<SEC-DOCUMENT>0000929638-24-004155.txt : 20241204
<SEC-HEADER>0000929638-24-004155.hdr.sgml : 20241204
<ACCEPTANCE-DATETIME>20241204081140
ACCESSION NUMBER:		0000929638-24-004155
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		18
CONFORMED PERIOD OF REPORT:	20240612
FILED AS OF DATE:		20241204
DATE AS OF CHANGE:		20241204

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			DESCARTES SYSTEMS GROUP INC
		CENTRAL INDEX KEY:			0001050140
		STANDARD INDUSTRIAL CLASSIFICATION:	SERVICES-PREPACKAGED SOFTWARE [7372]
		ORGANIZATION NAME:           	06 Technology
		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:		241524850

	BUSINESS ADDRESS:	
		STREET 1:		120 RANDALL ST
		CITY:			WATERLOO
		STATE:			A6
		ZIP:			N2V 1C6
		BUSINESS PHONE:		519-746-8110

	MAIL ADDRESS:	
		STREET 1:		120 RANDALL DRIVE
		CITY:			WATERLOO, ONTARIO, CANADA
		STATE:			XX
		ZIP:			N2V 1C6
</SEC-HEADER>
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<DESCRIPTION>REPORT OF FOREIGN PRIVATE ISSUER
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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-size: 12pt; font-weight: bold; text-align: center; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">REPORT OF FOREIGN PRIVATE ISSUER</div>
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              <div style="font-size: 12pt; font-weight: bold; text-align: center; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">PURSUANT TO RULE 13a-16 OR 15d-16 UNDER</div>
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              <div style="font-size: 12pt; font-weight: bold; text-align: center; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">THE SECURITIES EXCHANGE ACT OF 1934</div>
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              <div style="text-align: center; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">For the month of December 2024<br/>
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              <div style="text-align: center; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">(Translation of registrant&#8217;s name into English)</div>
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              <div style="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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    <div style="display: block; text-indent: 36pt;">The attached Press Release issued December 3, 2024 is furnished herewith as Exhibit 99.1. </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
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              <div style="font-weight: bold; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">THE DESCARTES SYSTEMS GROUP INC.</div>
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    <td 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;">(Registrant)</div>
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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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    <div style="text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">Date:&#160; December 4, 2024 <br/>
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    <div style="TEXT-ALIGN: left; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">&#160;</div>

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    <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;">Description</div>
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                <div style="font-family: 'Times New Roman',Times,serif; text-align: left; display: block; text-indent: 0pt; color: rgb(0, 0, 0);"><span style="text-decoration: underline;"><a href="exhibit99-1.htm">Press
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    <td valign="top" align="left" rowspan="1" style="width: 1345.56px; color: rgb(0, 0, 0);"><span style="text-decoration: underline;"><a href="exhibit99-2.htm"><span style="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; text-align: left; text-indent: 0px; text-transform: none; word-spacing: 0px; white-space: normal; background-color: rgb(255, 255, 255); text-decoration-style: initial; text-decoration-color: initial; display: inline ! important; float: none;">Quarterly Report to Shareholders for the Third Quarter of
                      Fiscal 2025</span></a></span></td>

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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;"><font style="font-weight: bold;">Exhibit 99.1</font><br>
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          <div style="text-align: left; margin-bottom: 15pt; color: #134169; font-family: 'Calibri Light', sans-serif; font-size: 22pt;">Press Release</div>
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        <div style="text-align: left; margin-top: 12pt; margin-bottom: 3pt; color: #134169; font-family: 'Calibri Light', sans-serif; font-size: 15pt; font-weight: bold;">Descartes Announces Fiscal 2025 Third Quarter Financial Results</div>
        <div style="text-align: left; margin-bottom: 6pt; color: #134169; font-family: 'Calibri Light', sans-serif; font-size: 13pt; font-weight: bold;">Record Revenues as Global Logistics Network Expands</div>
        <div style="text-align: left; color: #4D4D4D; font-family: 'Calibri Light', sans-serif; font-size: 11pt;"><font style="font-family: 'Calibri Light', sans-serif; font-size: 11pt; font-weight: bold;">WATERLOO, Ontario and ATLANTA, Georgia, December
            3, 2024 (GLOBE NEWSWIRE)</font> &#8211; The Descartes Systems Group Inc. (TSX:DSG) (Nasdaq:DSGX) announced its financial results for its fiscal 2025 third quarter (<font style="font-family: 'Calibri Light', sans-serif; font-size: 11pt; font-weight: bold;">Q3FY25</font>). All financial results referenced are in United States (<font style="font-family: 'Calibri Light', sans-serif; font-size: 11pt; font-weight: bold;">US</font>) currency and, unless otherwise indicated, are determined in
          accordance with US Generally Accepted Accounting Principles (<font style="font-family: 'Calibri Light', sans-serif; font-size: 11pt; font-weight: bold;">GAAP</font>).</div>
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        <div style="text-align: left; color: #4D4D4D; font-family: 'Calibri Light', sans-serif; font-size: 11pt;">&#8220;Our business has grown organically while we've added complementary solutions to our Global Logistics Network by way of acquisition,&#8221; said
          Edward J. Ryan, Descartes&#8217; CEO. &#8220;We listen to our customers about where best to invest to help them meet the many logistics and supply chain challenges they're facing, which contributed to us completing two acquisitions this past quarter. The
          global trade landscape remains highly uncertain and complex for our customers, especially with potential upcoming changes to tariffs and sanctions and the resulting impact on trade. As always, our goal is to help our customers manage this
          complexity so that they can continue to focus on their core businesses.&#8221;</div>
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        <div style="text-align: left; color: #4D4D4D; font-family: 'Calibri Light', sans-serif; font-size: 11pt; font-weight: bold;">Q3FY25 Financial Results</div>
        <div style="text-align: left; color: #4D4D4D; font-family: 'Calibri Light', sans-serif; font-size: 11pt;">As described in more detail below, key financial highlights for Descartes&#8217; Q3FY25 included:</div>
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                <div style="color: #4D4D4D; font-family: 'Calibri Light', sans-serif; font-size: 11pt;">Revenues of $168.8 million, up 17% from $144.7 million in the third quarter of fiscal 2024 (<font style="font-family: 'Calibri Light', sans-serif; font-size: 11pt; font-weight: bold;">Q3FY24</font>) and up 3% from $163.4 million in the previous quarter (<font style="font-family: 'Calibri Light', sans-serif; font-size: 11pt; font-weight: bold;">Q2FY25</font>);</div>
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                <div style="color: #4D4D4D; font-family: 'Calibri Light', sans-serif; font-size: 11pt;">Revenues were comprised of services revenues of $149.7 million (89% of total revenues), professional services and other revenues of $15.6 million (9% of
                  total revenues) and license revenues of $3.5 million (2% of total revenues). Services revenues were up 15% from $130.4 million in Q3FY24 and up 2% from $146.2 million in Q2FY25;</div>
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              <td style="width: 18pt; vertical-align: top; color: #4D4D4D; font-family: 'Times New Roman', Times, serif; font-size: 11pt;">&#8226;</td>
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                <div style="color: #4D4D4D; font-family: 'Calibri Light', sans-serif; font-size: 11pt;">Cash provided by operating activities of $60.1 million, up 7% from $56.1 million in Q3FY24 and up 73% from $34.7 million in Q2FY25. Cash provided by
                  operating activities was negatively impacted in Q2FY25 by the payment of $25.0 million in contingent acquisition consideration for previously completed deals, which was not accrued for at the time of acquisition;</div>
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                <div style="color: #4D4D4D; font-family: 'Calibri Light', sans-serif; font-size: 11pt;">Income from operations of $45.8 million, up 41% from $32.4 million in Q3FY24 and down from $45.9 million in Q2FY25;</div>
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                <div style="color: #4D4D4D; font-family: 'Calibri Light', sans-serif; font-size: 11pt;">Net income of $36.6 million, up 38% from $26.6 million in Q3FY24 and up 5% from $34.7 million in Q2FY25.&#160; Net income as a percentage of revenue was 22%,
                  compared to 18% in Q3FY24 and 21% in Q2FY25;</div>
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                <div style="color: #4D4D4D; font-family: 'Calibri Light', sans-serif; font-size: 11pt;">Earnings per share on a diluted basis of $0.42, up 35% from $0.31 in Q3FY24 and up 5% from $0.40 in Q2FY25, respectively; and</div>
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                <div style="color: #4D4D4D; font-family: 'Calibri Light', sans-serif; font-size: 11pt;">Adjusted EBITDA of $72.1 million, up 14% from $63.5 million in Q3FY24 and up 2% from $70.6 million in Q2FY25. Adjusted EBITDA as a percentage of
                  revenues was 43%, compared to 44% and 43% in Q3FY24 and Q2FY25, respectively.</div>
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                    <div style="text-align: left; font-family: 'Calibri Light', sans-serif; font-size: 11pt;"><font style="font-family: 'Calibri Light', sans-serif; font-size: 6.5pt; color: #4D4D4D;">The Descartes Systems Group Inc. </font><font style="font-family: 'Calibri Light', sans-serif; font-size: 6.5pt; color: #555555;">| </font><font style="font-family: 'Calibri Light', sans-serif; font-size: 6.5pt;">info@descartes.com</font><font style="font-family: 'Calibri Light', sans-serif; font-size: 6.5pt; color: #555555;"> | </font><font style="font-family: 'Calibri Light', sans-serif; font-size: 6.5pt;">www.descartes.com</font><font style="font-family: 'Calibri Light', sans-serif; font-size: 6.5pt; color: #555555;"> | &#169; All rights reserved</font><font class="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 6pt;">&#160;&#160;</font></div>
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          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, acquisition-related expenses, and contingent consideration incurred due to
          better-than-expected performance from acquisitions). 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>
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        <div style="text-align: left; color: #4D4D4D; font-family: 'Calibri Light', sans-serif; font-size: 11pt;">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>
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              <td style="width: 11.84%; vertical-align: top; border-top: #000000 0.50pt solid; border-bottom: #000000 0.50pt solid;">
                <div style="text-align: right; color: #4D4D4D; font-family: 'Calibri Light', sans-serif; font-size: 11pt; font-weight: bold;">Q3</div>
                <div style="text-align: right; color: #4D4D4D; font-family: 'Calibri Light', sans-serif; font-size: 11pt; font-weight: bold;">FY25</div>
              </td>
              <td style="width: 11.84%; vertical-align: top; border-top: #000000 0.50pt solid; border-bottom: #000000 0.50pt solid;">
                <div style="text-align: right; color: #4D4D4D; font-family: 'Calibri Light', sans-serif; font-size: 11pt;">Q2</div>
                <div style="text-align: right; color: #4D4D4D; font-family: 'Calibri Light', sans-serif; font-size: 11pt;">FY25</div>
              </td>
              <td style="width: 11.84%; vertical-align: top; border-top: #000000 0.50pt solid; border-bottom: #000000 0.50pt solid;">
                <div style="text-align: right; color: #4D4D4D; font-family: 'Calibri Light', sans-serif; font-size: 11pt;">Q1</div>
                <div style="text-align: right; color: #4D4D4D; font-family: 'Calibri Light', sans-serif; font-size: 11pt;">FY25</div>
              </td>
              <td style="width: 11.97%; vertical-align: top; border-top: #000000 0.50pt solid; border-bottom: #000000 0.50pt solid;">
                <div style="text-align: right; color: #4D4D4D; font-family: 'Calibri Light', sans-serif; font-size: 11pt;">Q4</div>
                <div style="text-align: right; color: #4D4D4D; font-family: 'Calibri Light', sans-serif; font-size: 11pt;">FY24</div>
              </td>
              <td style="width: 11.97%; vertical-align: top; border-top: #000000 0.50pt solid; border-bottom: #000000 0.50pt solid;">
                <div style="text-align: right; color: #4D4D4D; font-family: 'Calibri Light', sans-serif; font-size: 11pt;">Q3</div>
                <div style="text-align: right; color: #4D4D4D; font-family: 'Calibri Light', sans-serif; font-size: 11pt;">FY24</div>
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                <div style="text-align: left; color: #4D4D4D; font-family: 'Calibri Light', sans-serif; font-size: 11pt;">Revenues</div>
              </td>
              <td style="width: 11.84%; vertical-align: top; border-top: #000000 0.50pt solid;">
                <div style="text-align: right; color: #4D4D4D; font-family: 'Calibri Light', sans-serif; font-size: 11pt; font-weight: bold;">168.8</div>
              </td>
              <td style="width: 11.84%; vertical-align: top; border-top: #000000 0.50pt solid;">
                <div style="text-align: right; color: #4D4D4D; font-family: 'Calibri Light', sans-serif; font-size: 11pt;">163.4</div>
              </td>
              <td style="width: 11.84%; vertical-align: top; border-top: #000000 0.50pt solid;">
                <div style="text-align: right; color: #4D4D4D; font-family: 'Calibri Light', sans-serif; font-size: 11pt;">151.3</div>
              </td>
              <td style="width: 11.97%; vertical-align: top; border-top: #000000 0.50pt solid;">
                <div style="text-align: right; color: #4D4D4D; font-family: 'Calibri Light', sans-serif; font-size: 11pt;">148.2</div>
              </td>
              <td style="width: 11.97%; vertical-align: top; border-top: #000000 0.50pt solid;">
                <div style="text-align: right; color: #4D4D4D; font-family: 'Calibri Light', sans-serif; font-size: 11pt;">144.7</div>
              </td>
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                <div style="text-align: left; color: #4D4D4D; font-family: 'Calibri Light', sans-serif; font-size: 11pt;">Services revenues</div>
              </td>
              <td style="width: 11.84%; vertical-align: top;">
                <div style="text-align: right; color: #4D4D4D; font-family: 'Calibri Light', sans-serif; font-size: 11pt; font-weight: bold;">149.7</div>
              </td>
              <td style="width: 11.84%; vertical-align: top;">
                <div style="text-align: right; color: #4D4D4D; font-family: 'Calibri Light', sans-serif; font-size: 11pt;">146.2</div>
              </td>
              <td style="width: 11.84%; vertical-align: top;">
                <div style="text-align: right; color: #4D4D4D; font-family: 'Calibri Light', sans-serif; font-size: 11pt;">137.8</div>
              </td>
              <td style="width: 11.97%; vertical-align: top;">
                <div style="text-align: right; color: #4D4D4D; font-family: 'Calibri Light', sans-serif; font-size: 11pt;">135.7</div>
              </td>
              <td style="width: 11.97%; vertical-align: top;">
                <div style="text-align: right; color: #4D4D4D; font-family: 'Calibri Light', sans-serif; font-size: 11pt;">130.4</div>
              </td>
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              <td style="width: 40.53%; vertical-align: top;">
                <div style="text-align: left; color: #4D4D4D; font-family: 'Calibri Light', sans-serif; font-size: 11pt;">Gross margin</div>
              </td>
              <td style="width: 11.84%; vertical-align: top;">
                <div style="text-align: right; color: #4D4D4D; font-family: 'Calibri Light', sans-serif; font-size: 11pt; font-weight: bold;">74%</div>
              </td>
              <td style="width: 11.84%; vertical-align: top;">
                <div style="text-align: right; color: #4D4D4D; font-family: 'Calibri Light', sans-serif; font-size: 11pt;">75%</div>
              </td>
              <td style="width: 11.84%; vertical-align: top;">
                <div style="text-align: right; color: #4D4D4D; font-family: 'Calibri Light', sans-serif; font-size: 11pt;">77%</div>
              </td>
              <td style="width: 11.97%; vertical-align: top;">
                <div style="text-align: right; color: #4D4D4D; font-family: 'Calibri Light', sans-serif; font-size: 11pt;">76%</div>
              </td>
              <td style="width: 11.97%; vertical-align: top;">
                <div style="text-align: right; color: #4D4D4D; font-family: 'Calibri Light', sans-serif; font-size: 11pt;">76%</div>
              </td>
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                <div style="text-align: left; color: #4D4D4D; font-family: 'Calibri Light', sans-serif; font-size: 11pt;">Cash provided by operating activities*</div>
              </td>
              <td style="width: 11.84%; vertical-align: top;">
                <div style="text-align: right; color: #4D4D4D; font-family: 'Calibri Light', sans-serif; font-size: 11pt; font-weight: bold;">60.1</div>
              </td>
              <td style="width: 11.84%; vertical-align: top;">
                <div style="text-align: right; color: #4D4D4D; font-family: 'Calibri Light', sans-serif; font-size: 11pt;">34.7</div>
              </td>
              <td style="width: 11.84%; vertical-align: top;">
                <div style="text-align: right; color: #4D4D4D; font-family: 'Calibri Light', sans-serif; font-size: 11pt;">63.7</div>
              </td>
              <td style="width: 11.97%; vertical-align: top;">
                <div style="text-align: right; color: #4D4D4D; font-family: 'Calibri Light', sans-serif; font-size: 11pt;">50.8</div>
              </td>
              <td style="width: 11.97%; vertical-align: top;">
                <div style="text-align: right; color: #4D4D4D; font-family: 'Calibri Light', sans-serif; font-size: 11pt;">56.1</div>
              </td>
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                <div style="text-align: left; color: #4D4D4D; font-family: 'Calibri Light', sans-serif; font-size: 11pt;">Income from operations</div>
              </td>
              <td style="width: 11.84%; vertical-align: top;">
                <div style="text-align: right; color: #4D4D4D; font-family: 'Calibri Light', sans-serif; font-size: 11pt; font-weight: bold;">45.8</div>
              </td>
              <td style="width: 11.84%; vertical-align: top;">
                <div style="text-align: right; color: #4D4D4D; font-family: 'Calibri Light', sans-serif; font-size: 11pt;">45.9</div>
              </td>
              <td style="width: 11.84%; vertical-align: top;">
                <div style="text-align: right; color: #4D4D4D; font-family: 'Calibri Light', sans-serif; font-size: 11pt;">42.4</div>
              </td>
              <td style="width: 11.97%; vertical-align: top;">
                <div style="text-align: right; color: #4D4D4D; font-family: 'Calibri Light', sans-serif; font-size: 11pt;">37.0</div>
              </td>
              <td style="width: 11.97%; vertical-align: top;">
                <div style="text-align: right; color: #4D4D4D; font-family: 'Calibri Light', sans-serif; font-size: 11pt;">32.4</div>
              </td>
            </tr>
            <tr>
              <td style="width: 40.53%; vertical-align: top;">
                <div style="text-align: left; color: #4D4D4D; font-family: 'Calibri Light', sans-serif; font-size: 11pt;">Net income</div>
              </td>
              <td style="width: 11.84%; vertical-align: top;">
                <div style="text-align: right; color: #4D4D4D; font-family: 'Calibri Light', sans-serif; font-size: 11pt; font-weight: bold;">36.6</div>
              </td>
              <td style="width: 11.84%; vertical-align: top;">
                <div style="text-align: right; color: #4D4D4D; font-family: 'Calibri Light', sans-serif; font-size: 11pt;">34.7</div>
              </td>
              <td style="width: 11.84%; vertical-align: top;">
                <div style="text-align: right; color: #4D4D4D; font-family: 'Calibri Light', sans-serif; font-size: 11pt;">34.7</div>
              </td>
              <td style="width: 11.97%; vertical-align: top;">
                <div style="text-align: right; color: #4D4D4D; font-family: 'Calibri Light', sans-serif; font-size: 11pt;">31.8</div>
              </td>
              <td style="width: 11.97%; vertical-align: top;">
                <div style="text-align: right; color: #4D4D4D; font-family: 'Calibri Light', sans-serif; font-size: 11pt;">26.6</div>
              </td>
            </tr>
            <tr>
              <td style="width: 40.53%; vertical-align: top;">
                <div style="text-align: left; color: #4D4D4D; font-family: 'Calibri Light', sans-serif; font-size: 11pt;">Net income as a % of revenues</div>
              </td>
              <td style="width: 11.84%; vertical-align: top;">
                <div style="text-align: right; color: #4D4D4D; font-family: 'Calibri Light', sans-serif; font-size: 11pt; font-weight: bold;">22%</div>
              </td>
              <td style="width: 11.84%; vertical-align: top;">
                <div style="text-align: right; color: #4D4D4D; font-family: 'Calibri Light', sans-serif; font-size: 11pt;">21%</div>
              </td>
              <td style="width: 11.84%; vertical-align: top;">
                <div style="text-align: right; color: #4D4D4D; font-family: 'Calibri Light', sans-serif; font-size: 11pt;">23%</div>
              </td>
              <td style="width: 11.97%; vertical-align: top;">
                <div style="text-align: right; color: #4D4D4D; font-family: 'Calibri Light', sans-serif; font-size: 11pt;">21%</div>
              </td>
              <td style="width: 11.97%; vertical-align: top;">
                <div style="text-align: right; color: #4D4D4D; font-family: 'Calibri Light', sans-serif; font-size: 11pt;">18%</div>
              </td>
            </tr>
            <tr>
              <td style="width: 40.53%; vertical-align: top;">
                <div style="text-align: left; color: #4D4D4D; font-family: 'Calibri Light', sans-serif; font-size: 11pt;">Earnings per diluted share</div>
              </td>
              <td style="width: 11.84%; vertical-align: top;">
                <div style="text-align: right; color: #4D4D4D; font-family: 'Calibri Light', sans-serif; font-size: 11pt; font-weight: bold;">0.42</div>
              </td>
              <td style="width: 11.84%; vertical-align: top;">
                <div style="text-align: right; color: #4D4D4D; font-family: 'Calibri Light', sans-serif; font-size: 11pt;">0.40</div>
              </td>
              <td style="width: 11.84%; vertical-align: top;">
                <div style="text-align: right; color: #4D4D4D; font-family: 'Calibri Light', sans-serif; font-size: 11pt;">0.40</div>
              </td>
              <td style="width: 11.97%; vertical-align: top;">
                <div style="text-align: right; color: #4D4D4D; font-family: 'Calibri Light', sans-serif; font-size: 11pt;">0.37</div>
              </td>
              <td style="width: 11.97%; vertical-align: top;">
                <div style="text-align: right; color: #4D4D4D; font-family: 'Calibri Light', sans-serif; font-size: 11pt;">0.31</div>
              </td>
            </tr>
            <tr>
              <td style="width: 40.53%; vertical-align: top;">
                <div style="text-align: left; color: #4D4D4D; font-family: 'Calibri Light', sans-serif; font-size: 11pt;">Adjusted EBITDA</div>
              </td>
              <td style="width: 11.84%; vertical-align: top;">
                <div style="text-align: right; color: #4D4D4D; font-family: 'Calibri Light', sans-serif; font-size: 11pt; font-weight: bold;">72.1</div>
              </td>
              <td style="width: 11.84%; vertical-align: top;">
                <div style="text-align: right; color: #4D4D4D; font-family: 'Calibri Light', sans-serif; font-size: 11pt;">70.6</div>
              </td>
              <td style="width: 11.84%; vertical-align: top;">
                <div style="text-align: right; color: #4D4D4D; font-family: 'Calibri Light', sans-serif; font-size: 11pt;">67.0</div>
              </td>
              <td style="width: 11.97%; vertical-align: top;">
                <div style="text-align: right; color: #4D4D4D; font-family: 'Calibri Light', sans-serif; font-size: 11pt;">65.7</div>
              </td>
              <td style="width: 11.97%; vertical-align: top;">
                <div style="text-align: right; color: #4D4D4D; font-family: 'Calibri Light', sans-serif; font-size: 11pt;">63.5</div>
              </td>
            </tr>
            <tr>
              <td style="width: 40.53%; vertical-align: top;">
                <div style="text-align: left; color: #4D4D4D; font-family: 'Calibri Light', sans-serif; font-size: 11pt;">Adjusted EBITDA as a % of revenues</div>
              </td>
              <td style="width: 11.84%; vertical-align: top;">
                <div style="text-align: right; color: #4D4D4D; font-family: 'Calibri Light', sans-serif; font-size: 11pt; font-weight: bold;">43%</div>
              </td>
              <td style="width: 11.84%; vertical-align: top;">
                <div style="text-align: right; color: #4D4D4D; font-family: 'Calibri Light', sans-serif; font-size: 11pt;">43%</div>
              </td>
              <td style="width: 11.84%; vertical-align: top;">
                <div style="text-align: right; color: #4D4D4D; font-family: 'Calibri Light', sans-serif; font-size: 11pt;">44%</div>
              </td>
              <td style="width: 11.97%; vertical-align: top;">
                <div style="text-align: right; color: #4D4D4D; font-family: 'Calibri Light', sans-serif; font-size: 11pt;">44%</div>
              </td>
              <td style="width: 11.97%; vertical-align: top;">
                <div style="text-align: right; color: #4D4D4D; font-family: 'Calibri Light', sans-serif; font-size: 11pt;">44%</div>
              </td>
            </tr>

