div>
            </td>
          </tr>
          <tr>
            <td style="width: 86.41%; vertical-align: top;">
              <div style="text-align: left; 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 1px solid;">
              <div style="text-align: right; text-indent: 1.5pt; font-family: Verdana,sans-serif; font-size: 9.5pt; font-weight: bold;">-</div>
            </td>
          </tr>
          <tr>
            <td style="width: 86.41%; vertical-align: top;">
              <div style="text-align: left; text-indent: -15pt; margin-left: 15pt; font-family: Verdana, sans-serif; font-size: 9.5pt;">Balance at April 30, 2023</div>
            </td>
            <td style="width: 13.59%; vertical-align: bottom; border-top: #000000 1px solid; border-bottom: #000000 2px double;">
              <div style="text-align: right; text-indent: 1.5pt; font-family: Verdana,sans-serif; font-size: 9.5pt; font-weight: bold;">76,590</div>
            </td>
          </tr>
          <tr>
            <td style="width: 86.41%; vertical-align: top;">
              <div style="text-align: left; 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 2px double;">
              <div style="text-align: right; text-indent: 1.5pt; font-family: Verdana,sans-serif; font-size: 9.5pt; font-weight: bold;">75,018</div>
            </td>
          </tr>
          <tr>
            <td style="width: 86.41%; vertical-align: top;">
              <div style="text-align: left; 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 2px double;">
              <div style="text-align: right; text-indent: 1.5pt; font-family: Verdana,sans-serif; font-size: 9.5pt; font-weight: bold;">1,572</div>
            </td>
          </tr>

      </table>
      <div><br>
      </div>
      <div style="text-align: left; 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, 2023, approximately $359.8 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="text-align: left; 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 cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="zfdd5e8e3abe54b8b820d9d8dd90cf491">

          <tr>
            <td style="width: 86.41%; vertical-align: top;">&#160;</td>
            <td style="width: 13.59%; vertical-align: top; border-top: #000000 1px solid; border-bottom: #000000 1px solid;">
              <div style="text-align: right; text-indent: 1.5pt; font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">Contract </div>
              <div style="text-align: right; text-indent: 1.5pt; font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">Assets</div>
            </td>
          </tr>
          <tr>
            <td style="width: 86.41%; vertical-align: top;">
              <div style="text-align: left; text-indent: -36pt; margin-left: 36pt; font-family: Verdana, sans-serif; font-size: 9.5pt;">Balance at January 31, 2023</div>
            </td>
            <td style="width: 13.59%; vertical-align: bottom; border-top: #000000 1px solid;">
              <div style="text-align: right; text-indent: 1.5pt; font-family: Verdana,sans-serif; font-size: 9.5pt;">3,222</div>
            </td>
          </tr>
          <tr>
            <td style="width: 86.41%; vertical-align: top;">
              <div style="text-align: left; 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;">(370)</div>
            </td>
          </tr>
          <tr>
            <td style="width: 86.41%; vertical-align: top;">
              <div style="text-align: left; 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;">253</div>
            </td>
          </tr>
          <tr>
            <td style="width: 86.41%; vertical-align: top;">
              <div style="text-align: left; 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;">(1)</div>
            </td>
          </tr>
          <tr>
            <td style="width: 86.41%; vertical-align: top;">
              <div style="text-align: left; text-indent: -15pt; margin-left: 15pt; font-family: Verdana, sans-serif; font-size: 9.5pt;">Balance at April 30, 2023</div>
            </td>
            <td style="width: 13.59%; vertical-align: bottom; border-top: #000000 1px solid; border-bottom: #000000 2px double;">
              <div style="text-align: right; text-indent: 1.5pt; font-family: Verdana,sans-serif; font-size: 9.5pt; font-weight: bold;">3,104</div>
            </td>
          </tr>