        </table>
        <div style="text-align: left; margin-left: 36pt; color: #4D4D4D; font-family: 'Calibri Light', sans-serif; font-size: 11pt;">(*) Q2FY25 cash provided by operating activities was negatively impacted by the payment of $25.0 million in contingent
          acquisition consideration for previously completed deals, which was not accrued for at the time of acquisition</div>
        <div><br>
        </div>
        <div style="text-align: left; color: #4D4D4D; font-family: 'Calibri Light', sans-serif; font-size: 11pt; font-weight: bold;">Year-to-Date Financial Results</div>
        <div style="text-align: left; color: #4D4D4D; font-family: 'Calibri Light', sans-serif; font-size: 11pt;">As described in more detail below, key financial highlights for Descartes&#8217; nine-month period ended October 31, 2024 (<font style="font-family: 'Calibri Light', sans-serif; font-size: 11pt; font-weight: bold;">9MFY25</font>) included:</div>
        <table cellspacing="0" cellpadding="0" id="zfba9dc13d4e547e58c2d0108eb2504f9" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 18pt;"><br>
              </td>
              <td style="width: 18pt; vertical-align: top; color: #4D4D4D; font-family: 'Times New Roman', Times, serif; font-size: 11pt;">&#8226;</td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div style="color: #4D4D4D; font-family: 'Calibri Light', sans-serif; font-size: 11pt;">Revenues of $483.5 million, up 14% from $424.7 million in the same period a year ago (<font style="font-family: 'Calibri Light', sans-serif; font-size: 11pt; font-weight: bold;">9MFY24</font>);</div>
              </td>
            </tr>

        </table>
        <table cellspacing="0" cellpadding="0" id="za3847b155ed4444f9a723facf45a3a03" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

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              <td style="width: 18pt;"><br>
              </td>
              <td style="width: 18pt; vertical-align: top; color: #4D4D4D; font-family: 'Times New Roman', Times, serif; font-size: 11pt;">&#8226;</td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div style="color: #4D4D4D; font-family: 'Calibri Light', sans-serif; font-size: 11pt;">Revenues were comprised of services revenues of $433.7 million (90% of total revenues), professional services and other revenues of $44.4 million (9% of
                  total revenues) and license revenues of $5.4 million (1% of total revenues). Services revenues were up 13% from $385.3 million in 9MFY24;</div>
              </td>
            </tr>

        </table>
        <div style="text-align: left; color: #4D4D4D; font-family: 'Calibri Light', sans-serif; font-size: 11pt;">Cash provided by operating activities of $158.5 million, up 1% from $156.9 million in 9MFY24.&#160; Cash provided by operating activities was
          negatively impacted in 9MFY25 by the payment of $25.0 million in contingent acquisition consideration for previously completed deals, which was not accrued for at the time of acquisition;</div>
        <table cellspacing="0" cellpadding="0" id="zd03964bad44c45589a0ca716b980d5f2" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 18pt;"><br>
              </td>
              <td style="width: 18pt; vertical-align: top; color: #4D4D4D; font-family: 'Times New Roman', Times, serif; font-size: 11pt;">&#8226;</td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div style="color: #4D4D4D; font-family: 'Calibri Light', sans-serif; font-size: 11pt;">Income from operations of $134.0 million, up 27% from $105.8 million in 9MFY24;</div>
              </td>
            </tr>

        </table>
        <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
          <div style="width: 100%;" class="BRPFPageFooter">
            <div>
              <div style="text-align: left; color: #4D4D4D; font-family: 'Calibri Light', sans-serif; font-size: 11pt;"><br>
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              <div style="text-align: left; color: #4D4D4D; font-family: 'Calibri Light', sans-serif; font-size: 11pt;">
                <hr noshade="noshade" align="center" style="height: 2px; width: 100%; color: #00B0F0; background-color: #00B0F0; text-align: center; margin-left: auto; margin-right: auto; border: none;">
                <div style="text-align: left; font-family: 'Calibri Light', sans-serif; font-size: 11pt;"><font style="font-family: 'Calibri Light', sans-serif; font-size: 6.5pt; color: #4D4D4D;">The Descartes Systems Group Inc. </font><font style="font-family: 'Calibri Light', sans-serif; font-size: 6.5pt; color: #555555;">| </font><font style="font-family: 'Calibri Light', sans-serif; font-size: 6.5pt;">info@descartes.com</font><font style="font-family: 'Calibri Light', sans-serif; font-size: 6.5pt; color: #555555;"> | </font><font style="font-family: 'Calibri Light', sans-serif; font-size: 6.5pt;">www.descartes.com</font><font style="font-family: 'Calibri Light', sans-serif; font-size: 6.5pt; color: #555555;"> | &#169; All rights reserved</font><font class="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 6pt;">&#160;&#160;</font></div>
                <div style="text-align: right; font-family: 'Calibri Light',sans-serif; font-size: 11pt;"><br>
                  <font class="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 6pt;"> </font></div>
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          </div>
          <div style="text-align: right;" class="BRPFPageNumberArea"><font style="font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: normal; font-style: normal;">2</font></div>
          <div class="BRPFPageBreak" style="page-break-after: always;">
            <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
          <div style="width: 100%;" class="BRPFPageHeader"><br>
            <table cellspacing="0" cellpadding="0" border="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; color: #000000; width: 100%;">

                <tr>
                  <td style="width: 100%; background-color: rgb(20, 64, 105);">
                    <div style="text-align: right;"> <br>
                    </div>
                    <div style="text-align: right;"> <br>
                    </div>
                    <div style="text-align: right;"> <img src="bluelogo.jpg"> </div>
                    <div style="text-align: right;"><br>
                    </div>
                  </td>
                </tr>

            </table>

          </div>
        </div>
        <div><br>
        </div>
        <table cellspacing="0" cellpadding="0" id="z633e62ca71ac4e3382ec05c15d13a209" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 2pt;">

            <tr>
              <td style="width: 17.85pt;"><br>
              </td>
              <td style="width: 17.85pt; vertical-align: top; color: #4D4D4D; font-family: 'Times New Roman', Times, serif; font-size: 11pt;">&#8226;</td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div style="color: #4D4D4D; font-family: 'Calibri Light', sans-serif; font-size: 11pt;">Net income of $105.9 million, up 26% from $84.1 million in 9MFY24. Net income as a percentage of revenues was 22%, compared to 20% in 9MFY24;</div>
              </td>
            </tr>

        </table>
        <table cellspacing="0" cellpadding="0" id="z1a19ac57fff24eabad49be28a59c3c2b" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 2pt;">

            <tr>
              <td style="width: 17.85pt;"><br>
              </td>
              <td style="width: 17.85pt; vertical-align: top; color: #4D4D4D; font-family: 'Times New Roman', Times, serif; font-size: 11pt;">&#8226;</td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div style="color: #4D4D4D; font-family: 'Calibri Light', sans-serif; font-size: 11pt;">Earnings per share on a diluted basis of $1.21, up 25% from $0.97 in 9MFY24; and</div>
              </td>
            </tr>

        </table>
        <table cellspacing="0" cellpadding="0" id="z37362cac9b55494e931ad5dacd1d977e" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 18pt;"><br>
              </td>
              <td style="width: 18pt; vertical-align: top; color: #4D4D4D; font-family: 'Times New Roman', Times, serif; font-size: 11pt;">&#8226;</td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div style="color: #4D4D4D; font-family: 'Calibri Light', sans-serif; font-size: 11pt;">Adjusted EBITDA of $209.7 million, up 15% from $181.7 million in 9MFY24. Adjusted EBITDA as a percentage of revenues was 43%, consistent with 9MFY24.</div>
              </td>
            </tr>

        </table>
        <div><br>
        </div>
        <div style="text-align: left; color: #4D4D4D; font-family: 'Calibri Light', sans-serif; font-size: 11pt;">The following table summarizes Descartes&#8217; results in the categories specified below over 9MFY25 and 9MFY24 (unaudited, dollar amounts in
          millions):</div>
        <div><br>
        </div>
        <table cellspacing="0" cellpadding="2" border="0" align="center" id="z71cd22b553ad4f65884c6bc3837650eb" style="border-collapse: collapse; width: 60%; color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">

            <tr>
              <td style="width: 63.81%; vertical-align: top;">&#160;</td>
              <td style="width: 18.62%; vertical-align: top; border-top: #000000 0.50pt solid; border-bottom: #000000 0.50pt solid;">
                <div style="text-align: right; color: #4D4D4D; font-family: 'Calibri Light', sans-serif; font-size: 11pt; font-weight: bold;">9MFY25</div>
              </td>
              <td style="width: 17.57%; vertical-align: top; border-top: #000000 0.50pt solid; border-bottom: #000000 0.50pt solid;">
                <div style="text-align: right; color: #4D4D4D; font-family: 'Calibri Light', sans-serif; font-size: 11pt;">9MFY24</div>
              </td>
            </tr>
            <tr>
              <td style="width: 63.81%; vertical-align: top;">
                <div style="text-align: left; color: #4D4D4D; font-family: 'Calibri Light', sans-serif; font-size: 11pt;">Revenues</div>
              </td>
              <td style="width: 18.62%; vertical-align: top; border-top: #000000 0.50pt solid;">
                <div style="text-align: right; color: #4D4D4D; font-family: 'Calibri Light', sans-serif; font-size: 11pt; font-weight: bold;">483.5</div>
              </td>
              <td style="width: 17.57%; vertical-align: top; border-top: #000000 0.50pt solid;">
                <div style="text-align: right; color: #4D4D4D; font-family: 'Calibri Light', sans-serif; font-size: 11pt;">424.7</div>
              </td>
            </tr>
            <tr>
              <td style="width: 63.81%; vertical-align: top;">
                <div style="text-align: left; color: #4D4D4D; font-family: 'Calibri Light', sans-serif; font-size: 11pt;">Services revenues</div>
              </td>
              <td style="width: 18.62%; vertical-align: top;">
                <div style="text-align: right; color: #4D4D4D; font-family: 'Calibri Light', sans-serif; font-size: 11pt; font-weight: bold;">433.7</div>
              </td>
              <td style="width: 17.57%; vertical-align: top;">
                <div style="text-align: right; color: #4D4D4D; font-family: 'Calibri Light', sans-serif; font-size: 11pt;">385.3</div>
              </td>
            </tr>
            <tr>
              <td style="width: 63.81%; vertical-align: top;">
                <div style="text-align: left; color: #4D4D4D; font-family: 'Calibri Light', sans-serif; font-size: 11pt;">Gross margin</div>
              </td>
              <td style="width: 18.62%; vertical-align: top;">
                <div style="text-align: right; color: #4D4D4D; font-family: 'Calibri Light', sans-serif; font-size: 11pt; font-weight: bold;">75%</div>
              </td>
              <td style="width: 17.57%; vertical-align: top;">
                <div style="text-align: right; color: #4D4D4D; font-family: 'Calibri Light', sans-serif; font-size: 11pt;">76%</div>
              </td>
            </tr>
            <tr>
              <td style="width: 63.81%; vertical-align: top;">
                <div style="text-align: left; color: #4D4D4D; font-family: 'Calibri Light', sans-serif; font-size: 11pt;">Cash provided by operating activities *</div>
              </td>
              <td style="width: 18.62%; vertical-align: top;">
                <div style="text-align: right; color: #4D4D4D; font-family: 'Calibri Light', sans-serif; font-size: 11pt; font-weight: bold;">158.5</div>
              </td>
              <td style="width: 17.57%; vertical-align: top;">
                <div style="text-align: right; color: #4D4D4D; font-family: 'Calibri Light', sans-serif; font-size: 11pt;">156.9</div>
              </td>
            </tr>
            <tr>
              <td style="width: 63.81%; vertical-align: top;">
                <div style="text-align: left; color: #4D4D4D; font-family: 'Calibri Light', sans-serif; font-size: 11pt;">Income from operations</div>
              </td>
              <td style="width: 18.62%; vertical-align: top;">
                <div style="text-align: right; color: #4D4D4D; font-family: 'Calibri Light', sans-serif; font-size: 11pt; font-weight: bold;">134.0</div>
              </td>
              <td style="width: 17.57%; vertical-align: top;">
                <div style="text-align: right; color: #4D4D4D; font-family: 'Calibri Light', sans-serif; font-size: 11pt;">105.8</div>
              </td>
            </tr>
            <tr>
              <td style="width: 63.81%; vertical-align: top;">
                <div style="text-align: left; color: #4D4D4D; font-family: 'Calibri Light', sans-serif; font-size: 11pt;">Net income</div>
              </td>
              <td style="width: 18.62%; vertical-align: top;">
                <div style="text-align: right; color: #4D4D4D; font-family: 'Calibri Light', sans-serif; font-size: 11pt; font-weight: bold;">105.9</div>
              </td>
              <td style="width: 17.57%; vertical-align: top;">
                <div style="text-align: right; color: #4D4D4D; font-family: 'Calibri Light', sans-serif; font-size: 11pt;">84.1</div>
              </td>
            </tr>
            <tr>
              <td style="width: 63.81%; vertical-align: top;">
                <div style="text-align: left; color: #4D4D4D; font-family: 'Calibri Light', sans-serif; font-size: 11pt;">Net income as a % of revenues</div>
              </td>
              <td style="width: 18.62%; vertical-align: top;">
                <div style="text-align: right; color: #4D4D4D; font-family: 'Calibri Light', sans-serif; font-size: 11pt; font-weight: bold;">22%</div>
              </td>
              <td style="width: 17.57%; vertical-align: top;">
                <div style="text-align: right; color: #4D4D4D; font-family: 'Calibri Light', sans-serif; font-size: 11pt;">20%</div>
              </td>
            </tr>
            <tr>
              <td style="width: 63.81%; vertical-align: top;">
                <div style="text-align: left; color: #4D4D4D; font-family: 'Calibri Light', sans-serif; font-size: 11pt;">Earnings per diluted share</div>
              </td>
              <td style="width: 18.62%; vertical-align: top;">
                <div style="text-align: right; color: #4D4D4D; font-family: 'Calibri Light', sans-serif; font-size: 11pt; font-weight: bold;">1.21</div>
              </td>
              <td style="width: 17.57%; vertical-align: top;">
                <div style="text-align: right; color: #4D4D4D; font-family: 'Calibri Light', sans-serif; font-size: 11pt;">0.97</div>
              </td>
            </tr>
            <tr>
              <td style="width: 63.81%; vertical-align: top;">
                <div style="text-align: left; color: #4D4D4D; font-family: 'Calibri Light', sans-serif; font-size: 11pt;">Adjusted EBITDA</div>
              </td>
              <td style="width: 18.62%; vertical-align: top;">
                <div style="text-align: right; color: #4D4D4D; font-family: 'Calibri Light', sans-serif; font-size: 11pt; font-weight: bold;">209.7</div>
              </td>
              <td style="width: 17.57%; vertical-align: top;">
                <div style="text-align: right; color: #4D4D4D; font-family: 'Calibri Light', sans-serif; font-size: 11pt;">181.7</div>
              </td>
            </tr>
            <tr>
              <td style="width: 63.81%; vertical-align: top;">
                <div style="text-align: left; color: #4D4D4D; font-family: 'Calibri Light', sans-serif; font-size: 11pt;">Adjusted EBITDA as a % of revenues</div>
              </td>
              <td style="width: 18.62%; vertical-align: top;">
                <div style="text-align: right; color: #4D4D4D; font-family: 'Calibri Light', sans-serif; font-size: 11pt; font-weight: bold;">43%</div>
              </td>
              <td style="width: 17.57%; vertical-align: top;">
                <div style="text-align: right; color: #4D4D4D; font-family: 'Calibri Light', sans-serif; font-size: 11pt;">43%</div>
              </td>
            </tr>

        </table>
        <div style="text-align: left; color: #4D4D4D; font-family: 'Calibri Light', sans-serif; font-size: 11pt;">(*) 9MFY25 cash provided by operating activities was negatively impacted by the payment of $25.0 million in contingent acquisition
          consideration for previously completed deals, which was not accrued for at the time of acquisition</div>
        <div><br>
        </div>
        <div style="text-align: left; color: #4D4D4D; font-family: 'Calibri Light', sans-serif; font-size: 11pt; font-weight: bold;">Cash Position</div>
        <div style="text-align: left; color: #4D4D4D; font-family: 'Calibri Light', sans-serif; font-size: 11pt;">At October 31, 2024, Descartes had $181.3 million in cash. Cash decreased by $71.4 million in Q3FY25 and $139.7 million in 9MFY25. The table
          set forth below provides a summary of cash flows for Q3FY25 and 9MFY25 in millions of dollars:</div>
        <div><br>
        </div>
        <table cellspacing="0" cellpadding="2" border="0" id="z99233e4d9821445fbe6c99b6cbf4176b" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;">

            <tr>
              <td style="width: 67.48%; vertical-align: top;">&#160;</td>
              <td style="width: 16.26%; vertical-align: top; border-top: #000000 0.50pt solid; border-bottom: #000000 0.50pt solid;">
                <div style="text-align: right; color: #4D4D4D; font-family: 'Calibri Light', sans-serif; font-size: 11pt; font-weight: bold;">&#160;&#160;&#160;&#160;&#160;&#160;Q3FY25</div>
              </td>
              <td style="width: 16.26%; vertical-align: top; border-top: #000000 0.50pt solid; border-bottom: #000000 0.50pt solid;">
                <div style="text-align: right; color: #4D4D4D; font-family: 'Calibri Light', sans-serif; font-size: 11pt; font-weight: bold;">9MFY25</div>
              </td>
            </tr>
            <tr>
              <td style="width: 67.48%; vertical-align: top;">
                <div style="text-align: left; text-indent: -7.5pt; margin-left: 7.5pt; color: #4D4D4D; font-family: 'Calibri Light', sans-serif; font-size: 11pt;">Cash provided by operating activities</div>
              </td>
              <td style="width: 16.26%; vertical-align: bottom; border-top: #000000 0.50pt solid;">
                <div style="text-align: right; color: #4D4D4D; font-family: 'Calibri Light', sans-serif; font-size: 11pt; font-weight: bold;">60.1</div>
              </td>
              <td style="width: 16.26%; vertical-align: bottom; border-top: #000000 0.50pt solid;">
                <div style="text-align: right; color: #4D4D4D; font-family: 'Calibri Light', sans-serif; font-size: 11pt; font-weight: bold;">158.5</div>
              </td>
            </tr>
            <tr>
              <td style="width: 67.48%; vertical-align: top;">
                <div style="text-align: left; text-indent: -7.5pt; margin-left: 7.5pt; color: #4D4D4D; font-family: 'Calibri Light', sans-serif; font-size: 11pt;">Additions to property and equipment</div>
              </td>
              <td style="width: 16.26%; vertical-align: bottom;">
                <div style="text-align: right; color: #4D4D4D; font-family: 'Calibri Light', sans-serif; font-size: 11pt; font-weight: bold;">(1.3)</div>
              </td>
              <td style="width: 16.26%; vertical-align: bottom;">
                <div style="text-align: right; color: #4D4D4D; font-family: 'Calibri Light', sans-serif; font-size: 11pt; font-weight: bold;">(4.7)</div>
              </td>
            </tr>
            <tr>
              <td style="width: 67.48%; vertical-align: top;">
                <div style="text-align: left; text-indent: -7.5pt; margin-left: 7.5pt; color: #4D4D4D; font-family: 'Calibri Light', sans-serif; font-size: 11pt;">Acquisitions of subsidiaries, net of cash acquired</div>
              </td>
              <td style="width: 16.26%; vertical-align: bottom;">
                <div style="text-align: right; color: #4D4D4D; font-family: 'Calibri Light', sans-serif; font-size: 11pt; font-weight: bold;">(132.8)</div>
              </td>
              <td style="width: 16.26%; vertical-align: bottom;">
                <div style="text-align: right; color: #4D4D4D; font-family: 'Calibri Light', sans-serif; font-size: 11pt; font-weight: bold;">(286.5)</div>
              </td>
            </tr>
            <tr>
              <td style="width: 67.48%; vertical-align: top;">
                <div style="text-align: left; text-indent: -7.5pt; margin-left: 7.5pt; color: #4D4D4D; font-family: 'Calibri Light', sans-serif; font-size: 11pt;">Issuances of common shares, net of issuance costs</div>
              </td>
              <td style="width: 16.26%; vertical-align: bottom;">
                <div style="text-align: right; color: #4D4D4D; font-family: 'Calibri Light', sans-serif; font-size: 11pt; font-weight: bold;">2.4</div>
              </td>
              <td style="width: 16.26%; vertical-align: bottom;">
                <div style="text-align: right; color: #4D4D4D; font-family: 'Calibri Light', sans-serif; font-size: 11pt; font-weight: bold;">9.9</div>
              </td>
            </tr>
            <tr>
              <td style="width: 67.48%; vertical-align: top;">
                <div style="text-align: left; text-indent: -7.5pt; margin-left: 7.5pt; color: #4D4D4D; font-family: 'Calibri Light', sans-serif; font-size: 11pt;">Payment of withholding taxes on net share settlements</div>
              </td>
              <td style="width: 16.26%; vertical-align: bottom;">
                <div style="text-align: right; color: #4D4D4D; font-family: 'Calibri Light', sans-serif; font-size: 11pt; font-weight: bold;">-</div>
              </td>
              <td style="width: 16.26%; vertical-align: bottom;">
                <div style="text-align: right; color: #4D4D4D; font-family: 'Calibri Light', sans-serif; font-size: 11pt; font-weight: bold;">(6.7)</div>
              </td>
            </tr>
            <tr>
              <td style="width: 67.48%; vertical-align: top;">
                <div style="text-align: left; text-indent: -7.5pt; margin-left: 7.5pt; color: #4D4D4D; font-family: 'Calibri Light', sans-serif; font-size: 11pt;">Payment of contingent consideration</div>
              </td>
              <td style="width: 16.26%; vertical-align: bottom;">
                <div style="text-align: right; color: #4D4D4D; font-family: 'Calibri Light', sans-serif; font-size: 11pt; font-weight: bold;">-</div>
              </td>
              <td style="width: 16.26%; vertical-align: bottom;">
                <div style="text-align: right; color: #4D4D4D; font-family: 'Calibri Light', sans-serif; font-size: 11pt; font-weight: bold;">(9.2)</div>
              </td>
            </tr>
            <tr>
              <td style="width: 67.48%; vertical-align: top;">
                <div style="text-align: left; text-indent: -7.5pt; margin-left: 7.5pt; color: #4D4D4D; font-family: 'Calibri Light', sans-serif; font-size: 11pt;">Effect of foreign exchange rate on cash</div>
              </td>
              <td style="width: 16.26%; vertical-align: bottom; border-bottom: #000000 0.50pt solid;">
                <div style="text-align: right; color: #4D4D4D; font-family: 'Calibri Light', sans-serif; font-size: 11pt; font-weight: bold;">0.2</div>
              </td>
              <td style="width: 16.26%; vertical-align: bottom; border-bottom: #000000 0.50pt solid;">
                <div style="text-align: right; color: #4D4D4D; font-family: 'Calibri Light', sans-serif; font-size: 11pt; font-weight: bold;">(1.0)</div>
              </td>
            </tr>
            <tr>
              <td style="width: 67.48%; vertical-align: top;">
                <div style="text-align: left; text-indent: -7.5pt; margin-left: 7.5pt; color: #4D4D4D; font-family: 'Calibri Light', sans-serif; font-size: 11pt;">Net change in cash</div>
              </td>
              <td style="width: 16.26%; vertical-align: bottom; border-top: #000000 0.50pt solid;">
                <div style="text-align: right; color: #4D4D4D; font-family: 'Calibri Light', sans-serif; font-size: 11pt; font-weight: bold;">(71.4)</div>
              </td>
              <td style="width: 16.26%; vertical-align: bottom; border-top: #000000 0.50pt solid;">
                <div style="text-align: right; color: #4D4D4D; font-family: 'Calibri Light', sans-serif; font-size: 11pt; font-weight: bold;">(139.7)</div>
              </td>
            </tr>
            <tr>
              <td style="width: 67.48%; vertical-align: top;">
                <div style="text-align: left; text-indent: -7.5pt; margin-left: 7.5pt; color: #4D4D4D; font-family: 'Calibri Light', sans-serif; font-size: 11pt;">Cash, beginning of period</div>
              </td>
              <td style="width: 16.26%; vertical-align: bottom; border-bottom: #000000 0.50pt solid;">
                <div style="text-align: right; color: #4D4D4D; font-family: 'Calibri Light', sans-serif; font-size: 11pt; font-weight: bold;">252.7</div>
              </td>
              <td style="width: 16.26%; vertical-align: bottom; border-bottom: #000000 0.50pt solid;">
                <div style="text-align: right; color: #4D4D4D; font-family: 'Calibri Light', sans-serif; font-size: 11pt; font-weight: bold;">321.0</div>
              </td>
            </tr>
            <tr>
              <td style="width: 67.48%; vertical-align: top;">
                <div style="text-align: left; text-indent: -7.5pt; margin-left: 7.5pt; color: #4D4D4D; font-family: 'Calibri Light', sans-serif; font-size: 11pt;">Cash, end of period</div>
              </td>
              <td style="width: 16.26%; vertical-align: bottom; border-top: #000000 0.50pt solid; border-bottom: #000000 1.50pt solid;">
                <div style="text-align: right; color: #4D4D4D; font-family: 'Calibri Light', sans-serif; font-size: 11pt; font-weight: bold;">181.3</div>
              </td>
              <td style="width: 16.26%; vertical-align: bottom; border-top: #000000 0.50pt solid; border-bottom: #000000 1.50pt solid;">
                <div style="text-align: right; color: #4D4D4D; font-family: 'Calibri Light', sans-serif; font-size: 11pt; font-weight: bold;">181.3</div>
              </td>
            </tr>

        </table>
        <div><br>
        </div>
        <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
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                <hr noshade="noshade" align="center" style="height: 2px; width: 100%; color: #00B0F0; background-color: #00B0F0; text-align: center; margin-left: auto; margin-right: auto; border: none;">
                <div style="text-align: left; font-family: 'Calibri Light', sans-serif; font-size: 11pt;"><font style="font-family: 'Calibri Light', sans-serif; font-size: 6.5pt; color: #4D4D4D;">The Descartes Systems Group Inc. </font><font style="font-family: 'Calibri Light', sans-serif; font-size: 6.5pt; color: #555555;">| </font><font style="font-family: 'Calibri Light', sans-serif; font-size: 6.5pt;">info@descartes.com</font><font style="font-family: 'Calibri Light', sans-serif; font-size: 6.5pt; color: #555555;"> | </font><font style="font-family: 'Calibri Light', sans-serif; font-size: 6.5pt;">www.descartes.com</font><font style="font-family: 'Calibri Light', sans-serif; font-size: 6.5pt; color: #555555;"> | &#169; All rights reserved</font><font class="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 6pt;">&#160;&#160;</font></div>
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                  <font class="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 6pt;"> </font></div>
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          <div style="text-align: right;" class="BRPFPageNumberArea"><font style="font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: normal; font-style: normal;">3</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: right;"> <br>
                    </div>
                    <div style="text-align: right;"> <br>
                    </div>
                    <div style="text-align: right;"> <img src="bluelogo.jpg"> </div>
                    <div style="text-align: right;"><br>
                    </div>
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          </div>
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        <div><br>
        </div>
        <div style="text-align: left; color: #4D4D4D; font-family: 'Calibri Light', sans-serif; font-size: 11pt; font-weight: bold;">Acquisition of MyCarrierPortal</div>
        <div style="text-align: left; color: #4D4D4D; font-family: 'Calibri Light', sans-serif; font-size: 11pt;">On September 17, 2024, Descartes acquired all of the shares of Assure Assist, Inc., doing business as MyCarrierPortal (&#8220;MCP&#8221;), a leading
          provider of carrier onboarding and risk monitoring solutions for the trucking industry. The purchase price for the acquisition was approximately $22.5 million, net of cash acquired, which was funded from cash on hand, plus potential
          performance-based consideration of up to $6.0 million based on MCP achieving revenue-based targets over the first two years post-acquisition.</div>
        <div><br>
        </div>
        <div style="text-align: left; color: #4D4D4D; font-family: 'Calibri Light', sans-serif; font-size: 11pt; font-weight: bold;">Acquisition of Sellercloud</div>
        <div style="text-align: left; color: #4D4D4D; font-family: 'Calibri Light', sans-serif; font-size: 11pt;">On October 11, 2024, Descartes acquired all of the shares of Sellercloud LLC and certain assets of Sellercloud Europe Ltd. (collectively
          referred to as &#8220;Sellercloud&#8221;), a leading provider of omnichannel ecommerce solutions. The purchase price for the acquisition was approximately $110.2 million, net of cash acquired, which was funded from cash on hand, plus potential
          performance-based consideration of up to $20.0 million based on Sellercloud achieving revenue-based targets over the first two years post-acquisition.</div>
        <div><br>
        </div>
        <div style="text-align: left; color: #4D4D4D; font-family: 'Calibri Light', sans-serif; font-size: 11pt; font-weight: bold;">Conference Call</div>
        <div style="text-align: left; color: #4D4D4D; font-family: 'Calibri Light', sans-serif; font-size: 11pt;">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
          Tuesday, December 3, 2024. Designated numbers are +1 289 514 5100 and +1 800 717 1738 for Toll-Free in North America, using conference ID 07584.</div>
        <div><br>
        </div>
        <div>
          <div style="text-align: left; font-family: 'Calibri Light', sans-serif; font-size: 11pt;"><font style="font-family: 'Calibri Light', sans-serif; font-size: 11pt; color: #4D4D4D;">The company will simultaneously conduct an audio webcast on the
              Descartes website at </font><font style="font-family: 'Calibri Light', sans-serif; font-size: 11pt; color: #134169;"><u>www.descartes.com/descartes/investor-relations.</u></font><font style="font-family: 'Calibri Light', sans-serif; font-size: 11pt; color: #0066FF;">&#160;</font><font style="font-family: 'Calibri Light', sans-serif; font-size: 11pt; color: #4D4D4D;">Phone conference dial-in or webcast login is required approximately 10 minutes beforehand.</font></div>
        </div>
        <div><br>
        </div>
        <div style="text-align: left; font-family: 'Calibri Light', sans-serif; font-size: 11pt;"><font style="font-family: 'Calibri Light', sans-serif; font-size: 11pt; color: #4D4D4D;">Replays of the conference call will be available until December 10,
            2024, by dialing +1 289 819 1325 or Toll-Free for North America using +1 888 660 6264 with Playback Passcode: 07584#. An archived replay of the webcast will be available at</font><font style="font-family: 'Calibri Light', sans-serif; font-size: 11pt; color: #555555;">&#160;</font><font style="font-family: 'Calibri Light', sans-serif; font-size: 11pt; color: #134169;"><u>www.descartes.com/descartes/investor-relations.</u></font></div>
        <div style="text-align: left; margin-top: 12pt; margin-bottom: 3pt; color: #134169; font-family: 'Calibri Light', sans-serif; font-size: 12pt; font-weight: bold;">About Descartes</div>
        <div style="text-align: left; font-family: 'Calibri Light', sans-serif; font-size: 11pt;"><font style="font-family: 'Calibri Light', sans-serif; font-size: 11pt; color: #4D4D4D;">Descartes (Nasdaq:DSGX) (TSX:DSG) is the global leader in providing
            on-demand, software-as-a-service solutions focused on improving the productivity, security and sustainability of logistics-intensive businesses. Customers use our modular, software-as-a-service 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 global trade data; file customs and security documents for imports and exports; and complete
            numerous other logistics processes by participating in the world&#8217;s largest, collaborative multimodal logistics community. Our headquarters are in Waterloo, Ontario, Canada and we have offices and partners around the world. Learn more at&#160;</font><font style="font-family: 'Calibri Light', sans-serif; font-size: 11pt; color: #134169;"><u>www.descartes.com</u></font><font style="font-family: 'Calibri Light', sans-serif; font-size: 11pt; color: #4D4D4D;">, and connect with us on&#160;</font><font style="font-family: 'Calibri Light', sans-serif; font-size: 11pt; color: #134169;"><u>LinkedIn</u></font><font style="font-family: 'Calibri Light', sans-serif; font-size: 11pt; color: #4D4D4D;">&#160;and&#160;</font><font style="font-family: 'Calibri Light', sans-serif; font-size: 11pt; color: #134169;"><u>X (Twitter</u><u>)</u></font><font style="font-family: 'Calibri Light', sans-serif; font-size: 11pt; color: #4D4D4D;">.</font></div>
        <div><br>
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                <hr noshade="noshade" align="center" style="height: 2px; width: 100%; color: #00B0F0; background-color: #00B0F0; text-align: center; margin-left: auto; margin-right: auto; border: none;">
                <div style="text-align: left; font-family: 'Calibri Light', sans-serif; font-size: 11pt;"><font style="font-family: 'Calibri Light', sans-serif; font-size: 6.5pt; color: #4D4D4D;">The Descartes Systems Group Inc. </font><font style="font-family: 'Calibri Light', sans-serif; font-size: 6.5pt; color: #555555;">| </font><font style="font-family: 'Calibri Light', sans-serif; font-size: 6.5pt;">info@descartes.com</font><font style="font-family: 'Calibri Light', sans-serif; font-size: 6.5pt; color: #555555;"> | </font><font style="font-family: 'Calibri Light', sans-serif; font-size: 6.5pt;">www.descartes.com</font><font style="font-family: 'Calibri Light', sans-serif; font-size: 6.5pt; color: #555555;"> | &#169; All rights reserved</font><font class="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 6pt;">&#160;&#160;</font></div>
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          <div style="text-align: right;" class="BRPFPageNumberArea"><font style="font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: normal; font-style: normal;">4</font></div>
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                    <div style="text-align: right;"> <img src="bluelogo.jpg"> </div>
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        <div style="text-align: left; color: #4D4D4D; font-family: 'Calibri Light', sans-serif; font-size: 11pt; font-weight: bold;">Descartes Investor Contact</div>
        <div style="text-align: left; color: #4D4D4D; font-family: 'Calibri Light', sans-serif; font-size: 11pt;">Laurie McCauley</div>
        <div style="text-align: left; color: #4D4D4D; font-family: 'Calibri Light', sans-serif; font-size: 11pt;">(519) 746-2969</div>
        <div style="text-align: left; color: #134169; font-family: Calibri, sans-serif; font-size: 10.5pt;"><u>investor@descartes.com</u></div>
        <div style="text-align: left; margin-top: 12pt; margin-bottom: 3pt; color: #134169; font-family: 'Calibri Light', sans-serif; font-size: 12pt; font-weight: bold;">Cautionary Statement Regarding Forward-Looking Statements</div>
        <div style="text-align: left; color: #4D4D4D; font-family: 'Calibri Light', sans-serif; font-size: 11pt;">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 potential impact of geopolitical events, such
          as the ongoing conflict between Russia and Ukraine (the &#8220;Russia-Ukraine Conflict&#8221;), and between Israel and Hamas (&#8220;Israel-Hamas Conflict&#8221;), or other potentially catastrophic events, 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 Russia-Ukraine Conflict and
          Israel-Hamas Conflict not having a material negative impact on shipment volumes or on the demand for the products and services of Descartes by its customers and the ability of those customers to continue to pay for those products and services;
          countries continuing to implement and enforce existing and additional customs and security regulations relating to the provision of electronic information for imports and exports; countries continuing to implement and enforce existing and
          additional trade restrictions and sanctioned party lists with respect to doing business with certain countries, organizations, entities and individuals; Descartes' continued operation of a secure and reliable business network; the stability of
          general economic and market conditions, currency exchange rates, and interest rates; equity and debt markets continuing to provide Descartes with access to capital; Descartes' continued ability to identify and source attractive and executable
          business combination opportunities; Descartes' ability to develop solutions that keep pace with the continuing changes in technology, and our continued compliance with third party intellectual property rights. These assumptions may prove to be
          inaccurate. Such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievements of Descartes, or developments in Descartes' business or industry, to
          differ materially from the anticipated results, performance or achievements or developments expressed or implied by such forward-looking statements. Such factors include, but are not limited to, Descartes' ability to successfully identify and
          execute on acquisitions and to integrate acquired businesses and assets, and to predict expenses associated with and revenues from acquisitions; the impact of network failures, information security breaches or other cyber-security threats;
          disruptions in the movement of freight and a decline in shipment volumes including as a result of contagious illness outbreaks; a deterioration of general economic conditions or instability in the financial markets accompanied by a decrease in
          spending by our customers; the ability to attract and retain key personnel and the ability to manage the departure of key personnel and the transition of our executive management team; changes in trade or transportation regulations</div>
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                <div style="text-align: left; font-family: 'Calibri Light', sans-serif; font-size: 11pt;"><font style="font-family: 'Calibri Light', sans-serif; font-size: 6.5pt; color: #4D4D4D;">The Descartes Systems Group Inc. </font><font style="font-family: 'Calibri Light', sans-serif; font-size: 6.5pt; color: #555555;">| </font><font style="font-family: 'Calibri Light', sans-serif; font-size: 6.5pt;">info@descartes.com</font><font style="font-family: 'Calibri Light', sans-serif; font-size: 6.5pt; color: #555555;"> | </font><font style="font-family: 'Calibri Light', sans-serif; font-size: 6.5pt;">www.descartes.com</font><font style="font-family: 'Calibri Light', sans-serif; font-size: 6.5pt; color: #555555;"> | &#169; All rights reserved</font><font class="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 6pt;">&#160;&#160;</font></div>
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                  <font class="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 6pt;"> </font></div>
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          <div style="text-align: right;" class="BRPFPageNumberArea"><font style="font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: normal; font-style: normal;">5</font></div>
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                <tr>
                  <td style="width: 100%; background-color: rgb(20, 64, 105);">
                    <div style="text-align: right;"> <br>
                    </div>
                    <div style="text-align: right;"> <br>
                    </div>
                    <div style="text-align: right;"> <img src="bluelogo.jpg"> </div>
                    <div style="text-align: right;"><br>
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        <div style="text-align: left; color: #4D4D4D; font-family: 'Calibri Light', sans-serif; font-size: 11pt;">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 style="text-align: left; margin-top: 12pt; margin-bottom: 3pt; color: #134169; font-family: 'Calibri Light', sans-serif; font-size: 12pt; font-weight: bold;">Reconciliation of Non-GAAP Financial Measures - Adjusted EBITDA and Adjusted EBITDA
          as a percentage of revenues</div>
        <div style="text-align: left; color: #4D4D4D; font-family: 'Calibri Light', sans-serif; font-size: 11pt;">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: left; color: #4D4D4D; font-family: 'Calibri Light', sans-serif; font-size: 11pt;">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, acquisition-related
          expenses, and contingent consideration incurred due to better-than-expected performance from acquisitions). 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: left; color: #4D4D4D; font-family: 'Calibri Light', sans-serif; font-size: 11pt;">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</div>
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                <hr noshade="noshade" align="center" style="height: 2px; width: 100%; color: #00B0F0; background-color: #00B0F0; text-align: center; margin-left: auto; margin-right: auto; border: none;">
                <div style="text-align: left; font-family: 'Calibri Light', sans-serif; font-size: 11pt;"><font style="font-family: 'Calibri Light', sans-serif; font-size: 6.5pt; color: #4D4D4D;">The Descartes Systems Group Inc. </font><font style="font-family: 'Calibri Light', sans-serif; font-size: 6.5pt; color: #555555;">| </font><font style="font-family: 'Calibri Light', sans-serif; font-size: 6.5pt;">info@descartes.com</font><font style="font-family: 'Calibri Light', sans-serif; font-size: 6.5pt; color: #555555;"> | </font><font style="font-family: 'Calibri Light', sans-serif; font-size: 6.5pt;">www.descartes.com</font><font style="font-family: 'Calibri Light', sans-serif; font-size: 6.5pt; color: #555555;"> | &#169; All rights reserved</font><font class="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 6pt;">&#160;&#160;</font></div>
                <div style="text-align: right; font-family: 'Calibri Light',sans-serif; font-size: 11pt;"><br>
                  <font class="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 6pt;"> </font></div>
              </div>
            </div>
          </div>
          <div style="text-align: right;" class="BRPFPageNumberArea"><font style="font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: normal; font-style: normal;">6</font></div>
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            <table cellspacing="0" cellpadding="0" border="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; color: #000000; width: 100%;">

                <tr>
                  <td style="width: 100%; background-color: rgb(20, 64, 105);">
                    <div style="text-align: right;"> <br>
                    </div>
                    <div style="text-align: right;"> <br>
                    </div>
                    <div style="text-align: right;"> <img src="bluelogo.jpg"> </div>
                    <div style="text-align: right;"><br>
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        <div><br>
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        <div style="text-align: left; color: #4D4D4D; font-family: 'Calibri Light', sans-serif; font-size: 11pt;">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 seven acquisitions since the beginning of fiscal 2024 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><br>
        </div>
        <div style="text-align: left; color: #4D4D4D; font-family: 'Calibri Light', sans-serif; font-size: 11pt;">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 Q3FY25, Q2FY25, Q1FY25, Q4FY24, and Q3FY24, which we believe is the most directly comparable GAAP measure.</div>
        <div><br>
        </div>
        <table cellspacing="0" cellpadding="2" border="0" id="zd23ef7fd678e49ecb416feb9c09a7c13" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;">