      </table>
      <div><br>
      </div>
      <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" class="BRPFPageBreakArea">
        <div class="BRPFPageNumberArea" style="text-align: center;"><font style="font-family: Verdana, Geneva, 'sans-serif'; font-size: 8pt; font-weight: normal; font-style: normal;">58</font></div>
        <div style="page-break-after: always;" class="BRPFPageBreak">
          <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></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 $18.4 million at April 30, 2023 ($18.4 million at January 31, 2023). Capitalized contract costs are
        amortized consistent with the pattern of transfer to the customer for the goods and services to which the asset relates. <font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">For the three month periods ended April 30, 2023 and April
          30, 2022, the total contract cost amortization included in sales and marketing expenses was $1.6 million and $1.4 million, respectively. </font>For both the three month periods ended April 30, 2023 and April 30, 2022,<font style="font-family: Verdana, sans-serif; font-size: 9.5pt;"> there was no impairment loss in relation to the capitalized contract costs</font>.</div>
      <div><br>
      </div>
      <div style="text-align: left; 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 cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="z2b71f6cb20dc45409c2b3b70ed552ff6">

          <tr>
            <td style="width: 49.96%; vertical-align: top;">&#160;</td>
            <td colspan="2" style="width: 24.36%; vertical-align: top;">&#160;</td>
            <td style="width: 1.32%; vertical-align: top;">&#160;</td>
            <td colspan="2" style="width: 24.36%; vertical-align: top; border-top: #000000 1px solid;">
              <div style="text-align: right; font-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 1px 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 1px 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 1px solid;">
              <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">2023</div>
            </td>
            <td style="width: 12.18%; vertical-align: top; border-bottom: #000000 1px solid;">
              <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt;">2022</div>
            </td>
          </tr>
          <tr>
            <td style="width: 49.96%; vertical-align: top;">
              <div style="text-align: left; 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;">1,328</div>
            </td>
            <td style="width: 12.18%; vertical-align: top;">
              <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 9.5pt;">360</div>
            </td>
          </tr>
          <tr>
            <td style="width: 49.96%; vertical-align: top;">
              <div style="text-align: left; font-family: Verdana, sans-serif; font-size: 9.5pt;">Contingent consideration accretion and 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;">603</div>
            </td>
            <td style="width: 12.18%; vertical-align: top;">
              <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 9.5pt;">1,069</div>
            </td>
          </tr>
          <tr>
            <td style="width: 49.96%; vertical-align: top;">
              <div style="text-align: left; 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;">2</div>
            </td>
            <td style="width: 12.18%; vertical-align: top;">
              <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 9.5pt;">53</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 1px solid; border-bottom: #000000 2px double;">
              <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 9.5pt; font-weight: bold;">1,933</div>
            </td>
            <td style="width: 12.18%; vertical-align: top; border-top: #000000 1px solid; border-bottom: #000000 2px double;">
              <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 9.5pt;">1,482</div>
            </td>
          </tr>

      </table>
      <div><br>
      </div>
      <div style="text-align: left; 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 cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="zfed8b6a5442043788c4cc236250c871c">