            <tr>
              <td style="width: 39.14%; vertical-align: top;">&#160;</td>
              <td style="width: 13.04%; vertical-align: top; border-top: #000000 0.50pt solid; border-bottom: #000000 0.50pt solid;">
                <div style="text-align: right; margin-left: 7.2pt; color: #4D4D4D; font-family: 'Calibri Light', sans-serif; font-size: 11pt; font-weight: bold;">Q3FY25</div>
              </td>
              <td style="width: 13.04%; vertical-align: top; border-top: #000000 0.50pt solid; border-bottom: #000000 0.50pt solid;">
                <div style="text-align: right; margin-left: 7.2pt; color: #4D4D4D; font-family: 'Calibri Light', sans-serif; font-size: 11pt;">Q2FY25</div>
              </td>
              <td style="width: 11.6%; vertical-align: top; border-top: #000000 0.50pt solid; border-bottom: #000000 0.50pt solid;">
                <div style="text-align: right; margin-left: 7.2pt; color: #4D4D4D; font-family: 'Calibri Light', sans-serif; font-size: 11pt;">Q1FY25</div>
              </td>
              <td style="width: 11.6%; vertical-align: top; border-top: #000000 0.50pt solid; border-bottom: #000000 0.50pt solid;">
                <div style="text-align: right; margin-left: 7.2pt; color: #4D4D4D; font-family: 'Calibri Light', sans-serif; font-size: 11pt;">Q4FY24</div>
              </td>
              <td style="width: 11.6%; vertical-align: top; border-top: #000000 0.50pt solid; border-bottom: #000000 0.50pt solid;">
                <div style="text-align: right; margin-left: 7.2pt; color: #4D4D4D; font-family: 'Calibri Light', sans-serif; font-size: 11pt;">Q3FY24</div>
              </td>
            </tr>
            <tr>
              <td style="width: 39.14%; vertical-align: top;">
                <div style="text-align: left; color: #4D4D4D; font-family: 'Calibri Light', sans-serif; font-size: 11pt;"><font style="font-family: 'Calibri Light', sans-serif; font-size: 11pt; 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 0.50pt solid;">
                <div style="text-align: right; color: #4D4D4D; font-family: 'Calibri Light', sans-serif; font-size: 11pt; font-weight: bold;">36.6</div>
              </td>
              <td style="width: 13.04%; vertical-align: bottom; border-top: #000000 0.50pt solid;">
                <div style="text-align: right; color: #4D4D4D; font-family: 'Calibri Light', sans-serif; font-size: 11pt;">34.7</div>
              </td>
              <td style="width: 11.6%; vertical-align: bottom; border-top: #000000 0.50pt solid;">
                <div style="text-align: right; color: #4D4D4D; font-family: 'Calibri Light', sans-serif; font-size: 11pt;">34.7</div>
              </td>
              <td style="width: 11.6%; vertical-align: bottom; border-top: #000000 0.50pt solid;">
                <div style="text-align: right; color: #4D4D4D; font-family: 'Calibri Light', sans-serif; font-size: 11pt;">31.8</div>
              </td>
              <td style="width: 11.6%; vertical-align: bottom; border-top: #000000 0.50pt solid;">
                <div style="text-align: right; color: #4D4D4D; font-family: 'Calibri Light', sans-serif; font-size: 11pt;">26.6</div>
              </td>
            </tr>
            <tr>
              <td style="width: 39.14%; vertical-align: top;">
                <div style="text-align: left; color: #4D4D4D; font-family: 'Calibri Light', sans-serif; font-size: 11pt;">Adjustments to reconcile to Adjusted EBITDA:</div>
              </td>
              <td style="width: 13.04%; vertical-align: bottom;">&#160;</td>
              <td style="width: 13.04%; vertical-align: bottom;">&#160;</td>
              <td style="width: 11.6%; vertical-align: bottom;">&#160;</td>
              <td style="width: 11.6%; vertical-align: bottom;">&#160;</td>
              <td style="width: 11.6%; vertical-align: bottom;">&#160;</td>
            </tr>
            <tr>
              <td style="width: 39.14%; vertical-align: top;">
                <div style="text-align: left; margin-left: 9pt; color: #4D4D4D; font-family: 'Calibri Light', sans-serif; font-size: 11pt;">Interest expense</div>
              </td>
              <td style="width: 13.04%; vertical-align: bottom;">
                <div style="text-align: right; color: #4D4D4D; font-family: 'Calibri Light', sans-serif; font-size: 11pt; font-weight: bold;">0.2</div>
              </td>
              <td style="width: 13.04%; vertical-align: bottom;">
                <div style="text-align: right; color: #4D4D4D; font-family: 'Calibri Light', sans-serif; font-size: 11pt;">0.2</div>
              </td>
              <td style="width: 11.6%; vertical-align: bottom;">
                <div style="text-align: right; color: #4D4D4D; font-family: 'Calibri Light', sans-serif; font-size: 11pt;">0.3</div>
              </td>
              <td style="width: 11.6%; vertical-align: bottom;">
                <div style="text-align: right; color: #4D4D4D; font-family: 'Calibri Light', sans-serif; font-size: 11pt;">0.3</div>
              </td>
              <td style="width: 11.6%; vertical-align: bottom;">
                <div style="text-align: right; color: #4D4D4D; font-family: 'Calibri Light', sans-serif; font-size: 11pt;">0.3</div>
              </td>
            </tr>
            <tr>
              <td style="width: 39.14%; vertical-align: top;">
                <div style="text-align: left; margin-left: 9pt; color: #4D4D4D; font-family: 'Calibri Light', sans-serif; font-size: 11pt;">Investment income</div>
              </td>
              <td style="width: 13.04%; vertical-align: bottom;">
                <div style="text-align: right; color: #4D4D4D; font-family: 'Calibri Light', sans-serif; font-size: 11pt; font-weight: bold;">(2.9)</div>
              </td>
              <td style="width: 13.04%; vertical-align: bottom;">
                <div style="text-align: right; color: #4D4D4D; font-family: 'Calibri Light', sans-serif; font-size: 11pt;">(2.7)</div>
              </td>
              <td style="width: 11.6%; vertical-align: bottom;">
                <div style="text-align: right; color: #4D4D4D; font-family: 'Calibri Light', sans-serif; font-size: 11pt;">(4.1)</div>
              </td>
              <td style="width: 11.6%; vertical-align: bottom;">
                <div style="text-align: right; color: #4D4D4D; font-family: 'Calibri Light', sans-serif; font-size: 11pt;">(3.4)</div>
              </td>
              <td style="width: 11.6%; vertical-align: bottom;">
                <div style="text-align: right; color: #4D4D4D; font-family: 'Calibri Light', sans-serif; font-size: 11pt;">(2.7)</div>
              </td>
            </tr>
            <tr>
              <td style="width: 39.14%; vertical-align: top;">
                <div style="text-align: left; margin-left: 9pt; color: #4D4D4D; font-family: 'Calibri Light', sans-serif; font-size: 11pt;">Income tax expense</div>
              </td>
              <td style="width: 13.04%; vertical-align: bottom;">
                <div style="text-align: right; color: #4D4D4D; font-family: 'Calibri Light', sans-serif; font-size: 11pt; font-weight: bold;">11.9</div>
              </td>
              <td style="width: 13.04%; vertical-align: bottom;">
                <div style="text-align: right; color: #4D4D4D; font-family: 'Calibri Light', sans-serif; font-size: 11pt;">13.6</div>
              </td>
              <td style="width: 11.6%; vertical-align: bottom;">
                <div style="text-align: right; color: #4D4D4D; font-family: 'Calibri Light', sans-serif; font-size: 11pt;">11.5</div>
              </td>
              <td style="width: 11.6%; vertical-align: bottom;">
                <div style="text-align: right; color: #4D4D4D; font-family: 'Calibri Light', sans-serif; font-size: 11pt;">8.3</div>
              </td>
              <td style="width: 11.6%; vertical-align: bottom;">
                <div style="text-align: right; color: #4D4D4D; font-family: 'Calibri Light', sans-serif; font-size: 11pt;">8.2</div>
              </td>
            </tr>
            <tr>
              <td style="width: 39.14%; vertical-align: top;">
                <div style="text-align: justify; margin-left: 9pt; color: #4D4D4D; font-family: 'Calibri Light', sans-serif; font-size: 11pt;">Depreciation expense</div>
              </td>
              <td style="width: 13.04%; vertical-align: bottom;">
                <div style="text-align: right; color: #4D4D4D; font-family: 'Calibri Light', sans-serif; font-size: 11pt; font-weight: bold;">1.4</div>
              </td>
              <td style="width: 13.04%; vertical-align: bottom;">
                <div style="text-align: right; color: #4D4D4D; font-family: 'Calibri Light', sans-serif; font-size: 11pt;">1.4</div>
              </td>
              <td style="width: 11.6%; vertical-align: bottom;">
                <div style="text-align: right; color: #4D4D4D; font-family: 'Calibri Light', sans-serif; font-size: 11pt;">1.4</div>
              </td>
              <td style="width: 11.6%; vertical-align: bottom;">
                <div style="text-align: right; color: #4D4D4D; font-family: 'Calibri Light', sans-serif; font-size: 11pt;">1.4</div>
              </td>
              <td style="width: 11.6%; vertical-align: bottom;">
                <div style="text-align: right; color: #4D4D4D; font-family: 'Calibri Light', sans-serif; font-size: 11pt;">1.5</div>
              </td>
            </tr>
            <tr>
              <td style="width: 39.14%; vertical-align: top;">
                <div style="text-align: justify; margin-left: 9pt; color: #4D4D4D; font-family: 'Calibri Light', sans-serif; font-size: 11pt;">Amortization of intangible assets</div>
              </td>
              <td style="width: 13.04%; vertical-align: bottom;">
                <div style="text-align: right; color: #4D4D4D; font-family: 'Calibri Light', sans-serif; font-size: 11pt; font-weight: bold;">17.5</div>
              </td>
              <td style="width: 13.04%; vertical-align: bottom;">
                <div style="text-align: right; color: #4D4D4D; font-family: 'Calibri Light', sans-serif; font-size: 11pt;">17.4</div>
              </td>
              <td style="width: 11.6%; vertical-align: bottom;">
                <div style="text-align: right; color: #4D4D4D; font-family: 'Calibri Light', sans-serif; font-size: 11pt;">15.0</div>
              </td>
              <td style="width: 11.6%; vertical-align: bottom;">
                <div style="text-align: right; color: #4D4D4D; font-family: 'Calibri Light', sans-serif; font-size: 11pt;">15.1</div>
              </td>
              <td style="width: 11.6%; vertical-align: bottom;">
                <div style="text-align: right; color: #4D4D4D; font-family: 'Calibri Light', sans-serif; font-size: 11pt;">15.3</div>
              </td>
            </tr>
            <tr>
              <td style="width: 39.14%; vertical-align: top;">
                <div style="text-align: left; margin-left: 9pt; color: #4D4D4D; font-family: 'Calibri Light', sans-serif; font-size: 11pt;">Stock-based compensation and related taxes</div>
              </td>
              <td style="width: 13.04%; vertical-align: bottom;">
                <div style="text-align: right; color: #4D4D4D; font-family: 'Calibri Light', sans-serif; font-size: 11pt; font-weight: bold;">5.6</div>
              </td>
              <td style="width: 13.04%; vertical-align: bottom;">
                <div style="text-align: right; color: #4D4D4D; font-family: 'Calibri Light', sans-serif; font-size: 11pt;">5.8</div>
              </td>
              <td style="width: 11.6%; vertical-align: bottom;">
                <div style="text-align: right; color: #4D4D4D; font-family: 'Calibri Light', sans-serif; font-size: 11pt;">4.3</div>
              </td>
              <td style="width: 11.6%; vertical-align: bottom;">
                <div style="text-align: right; color: #4D4D4D; font-family: 'Calibri Light', sans-serif; font-size: 11pt;">4.7</div>
              </td>
              <td style="width: 11.6%; vertical-align: bottom;">
                <div style="text-align: right; color: #4D4D4D; font-family: 'Calibri Light', sans-serif; font-size: 11pt;">4.6</div>
              </td>
            </tr>
            <tr>
              <td style="width: 39.14%; vertical-align: top;">
                <div style="text-align: justify; margin-left: 9pt; color: #4D4D4D; font-family: 'Calibri Light', sans-serif; font-size: 11pt;">Other charges</div>
              </td>
              <td style="width: 13.04%; vertical-align: bottom;">
                <div style="text-align: right; color: #4D4D4D; font-family: 'Calibri Light', sans-serif; font-size: 11pt; font-weight: bold;">1.8</div>
              </td>
              <td style="width: 13.04%; vertical-align: bottom;">
                <div style="text-align: right; color: #4D4D4D; font-family: 'Calibri Light', sans-serif; font-size: 11pt;">0.2</div>
              </td>
              <td style="width: 11.6%; vertical-align: bottom;">
                <div style="text-align: right; color: #4D4D4D; font-family: 'Calibri Light', sans-serif; font-size: 11pt;">3.9</div>
              </td>
              <td style="width: 11.6%; vertical-align: bottom;">
                <div style="text-align: right; color: #4D4D4D; font-family: 'Calibri Light', sans-serif; font-size: 11pt;">7.5</div>
              </td>
              <td style="width: 11.6%; vertical-align: bottom;">
                <div style="text-align: right; color: #4D4D4D; font-family: 'Calibri Light', sans-serif; font-size: 11pt;">9.7</div>
              </td>
            </tr>
            <tr>
              <td style="width: 39.14%; vertical-align: top;">
                <div style="text-align: justify; margin-left: 9pt; color: #4D4D4D; font-family: 'Calibri Light', sans-serif; font-size: 11pt; font-weight: bold;">Adjusted EBITDA</div>
              </td>
              <td style="width: 13.04%; vertical-align: bottom; border-top: #000000 0.25pt solid; border-bottom: #000000 1.50pt solid;">
                <div style="text-align: right; color: #4D4D4D; font-family: 'Calibri Light', sans-serif; font-size: 11pt; font-weight: bold;">72.1</div>
              </td>
              <td style="width: 13.04%; vertical-align: bottom; border-top: #000000 0.25pt solid; border-bottom: #000000 1.50pt solid;">
                <div style="text-align: right; color: #4D4D4D; font-family: 'Calibri Light', sans-serif; font-size: 11pt;">70.6</div>
              </td>
              <td style="width: 11.6%; vertical-align: bottom; border-top: #000000 0.50pt solid; border-bottom: #000000 0.50pt solid;">
                <div style="text-align: right; color: #4D4D4D; font-family: 'Calibri Light', sans-serif; font-size: 11pt;">67.0</div>
              </td>
              <td style="width: 11.6%; vertical-align: bottom; border-top: #000000 0.50pt solid; border-bottom: #000000 0.50pt solid;">
                <div style="text-align: right; color: #4D4D4D; font-family: 'Calibri Light', sans-serif; font-size: 11pt;">65.7</div>
              </td>
              <td style="width: 11.6%; vertical-align: bottom; border-top: #000000 0.50pt solid; border-bottom: #000000 0.50pt solid;">
                <div style="text-align: right; color: #4D4D4D; font-family: 'Calibri Light', sans-serif; font-size: 11pt;">63.5</div>
              </td>
            </tr>
            <tr>
              <td style="width: 39.14%; vertical-align: top;">&#160;</td>
              <td style="width: 13.04%; vertical-align: bottom; border-top: #000000 1.50pt solid;">&#160;</td>
              <td style="width: 13.04%; vertical-align: bottom; border-top: #000000 1.50pt solid;">&#160;</td>
              <td style="width: 11.6%; vertical-align: bottom; border-top: #000000 1.50pt solid;">&#160;</td>
              <td style="width: 11.6%; vertical-align: bottom; border-top: #000000 1.50pt solid;">&#160;</td>
              <td style="width: 11.6%; vertical-align: bottom; border-top: #000000 1.50pt solid;">&#160;</td>
            </tr>
            <tr>
              <td style="width: 39.14%; vertical-align: top;">
                <div style="text-align: justify; color: #4D4D4D; font-family: 'Calibri Light', sans-serif; font-size: 11pt; font-weight: bold;">Revenues</div>
              </td>
              <td style="width: 13.04%; vertical-align: bottom;">
                <div style="text-align: right; color: #4D4D4D; font-family: 'Calibri Light', sans-serif; font-size: 11pt; font-weight: bold;">168.8</div>
              </td>
              <td style="width: 13.04%; vertical-align: bottom;">
                <div style="text-align: right; color: #4D4D4D; font-family: 'Calibri Light', sans-serif; font-size: 11pt;">163.4</div>
              </td>
              <td style="width: 11.6%; vertical-align: bottom;">
                <div style="text-align: right; color: #4D4D4D; font-family: 'Calibri Light', sans-serif; font-size: 11pt;">151.3</div>
              </td>
              <td style="width: 11.6%; vertical-align: bottom;">
                <div style="text-align: right; color: #4D4D4D; font-family: 'Calibri Light', sans-serif; font-size: 11pt;">148.2</div>
              </td>
              <td style="width: 11.6%; vertical-align: bottom;">
                <div style="text-align: right; color: #4D4D4D; font-family: 'Calibri Light', sans-serif; font-size: 11pt;">144.7</div>
              </td>
            </tr>
            <tr>
              <td style="width: 39.14%; vertical-align: top;">
                <div style="text-align: left; color: #4D4D4D; font-family: 'Calibri Light', sans-serif; font-size: 11pt; font-weight: bold;">Net income as % of revenues</div>
              </td>
              <td style="width: 13.04%; vertical-align: bottom;">
                <div style="text-align: right; color: #4D4D4D; font-family: 'Calibri Light', sans-serif; font-size: 11pt; font-weight: bold;">22%</div>
              </td>
              <td style="width: 13.04%; vertical-align: bottom;">
                <div style="text-align: right; color: #4D4D4D; font-family: 'Calibri Light', sans-serif; font-size: 11pt;">21%</div>
              </td>
              <td style="width: 11.6%; vertical-align: bottom;">
                <div style="text-align: right; color: #4D4D4D; font-family: 'Calibri Light', sans-serif; font-size: 11pt;">23%</div>
              </td>
              <td style="width: 11.6%; vertical-align: bottom;">
                <div style="text-align: right; color: #4D4D4D; font-family: 'Calibri Light', sans-serif; font-size: 11pt;">21%</div>
              </td>
              <td style="width: 11.6%; vertical-align: bottom;">
                <div style="text-align: right; color: #4D4D4D; font-family: 'Calibri Light', sans-serif; font-size: 11pt;">18%</div>
              </td>
            </tr>
            <tr>
              <td style="width: 39.14%; vertical-align: top;">
                <div style="text-align: justify; color: #4D4D4D; font-family: 'Calibri Light', sans-serif; font-size: 11pt; font-weight: bold;">Adjusted EBITDA as % of revenues</div>
              </td>
              <td style="width: 13.04%; vertical-align: bottom; border-bottom: #000000 1.50pt solid;">
                <div style="text-align: right; color: #4D4D4D; font-family: 'Calibri Light', sans-serif; font-size: 11pt; font-weight: bold;">43%</div>
              </td>
              <td style="width: 13.04%; vertical-align: bottom; border-bottom: #000000 1.50pt solid;">
                <div style="text-align: right; color: #4D4D4D; font-family: 'Calibri Light', sans-serif; font-size: 11pt;">43%</div>
              </td>
              <td style="width: 11.6%; vertical-align: bottom; border-bottom: #000000 1.50pt solid;">
                <div style="text-align: right; color: #4D4D4D; font-family: 'Calibri Light', sans-serif; font-size: 11pt;">44%</div>
              </td>
              <td style="width: 11.6%; vertical-align: bottom; border-bottom: #000000 1.50pt solid;">
                <div style="text-align: right; color: #4D4D4D; font-family: 'Calibri Light', sans-serif; font-size: 11pt;">44%</div>
              </td>
              <td style="width: 11.6%; vertical-align: bottom; border-bottom: #000000 1.50pt solid;">
                <div style="text-align: right; color: #4D4D4D; font-family: 'Calibri Light', sans-serif; font-size: 11pt;">44%</div>
              </td>
            </tr>

        </table>
        <div><br>
        </div>
        <div style="text-align: left; color: #4D4D4D; font-family: 'Calibri Light', sans-serif; font-size: 11pt;">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 9MFY25 and 9MFY24, which we believe is the most directly comparable GAAP measure.</div>
        <div><br>
        </div>
        <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
          <div style="width: 100%;" class="BRPFPageFooter">
            <div>
              <div style="text-align: left; color: #4D4D4D; font-family: 'Calibri Light', sans-serif; font-size: 11pt;"><br>
              </div>
              <div style="text-align: left; color: #4D4D4D; font-family: 'Calibri Light', sans-serif; font-size: 11pt;">
                <hr noshade="noshade" align="center" style="height: 2px; width: 100%; color: #00B0F0; background-color: #00B0F0; text-align: center; margin-left: auto; margin-right: auto; border: none;">
                <div style="text-align: left; font-family: 'Calibri Light', sans-serif; font-size: 11pt;"><font style="font-family: 'Calibri Light', sans-serif; font-size: 6.5pt; color: #4D4D4D;">The Descartes Systems Group Inc. </font><font style="font-family: 'Calibri Light', sans-serif; font-size: 6.5pt; color: #555555;">| </font><font style="font-family: 'Calibri Light', sans-serif; font-size: 6.5pt;">info@descartes.com</font><font style="font-family: 'Calibri Light', sans-serif; font-size: 6.5pt; color: #555555;"> | </font><font style="font-family: 'Calibri Light', sans-serif; font-size: 6.5pt;">www.descartes.com</font><font style="font-family: 'Calibri Light', sans-serif; font-size: 6.5pt; color: #555555;"> | &#169; All rights reserved</font><font class="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 6pt;">&#160;&#160;</font></div>
                <div style="text-align: right; font-family: 'Calibri Light',sans-serif; font-size: 11pt;"><br>
                  <font class="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 6pt;"> </font></div>
              </div>
            </div>
          </div>
          <div style="text-align: right;" class="BRPFPageNumberArea"><font style="font-family: 'Times New Roman', Times, 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="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
          <div style="width: 100%;" class="BRPFPageHeader"><br>
            <table cellspacing="0" cellpadding="0" border="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; color: #000000; width: 100%;">

                <tr>
                  <td style="width: 100%; background-color: rgb(20, 64, 105);">
                    <div style="text-align: right;"> <br>
                    </div>
                    <div style="text-align: right;"> <br>
                    </div>
                    <div style="text-align: right;"> <img src="bluelogo.jpg"> </div>
                    <div style="text-align: right;"><br>
                    </div>
                  </td>
                </tr>

            </table>

          </div>
        </div>
        <div><br>
        </div>
        <table cellspacing="0" cellpadding="2" border="0" id="z4ce8f350d8504a0db9857b329956db3b" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;">

            <tr>
              <td style="width: 39.14%; vertical-align: top;">
                <div style="text-align: justify; margin-left: 7.2pt; color: #4D4D4D; font-family: 'Calibri Light', sans-serif; font-size: 11pt; font-weight: bold;">(US dollars in millions)</div>
              </td>
              <td style="width: 13.04%; vertical-align: top;">&#160;</td>
              <td style="width: 13.04%; vertical-align: top;">&#160;</td>
              <td style="width: 10.15%; vertical-align: top;">&#160;</td>
              <td style="width: 13.04%; vertical-align: top; border-top: #000000 0.50pt solid; border-bottom: #000000 0.50pt solid;">
                <div style="text-align: right; margin-left: 7.2pt; color: #4D4D4D; font-family: 'Calibri Light', sans-serif; font-size: 11pt; font-weight: bold;">9MFY25</div>
              </td>
              <td style="width: 11.6%; vertical-align: top; border-top: #000000 0.50pt solid; border-bottom: #000000 0.50pt solid;">
                <div style="text-align: right; margin-left: 7.2pt; color: #4D4D4D; font-family: 'Calibri Light', sans-serif; font-size: 11pt;">9MFY24</div>
              </td>
            </tr>
            <tr>
              <td style="width: 39.14%; vertical-align: top;">
                <div style="text-align: left; color: #4D4D4D; font-family: 'Calibri Light', sans-serif; font-size: 11pt;"><font style="font-family: 'Calibri Light', sans-serif; font-size: 11pt; font-weight: bold;">Net income</font>, as reported on
                  Consolidated Statements of Operations</div>
              </td>
              <td style="width: 13.04%; vertical-align: bottom;">&#160;</td>
              <td style="width: 13.04%; vertical-align: bottom;">&#160;</td>
              <td style="width: 10.15%; vertical-align: bottom;">&#160;</td>
              <td style="width: 13.04%; vertical-align: bottom; border-top: #000000 0.50pt solid;">
                <div style="text-align: right; color: rgb(77, 77, 77); font-family: 'Calibri Light',sans-serif; font-size: 11pt; font-weight: bold;">105.9</div>
              </td>
              <td style="width: 11.6%; vertical-align: bottom; border-top: #000000 0.50pt solid;">
                <div style="text-align: right; color: rgb(77, 77, 77); font-family: 'Calibri Light',sans-serif; font-size: 11pt;">84.1</div>
              </td>
            </tr>
            <tr>
              <td style="width: 39.14%; vertical-align: top;">
                <div style="text-align: left; color: #4D4D4D; font-family: 'Calibri Light', sans-serif; font-size: 11pt;">Adjustments to reconcile to Adjusted EBITDA:</div>
              </td>
              <td style="width: 13.04%; vertical-align: bottom;">&#160;</td>
              <td style="width: 13.04%; vertical-align: bottom;">&#160;</td>
              <td style="width: 10.15%; vertical-align: bottom;">&#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>
            </tr>
            <tr>
              <td style="width: 39.14%; vertical-align: top;">
                <div style="text-align: left; margin-left: 9pt; color: #4D4D4D; font-family: 'Calibri Light', sans-serif; font-size: 11pt;">Interest expense</div>
              </td>
              <td style="width: 13.04%; vertical-align: bottom;">&#160;</td>
              <td style="width: 13.04%; vertical-align: bottom;">&#160;</td>
              <td style="width: 10.15%; vertical-align: bottom;">&#160;</td>
              <td style="width: 13.04%; vertical-align: bottom;">
                <div style="text-align: right; color: rgb(77, 77, 77); font-family: 'Calibri Light',sans-serif; font-size: 11pt; font-weight: bold;">0.8</div>
              </td>
              <td style="width: 11.6%; vertical-align: bottom;">
                <div style="text-align: right; color: rgb(77, 77, 77); font-family: 'Calibri Light',sans-serif; font-size: 11pt;">1.0</div>
              </td>
            </tr>
            <tr>
              <td style="width: 39.14%; vertical-align: top;">
                <div style="text-align: left; margin-left: 9pt; color: #4D4D4D; font-family: 'Calibri Light', sans-serif; font-size: 11pt;">Investment income</div>
              </td>
              <td style="width: 13.04%; vertical-align: bottom;">&#160;</td>
              <td style="width: 13.04%; vertical-align: bottom;">&#160;</td>
              <td style="width: 10.15%; vertical-align: bottom;">&#160;</td>
              <td style="width: 13.04%; vertical-align: bottom;">
                <div style="text-align: right; color: rgb(77, 77, 77); font-family: 'Calibri Light',sans-serif; font-size: 11pt; font-weight: bold;">(9.7)</div>
              </td>
              <td style="width: 11.6%; vertical-align: bottom;">
                <div style="text-align: right; color: rgb(77, 77, 77); font-family: 'Calibri Light',sans-serif; font-size: 11pt;">(6.3)</div>
              </td>
            </tr>
            <tr>
              <td style="width: 39.14%; vertical-align: top;">
                <div style="text-align: left; margin-left: 9pt; color: #4D4D4D; font-family: 'Calibri Light', sans-serif; font-size: 11pt;">Income tax expense</div>
              </td>
              <td style="width: 13.04%; vertical-align: bottom;">&#160;</td>
              <td style="width: 13.04%; vertical-align: bottom;">&#160;</td>
              <td style="width: 10.15%; vertical-align: bottom;">&#160;</td>
              <td style="width: 13.04%; vertical-align: bottom;">
                <div style="text-align: right; color: rgb(77, 77, 77); font-family: 'Calibri Light',sans-serif; font-size: 11pt; font-weight: bold;">37.0</div>
              </td>
              <td style="width: 11.6%; vertical-align: bottom;">
                <div style="text-align: right; color: rgb(77, 77, 77); font-family: 'Calibri Light',sans-serif; font-size: 11pt;">27.0</div>
              </td>
            </tr>
            <tr>
              <td style="width: 39.14%; vertical-align: top;">
                <div style="text-align: justify; margin-left: 9pt; color: #4D4D4D; font-family: 'Calibri Light', sans-serif; font-size: 11pt;">Depreciation expense</div>
              </td>
              <td style="width: 13.04%; vertical-align: bottom;">&#160;</td>
              <td style="width: 13.04%; vertical-align: bottom;">&#160;</td>
              <td style="width: 10.15%; vertical-align: bottom;">&#160;</td>
              <td style="width: 13.04%; vertical-align: bottom;">
                <div style="text-align: right; color: rgb(77, 77, 77); font-family: 'Calibri Light',sans-serif; font-size: 11pt; font-weight: bold;">4.1</div>
              </td>
              <td style="width: 11.6%; vertical-align: bottom;">
                <div style="text-align: right; color: rgb(77, 77, 77); font-family: 'Calibri Light',sans-serif; font-size: 11pt;">4.1</div>
              </td>
            </tr>
            <tr>
              <td style="width: 39.14%; vertical-align: top;">
                <div style="text-align: justify; margin-left: 9pt; color: #4D4D4D; font-family: 'Calibri Light', sans-serif; font-size: 11pt;">Amortization of intangible assets</div>
              </td>
              <td style="width: 13.04%; vertical-align: bottom;">&#160;</td>
              <td style="width: 13.04%; vertical-align: bottom;">&#160;</td>
              <td style="width: 10.15%; vertical-align: bottom;">&#160;</td>
              <td style="width: 13.04%; vertical-align: bottom;">
                <div style="text-align: right; color: rgb(77, 77, 77); font-family: 'Calibri Light',sans-serif; font-size: 11pt; font-weight: bold;">50.0</div>
              </td>
              <td style="width: 11.6%; vertical-align: bottom;">
                <div style="text-align: right; color: rgb(77, 77, 77); font-family: 'Calibri Light',sans-serif; font-size: 11pt;">45.4</div>
              </td>
            </tr>
            <tr>
              <td style="width: 39.14%; vertical-align: top;">
                <div style="text-align: left; margin-left: 9pt; color: #4D4D4D; font-family: 'Calibri Light', sans-serif; font-size: 11pt;">Stock-based compensation and related taxes</div>
              </td>
              <td style="width: 13.04%; vertical-align: bottom;">&#160;</td>
              <td style="width: 13.04%; vertical-align: bottom;">&#160;</td>
              <td style="width: 10.15%; vertical-align: bottom;">&#160;</td>
              <td style="width: 13.04%; vertical-align: bottom;">
                <div style="text-align: right; color: rgb(77, 77, 77); font-family: 'Calibri Light',sans-serif; font-size: 11pt; font-weight: bold;">15.7</div>
              </td>
              <td style="width: 11.6%; vertical-align: bottom;">
                <div style="text-align: right; color: rgb(77, 77, 77); font-family: 'Calibri Light',sans-serif; font-size: 11pt;">12.4</div>
              </td>
            </tr>
            <tr>
              <td style="width: 39.14%; vertical-align: top;">
                <div style="text-align: justify; margin-left: 9pt; color: #4D4D4D; font-family: 'Calibri Light', sans-serif; font-size: 11pt;">Other charges</div>
              </td>
              <td style="width: 13.04%; vertical-align: bottom;">&#160;</td>
              <td style="width: 13.04%; vertical-align: bottom;">&#160;</td>
              <td style="width: 10.15%; vertical-align: bottom;">&#160;</td>
              <td style="width: 13.04%; vertical-align: bottom;">
                <div style="text-align: right; color: rgb(77, 77, 77); font-family: 'Calibri Light',sans-serif; font-size: 11pt; font-weight: bold;">5.9</div>
              </td>
              <td style="width: 11.6%; vertical-align: bottom;">
                <div style="text-align: right; color: rgb(77, 77, 77); font-family: 'Calibri Light',sans-serif; font-size: 11pt;">14.0</div>
              </td>
            </tr>
            <tr>
              <td style="width: 39.14%; vertical-align: top;">
                <div style="text-align: justify; color: #4D4D4D; font-family: 'Calibri Light', sans-serif; font-size: 11pt; font-weight: bold;">Adjusted EBITDA</div>
              </td>
              <td style="width: 13.04%; vertical-align: bottom;">&#160;</td>
              <td style="width: 13.04%; vertical-align: bottom;">&#160;</td>
              <td style="width: 10.15%; vertical-align: bottom;">&#160;</td>
              <td style="width: 13.04%; vertical-align: bottom; border-top: #000000 0.50pt solid; border-bottom: #000000 0.50pt solid;">
                <div style="text-align: right; color: rgb(77, 77, 77); font-family: 'Calibri Light',sans-serif; font-size: 11pt; font-weight: bold;">209.7</div>
              </td>
              <td style="width: 11.6%; vertical-align: bottom; border-top: #000000 0.50pt solid; border-bottom: #000000 0.50pt solid;">
                <div style="text-align: right; color: rgb(77, 77, 77); font-family: 'Calibri Light',sans-serif; font-size: 11pt;">181.7</div>
              </td>
            </tr>
            <tr>
              <td style="width: 39.14%; vertical-align: top;">&#160;</td>
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              <td style="width: 13.04%; vertical-align: bottom;">&#160;</td>
              <td style="width: 10.15%; vertical-align: bottom;">&#160;</td>
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              <td style="width: 13.04%; vertical-align: bottom;">&#160;</td>
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                <div style="text-align: right; color: rgb(77, 77, 77); font-family: 'Calibri Light',sans-serif; font-size: 11pt; font-weight: bold;">483.5</div>
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              <td style="width: 11.6%; vertical-align: bottom;">
                <div style="text-align: right; color: rgb(77, 77, 77); font-family: 'Calibri Light',sans-serif; font-size: 11pt;">424.7</div>
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              <td style="width: 13.04%; vertical-align: bottom;">&#160;</td>
              <td style="width: 13.04%; vertical-align: bottom;">&#160;</td>
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                <div style="text-align: right; color: rgb(77, 77, 77); font-family: 'Calibri Light',sans-serif; font-size: 11pt; font-weight: bold;">22%</div>
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              <td style="width: 39.14%; vertical-align: top;">
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              <td style="width: 13.04%; vertical-align: bottom;">&#160;</td>
              <td style="width: 13.04%; vertical-align: bottom;">&#160;</td>
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                <div style="text-align: right; color: rgb(77, 77, 77); font-family: 'Calibri Light',sans-serif; font-size: 11pt; font-weight: bold;">43%</div>
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                <div style="text-align: right; color: rgb(77, 77, 77); font-family: 'Calibri Light',sans-serif; font-size: 11pt;">43%</div>
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                <div style="text-align: left; font-family: 'Calibri Light', sans-serif; font-size: 11pt;"><font style="font-family: 'Calibri Light', sans-serif; font-size: 6.5pt; color: #4D4D4D;">The Descartes Systems Group Inc. </font><font style="font-family: 'Calibri Light', sans-serif; font-size: 6.5pt; color: #555555;">| </font><font style="font-family: 'Calibri Light', sans-serif; font-size: 6.5pt;">info@descartes.com</font><font style="font-family: 'Calibri Light', sans-serif; font-size: 6.5pt; color: #555555;"> | </font><font style="font-family: 'Calibri Light', sans-serif; font-size: 6.5pt;">www.descartes.com</font><font style="font-family: 'Calibri Light', sans-serif; font-size: 6.5pt; color: #555555;"> | &#169; All rights reserved</font><font class="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 6pt;">&#160;&#160;</font></div>
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          <div style="text-align: right;" class="BRPFPageNumberArea"><font style="font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: normal; font-style: normal;">8</font></div>
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        <div style="text-align: left; color: #4D4D4D; font-family: 'Calibri Light', sans-serif; font-size: 12pt; font-variant: small-caps; font-weight: bold;">The Descartes Systems Group Inc.</div>
        <div style="text-align: left; color: #4D4D4D; font-family: 'Calibri Light', sans-serif; font-size: 12pt; font-variant: small-caps; font-weight: bold;"><a name="z_Toc396820869"></a><a name="z_Toc427650875"></a>Condensed Consolidated Balance Sheets</div>
        <div style="text-align: left; color: #4D4D4D; font-family: 'Calibri Light', sans-serif; font-size: 11pt; font-variant: small-caps;">(US dollars in thousands; US GAAP; Unaudited)</div>
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              <td style="width: 77.89%; vertical-align: top;" colspan="2">&#160;</td>
              <td style="width: 11.06%; vertical-align: top; border-top: #000000 0.50pt solid;">
                <div style="text-align: right; color: #4D4D4D; font-family: 'Calibri Light', sans-serif; font-size: 8pt; font-weight: bold;">October 31,</div>
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              <td style="width: 11.06%; vertical-align: top; border-top: #000000 0.50pt solid;">
                <div style="text-align: right; color: #4D4D4D; font-family: 'Calibri Light', sans-serif; font-size: 8pt;">January 31,</div>
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            <tr>
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                <div style="text-align: right; color: #4D4D4D; font-family: 'Calibri Light', sans-serif; font-size: 8pt; font-weight: bold;">2024</div>
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              <td style="width: 11.06%; vertical-align: top; border-bottom: #000000 0.50pt solid;">
                <div style="text-align: right; color: #4D4D4D; font-family: 'Calibri Light', sans-serif; font-size: 8pt;">2024</div>
              </td>
            </tr>
            <tr>
              <td style="width: 77.89%; vertical-align: top;" colspan="2">
                <div style="text-align: left; color: #4D4D4D; font-family: 'Calibri Light', sans-serif; font-size: 8pt; font-weight: bold;">ASSETS</div>
              </td>
              <td style="width: 11.06%; vertical-align: top;">&#160;</td>
              <td style="width: 11.06%; vertical-align: top; border-top: #000000 0.50pt solid;">&#160;</td>
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            <tr>
              <td style="width: 77.89%; vertical-align: top;" colspan="2">
                <div style="text-align: left; color: #4D4D4D; font-family: 'Calibri Light', sans-serif; font-size: 8pt;">CURRENT ASSETS</div>
              </td>
              <td style="width: 11.06%; vertical-align: top;">&#160;</td>
              <td style="width: 11.06%; vertical-align: top;">&#160;</td>
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            <tr>
              <td style="width: 77.89%; vertical-align: top;" colspan="2">
                <div style="text-align: left; margin-left: 13.5pt; color: #4D4D4D; font-family: 'Calibri Light', sans-serif; font-size: 8pt;">Cash</div>
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              <td style="width: 11.06%; vertical-align: top;">
                <div style="text-align: right; color: #4D4D4D; font-family: 'Calibri Light', sans-serif; font-size: 8pt; font-weight: bold;">181,282</div>
              </td>
              <td style="width: 11.06%; vertical-align: top;">
                <div style="text-align: right; color: #4D4D4D; font-family: 'Calibri Light', sans-serif; font-size: 8pt;">320,952</div>
              </td>
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            <tr>
              <td style="width: 77.89%; vertical-align: top;" colspan="2">
                <div style="text-align: left; margin-left: 13.5pt; color: #4D4D4D; font-family: 'Calibri Light', sans-serif; font-size: 8pt;">Accounts receivable (net)</div>
              </td>
              <td style="width: 11.06%; vertical-align: top;">&#160;</td>
              <td style="width: 11.06%; vertical-align: top;">&#160;</td>
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              <td style="width: 77.89%; vertical-align: top;" colspan="2">
                <div style="text-align: left; margin-left: 27pt; color: #4D4D4D; font-family: 'Calibri Light', sans-serif; font-size: 8pt;">Trade</div>
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              <td style="width: 11.06%; vertical-align: top;">
                <div style="text-align: right; color: #4D4D4D; font-family: 'Calibri Light', sans-serif; font-size: 8pt; font-weight: bold;">54,326</div>
              </td>
              <td style="width: 11.06%; vertical-align: top;">
                <div style="text-align: right; color: #4D4D4D; font-family: 'Calibri Light', sans-serif; font-size: 8pt;">51,569</div>
              </td>
            </tr>
            <tr>
              <td style="width: 77.89%; vertical-align: top;" colspan="2">
                <div style="text-align: left; margin-left: 27pt; color: #4D4D4D; font-family: 'Calibri Light', sans-serif; font-size: 8pt;">Other</div>
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              <td style="width: 11.06%; vertical-align: top;">
                <div style="text-align: right; color: #4D4D4D; font-family: 'Calibri Light', sans-serif; font-size: 8pt; font-weight: bold;">17,268</div>
              </td>
              <td style="width: 11.06%; vertical-align: top;">
                <div style="text-align: right; color: #4D4D4D; font-family: 'Calibri Light', sans-serif; font-size: 8pt;">12,193</div>
              </td>
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            <tr>
              <td style="width: 77.89%; vertical-align: top;" colspan="2">
                <div style="text-align: left; margin-left: 13.5pt; color: #4D4D4D; font-family: 'Calibri Light', sans-serif; font-size: 8pt;">Prepaid expenses and other</div>
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              <td style="width: 11.06%; vertical-align: top;">
                <div style="text-align: right; color: #4D4D4D; font-family: 'Calibri Light', sans-serif; font-size: 8pt; font-weight: bold;">40,743</div>
              </td>
              <td style="width: 11.06%; vertical-align: top;">
                <div style="text-align: right; color: #4D4D4D; font-family: 'Calibri Light', sans-serif; font-size: 8pt;">33,468</div>