          <tr>
            <td style="width: 49.96%; vertical-align: top;">&#160;</td>
            <td colspan="2" style="width: 24.36%; vertical-align: top;">&#160;</td>
            <td style="width: 1.32%; vertical-align: top;">&#160;</td>
            <td colspan="2" style="width: 24.36%; vertical-align: top; border-top: #000000 1px solid;">
              <div style="text-align: right; font-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 1px 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 1px 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 1px solid;">
              <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">2023</div>
            </td>
            <td style="width: 12.18%; vertical-align: top; border-bottom: #000000 1px solid;">
              <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt;">2022</div>
            </td>
          </tr>
          <tr>
            <td style="width: 49.96%; vertical-align: top;">
              <div style="text-align: left; 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;">(3,119)</div>
            </td>
            <td style="width: 12.18%; vertical-align: top;">
              <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 9.5pt;">(2,920)</div>
            </td>
          </tr>
          <tr>
            <td style="width: 49.96%; vertical-align: top;">
              <div style="text-align: left; 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;">(1,040)</div>
            </td>
            <td style="width: 12.18%; vertical-align: top;">
              <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 9.5pt;">(183)</div>
            </td>
          </tr>
          <tr>
            <td style="width: 49.96%; vertical-align: top;">
              <div style="text-align: left; 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;">(3,740)</div>
            </td>
            <td style="width: 12.18%; vertical-align: top;">
              <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 9.5pt;">779</div>
            </td>
          </tr>
          <tr>
            <td style="width: 49.96%; vertical-align: top;">
              <div style="text-align: left; 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;">(20)</div>
            </td>
            <td style="width: 12.18%; vertical-align: top;">
              <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 9.5pt;">54</div>
            </td>
          </tr>
          <tr>
            <td style="width: 49.96%; vertical-align: top;">
              <div style="text-align: left; 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;">1,026</div>
            </td>
            <td style="width: 12.18%; vertical-align: top;">
              <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 9.5pt;">(842)</div>
            </td>
          </tr>
          <tr>
            <td style="width: 49.96%; vertical-align: top;">
              <div style="text-align: left; 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;">1,649</div>
            </td>
            <td style="width: 12.18%; vertical-align: top;">
              <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 9.5pt;">(2,079)</div>
            </td>
          </tr>
          <tr>
            <td style="width: 49.96%; vertical-align: top;">
              <div style="text-align: left; 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;">(717)</div>
            </td>
            <td style="width: 12.18%; vertical-align: top;">
              <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 9.5pt;">423</div>
            </td>
          </tr>
          <tr>
            <td style="width: 49.96%; vertical-align: top;">
              <div style="text-align: left; 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;">(19)</div>
            </td>
            <td style="width: 12.18%; vertical-align: top;">
              <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 9.5pt;">(109)</div>
            </td>
          </tr>
          <tr>
            <td style="width: 49.96%; vertical-align: top;">
              <div style="text-align: left; 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;">5,596</div>
            </td>
            <td style="width: 12.18%; vertical-align: top;">
              <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 9.5pt;">4,617</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 1px solid; border-bottom: #000000 2px double;">
              <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 9.5pt; font-weight: bold;">(384)</div>
            </td>
            <td style="width: 12.18%; vertical-align: top; border-top: #000000 1px solid; border-bottom: #000000 2px double;">
              <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 9.5pt;">(260)</div>
            </td>
          </tr>

      </table>
      <div><br>
      </div>
      <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" class="BRPFPageBreakArea">
        <div class="BRPFPageNumberArea" style="text-align: center;"><font style="font-family: Verdana, Geneva, 'sans-serif'; font-size: 8pt; font-weight: normal; font-style: normal;">59</font></div>
        <div style="page-break-after: always;" class="BRPFPageBreak">
          <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
      </div>
      <div><br>
      </div>
      <div style="text-align: left; 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 cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="zc8c7675cd1c64f68979d91dbfce00b37">

          <tr>
            <td style="width: 51.91%; vertical-align: top;">&#160;</td>
            <td colspan="2" style="width: 23.2%; vertical-align: top;">&#160;</td>
            <td style="width: 1.67%; vertical-align: top;">&#160;</td>
            <td colspan="2" style="width: 23.21%; vertical-align: top; border-top: #000000 1px solid;">
              <div style="text-align: right; font-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 1px 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 1px 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 1px solid;">
              <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">2023</div>
            </td>
            <td style="width: 11.61%; vertical-align: top; border-bottom: #000000 1px solid;">
              <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt;">2022</div>
            </td>
          </tr>
          <tr>
            <td style="width: 51.91%; vertical-align: top;">
              <div style="text-align: left; 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="text-align: left; 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;">90,516</div>
            </td>
            <td style="width: 11.61%; vertical-align: top;">
              <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt;">69,064</div>
            </td>
          </tr>
          <tr>
            <td style="width: 51.91%; vertical-align: top;">
              <div style="text-align: left; 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;">33,655</div>
            </td>
            <td style="width: 11.61%; vertical-align: top;">
              <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt;">34,631</div>
            </td>
          </tr>
          <tr>
            <td style="width: 51.91%; vertical-align: top;">
              <div style="text-align: left; 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;">8,287</div>
            </td>
            <td style="width: 11.61%; vertical-align: top;">
              <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt;">8,286</div>
            </td>
          </tr>
          <tr>
            <td style="width: 51.91%; vertical-align: top;">
              <div style="text-align: left; 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 1px solid;">
              <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">4,156</div>
            </td>
            <td style="width: 11.61%; vertical-align: top; border-bottom: #000000 1px solid;">
              <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt;">4,414</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 1px solid; border-bottom: #000000 2px double;">
              <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">136,614</div>
            </td>
            <td style="width: 11.61%; vertical-align: top; border-top: #000000 1px solid; border-bottom: #000000 2px double;">
              <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt;">116,395</div>
            </td>
          </tr>