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              <td style="width: 77.89%; vertical-align: top;" colspan="2">&#160;</td>
              <td style="width: 11.06%; vertical-align: top; border-top: #000000 0.50pt solid;">
                <div style="text-align: right; color: #4D4D4D; font-family: 'Calibri Light', sans-serif; font-size: 8pt; font-weight: bold;">293,619</div>
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              <td style="width: 11.06%; vertical-align: top; border-top: #000000 0.50pt solid;">
                <div style="text-align: right; color: #4D4D4D; font-family: 'Calibri Light', sans-serif; font-size: 8pt;">418,182</div>
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            <tr>
              <td style="width: 77.89%; vertical-align: top;" colspan="2">
                <div style="text-align: left; color: #4D4D4D; font-family: 'Calibri Light', sans-serif; font-size: 8pt;">OTHER LONG-TERM ASSETS</div>
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              <td style="width: 11.06%; vertical-align: top;">
                <div style="text-align: right; color: #4D4D4D; font-family: 'Calibri Light', sans-serif; font-size: 8pt; font-weight: bold;">24,560</div>
              </td>
              <td style="width: 11.06%; vertical-align: top;">
                <div style="text-align: right; color: #4D4D4D; font-family: 'Calibri Light', sans-serif; font-size: 8pt;">24,737</div>
              </td>
            </tr>
            <tr>
              <td style="width: 77.89%; vertical-align: top;" colspan="2">
                <div style="text-align: left; color: #4D4D4D; font-family: 'Calibri Light', sans-serif; font-size: 8pt;">PROPERTY AND EQUIPMENT, NET</div>
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              <td style="width: 11.06%; vertical-align: top;">
                <div style="text-align: right; color: #4D4D4D; font-family: 'Calibri Light', sans-serif; font-size: 8pt; font-weight: bold;">12,048</div>
              </td>
              <td style="width: 11.06%; vertical-align: top;">
                <div style="text-align: right; color: #4D4D4D; font-family: 'Calibri Light', sans-serif; font-size: 8pt;">11,552</div>
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            <tr>
              <td style="width: 77.89%; vertical-align: top;" colspan="2">
                <div style="text-align: left; color: #4D4D4D; font-family: 'Calibri Light', sans-serif; font-size: 8pt;">RIGHT-OF-USE ASSETS</div>
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              <td style="width: 11.06%; vertical-align: top;">
                <div style="text-align: right; color: #4D4D4D; font-family: 'Calibri Light', sans-serif; font-size: 8pt; font-weight: bold;">6,576</div>
              </td>
              <td style="width: 11.06%; vertical-align: top;">
                <div style="text-align: right; color: #4D4D4D; font-family: 'Calibri Light', sans-serif; font-size: 8pt;">6,257</div>
              </td>
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            <tr>
              <td style="width: 77.89%; vertical-align: top;" colspan="2">
                <div style="text-align: left; color: #4D4D4D; font-family: 'Calibri Light', sans-serif; font-size: 8pt;">DEFERRED INCOME TAXES</div>
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              <td style="width: 11.06%; vertical-align: top;">
                <div style="text-align: right; color: #4D4D4D; font-family: 'Calibri Light', sans-serif; font-size: 8pt; font-weight: bold;">3,184</div>
              </td>
              <td style="width: 11.06%; vertical-align: top;">
                <div style="text-align: right; color: #4D4D4D; font-family: 'Calibri Light', sans-serif; font-size: 8pt;">2,097</div>
              </td>
            </tr>
            <tr>
              <td style="width: 77.89%; vertical-align: top;" colspan="2">
                <div style="text-align: left; color: #4D4D4D; font-family: 'Calibri Light', sans-serif; font-size: 8pt;">INTANGIBLE ASSETS, NET</div>
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              <td style="width: 11.06%; vertical-align: top;">
                <div style="text-align: right; color: #4D4D4D; font-family: 'Calibri Light', sans-serif; font-size: 8pt; font-weight: bold;">343,811</div>
              </td>
              <td style="width: 11.06%; vertical-align: top;">
                <div style="text-align: right; color: #4D4D4D; font-family: 'Calibri Light', sans-serif; font-size: 8pt;">251,047</div>
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            <tr>
              <td style="width: 77.89%; vertical-align: top;" colspan="2">
                <div style="text-align: left; color: #4D4D4D; font-family: 'Calibri Light', sans-serif; font-size: 8pt;">GOODWILL</div>
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              <td style="width: 11.06%; vertical-align: top;">
                <div style="text-align: right; color: #4D4D4D; font-family: 'Calibri Light', sans-serif; font-size: 8pt; font-weight: bold;">935,440</div>
              </td>
              <td style="width: 11.06%; vertical-align: top;">
                <div style="text-align: right; color: #4D4D4D; font-family: 'Calibri Light', sans-serif; font-size: 8pt;">760,413</div>
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              <td style="width: 77.89%; vertical-align: top;" colspan="2">&#160;</td>
              <td style="width: 11.06%; vertical-align: top; border-top: #000000 0.50pt solid; border-bottom: #000000 1.50pt solid;">
                <div style="text-align: right; color: #4D4D4D; font-family: 'Calibri Light', sans-serif; font-size: 8pt; font-weight: bold;">1,619,238</div>
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              <td style="width: 11.06%; vertical-align: top; border-top: #000000 0.50pt solid; border-bottom: #000000 1.50pt solid;">
                <div style="text-align: right; color: #4D4D4D; font-family: 'Calibri Light', sans-serif; font-size: 8pt;">1,474,285</div>
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              <td style="width: 77.89%; vertical-align: top;" colspan="2">
                <div style="text-align: left; color: #4D4D4D; font-family: 'Calibri Light', sans-serif; font-size: 8pt; font-weight: bold;">LIABILITIES AND SHAREHOLDERS&#8217; EQUITY</div>
              </td>
              <td style="width: 11.06%; vertical-align: top; border-top: #000000 1.50pt solid;">&#160;</td>
              <td style="width: 11.06%; vertical-align: top; border-top: #000000 1.50pt solid;">&#160;</td>
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                <div style="text-align: left; color: #000000; font-family: 'Calibri Light', sans-serif; font-size: 8pt;">CURRENT LIABILITIES</div>
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              <td style="width: 11.06%; vertical-align: top;">&#160;</td>
              <td style="width: 11.06%; vertical-align: top;">&#160;</td>
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            <tr>
              <td style="width: 2.98%; vertical-align: top;">&#160;</td>
              <td style="width: 74.9%; vertical-align: top;">
                <div style="text-align: left; color: #4D4D4D; font-family: 'Calibri Light', sans-serif; font-size: 8pt;">Accounts payable</div>
              </td>
              <td style="width: 11.06%; vertical-align: top;">
                <div style="text-align: right; color: #4D4D4D; font-family: 'Calibri Light', sans-serif; font-size: 8pt; font-weight: bold;">20,599</div>
              </td>
              <td style="width: 11.06%; vertical-align: top;">
                <div style="text-align: right; color: #4D4D4D; font-family: 'Calibri Light', sans-serif; font-size: 8pt;">17,484</div>
              </td>
            </tr>
            <tr>
              <td style="width: 2.98%; vertical-align: top;">&#160;</td>
              <td style="width: 74.9%; vertical-align: top;">
                <div style="text-align: left; color: #4D4D4D; font-family: 'Calibri Light', sans-serif; font-size: 8pt;">Accrued liabilities</div>
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              <td style="width: 11.06%; vertical-align: top;">
                <div style="text-align: right; color: #4D4D4D; font-family: 'Calibri Light', sans-serif; font-size: 8pt; font-weight: bold;">78,205</div>
              </td>
              <td style="width: 11.06%; vertical-align: top;">
                <div style="text-align: right; color: #4D4D4D; font-family: 'Calibri Light', sans-serif; font-size: 8pt;">91,824</div>
              </td>
            </tr>
            <tr>
              <td style="width: 2.98%; vertical-align: top;">&#160;</td>
              <td style="width: 74.9%; vertical-align: top;">
                <div style="text-align: left; color: #4D4D4D; font-family: 'Calibri Light', sans-serif; font-size: 8pt;">Lease obligations</div>
              </td>
              <td style="width: 11.06%; vertical-align: top;">
                <div style="text-align: right; color: #4D4D4D; font-family: 'Calibri Light', sans-serif; font-size: 8pt; font-weight: bold;">2,821</div>
              </td>
              <td style="width: 11.06%; vertical-align: top;">
                <div style="text-align: right; color: #4D4D4D; font-family: 'Calibri Light', sans-serif; font-size: 8pt;">3,075</div>
              </td>
            </tr>
            <tr>
              <td style="width: 2.98%; vertical-align: top;">&#160;</td>
              <td style="width: 74.9%; vertical-align: top;">
                <div style="text-align: left; color: #4D4D4D; font-family: 'Calibri Light', sans-serif; font-size: 8pt;">Income taxes payable</div>
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              <td style="width: 11.06%; vertical-align: top;">
                <div style="text-align: right; color: #4D4D4D; font-family: 'Calibri Light', sans-serif; font-size: 8pt; font-weight: bold;">16,108</div>
              </td>
              <td style="width: 11.06%; vertical-align: top;">
                <div style="text-align: right; color: #4D4D4D; font-family: 'Calibri Light', sans-serif; font-size: 8pt;">6,734</div>
              </td>
            </tr>
            <tr>
              <td style="width: 2.98%; vertical-align: top;">&#160;</td>
              <td style="width: 74.9%; vertical-align: top;">
                <div style="text-align: left; color: #4D4D4D; font-family: 'Calibri Light', sans-serif; font-size: 8pt;">Deferred revenue</div>
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              <td style="width: 11.06%; vertical-align: top;">
                <div style="text-align: right; color: #4D4D4D; font-family: 'Calibri Light', sans-serif; font-size: 8pt; font-weight: bold;">101,140</div>
              </td>
              <td style="width: 11.06%; vertical-align: top;">
                <div style="text-align: right; color: #4D4D4D; font-family: 'Calibri Light', sans-serif; font-size: 8pt;">84,513</div>
              </td>
            </tr>
            <tr>
              <td style="width: 77.89%; vertical-align: top;" colspan="2">&#160;</td>
              <td style="width: 11.06%; vertical-align: top; border-top: #000000 0.50pt solid;">
                <div style="text-align: right; color: #4D4D4D; font-family: 'Calibri Light', sans-serif; font-size: 8pt; font-weight: bold;">218,873</div>
              </td>
              <td style="width: 11.06%; vertical-align: top; border-top: #000000 0.50pt solid;">
                <div style="text-align: right; color: #4D4D4D; font-family: 'Calibri Light', sans-serif; font-size: 8pt;">203,630</div>
              </td>
            </tr>
            <tr>
              <td style="width: 77.89%; vertical-align: top;" colspan="2">
                <div style="text-align: left; color: #4D4D4D; font-family: 'Calibri Light', sans-serif; font-size: 8pt;">LEASE OBLIGATIONS</div>
              </td>
              <td style="width: 11.06%; vertical-align: top;">
                <div style="text-align: right; color: #4D4D4D; font-family: 'Calibri Light', sans-serif; font-size: 8pt; font-weight: bold;">4,121</div>
              </td>
              <td style="width: 11.06%; vertical-align: top;">
                <div style="text-align: right; color: #4D4D4D; font-family: 'Calibri Light', sans-serif; font-size: 8pt;">3,903</div>
              </td>
            </tr>
            <tr>
              <td style="width: 77.89%; vertical-align: top;" colspan="2">
                <div style="text-align: left; color: #4D4D4D; font-family: 'Calibri Light', sans-serif; font-size: 8pt;">DEFERRED REVENUE</div>
              </td>
              <td style="width: 11.06%; vertical-align: top;">
                <div style="text-align: right; color: #4D4D4D; font-family: 'Calibri Light', sans-serif; font-size: 8pt; font-weight: bold;">1,215</div>
              </td>
              <td style="width: 11.06%; vertical-align: top;">
                <div style="text-align: right; color: #4D4D4D; font-family: 'Calibri Light', sans-serif; font-size: 8pt;">1,464</div>
              </td>
            </tr>
            <tr>
              <td style="width: 77.89%; vertical-align: top;" colspan="2">
                <div style="text-align: left; color: #4D4D4D; font-family: 'Calibri Light', sans-serif; font-size: 8pt;">INCOME TAXES PAYABLE</div>
              </td>
              <td style="width: 11.06%; vertical-align: top;">
                <div style="text-align: right; color: #4D4D4D; font-family: 'Calibri Light', sans-serif; font-size: 8pt; font-weight: bold;">4,949</div>
              </td>
              <td style="width: 11.06%; vertical-align: top;">
                <div style="text-align: right; color: #4D4D4D; font-family: 'Calibri Light', sans-serif; font-size: 8pt;">6,153</div>
              </td>
            </tr>
            <tr>
              <td style="width: 77.89%; vertical-align: top;" colspan="2">
                <div style="text-align: left; color: #4D4D4D; font-family: 'Calibri Light', sans-serif; font-size: 8pt;">DEFERRED INCOME TAXES</div>
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              <td style="width: 11.06%; vertical-align: top;">
                <div style="text-align: right; color: #4D4D4D; font-family: 'Calibri Light', sans-serif; font-size: 8pt; font-weight: bold;">33,817</div>
              </td>
              <td style="width: 11.06%; vertical-align: top;">
                <div style="text-align: right; color: #4D4D4D; font-family: 'Calibri Light', sans-serif; font-size: 8pt;">21,101</div>
              </td>
            </tr>
            <tr>
              <td style="width: 77.89%; vertical-align: top;" colspan="2">&#160;</td>
              <td style="width: 11.06%; vertical-align: top; border-top: #000000 0.50pt solid;">
                <div style="text-align: right; color: #4D4D4D; font-family: 'Calibri Light', sans-serif; font-size: 8pt; font-weight: bold;">262,975</div>
              </td>
              <td style="width: 11.06%; vertical-align: top; border-top: #000000 0.50pt solid;">
                <div style="text-align: right; color: #4D4D4D; font-family: 'Calibri Light', sans-serif; font-size: 8pt;">236,251</div>
              </td>
            </tr>
            <tr>
              <td style="width: 77.89%; vertical-align: top;" colspan="2">&#160;</td>
              <td style="width: 11.06%; vertical-align: top;">&#160;</td>
              <td style="width: 11.06%; vertical-align: top;">&#160;</td>
            </tr>
            <tr>
              <td style="width: 77.89%; vertical-align: top;" colspan="2">
                <div style="text-align: left; color: #4D4D4D; font-family: 'Calibri Light', sans-serif; font-size: 8pt;">SHAREHOLDERS&#8217; EQUITY</div>
              </td>
              <td style="width: 11.06%; vertical-align: bottom;">&#160;</td>
              <td style="width: 11.06%; vertical-align: bottom;">&#160;</td>
            </tr>
            <tr>
              <td style="width: 77.89%; vertical-align: bottom;" colspan="2">
                <div style="text-align: left; text-indent: -4.5pt; margin-left: 4.5pt; color: #4D4D4D; font-family: 'Calibri Light', sans-serif; font-size: 8pt;">Common shares &#8211; unlimited shares authorized; Shares issued and outstanding totaled 85,539,437
                  at October 31, 2024 (January 31, 2024 &#8211; 85,183,455)</div>
              </td>
              <td style="width: 11.06%; vertical-align: bottom;">
                <div style="text-align: right; color: #4D4D4D; font-family: 'Calibri Light', sans-serif; font-size: 8pt; font-weight: bold;">564,793</div>
              </td>
              <td style="width: 11.06%; vertical-align: bottom;">
                <div style="text-align: right; color: #4D4D4D; font-family: 'Calibri Light', sans-serif; font-size: 8pt;">551,164</div>
              </td>
            </tr>
            <tr>
              <td style="width: 77.89%; vertical-align: top;" colspan="2">
                <div style="text-align: left; color: #4D4D4D; font-family: 'Calibri Light', sans-serif; font-size: 8pt;">Additional paid-in capital</div>
              </td>
              <td style="width: 11.06%; vertical-align: top;">
                <div style="text-align: right; color: #4D4D4D; font-family: 'Calibri Light', sans-serif; font-size: 8pt; font-weight: bold;">498,787</div>
              </td>
              <td style="width: 11.06%; vertical-align: top;">
                <div style="text-align: right; color: #4D4D4D; font-family: 'Calibri Light', sans-serif; font-size: 8pt;">494,701</div>
              </td>
            </tr>
            <tr>
              <td style="width: 77.89%; vertical-align: top;" colspan="2">
                <div style="text-align: left; color: #4D4D4D; font-family: 'Calibri Light', sans-serif; font-size: 8pt;">Accumulated other comprehensive income (loss)</div>
              </td>
              <td style="width: 11.06%; vertical-align: top;">
                <div style="text-align: right; color: #4D4D4D; font-family: 'Calibri Light', sans-serif; font-size: 8pt; font-weight: bold;">(33,978)</div>
              </td>
              <td style="width: 11.06%; vertical-align: top;">
                <div style="text-align: right; color: #4D4D4D; font-family: 'Calibri Light', sans-serif; font-size: 8pt;">(28,586)</div>
              </td>
            </tr>
            <tr>
              <td style="width: 77.89%; vertical-align: top;" colspan="2">
                <div style="text-align: left; color: #4D4D4D; font-family: 'Calibri Light', sans-serif; font-size: 8pt;">Retained earnings</div>
              </td>
              <td style="width: 11.06%; vertical-align: top; border-bottom: #000000 0.50pt solid;">
                <div style="text-align: right; color: #4D4D4D; font-family: 'Calibri Light', sans-serif; font-size: 8pt; font-weight: bold;">326,661</div>
              </td>
              <td style="width: 11.06%; vertical-align: top; border-bottom: #000000 0.50pt solid;">
                <div style="text-align: right; color: #4D4D4D; font-family: 'Calibri Light', sans-serif; font-size: 8pt;">220,755</div>
              </td>
            </tr>
            <tr>
              <td style="width: 77.89%; vertical-align: top;" colspan="2">&#160;</td>
              <td style="width: 11.06%; vertical-align: top; border-top: #000000 0.50pt solid; border-bottom: #000000 1.50pt solid;">
                <div style="text-align: right; color: #4D4D4D; font-family: 'Calibri Light', sans-serif; font-size: 8pt; font-weight: bold;">1,356,263</div>
              </td>
              <td style="width: 11.06%; vertical-align: top; border-top: #000000 0.50pt solid; border-bottom: #000000 1.50pt solid;">
                <div style="text-align: right; color: #4D4D4D; font-family: 'Calibri Light', sans-serif; font-size: 8pt;">1,238,034</div>
              </td>
            </tr>
            <tr>
              <td style="width: 77.89%; vertical-align: top;" colspan="2">&#160;</td>
              <td style="width: 11.06%; vertical-align: top; border-top: #000000 0.50pt solid; border-bottom: #000000 1.50pt solid;">
                <div style="text-align: right; color: #4D4D4D; font-family: 'Calibri Light', sans-serif; font-size: 8pt; font-weight: bold;">1,619,238</div>
              </td>
              <td style="width: 11.06%; vertical-align: top; border-top: #000000 0.50pt solid; border-bottom: #000000 1.50pt solid;">
                <div style="text-align: right; color: #4D4D4D; font-family: 'Calibri Light', sans-serif; font-size: 8pt;">1,474,285</div>
              </td>
            </tr>