      </table>
      <div><br>
      </div>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="z0414097af2834f7e8b9aae78441fc140">

          <tr>
            <td style="width: 51.91%; vertical-align: top;">&#160;</td>
            <td colspan="2" style="width: 23.2%; vertical-align: top;">&#160;</td>
            <td style="width: 1.67%; vertical-align: top;">&#160;</td>
            <td colspan="2" style="width: 23.21%; vertical-align: top; border-top: #000000 1px solid;">
              <div style="text-align: right; font-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 1px 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 1px 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 1px solid;">
              <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">2023</div>
            </td>
            <td style="width: 11.61%; vertical-align: top; border-bottom: #000000 1px solid;">
              <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt;">2022</div>
            </td>
          </tr>
          <tr>
            <td style="width: 51.91%; vertical-align: top;">
              <div style="text-align: left; 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="text-align: left; 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;">124,110</div>
            </td>
            <td style="width: 11.61%; vertical-align: top;">
              <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt;">102,833</div>
            </td>
          </tr>
          <tr>
            <td style="width: 51.91%; vertical-align: top;">
              <div style="text-align: left; 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;">11,544</div>
            </td>
            <td style="width: 11.61%; vertical-align: top;">
              <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt;">11,248</div>
            </td>
          </tr>
          <tr>
            <td style="width: 51.91%; vertical-align: top;">
              <div style="text-align: left; 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 1px solid;">
              <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">960</div>
            </td>
            <td style="width: 11.61%; vertical-align: top; border-bottom: #000000 1px solid;">
              <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt;">2,314</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 1px solid; border-bottom: #000000 2px double;">
              <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">136,614</div>
            </td>
            <td style="width: 11.61%; vertical-align: top; border-top: #000000 1px solid; border-bottom: #000000 2px double;">
              <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt;">116,395</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 cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="z432c639d8fde412093e490ea79f3a700">

          <tr>
            <td style="width: 72.82%; vertical-align: top;">&#160;</td>
            <td style="width: 13.59%; vertical-align: top; border-top: #000000 1px solid;">
              <div style="text-align: right; text-indent: -3pt; margin-left: 3pt; font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">April 30,</div>
            </td>
            <td style="width: 13.59%; vertical-align: top; border-top: #000000 1px solid;">
              <div style="text-align: right; text-indent: -3pt; margin-left: 3pt; font-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 1px solid;">
              <div style="text-align: right; text-indent: -3pt; margin-left: 3pt; font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">2023</div>
            </td>
            <td style="width: 13.59%; vertical-align: top; border-bottom: #000000 1px solid;">
              <div style="text-align: right; text-indent: -3pt; margin-left: 3pt; font-family: Verdana, sans-serif; font-size: 9.5pt;">2023</div>
            </td>
          </tr>
          <tr>
            <td style="width: 72.82%; vertical-align: top;">
              <div style="text-align: left; 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="text-align: left; 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;">204,118</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;">138,007</div>
            </td>
          </tr>
          <tr>
            <td style="width: 72.82%; vertical-align: top;">
              <div style="text-align: left; 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;">31,756</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;">32,921</div>
            </td>
          </tr>
          <tr>
            <td style="width: 72.82%; vertical-align: top;">
              <div style="text-align: left; 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;">58,488</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;">63,414</div>
            </td>
          </tr>
          <tr>
            <td style="width: 72.82%; vertical-align: top;">
              <div style="text-align: left; 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;">12,279</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;">6,900</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 1px solid; border-bottom: #000000 2px double;">
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<DOCUMENT>
<TYPE>EX-101.PRE
<SEQUENCE>6
<FILENAME>dsgx-20230601_pre.xml
<DESCRIPTION>XBRL TAXONOMY EXTENSION PRESENTATION LINKBASE
<TEXT>
<XBRL>
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<head>
<title></title>
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<span style="display: none;">v3.23.1</span><table class="report" border="0" cellspacing="2" id="idm140050818188128">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>Document and Entity Information<br></strong></div></th>
<th class="th"><div>Jun. 01, 2023</div></th>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_CoverAbstract', window );"><strong>Cover [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_DocumentType', window );">Document Type</a></td>
<td class="text">6-K<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_AmendmentFlag', window );">Amendment Flag</a></td>
<td class="text">false<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_DocumentPeriodEndDate', window );">Document Period End Date</a></td>
<td class="text">Jun.  01,  2023<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_CurrentFiscalYearEndDate', window );">Current Fiscal Year End Date</a></td>
<td class="text">--01-31<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityFileNumber', window );">Entity File Number</a></td>
<td class="text">000-29970<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityRegistrantName', window );">Entity Registrant Name</a></td>
<td class="text">DESCARTES SYSTEMS GROUP INC<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityCentralIndexKey', window );">Entity Central Index Key</a></td>
<td class="text">0001050140<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityAddressAddressLine1', window );">Entity Address, Address Line One</a></td>
<td class="text">120 RANDALL DRIVE<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityAddressCityOrTown', window );">Entity Address, City or Town</a></td>
<td class="text">WATERLOO, ONTARIO, CANADA<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityAddressPostalZipCode', window );">Entity Address, Postal Zip Code</a></td>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Boolean flag that is true when the XBRL content amends previously-filed or accepted submission.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
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<td style="white-space:nowrap;">dei_AmendmentFlag</td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Cover page.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_CoverAbstract</td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>End date of current fiscal year in the format --MM-DD.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_CurrentFiscalYearEndDate</td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>For the EDGAR submission types of Form 8-K: the date of the report, the date of the earliest event reported; for the EDGAR submission types of Form N-1A: the filing date; for all other submission types: the end of the reporting or transition period.  The format of the date is YYYY-MM-DD.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
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<td style="white-space:nowrap;">dei_DocumentPeriodEndDate</td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_DocumentType">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The type of document being provided (such as 10-K, 10-Q, 485BPOS, etc). The document type is limited to the same value as the supporting SEC submission type, or the word 'Other'.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_DocumentType</td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Address Line 1 such as Attn, Building Name, Street Name</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityAddressAddressLine1</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td><strong> Balance Type:</strong></td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityAddressCityOrTown">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Name of the City or Town</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityAddressCityOrTown</td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Code for the postal or zip code</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityAddressPostalZipCode</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td>duration</td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>A unique 10-digit SEC-issued value to identify entities that have filed disclosures with the SEC. It is commonly abbreviated as CIK.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 12<br> -Subsection b-2<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityCentralIndexKey</td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Commission file number. The field allows up to 17 characters. The prefix may contain 1-3 digits, the sequence number may contain 1-8 digits, the optional suffix may contain 1-4 characters, and the fields are separated with a hyphen.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityFileNumber</td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The exact name of the entity filing the report as specified in its charter, which is required by forms filed with the SEC.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 12<br> -Subsection b-2<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityRegistrantName</td>
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