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                <div style="text-align: left; font-family: 'Calibri Light', sans-serif; font-size: 11pt;"><font style="font-family: 'Calibri Light', sans-serif; font-size: 6.5pt; color: #4D4D4D;">The Descartes Systems Group Inc. </font><font style="font-family: 'Calibri Light', sans-serif; font-size: 6.5pt; color: #555555;">| </font><font style="font-family: 'Calibri Light', sans-serif; font-size: 6.5pt;">info@descartes.com</font><font style="font-family: 'Calibri Light', sans-serif; font-size: 6.5pt; color: #555555;"> | </font><font style="font-family: 'Calibri Light', sans-serif; font-size: 6.5pt;">www.descartes.com</font><font style="font-family: 'Calibri Light', sans-serif; font-size: 6.5pt; color: #555555;"> | &#169; All rights reserved</font><font class="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 6pt;">&#160;&#160;</font></div>
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                    <div style="text-align: right;"> <br>
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        <div style="text-align: left; color: #4D4D4D; font-family: 'Calibri Light', sans-serif; font-size: 12pt; font-variant: small-caps; font-weight: bold;">The Descartes Systems Group Inc.</div>
        <div style="text-align: left; color: #4D4D4D; font-family: 'Calibri Light', sans-serif; font-size: 12pt; font-variant: small-caps; font-weight: bold;"><a name="z_Toc396820870"></a><a name="z_Toc427650876"></a>Consolidated Statements of Operations</div>
        <div style="text-align: left; color: #4D4D4D; font-family: 'Calibri Light', sans-serif; font-size: 11pt; font-variant: small-caps;">(US dollars in thousands, except per share and weighted average share amounts; US GAAP; Unaudited)</div>
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            <tr>
              <td style="width: 50.58%; vertical-align: top;">&#160;</td>
              <td style="width: 23.96%; vertical-align: top; border-top: #000000 0.50pt solid;" colspan="2">
                <div style="text-align: right; color: #4D4D4D; font-family: 'Calibri Light', sans-serif; font-size: 8pt; font-weight: bold;">Three Months Ended</div>
              </td>
              <td style="width: 1.5%; vertical-align: top; text-align: right;">&#160;</td>
              <td style="width: 23.96%; vertical-align: top; border-top: #000000 0.50pt solid;" colspan="2">
                <div style="text-align: right; color: #4D4D4D; font-family: 'Calibri Light', sans-serif; font-size: 8pt; font-weight: bold;">Nine Months Ended</div>
              </td>
            </tr>
            <tr>
              <td style="width: 50.58%; vertical-align: top;">&#160;</td>
              <td style="width: 11.98%; vertical-align: top; border-top: #000000 0.50pt solid;">
                <div style="text-align: right; color: #4D4D4D; font-family: 'Calibri Light', sans-serif; font-size: 8pt; font-weight: bold;">October 31,</div>
              </td>
              <td style="width: 11.98%; vertical-align: top; border-top: #000000 0.50pt solid;">
                <div style="text-align: right; color: #4D4D4D; font-family: 'Calibri Light', sans-serif; font-size: 8pt;">October 31,</div>
              </td>
              <td style="width: 1.5%; vertical-align: top; text-align: right;">&#160;</td>
              <td style="width: 11.98%; vertical-align: top; border-top: #000000 0.50pt solid;">
                <div style="text-align: right; color: #4D4D4D; font-family: 'Calibri Light', sans-serif; font-size: 8pt; font-weight: bold;">October 31,</div>
              </td>
              <td style="width: 11.98%; vertical-align: top; border-top: #000000 0.50pt solid;">
                <div style="text-align: right; color: #4D4D4D; font-family: 'Calibri Light', sans-serif; font-size: 8pt;">October 31,</div>
              </td>
            </tr>
            <tr>
              <td style="width: 50.58%; vertical-align: top;">&#160;</td>
              <td style="width: 11.98%; vertical-align: top; border-bottom: #000000 0.50pt solid;">
                <div style="text-align: right; color: #4D4D4D; font-family: 'Calibri Light', sans-serif; font-size: 8pt; font-weight: bold;">2024</div>
              </td>
              <td style="width: 11.98%; vertical-align: top; border-bottom: #000000 0.50pt solid;">
                <div style="text-align: right; color: #4D4D4D; font-family: 'Calibri Light', sans-serif; font-size: 8pt;">2023</div>
              </td>
              <td style="width: 1.5%; vertical-align: top; text-align: right;">&#160;</td>
              <td style="width: 11.98%; vertical-align: top; border-bottom: #000000 0.50pt solid;">
                <div style="text-align: right; color: #4D4D4D; font-family: 'Calibri Light', sans-serif; font-size: 8pt; font-weight: bold;">2024</div>
              </td>
              <td style="width: 11.98%; vertical-align: top; border-bottom: #000000 0.50pt solid;">
                <div style="text-align: right; color: #4D4D4D; font-family: 'Calibri Light', sans-serif; font-size: 8pt;">2023</div>
              </td>
            </tr>
            <tr>
              <td style="width: 50.58%; vertical-align: top;">&#160;</td>
              <td style="width: 11.98%; vertical-align: top; border-top: 0.5pt solid rgb(0, 0, 0); text-align: right;">&#160;</td>
              <td style="width: 11.98%; vertical-align: top; border-top: 0.5pt solid rgb(0, 0, 0); text-align: right;">&#160;</td>
              <td style="width: 1.5%; vertical-align: top; text-align: right;">&#160;</td>
              <td style="width: 11.98%; vertical-align: top; border-top: 0.5pt solid rgb(0, 0, 0); text-align: right;">&#160;</td>
              <td style="width: 11.98%; vertical-align: top; border-top: 0.5pt solid rgb(0, 0, 0); text-align: right;">&#160;</td>
            </tr>
            <tr>
              <td style="width: 50.58%; vertical-align: top;">
                <div style="text-align: left; font-family: 'Calibri Light', sans-serif; font-size: 8pt; font-weight: bold;">REVENUES</div>
              </td>
              <td style="width: 11.98%; vertical-align: top;">
                <div style="text-align: right; color: rgb(77, 77, 77); font-family: 'Calibri Light',sans-serif; font-size: 8pt; font-weight: bold;">168,756</div>
              </td>
              <td style="width: 11.98%; vertical-align: top;">
                <div style="text-align: right; color: rgb(77, 77, 77); font-family: 'Calibri Light',sans-serif; font-size: 8pt;">144,698</div>
              </td>
              <td style="width: 1.5%; vertical-align: top; text-align: right;">&#160;</td>
              <td style="width: 11.98%; vertical-align: top;">
                <div style="text-align: right; color: rgb(77, 77, 77); font-family: 'Calibri Light',sans-serif; font-size: 8pt; font-weight: bold;">483,529</div>
              </td>
              <td style="width: 11.98%; vertical-align: top;">
                <div style="text-align: right; color: rgb(77, 77, 77); font-family: 'Calibri Light',sans-serif; font-size: 8pt;">424,705</div>
              </td>
            </tr>
            <tr>
              <td style="width: 50.58%; vertical-align: top;">
                <div style="text-align: left; font-family: 'Calibri Light', sans-serif; font-size: 8pt; font-weight: bold;">COST OF REVENUES</div>
              </td>
              <td style="width: 11.98%; vertical-align: top; border-bottom: #000000 0.50pt solid;">
                <div style="text-align: right; color: rgb(77, 77, 77); font-family: 'Calibri Light',sans-serif; font-size: 8pt; font-weight: bold;">43,154</div>
              </td>
              <td style="width: 11.98%; vertical-align: top; border-bottom: #000000 0.50pt solid;">
                <div style="text-align: right; color: rgb(77, 77, 77); font-family: 'Calibri Light',sans-serif; font-size: 8pt;">34,325</div>
              </td>
              <td style="width: 1.5%; vertical-align: top; text-align: right;">&#160;</td>
              <td style="width: 11.98%; vertical-align: top; border-bottom: #000000 0.50pt solid;">
                <div style="text-align: right; color: rgb(77, 77, 77); font-family: 'Calibri Light',sans-serif; font-size: 8pt; font-weight: bold;">119,115</div>
              </td>
              <td style="width: 11.98%; vertical-align: top; border-bottom: #000000 0.50pt solid;">
                <div style="text-align: right; color: rgb(77, 77, 77); font-family: 'Calibri Light',sans-serif; font-size: 8pt;">102,184</div>
              </td>
            </tr>
            <tr>
              <td style="width: 50.58%; vertical-align: top;">
                <div style="text-align: left; font-family: 'Calibri Light', sans-serif; font-size: 8pt; font-weight: bold;">GROSS MARGIN</div>
              </td>
              <td style="width: 11.98%; vertical-align: top; border-top: #000000 0.50pt solid; border-bottom: #000000 0.50pt solid;">
                <div style="text-align: right; color: rgb(77, 77, 77); font-family: 'Calibri Light',sans-serif; font-size: 8pt; font-weight: bold;">125,602</div>
              </td>
              <td style="width: 11.98%; vertical-align: top; border-top: #000000 0.50pt solid; border-bottom: #000000 0.50pt solid;">
                <div style="text-align: right; color: rgb(77, 77, 77); font-family: 'Calibri Light',sans-serif; font-size: 8pt;">110,373</div>
              </td>
              <td style="width: 1.5%; vertical-align: top; text-align: right;">&#160;</td>
              <td style="width: 11.98%; vertical-align: top; border-top: #000000 0.50pt solid; border-bottom: #000000 0.50pt solid;">
                <div style="text-align: right; color: rgb(77, 77, 77); font-family: 'Calibri Light',sans-serif; font-size: 8pt; font-weight: bold;">364,414</div>
              </td>
              <td style="width: 11.98%; vertical-align: top; border-top: #000000 0.50pt solid; border-bottom: #000000 0.50pt solid;">
                <div style="text-align: right; color: rgb(77, 77, 77); font-family: 'Calibri Light',sans-serif; font-size: 8pt;">322,521</div>
              </td>
            </tr>
            <tr>
              <td style="width: 50.58%; vertical-align: top;">
                <div style="text-align: left; color: #4D4D4D; font-family: 'Calibri Light', sans-serif; font-size: 8pt; font-weight: bold;">EXPENSES</div>
              </td>
              <td style="width: 11.98%; vertical-align: top; border-top: 0.5pt solid rgb(0, 0, 0); text-align: right;">&#160;</td>
              <td style="width: 11.98%; vertical-align: top; border-top: 0.5pt solid rgb(0, 0, 0); text-align: right;">&#160;</td>
              <td style="width: 1.5%; vertical-align: top; text-align: right;">&#160;</td>
              <td style="width: 11.98%; vertical-align: top; text-align: right;">&#160;</td>
              <td style="width: 11.98%; vertical-align: top; text-align: right;">&#160;</td>
            </tr>
            <tr>
              <td style="width: 50.58%; vertical-align: top;">
                <div style="text-align: left; margin-left: 13.5pt; color: #4D4D4D; font-family: 'Calibri Light', sans-serif; font-size: 8pt;">Sales and marketing</div>
              </td>
              <td style="width: 11.98%; vertical-align: top;">
                <div style="text-align: right; color: rgb(77, 77, 77); font-family: 'Calibri Light',sans-serif; font-size: 8pt; font-weight: bold;">19,134</div>
              </td>
              <td style="width: 11.98%; vertical-align: top;">
                <div style="text-align: right; color: rgb(77, 77, 77); font-family: 'Calibri Light',sans-serif; font-size: 8pt;">17,209</div>
              </td>
              <td style="width: 1.5%; vertical-align: top; text-align: right;">&#160;</td>
              <td style="width: 11.98%; vertical-align: top;">
                <div style="text-align: right; color: rgb(77, 77, 77); font-family: 'Calibri Light',sans-serif; font-size: 8pt; font-weight: bold;">55,636</div>
              </td>
              <td style="width: 11.98%; vertical-align: top;">
                <div style="text-align: right; color: rgb(77, 77, 77); font-family: 'Calibri Light',sans-serif; font-size: 8pt;">51,583</div>
              </td>
            </tr>
            <tr>
              <td style="width: 50.58%; vertical-align: top;">
                <div style="text-align: left; margin-left: 13.5pt; color: #4D4D4D; font-family: 'Calibri Light', sans-serif; font-size: 8pt;">Research and development</div>
              </td>
              <td style="width: 11.98%; vertical-align: top;">
                <div style="text-align: right; color: rgb(77, 77, 77); font-family: 'Calibri Light',sans-serif; font-size: 8pt; font-weight: bold;">24,472</div>
              </td>
              <td style="width: 11.98%; vertical-align: top;">
                <div style="text-align: right; color: rgb(77, 77, 77); font-family: 'Calibri Light',sans-serif; font-size: 8pt;">21,118</div>
              </td>
              <td style="width: 1.5%; vertical-align: top; text-align: right;">&#160;</td>
              <td style="width: 11.98%; vertical-align: top;">
                <div style="text-align: right; color: rgb(77, 77, 77); font-family: 'Calibri Light',sans-serif; font-size: 8pt; font-weight: bold;">70,572</div>
              </td>
              <td style="width: 11.98%; vertical-align: top;">
                <div style="text-align: right; color: rgb(77, 77, 77); font-family: 'Calibri Light',sans-serif; font-size: 8pt;">62,923</div>
              </td>
            </tr>
            <tr>
              <td style="width: 50.58%; vertical-align: top;">
                <div style="text-align: left; margin-left: 13.5pt; color: #4D4D4D; font-family: 'Calibri Light', sans-serif; font-size: 8pt;">General and administrative</div>
              </td>
              <td style="width: 11.98%; vertical-align: top;">
                <div style="text-align: right; color: rgb(77, 77, 77); font-family: 'Calibri Light',sans-serif; font-size: 8pt; font-weight: bold;">16,858</div>
              </td>
              <td style="width: 11.98%; vertical-align: top;">
                <div style="text-align: right; color: rgb(77, 77, 77); font-family: 'Calibri Light',sans-serif; font-size: 8pt;">14,712</div>
              </td>
              <td style="width: 1.5%; vertical-align: top; text-align: right;">&#160;</td>
              <td style="width: 11.98%; vertical-align: top;">
                <div style="text-align: right; color: rgb(77, 77, 77); font-family: 'Calibri Light',sans-serif; font-size: 8pt; font-weight: bold;">48,328</div>
              </td>
              <td style="width: 11.98%; vertical-align: top;">
                <div style="text-align: right; color: rgb(77, 77, 77); font-family: 'Calibri Light',sans-serif; font-size: 8pt;">42,747</div>
              </td>
            </tr>
            <tr>
              <td style="width: 50.58%; vertical-align: top;">
                <div style="text-align: left; margin-left: 13.5pt; color: #4D4D4D; font-family: 'Calibri Light', sans-serif; font-size: 8pt;">Other charges</div>
              </td>
              <td style="width: 11.98%; vertical-align: top;">
                <div style="text-align: right; color: rgb(77, 77, 77); font-family: 'Calibri Light',sans-serif; font-size: 8pt; font-weight: bold;">1,830</div>
              </td>
              <td style="width: 11.98%; vertical-align: top;">
                <div style="text-align: right; color: rgb(77, 77, 77); font-family: 'Calibri Light',sans-serif; font-size: 8pt;">9,679</div>
              </td>
              <td style="width: 1.5%; vertical-align: top; text-align: right;">&#160;</td>
              <td style="width: 11.98%; vertical-align: top;">
                <div style="text-align: right; color: rgb(77, 77, 77); font-family: 'Calibri Light',sans-serif; font-size: 8pt; font-weight: bold;">5,898</div>
              </td>
              <td style="width: 11.98%; vertical-align: top;">
                <div style="text-align: right; color: rgb(77, 77, 77); font-family: 'Calibri Light',sans-serif; font-size: 8pt;">14,067</div>
              </td>
            </tr>
            <tr>
              <td style="width: 50.58%; vertical-align: top;">
                <div style="text-align: left; margin-left: 13.5pt; color: #4D4D4D; font-family: 'Calibri Light', sans-serif; font-size: 8pt;">Amortization of intangible assets</div>
              </td>
              <td style="width: 11.98%; vertical-align: top; border-bottom: #000000 0.50pt solid;">
                <div style="text-align: right; color: rgb(77, 77, 77); font-family: 'Calibri Light',sans-serif; font-size: 8pt; font-weight: bold;">17,519</div>
              </td>
              <td style="width: 11.98%; vertical-align: top; border-bottom: #000000 0.50pt solid;">
                <div style="text-align: right; color: rgb(77, 77, 77); font-family: 'Calibri Light',sans-serif; font-size: 8pt;">15,250</div>
              </td>
              <td style="width: 1.5%; vertical-align: top; text-align: right;">&#160;</td>
              <td style="width: 11.98%; vertical-align: top;">
                <div style="text-align: right; color: rgb(77, 77, 77); font-family: 'Calibri Light',sans-serif; font-size: 8pt; font-weight: bold;">49,962</div>
              </td>
              <td style="width: 11.98%; vertical-align: top;">
                <div style="text-align: right; color: rgb(77, 77, 77); font-family: 'Calibri Light',sans-serif; font-size: 8pt;">45,408</div>
              </td>
            </tr>
            <tr>
              <td style="width: 50.58%; vertical-align: top;">&#160;</td>
              <td style="width: 11.98%; vertical-align: top; border-top: #000000 0.50pt solid; border-bottom: #000000 0.50pt solid;">
                <div style="text-align: right; color: rgb(77, 77, 77); font-family: 'Calibri Light',sans-serif; font-size: 8pt; font-weight: bold;">79,813</div>
              </td>
              <td style="width: 11.98%; vertical-align: top; border-top: #000000 0.50pt solid; border-bottom: #000000 0.50pt solid;">
                <div style="text-align: right; color: rgb(77, 77, 77); font-family: 'Calibri Light',sans-serif; font-size: 8pt;">77,968</div>
              </td>
              <td style="width: 1.5%; vertical-align: top; text-align: right;">&#160;</td>
              <td style="width: 11.98%; vertical-align: top; border-top: #000000 0.50pt solid;">
                <div style="text-align: right; color: rgb(77, 77, 77); font-family: 'Calibri Light',sans-serif; font-size: 8pt; font-weight: bold;">230,396</div>
              </td>
              <td style="width: 11.98%; vertical-align: top; border-top: #000000 0.50pt solid;">
                <div style="text-align: right; color: rgb(77, 77, 77); font-family: 'Calibri Light',sans-serif; font-size: 8pt;">216,728</div>
              </td>
            </tr>
            <tr>
              <td style="width: 50.58%; vertical-align: top;">
                <div style="text-align: left; color: #4D4D4D; font-family: 'Calibri Light', sans-serif; font-size: 8pt; font-weight: bold;">INCOME FROM OPERATIONS</div>
              </td>
              <td style="width: 11.98%; vertical-align: top; border-top: #000000 0.50pt solid;">
                <div style="text-align: right; color: rgb(77, 77, 77); font-family: 'Calibri Light',sans-serif; font-size: 8pt; font-weight: bold;">45,789</div>
              </td>
              <td style="width: 11.98%; vertical-align: top; border-top: #000000 0.50pt solid;">
                <div style="text-align: right; color: rgb(77, 77, 77); font-family: 'Calibri Light',sans-serif; font-size: 8pt;">32,405</div>
              </td>
              <td style="width: 1.5%; vertical-align: top; text-align: right;">&#160;</td>
              <td style="width: 11.98%; vertical-align: top; border-top: #000000 0.50pt solid;">
                <div style="text-align: right; color: rgb(77, 77, 77); font-family: 'Calibri Light',sans-serif; font-size: 8pt; font-weight: bold;">134,018</div>
              </td>
              <td style="width: 11.98%; vertical-align: top; border-top: #000000 0.50pt solid;">
                <div style="text-align: right; color: rgb(77, 77, 77); font-family: 'Calibri Light',sans-serif; font-size: 8pt;">105,793</div>
              </td>
            </tr>
            <tr>
              <td style="width: 50.58%; vertical-align: top;">
                <div style="text-align: left; color: #4D4D4D; font-family: 'Calibri Light', sans-serif; font-size: 8pt; font-weight: bold;">INTEREST EXPENSE</div>
              </td>
              <td style="width: 11.98%; vertical-align: top;">
                <div style="text-align: right; color: rgb(77, 77, 77); font-family: 'Calibri Light',sans-serif; font-size: 8pt; font-weight: bold;">(244)</div>
              </td>
              <td style="width: 11.98%; vertical-align: top;">
                <div style="text-align: right; color: rgb(77, 77, 77); font-family: 'Calibri Light',sans-serif; font-size: 8pt;">(343)</div>
              </td>
              <td style="width: 1.5%; vertical-align: top; text-align: right;">&#160;</td>
              <td style="width: 11.98%; vertical-align: top;">
                <div style="text-align: right; color: #4D4D4D; font-family: 'Calibri Light', sans-serif; font-size: 8pt; font-weight: bold;">(760)</div>
              </td>
              <td style="width: 11.98%; vertical-align: top;">
                <div style="text-align: right; color: rgb(77, 77, 77); font-family: 'Calibri Light',sans-serif; font-size: 8pt;">(1,020)</div>
              </td>
            </tr>
            <tr>
              <td style="width: 50.58%; vertical-align: top;">
                <div style="text-align: left; color: #4D4D4D; font-family: 'Calibri Light', sans-serif; font-size: 8pt; font-weight: bold;">INVESTMENT INCOME</div>
              </td>
              <td style="width: 11.98%; vertical-align: top; border-bottom: #000000 0.50pt solid;">
                <div style="text-align: right; color: rgb(77, 77, 77); font-family: 'Calibri Light',sans-serif; font-size: 8pt; font-weight: bold;">2,883</div>
              </td>
              <td style="width: 11.98%; vertical-align: top; border-bottom: #000000 0.50pt solid;">
                <div style="text-align: right; color: rgb(77, 77, 77); font-family: 'Calibri Light',sans-serif; font-size: 8pt;">2,717</div>
              </td>
              <td style="width: 1.5%; vertical-align: top; text-align: right;">&#160;</td>
              <td style="width: 11.98%; vertical-align: top;">
                <div style="text-align: right; color: rgb(77, 77, 77); font-family: 'Calibri Light',sans-serif; font-size: 8pt; font-weight: bold;">9,657</div>
              </td>
              <td style="width: 11.98%; vertical-align: top;">
                <div style="text-align: right; color: rgb(77, 77, 77); font-family: 'Calibri Light',sans-serif; font-size: 8pt;">6,287</div>
              </td>
            </tr>
            <tr>
              <td style="width: 50.58%; vertical-align: top;">
                <div style="text-align: left; color: #092034; font-family: 'Calibri Light', sans-serif; font-size: 8pt;">INCOME BEFORE INCOME TAXES</div>
              </td>
              <td style="width: 11.98%; vertical-align: top; border-top: #000000 0.50pt solid;">
                <div style="text-align: right; color: rgb(77, 77, 77); font-family: 'Calibri Light',sans-serif; font-size: 8pt; font-weight: bold;">48,428</div>
              </td>
              <td style="width: 11.98%; vertical-align: top; border-top: #000000 0.50pt solid;">
                <div style="text-align: right; color: rgb(77, 77, 77); font-family: 'Calibri Light',sans-serif; font-size: 8pt;">34,779</div>
              </td>
              <td style="width: 1.5%; vertical-align: top; text-align: right;">&#160;</td>
              <td style="width: 11.98%; vertical-align: top; border-top: #000000 0.50pt solid;">
                <div style="text-align: right; color: rgb(77, 77, 77); font-family: 'Calibri Light',sans-serif; font-size: 8pt; font-weight: bold;">142,915</div>
              </td>
              <td style="width: 11.98%; vertical-align: top; border-top: #000000 0.50pt solid;">
                <div style="text-align: right; color: rgb(77, 77, 77); font-family: 'Calibri Light',sans-serif; font-size: 8pt;">111,060</div>
              </td>
            </tr>
            <tr>
              <td style="width: 50.58%; vertical-align: top;">
                <div style="text-align: left; color: #4D4D4D; font-family: 'Calibri Light', sans-serif; font-size: 8pt; font-weight: bold;">INCOME TAX EXPENSE (RECOVERY)</div>
              </td>
              <td style="width: 11.98%; vertical-align: top; text-align: right;">&#160;</td>
              <td style="width: 11.98%; vertical-align: top; text-align: right;">&#160;</td>
              <td style="width: 1.5%; vertical-align: top; text-align: right;">&#160;</td>
              <td style="width: 11.98%; vertical-align: top; text-align: right;">&#160;</td>
              <td style="width: 11.98%; vertical-align: top; text-align: right;">&#160;</td>
            </tr>
            <tr>
              <td style="width: 50.58%; vertical-align: top;">
                <div style="text-align: left; margin-left: 13.5pt; color: #4D4D4D; font-family: 'Calibri Light', sans-serif; font-size: 8pt;">Current</div>
              </td>
              <td style="width: 11.98%; vertical-align: top;">
                <div style="text-align: right; color: rgb(77, 77, 77); font-family: 'Calibri Light',sans-serif; font-size: 8pt; font-weight: bold;">18,310</div>
              </td>
              <td style="width: 11.98%; vertical-align: top;">
                <div style="text-align: right; color: rgb(77, 77, 77); font-family: 'Calibri Light',sans-serif; font-size: 8pt;">10,334</div>
              </td>
              <td style="width: 1.5%; vertical-align: top; text-align: right;">&#160;</td>
              <td style="width: 11.98%; vertical-align: top;">
                <div style="text-align: right; color: rgb(77, 77, 77); font-family: 'Calibri Light',sans-serif; font-size: 8pt; font-weight: bold;">42,105</div>
              </td>
              <td style="width: 11.98%; vertical-align: top;">
                <div style="text-align: right; color: rgb(77, 77, 77); font-family: 'Calibri Light',sans-serif; font-size: 8pt;">30,207</div>
              </td>
            </tr>
            <tr>
              <td style="width: 50.58%; vertical-align: top;">
                <div style="text-align: left; margin-left: 13.5pt; color: #4D4D4D; font-family: 'Calibri Light', sans-serif; font-size: 8pt;">Deferred</div>
              </td>
              <td style="width: 11.98%; vertical-align: top; border-bottom: #000000 0.50pt solid;">
                <div style="text-align: right; color: rgb(77, 77, 77); font-family: 'Calibri Light',sans-serif; font-size: 8pt; font-weight: bold;">(6,440)</div>
              </td>
              <td style="width: 11.98%; vertical-align: top; border-bottom: #000000 0.50pt solid;">
                <div style="text-align: right; color: rgb(77, 77, 77); font-family: 'Calibri Light',sans-serif; font-size: 8pt;">(2,157)</div>
              </td>
              <td style="width: 1.5%; vertical-align: top; text-align: right;">&#160;</td>
              <td style="width: 11.98%; vertical-align: top;">
                <div style="text-align: right; color: rgb(77, 77, 77); font-family: 'Calibri Light',sans-serif; font-size: 8pt; font-weight: bold;">(5,096)</div>
              </td>
              <td style="width: 11.98%; vertical-align: top;">
                <div style="text-align: right; color: rgb(77, 77, 77); font-family: 'Calibri Light',sans-serif; font-size: 8pt;">(3,218)</div>
              </td>
            </tr>
            <tr>
              <td style="width: 50.58%; vertical-align: top;">&#160;</td>
              <td style="width: 11.98%; vertical-align: top; border-top: #000000 0.50pt solid; border-bottom: #000000 0.50pt solid;">
                <div style="text-align: right; color: rgb(77, 77, 77); font-family: 'Calibri Light',sans-serif; font-size: 8pt; font-weight: bold;">11,870</div>
              </td>
              <td style="width: 11.98%; vertical-align: top; border-top: #000000 0.50pt solid; border-bottom: #000000 0.50pt solid;">
                <div style="text-align: right; color: rgb(77, 77, 77); font-family: 'Calibri Light',sans-serif; font-size: 8pt;">8,177</div>
              </td>
              <td style="width: 1.5%; vertical-align: top; text-align: right;">&#160;</td>
              <td style="width: 11.98%; vertical-align: top; border-top: #000000 0.50pt solid; border-bottom: #000000 0.50pt solid;">
                <div style="text-align: right; color: rgb(77, 77, 77); font-family: 'Calibri Light',sans-serif; font-size: 8pt; font-weight: bold;">37,009</div>
              </td>
              <td style="width: 11.98%; vertical-align: top; border-top: #000000 0.50pt solid; border-bottom: #000000 0.50pt solid;">
                <div style="text-align: right; color: rgb(77, 77, 77); font-family: 'Calibri Light',sans-serif; font-size: 8pt;">26,989</div>
              </td>
            </tr>
            <tr>
              <td style="width: 50.58%; vertical-align: top;">
                <div style="text-align: left; color: #4D4D4D; font-family: 'Calibri Light', sans-serif; font-size: 8pt; font-weight: bold;">NET INCOME</div>
              </td>
              <td style="width: 11.98%; vertical-align: top; border-top: #000000 0.50pt solid; border-bottom: #000000 1.50pt solid;">
                <div style="text-align: right; color: rgb(77, 77, 77); font-family: 'Calibri Light',sans-serif; font-size: 8pt; font-weight: bold;">36,558</div>
              </td>
              <td style="width: 11.98%; vertical-align: top; border-top: #000000 0.50pt solid; border-bottom: #000000 1.50pt solid;">
                <div style="text-align: right; color: rgb(77, 77, 77); font-family: 'Calibri Light',sans-serif; font-size: 8pt;">26,602</div>
              </td>
              <td style="width: 1.5%; vertical-align: top; text-align: right;">&#160;</td>
              <td style="width: 11.98%; vertical-align: top; border-top: #000000 0.50pt solid; border-bottom: #000000 1.50pt solid;">
                <div style="text-align: right; color: rgb(77, 77, 77); font-family: 'Calibri Light',sans-serif; font-size: 8pt; font-weight: bold;">105,906</div>
              </td>
              <td style="width: 11.98%; vertical-align: top; border-top: #000000 0.50pt solid; border-bottom: #000000 1.50pt solid;">
                <div style="text-align: right; color: rgb(77, 77, 77); font-family: 'Calibri Light',sans-serif; font-size: 8pt;">84,071</div>
              </td>
            </tr>
            <tr>
              <td style="width: 50.58%; vertical-align: top;">
                <div style="text-align: left; color: #4D4D4D; font-family: 'Calibri Light', sans-serif; font-size: 8pt; font-weight: bold;">EARNINGS PER SHARE</div>
              </td>
              <td style="width: 11.98%; vertical-align: top; border-top: 1.5pt solid rgb(0, 0, 0); text-align: right;">&#160;</td>
              <td style="width: 11.98%; vertical-align: top; border-top: 1.5pt solid rgb(0, 0, 0); text-align: right;">&#160;</td>
              <td style="width: 1.5%; vertical-align: top; text-align: right;">&#160;</td>
              <td style="width: 11.98%; vertical-align: top; border-top: 1.5pt solid rgb(0, 0, 0); text-align: right;">&#160;</td>
              <td style="width: 11.98%; vertical-align: top; border-top: 1.5pt solid rgb(0, 0, 0); text-align: right;">&#160;</td>
            </tr>
            <tr>
              <td style="width: 50.58%; vertical-align: top;">
                <div style="text-align: left; margin-left: 13.5pt; color: #4D4D4D; font-family: 'Calibri Light', sans-serif; font-size: 8pt;">Basic</div>
              </td>
              <td style="width: 11.98%; vertical-align: top;">
                <div style="text-align: right; margin-right: 6.75pt; color: rgb(77, 77, 77); font-family: 'Calibri Light',sans-serif; font-size: 8pt; font-weight: bold;">0.43</div>
              </td>
              <td style="width: 11.98%; vertical-align: top;">
                <div style="text-align: right; margin-right: 2.25pt; color: rgb(77, 77, 77); font-family: 'Calibri Light',sans-serif; font-size: 8pt;">0.31</div>
              </td>
              <td style="width: 1.5%; vertical-align: top; text-align: right;">&#160;</td>
              <td style="width: 11.98%; vertical-align: top;">
                <div style="text-align: right; margin-right: 3pt; color: rgb(77, 77, 77); font-family: 'Calibri Light',sans-serif; font-size: 8pt; font-weight: bold;">1.24</div>
              </td>
              <td style="width: 11.98%; vertical-align: top;">
                <div style="text-align: right; margin-right: 2.25pt; color: rgb(77, 77, 77); font-family: 'Calibri Light',sans-serif; font-size: 8pt;">0.99</div>
              </td>
            </tr>
            <tr>
              <td style="width: 50.58%; vertical-align: top;">
                <div style="text-align: left; margin-left: 13.5pt; color: #4D4D4D; font-family: 'Calibri Light', sans-serif; font-size: 8pt;">Diluted</div>
              </td>
              <td style="width: 11.98%; vertical-align: top; border-bottom: #000000 1.50pt solid;">
                <div style="text-align: right; margin-right: 6.75pt; color: rgb(77, 77, 77); font-family: 'Calibri Light',sans-serif; font-size: 8pt; font-weight: bold;">0.42</div>
              </td>
              <td style="width: 11.98%; vertical-align: top; border-bottom: #000000 1.50pt solid;">
                <div style="text-align: right; margin-right: 2.25pt; color: rgb(77, 77, 77); font-family: 'Calibri Light',sans-serif; font-size: 8pt;">0.31</div>
              </td>
              <td style="width: 1.5%; vertical-align: top; text-align: right;">&#160;</td>
              <td style="width: 11.98%; vertical-align: top; border-bottom: #000000 1.50pt solid;">
                <div style="text-align: right; margin-right: 3pt; color: rgb(77, 77, 77); font-family: 'Calibri Light',sans-serif; font-size: 8pt; font-weight: bold;">1.21</div>
              </td>
              <td style="width: 11.98%; vertical-align: top; border-bottom: #000000 1.50pt solid;">
                <div style="text-align: right; margin-right: 2.25pt; color: rgb(77, 77, 77); font-family: 'Calibri Light',sans-serif; font-size: 8pt;">0.97</div>
              </td>
            </tr>
            <tr>
              <td style="width: 50.58%; vertical-align: top;">
                <div style="text-align: left; color: #4D4D4D; font-family: 'Calibri Light', sans-serif; font-size: 8pt; font-weight: bold;">WEIGHTED AVERAGE SHARES OUTSTANDING (thousands)</div>
              </td>
              <td style="width: 11.98%; vertical-align: top; border-top: 1.5pt solid rgb(0, 0, 0); text-align: right;">&#160;</td>
              <td style="width: 11.98%; vertical-align: top; border-top: 1.5pt solid rgb(0, 0, 0); text-align: right;">&#160;</td>
              <td style="width: 1.5%; vertical-align: top; text-align: right;">&#160;</td>
              <td style="width: 11.98%; vertical-align: top; border-top: 1.5pt solid rgb(0, 0, 0); text-align: right;">&#160;</td>
              <td style="width: 11.98%; vertical-align: top; border-top: 1.5pt solid rgb(0, 0, 0); text-align: right;">&#160;</td>
            </tr>
            <tr>
              <td style="width: 50.58%; vertical-align: top;">
                <div style="text-align: left; margin-left: 13.5pt; color: #4D4D4D; font-family: 'Calibri Light', sans-serif; font-size: 8pt;">Basic</div>
              </td>
              <td style="width: 11.98%; vertical-align: top;">
                <div style="text-align: right; color: rgb(77, 77, 77); font-family: 'Calibri Light',sans-serif; font-size: 8pt; font-weight: bold;">85,501</div>
              </td>
              <td style="width: 11.98%; vertical-align: top;">
                <div style="text-align: right; margin-right: 2.25pt; color: rgb(77, 77, 77); font-family: 'Calibri Light',sans-serif; font-size: 8pt;">85,101</div>
              </td>
              <td style="width: 1.5%; vertical-align: top; text-align: right;">&#160;</td>
              <td style="width: 11.98%; vertical-align: top;">
                <div style="text-align: right; color: rgb(77, 77, 77); font-family: 'Calibri Light',sans-serif; font-size: 8pt; font-weight: bold;">85,403</div>
              </td>
              <td style="width: 11.98%; vertical-align: top;">
                <div style="text-align: right; margin-right: 2.25pt; color: rgb(77, 77, 77); font-family: 'Calibri Light',sans-serif; font-size: 8pt;">85,045</div>
              </td>
            </tr>
            <tr>
              <td style="width: 50.58%; vertical-align: top;">
                <div style="text-align: left; margin-left: 13.5pt; color: #4D4D4D; font-family: 'Calibri Light', sans-serif; font-size: 8pt;">Diluted</div>
              </td>
              <td style="width: 11.98%; vertical-align: top; border-bottom: #000000 1.50pt solid;">
                <div style="text-align: right; color: rgb(77, 77, 77); font-family: 'Calibri Light',sans-serif; font-size: 8pt; font-weight: bold;">87,342</div>
              </td>
              <td style="width: 11.98%; vertical-align: top; border-bottom: #000000 1.50pt solid;">
                <div style="text-align: right; margin-right: 2.25pt; color: rgb(77, 77, 77); font-family: 'Calibri Light',sans-serif; font-size: 8pt;">86,791</div>
              </td>
              <td style="width: 1.5%; vertical-align: top; text-align: right;">&#160;</td>
              <td style="width: 11.98%; vertical-align: top; border-bottom: #000000 1.50pt solid;">
                <div style="text-align: right; color: rgb(77, 77, 77); font-family: 'Calibri Light',sans-serif; font-size: 8pt; font-weight: bold;">87,231</div>
              </td>
              <td style="width: 11.98%; vertical-align: top; border-bottom: #000000 1.50pt solid;">
                <div style="text-align: right; margin-right: 2.25pt; color: rgb(77, 77, 77); font-family: 'Calibri Light',sans-serif; font-size: 8pt;">86,772</div>
              </td>
            </tr>

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                <div style="text-align: left; font-family: 'Calibri Light', sans-serif; font-size: 11pt;"><font style="font-family: 'Calibri Light', sans-serif; font-size: 6.5pt; color: #4D4D4D;">The Descartes Systems Group Inc. </font><font style="font-family: 'Calibri Light', sans-serif; font-size: 6.5pt; color: #555555;">| </font><font style="font-family: 'Calibri Light', sans-serif; font-size: 6.5pt;">info@descartes.com</font><font style="font-family: 'Calibri Light', sans-serif; font-size: 6.5pt; color: #555555;"> | </font><font style="font-family: 'Calibri Light', sans-serif; font-size: 6.5pt;">www.descartes.com</font><font style="font-family: 'Calibri Light', sans-serif; font-size: 6.5pt; color: #555555;"> | &#169; All rights reserved</font><font class="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 6pt;">&#160;&#160;</font></div>
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          <div style="text-align: right;" class="BRPFPageNumberArea"><font style="font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: normal; font-style: normal;">10</font></div>
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        <div style="text-align: left; color: #4D4D4D; font-family: 'Calibri Light', sans-serif; font-size: 12pt; font-variant: small-caps; font-weight: bold;">The Descartes Systems Group Inc.</div>
        <div style="text-align: left; color: #4D4D4D; font-family: 'Calibri Light', sans-serif; font-size: 12pt; font-variant: small-caps; font-weight: bold;"><a name="z_Toc427650879"></a><a name="z_Toc396820873"></a>Condensed Consolidated Statements of
          Cash Flows</div>
        <div style="text-align: left; color: #4D4D4D; font-family: 'Calibri Light', sans-serif; font-size: 11pt; font-variant: small-caps;">(US dollars in thousands; US GAAP; Unaudited)</div>
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            <tr>
              <td style="width: 51.45%; vertical-align: top;">&#160;</td>
              <td style="width: 23.44%; vertical-align: top; border-top: #000000 0.50pt solid;" colspan="2">
                <div style="text-align: right; color: #4D4D4D; font-family: 'Calibri Light', sans-serif; font-size: 8pt; font-weight: bold;">Three Months Ended</div>
              </td>
              <td style="width: 1.64%; vertical-align: top; text-align: right;">&#160;</td>
              <td style="width: 23.46%; vertical-align: top; border-top: #000000 0.50pt solid;" colspan="2">
                <div style="text-align: right; color: #4D4D4D; font-family: 'Calibri Light', sans-serif; font-size: 8pt; font-weight: bold;">Nine Months Ended</div>
              </td>
            </tr>
            <tr>
              <td style="width: 51.45%; vertical-align: top;">&#160;</td>
              <td style="width: 11.71%; vertical-align: top; border-top: #000000 0.50pt solid;">
                <div style="text-align: right; color: #4D4D4D; font-family: 'Calibri Light', sans-serif; font-size: 8pt; font-weight: bold;">October 31,</div>
              </td>
              <td style="width: 11.73%; vertical-align: top; border-top: #000000 0.50pt solid;">
                <div style="text-align: right; color: #4D4D4D; font-family: 'Calibri Light', sans-serif; font-size: 8pt;">October 31,</div>
              </td>
              <td style="width: 1.64%; vertical-align: top; text-align: right;" rowspan="26">&#160;</td>
              <td style="width: 11.73%; vertical-align: top; border-top: #000000 0.50pt solid;">
                <div style="text-align: right; color: #4D4D4D; font-family: 'Calibri Light', sans-serif; font-size: 8pt; font-weight: bold;">October 31,</div>
              </td>
              <td style="width: 11.73%; vertical-align: top; border-top: #000000 0.50pt solid;">
                <div style="text-align: right; color: #4D4D4D; font-family: 'Calibri Light', sans-serif; font-size: 8pt;">October 31,</div>
              </td>
            </tr>
            <tr>
              <td style="width: 51.45%; vertical-align: top;">&#160;</td>
              <td style="width: 11.71%; vertical-align: top; border-bottom: #000000 0.50pt solid;">
                <div style="text-align: right; color: #4D4D4D; font-family: 'Calibri Light', sans-serif; font-size: 8pt; font-weight: bold;">2024</div>
              </td>
              <td style="width: 11.73%; vertical-align: top; border-bottom: #000000 0.50pt solid;">
                <div style="text-align: right; color: #4D4D4D; font-family: 'Calibri Light', sans-serif; font-size: 8pt;">2023</div>
              </td>
              <td style="width: 11.73%; vertical-align: top; border-bottom: #000000 0.50pt solid;">
                <div style="text-align: right; color: #4D4D4D; font-family: 'Calibri Light', sans-serif; font-size: 8pt; font-weight: bold;">2024</div>
              </td>
              <td style="width: 11.73%; vertical-align: top; border-bottom: #000000 0.50pt solid;">
                <div style="text-align: right; color: #4D4D4D; font-family: 'Calibri Light', sans-serif; font-size: 8pt;">2023</div>
              </td>
            </tr>
            <tr>
              <td style="width: 51.45%; vertical-align: top;">
                <div style="text-align: left; color: #4D4D4D; font-family: 'Calibri Light', sans-serif; font-size: 8pt; font-weight: bold;">OPERATING ACTIVITIES</div>
              </td>
              <td style="width: 11.71%; vertical-align: top; text-align: right;">&#160;</td>
              <td style="width: 11.73%; vertical-align: top; text-align: right;">&#160;</td>
              <td style="width: 11.73%; vertical-align: top; text-align: right;">&#160;</td>
              <td style="width: 11.73%; vertical-align: top; text-align: right;">&#160;</td>
            </tr>
            <tr>
              <td style="width: 51.45%; vertical-align: top;">
                <div style="text-align: left; color: #4D4D4D; font-family: 'Calibri Light', sans-serif; font-size: 8pt;">Net income</div>
              </td>
              <td style="width: 11.71%; vertical-align: top;">
                <div style="text-align: right; color: rgb(77, 77, 77); font-family: 'Calibri Light',sans-serif; font-size: 8pt; font-weight: bold;">36,558</div>
              </td>
              <td style="width: 11.73%; vertical-align: top;">
                <div style="text-align: right; color: rgb(77, 77, 77); font-family: 'Calibri Light',sans-serif; font-size: 8pt;">26,602</div>
              </td>
              <td style="width: 11.73%; vertical-align: top;">
                <div style="text-align: right; color: rgb(77, 77, 77); font-family: 'Calibri Light',sans-serif; font-size: 8pt; font-weight: bold;">105,906</div>
              </td>
              <td style="width: 11.73%; vertical-align: top;">
                <div style="text-align: right; color: rgb(77, 77, 77); font-family: 'Calibri Light',sans-serif; font-size: 8pt;">84,071</div>
              </td>
            </tr>
            <tr>
              <td style="width: 51.45%; vertical-align: top;">
                <div style="text-align: left; color: #4D4D4D; font-family: 'Calibri Light', sans-serif; font-size: 8pt;">Adjustments to reconcile net income to cash provided by operating activities:</div>
              </td>
              <td style="width: 11.71%; vertical-align: top; text-align: right;">&#160;</td>
              <td style="width: 11.73%; vertical-align: top; text-align: right;">&#160;</td>
              <td style="width: 11.73%; vertical-align: top; text-align: right;">&#160;</td>
              <td style="width: 11.73%; vertical-align: top; text-align: right;">&#160;</td>
            </tr>
            <tr>
              <td style="width: 51.45%; vertical-align: top;">
                <div style="text-align: left; margin-left: 13.5pt; color: #4D4D4D; font-family: 'Calibri Light', sans-serif; font-size: 8pt;">Depreciation</div>
              </td>
              <td style="width: 11.71%; vertical-align: top;">
                <div style="text-align: right; color: rgb(77, 77, 77); font-family: 'Calibri Light',sans-serif; font-size: 8pt; font-weight: bold;">1,393</div>
              </td>
              <td style="width: 11.73%; vertical-align: top;">
                <div style="text-align: right; color: rgb(77, 77, 77); font-family: 'Calibri Light',sans-serif; font-size: 8pt;">1,452</div>
              </td>
              <td style="width: 11.73%; vertical-align: top;">
                <div style="text-align: right; color: rgb(77, 77, 77); font-family: 'Calibri Light',sans-serif; font-size: 8pt; font-weight: bold;">4,137</div>
              </td>
              <td style="width: 11.73%; vertical-align: top;">
                <div style="text-align: right; color: rgb(77, 77, 77); font-family: 'Calibri Light',sans-serif; font-size: 8pt;">4,080</div>
              </td>
            </tr>
            <tr>
              <td style="width: 51.45%; vertical-align: top;">
                <div style="text-align: left; margin-left: 13.5pt; color: #4D4D4D; font-family: 'Calibri Light', sans-serif; font-size: 8pt;">Amortization of intangible assets</div>
              </td>
              <td style="width: 11.71%; vertical-align: top;">
                <div style="text-align: right; color: rgb(77, 77, 77); font-family: 'Calibri Light',sans-serif; font-size: 8pt; font-weight: bold;">17,519</div>
              </td>
              <td style="width: 11.73%; vertical-align: top;">
                <div style="text-align: right; color: rgb(77, 77, 77); font-family: 'Calibri Light',sans-serif; font-size: 8pt;">15,250</div>
              </td>
              <td style="width: 11.73%; vertical-align: top;">
                <div style="text-align: right; color: rgb(77, 77, 77); font-family: 'Calibri Light',sans-serif; font-size: 8pt; font-weight: bold;">49,962</div>
              </td>
              <td style="width: 11.73%; vertical-align: top;">
                <div style="text-align: right; color: rgb(77, 77, 77); font-family: 'Calibri Light',sans-serif; font-size: 8pt;">45,408</div>
              </td>
            </tr>
            <tr>
              <td style="width: 51.45%; vertical-align: top;">
                <div style="text-align: left; margin-left: 13.5pt; color: #4D4D4D; font-family: 'Calibri Light', sans-serif; font-size: 8pt;">Stock-based compensation expense</div>
              </td>
              <td style="width: 11.71%; vertical-align: top;">
                <div style="text-align: right; color: rgb(77, 77, 77); font-family: 'Calibri Light',sans-serif; font-size: 8pt; font-weight: bold;">5,298</div>
              </td>
              <td style="width: 11.73%; vertical-align: top;">
                <div style="text-align: right; color: rgb(77, 77, 77); font-family: 'Calibri Light',sans-serif; font-size: 8pt;">4,513</div>
              </td>
              <td style="width: 11.73%; vertical-align: top;">
                <div style="text-align: right; color: rgb(77, 77, 77); font-family: 'Calibri Light',sans-serif; font-size: 8pt; font-weight: bold;">14,575</div>
              </td>
              <td style="width: 11.73%; vertical-align: top;">
                <div style="text-align: right; color: rgb(77, 77, 77); font-family: 'Calibri Light',sans-serif; font-size: 8pt;">11,883</div>
              </td>
            </tr>
            <tr>
              <td style="width: 51.45%; vertical-align: top;">
                <div style="text-align: left; margin-left: 13.5pt; color: #4D4D4D; font-family: 'Calibri Light', sans-serif; font-size: 8pt;">Other non-cash operating activities</div>
              </td>
              <td style="width: 11.71%; vertical-align: top;">
                <div style="text-align: right; color: rgb(77, 77, 77); font-family: 'Calibri Light',sans-serif; font-size: 8pt; font-weight: bold;">(42)</div>
              </td>
              <td style="width: 11.73%; vertical-align: top;">
                <div style="text-align: right; color: rgb(77, 77, 77); font-family: 'Calibri Light',sans-serif; font-size: 8pt;">(15)</div>
              </td>
              <td style="width: 11.73%; vertical-align: top;">
                <div style="text-align: right; color: rgb(77, 77, 77); font-family: 'Calibri Light',sans-serif; font-size: 8pt; font-weight: bold;">(1)</div>
              </td>
              <td style="width: 11.73%; vertical-align: top;">
                <div style="text-align: right; color: rgb(77, 77, 77); font-family: 'Calibri Light',sans-serif; font-size: 8pt;">57</div>
              </td>
            </tr>
            <tr>
              <td style="width: 51.45%; vertical-align: top;">
                <div style="text-align: left; margin-left: 13.5pt; color: #4D4D4D; font-family: 'Calibri Light', sans-serif; font-size: 8pt;">Deferred tax expense (recovery)</div>
              </td>
              <td style="width: 11.71%; vertical-align: top;">
                <div style="text-align: right; color: rgb(77, 77, 77); font-family: 'Calibri Light',sans-serif; font-size: 8pt; font-weight: bold;">(6,440)</div>
              </td>
              <td style="width: 11.73%; vertical-align: top;">
                <div style="text-align: right; color: rgb(77, 77, 77); font-family: 'Calibri Light',sans-serif; font-size: 8pt;">(2,157)</div>
              </td>
              <td style="width: 11.73%; vertical-align: top;">
                <div style="text-align: right; color: rgb(77, 77, 77); font-family: 'Calibri Light',sans-serif; font-size: 8pt; font-weight: bold;">(5,096)</div>
              </td>
              <td style="width: 11.73%; vertical-align: top;">
                <div style="text-align: right; color: rgb(77, 77, 77); font-family: 'Calibri Light',sans-serif; font-size: 8pt;">(3,218)</div>
              </td>
            </tr>
            <tr>
              <td style="width: 51.45%; vertical-align: top;">
                <div style="text-align: left; margin-left: 13.5pt; color: #4D4D4D; font-family: 'Calibri Light', sans-serif; font-size: 8pt;">Changes in operating assets and liabilities</div>
              </td>
              <td style="width: 11.71%; vertical-align: top;">
                <div style="text-align: right; color: rgb(77, 77, 77); font-family: 'Calibri Light',sans-serif; font-size: 8pt; font-weight: bold;">5,860</div>
              </td>
              <td style="width: 11.73%; vertical-align: top;">
                <div style="text-align: right; color: rgb(77, 77, 77); font-family: 'Calibri Light',sans-serif; font-size: 8pt;">10,405</div>
              </td>
              <td style="width: 11.73%; vertical-align: top;">
                <div style="text-align: right; color: rgb(77, 77, 77); font-family: 'Calibri Light',sans-serif; font-size: 8pt; font-weight: bold;">(10,936)</div>
              </td>
              <td style="width: 11.73%; vertical-align: top;">
                <div style="text-align: right; color: rgb(77, 77, 77); font-family: 'Calibri Light',sans-serif; font-size: 8pt;">14,635</div>
              </td>
            </tr>
            <tr>
              <td style="width: 51.45%; vertical-align: top;">
                <div style="text-align: left; color: #4D4D4D; font-family: 'Calibri Light', sans-serif; font-size: 8pt;">Cash provided by operating activities</div>
              </td>
              <td style="width: 11.71%; vertical-align: top; border-top: #000000 0.50pt solid; border-bottom: #000000 0.50pt solid;">
                <div style="text-align: right; color: rgb(77, 77, 77); font-family: 'Calibri Light',sans-serif; font-size: 8pt; font-weight: bold;">60,146</div>
              </td>
              <td style="width: 11.73%; vertical-align: top; border-top: #000000 0.50pt solid; border-bottom: #000000 0.50pt solid;">
                <div style="text-align: right; color: rgb(77, 77, 77); font-family: 'Calibri Light',sans-serif; font-size: 8pt;">56,050</div>
              </td>
              <td style="width: 11.73%; vertical-align: top; border-top: #000000 0.50pt solid; border-bottom: #000000 0.50pt solid;">
                <div style="text-align: right; color: rgb(77, 77, 77); font-family: 'Calibri Light',sans-serif; font-size: 8pt; font-weight: bold;">158,547</div>
              </td>
              <td style="width: 11.73%; vertical-align: top; border-top: #000000 0.50pt solid; border-bottom: #000000 0.50pt solid;">
                <div style="text-align: right; color: rgb(77, 77, 77); font-family: 'Calibri Light',sans-serif; font-size: 8pt;">156,916</div>
              </td>
            </tr>
            <tr>
              <td style="width: 51.45%; vertical-align: top;">
                <div style="text-align: left; color: #4D4D4D; font-family: 'Calibri Light', sans-serif; font-size: 8pt; font-weight: bold;">INVESTING ACTIVITIES</div>
              </td>
              <td style="width: 11.71%; vertical-align: top; text-align: right;">&#160;</td>
              <td style="width: 11.73%; vertical-align: top; text-align: right;">&#160;</td>
              <td style="width: 11.73%; vertical-align: top; text-align: right;">&#160;</td>
              <td style="width: 11.73%; vertical-align: top; text-align: right;">&#160;</td>
            </tr>
            <tr>
              <td style="width: 51.45%; vertical-align: top;">
                <div style="text-align: left; margin-left: 13.5pt; color: #4D4D4D; font-family: 'Calibri Light', sans-serif; font-size: 8pt;">Additions to property and equipment</div>
              </td>
              <td style="width: 11.71%; vertical-align: top;">
                <div style="text-align: right; color: rgb(77, 77, 77); font-family: 'Calibri Light',sans-serif; font-size: 8pt; font-weight: bold;">(1,313)</div>
              </td>
              <td style="width: 11.73%; vertical-align: top;">
                <div style="text-align: right; color: rgb(77, 77, 77); font-family: 'Calibri Light',sans-serif; font-size: 8pt;">(1,462)</div>
              </td>
              <td style="width: 11.73%; vertical-align: top;">
                <div style="text-align: right; color: rgb(77, 77, 77); font-family: 'Calibri Light',sans-serif; font-size: 8pt; font-weight: bold;">(4,653)</div>
              </td>
              <td style="width: 11.73%; vertical-align: top;">
                <div style="text-align: right; color: rgb(77, 77, 77); font-family: 'Calibri Light',sans-serif; font-size: 8pt;">(4,845)</div>
              </td>
            </tr>
            <tr>
              <td style="width: 51.45%; vertical-align: top;">
                <div style="text-align: left; margin-left: 13.5pt; color: #4D4D4D; font-family: 'Calibri Light', sans-serif; font-size: 8pt;">Acquisition of subsidiaries, net of cash acquired</div>
              </td>
              <td style="width: 11.71%; vertical-align: bottom;">
                <div style="text-align: right; color: rgb(77, 77, 77); font-family: 'Calibri Light',sans-serif; font-size: 8pt; font-weight: bold;">(132,753)</div>
              </td>
              <td style="width: 11.73%; vertical-align: bottom;">
                <div style="text-align: right; color: rgb(77, 77, 77); font-family: 'Calibri Light',sans-serif; font-size: 8pt;">-</div>
              </td>
              <td style="width: 11.73%; vertical-align: bottom;">
                <div style="text-align: right; color: rgb(77, 77, 77); font-family: 'Calibri Light',sans-serif; font-size: 8pt; font-weight: bold;">(286,468)</div>
              </td>
              <td style="width: 11.73%; vertical-align: bottom;">
                <div style="text-align: right; color: rgb(77, 77, 77); font-family: 'Calibri Light',sans-serif; font-size: 8pt;">(142,700)</div>
              </td>
            </tr>
            <tr>
              <td style="width: 51.45%; vertical-align: top;">
                <div style="text-align: left; color: #4D4D4D; font-family: 'Calibri Light', sans-serif; font-size: 8pt;">Cash used in investing activities</div>
              </td>
              <td style="width: 11.71%; vertical-align: top; border-top: #000000 0.50pt solid; border-bottom: #000000 0.50pt solid;">
                <div style="text-align: right; color: rgb(77, 77, 77); font-family: 'Calibri Light',sans-serif; font-size: 8pt; font-weight: bold;">(134,066)</div>
              </td>
              <td style="width: 11.73%; vertical-align: top; border-top: #000000 0.50pt solid; border-bottom: #000000 0.50pt solid;">
                <div style="text-align: right; color: rgb(77, 77, 77); font-family: 'Calibri Light',sans-serif; font-size: 8pt;">(1,462)</div>
              </td>
              <td style="width: 11.73%; vertical-align: top; border-top: #000000 0.50pt solid; border-bottom: #000000 0.50pt solid;">
                <div style="text-align: right; color: rgb(77, 77, 77); font-family: 'Calibri Light',sans-serif; font-size: 8pt; font-weight: bold;">(291,121)</div>
              </td>
              <td style="width: 11.73%; vertical-align: top; border-top: #000000 0.50pt solid; border-bottom: #000000 0.50pt solid;">
                <div style="text-align: right; color: rgb(77, 77, 77); font-family: 'Calibri Light',sans-serif; font-size: 8pt;">(147,545)</div>
              </td>
            </tr>
            <tr>
              <td style="width: 51.45%; vertical-align: top;">
                <div style="text-align: left; color: #4D4D4D; font-family: 'Calibri Light', sans-serif; font-size: 8pt; font-weight: bold;">FINANCING ACTIVITIES</div>
              </td>
              <td style="width: 11.71%; vertical-align: top; text-align: right;">&#160;</td>
              <td style="width: 11.73%; vertical-align: top; text-align: right;">&#160;</td>
              <td style="width: 11.73%; vertical-align: top; text-align: right;">&#160;</td>
              <td style="width: 11.73%; vertical-align: top; text-align: right;">&#160;</td>
            </tr>
            <tr>
              <td style="width: 51.45%; vertical-align: top;">
                <div style="text-align: left; margin-left: 13.5pt; color: #4D4D4D; font-family: 'Calibri Light', sans-serif; font-size: 8pt;">Payment of debt issuance costs</div>
              </td>
              <td style="width: 11.71%; vertical-align: bottom;">
                <div style="text-align: right; color: rgb(77, 77, 77); font-family: 'Calibri Light',sans-serif; font-size: 8pt; font-weight: bold;">(15)</div>
              </td>
              <td style="width: 11.73%; vertical-align: bottom;">
                <div style="text-align: right; color: rgb(77, 77, 77); font-family: 'Calibri Light',sans-serif; font-size: 8pt;">-</div>
              </td>
              <td style="width: 11.73%; vertical-align: bottom;">
                <div style="text-align: right; color: rgb(77, 77, 77); font-family: 'Calibri Light',sans-serif; font-size: 8pt; font-weight: bold;">(53)</div>
              </td>
              <td style="width: 11.73%; vertical-align: bottom;">
                <div style="text-align: right; color: rgb(77, 77, 77); font-family: 'Calibri Light',sans-serif; font-size: 8pt;">(39)</div>
              </td>
            </tr>
            <tr>
              <td style="width: 51.45%; vertical-align: top;">
                <div style="text-align: left; margin-left: 13.5pt; color: #4D4D4D; font-family: 'Calibri Light', sans-serif; font-size: 8pt;">Issuance of common shares for cash, net of issuance costs</div>
              </td>
              <td style="width: 11.71%; vertical-align: bottom;">
                <div style="text-align: right; color: rgb(77, 77, 77); font-family: 'Calibri Light',sans-serif; font-size: 8pt; font-weight: bold;">2,373</div>
              </td>
              <td style="width: 11.73%; vertical-align: bottom;">
                <div style="text-align: right; color: rgb(77, 77, 77); font-family: 'Calibri Light',sans-serif; font-size: 8pt;">447</div>
              </td>
              <td style="width: 11.73%; vertical-align: bottom;">
                <div style="text-align: right; color: rgb(77, 77, 77); font-family: 'Calibri Light',sans-serif; font-size: 8pt; font-weight: bold;">9,887</div>
              </td>
              <td style="width: 11.73%; vertical-align: bottom;">
                <div style="text-align: right; color: rgb(77, 77, 77); font-family: 'Calibri Light',sans-serif; font-size: 8pt;">6,468</div>
              </td>
            </tr>
            <tr>
              <td style="width: 51.45%; vertical-align: top;">
                <div style="text-align: left; margin-left: 13.5pt; color: #4D4D4D; font-family: 'Calibri Light', sans-serif; font-size: 8pt;">Payment of withholding taxes on net share settlements</div>
              </td>
              <td style="width: 11.71%; vertical-align: bottom;">
                <div style="text-align: right; color: rgb(77, 77, 77); font-family: 'Calibri Light',sans-serif; font-size: 8pt; font-weight: bold;">-</div>
              </td>
              <td style="width: 11.73%; vertical-align: bottom;">
                <div style="text-align: right; color: rgb(77, 77, 77); font-family: 'Calibri Light',sans-serif; font-size: 8pt;">-</div>
              </td>
              <td style="width: 11.73%; vertical-align: bottom;">
                <div style="text-align: right; color: rgb(77, 77, 77); font-family: 'Calibri Light',sans-serif; font-size: 8pt; font-weight: bold;">(6,745)</div>
              </td>
              <td style="width: 11.73%; vertical-align: bottom;">
                <div style="text-align: right; color: rgb(77, 77, 77); font-family: 'Calibri Light',sans-serif; font-size: 8pt;">(4,886)</div>
              </td>
            </tr>
            <tr>
              <td style="width: 51.45%; vertical-align: top;">
                <div style="text-align: left; margin-left: 13.5pt; color: #4D4D4D; font-family: 'Calibri Light', sans-serif; font-size: 8pt;">Payment of contingent consideration</div>
              </td>
              <td style="width: 11.71%; vertical-align: bottom;">
                <div style="text-align: right; color: rgb(77, 77, 77); font-family: 'Calibri Light',sans-serif; font-size: 8pt; font-weight: bold;">-</div>
              </td>
              <td style="width: 11.73%; vertical-align: bottom;">
                <div style="text-align: right; color: rgb(77, 77, 77); font-family: 'Calibri Light',sans-serif; font-size: 8pt;">-</div>
              </td>
              <td style="width: 11.73%; vertical-align: bottom;">
                <div style="text-align: right; color: rgb(77, 77, 77); font-family: 'Calibri Light',sans-serif; font-size: 8pt; font-weight: bold;">(9,223)</div>
              </td>
              <td style="width: 11.73%; vertical-align: bottom;">
                <div style="text-align: right; color: rgb(77, 77, 77); font-family: 'Calibri Light',sans-serif; font-size: 8pt;">(6,320)</div>
              </td>
            </tr>
            <tr>
              <td style="width: 51.45%; vertical-align: top;">
                <div style="text-align: left; color: #4D4D4D; font-family: 'Calibri Light', sans-serif; font-size: 8pt;">Cash provided by (used in) financing activities</div>
              </td>
              <td style="width: 11.71%; vertical-align: top; border-top: #000000 0.50pt solid; border-bottom: #000000 0.50pt solid;">
                <div style="text-align: right; color: rgb(77, 77, 77); font-family: 'Calibri Light',sans-serif; font-size: 8pt; font-weight: bold;">2,358</div>
              </td>
              <td style="width: 11.73%; vertical-align: top; border-top: #000000 0.50pt solid; border-bottom: #000000 0.50pt solid;">
                <div style="text-align: right; color: rgb(77, 77, 77); font-family: 'Calibri Light',sans-serif; font-size: 8pt;">447</div>
              </td>
              <td style="width: 11.73%; vertical-align: top; border-top: #000000 0.50pt solid; border-bottom: #000000 0.50pt solid;">
                <div style="text-align: right; color: rgb(77, 77, 77); font-family: 'Calibri Light',sans-serif; font-size: 8pt; font-weight: bold;">(6,134)</div>
              </td>
              <td style="width: 11.73%; vertical-align: top; border-top: #000000 0.50pt solid; border-bottom: #000000 0.50pt solid;">
                <div style="text-align: right; color: rgb(77, 77, 77); font-family: 'Calibri Light',sans-serif; font-size: 8pt;">(4,777)</div>
              </td>
            </tr>
            <tr>
              <td style="width: 51.45%; vertical-align: top;">
                <div style="text-align: left; color: #4D4D4D; font-family: 'Calibri Light', sans-serif; font-size: 8pt;">Effect of foreign exchange rate changes on cash</div>
              </td>
              <td style="width: 11.71%; vertical-align: bottom; border-top: #000000 0.50pt solid; border-bottom: #000000 0.50pt solid;">
                <div style="text-align: right; color: rgb(77, 77, 77); font-family: 'Calibri Light',sans-serif; font-size: 8pt; font-weight: bold;">191</div>
              </td>
              <td style="width: 11.73%; vertical-align: bottom; border-top: #000000 0.50pt solid; border-bottom: #000000 0.50pt solid;">
                <div style="text-align: right; color: rgb(77, 77, 77); font-family: 'Calibri Light',sans-serif; font-size: 8pt;">(2,835)</div>
              </td>
              <td style="width: 11.73%; vertical-align: bottom; border-top: #000000 0.50pt solid; border-bottom: #000000 0.50pt solid;">
                <div style="text-align: right; color: rgb(77, 77, 77); font-family: 'Calibri Light',sans-serif; font-size: 8pt; font-weight: bold;">(962)</div>
              </td>
              <td style="width: 11.73%; vertical-align: bottom; border-top: #000000 0.50pt solid; border-bottom: #000000 0.50pt solid;">
                <div style="text-align: right; color: rgb(77, 77, 77); font-family: 'Calibri Light',sans-serif; font-size: 8pt;">(1,370)</div>
              </td>
            </tr>
            <tr>
              <td style="width: 51.45%; vertical-align: top;">
                <div style="text-align: left; color: #4D4D4D; font-family: 'Calibri Light', sans-serif; font-size: 8pt; font-weight: bold;">(Decrease) increase in cash</div>
              </td>
              <td style="width: 11.71%; vertical-align: top;">
                <div style="text-align: right; color: rgb(77, 77, 77); font-family: 'Calibri Light',sans-serif; font-size: 8pt; font-weight: bold;">(71,371)</div>
              </td>
              <td style="width: 11.73%; vertical-align: top;">
                <div style="text-align: right; color: rgb(77, 77, 77); font-family: 'Calibri Light',sans-serif; font-size: 8pt;">52,200</div>
              </td>
              <td style="width: 11.73%; vertical-align: top;">
                <div style="text-align: right; color: rgb(77, 77, 77); font-family: 'Calibri Light',sans-serif; font-size: 8pt; font-weight: bold;">(139,670)</div>
              </td>
              <td style="width: 11.73%; vertical-align: top;">
                <div style="text-align: right; color: rgb(77, 77, 77); font-family: 'Calibri Light',sans-serif; font-size: 8pt;">3,224</div>
              </td>
            </tr>
            <tr>
              <td style="width: 51.45%; vertical-align: top;">
                <div style="text-align: left; color: #4D4D4D; font-family: 'Calibri Light', sans-serif; font-size: 8pt; font-weight: bold;">Cash, beginning of period</div>
              </td>
              <td style="width: 11.71%; vertical-align: top; border-bottom: #000000 0.50pt solid;">
                <div style="text-align: right; color: rgb(77, 77, 77); font-family: 'Calibri Light',sans-serif; font-size: 8pt; font-weight: bold;">252,653</div>
              </td>
              <td style="width: 11.73%; vertical-align: top; border-bottom: #000000 0.50pt solid;">
                <div style="text-align: right; color: rgb(77, 77, 77); font-family: 'Calibri Light',sans-serif; font-size: 8pt;">227,409</div>
              </td>
              <td style="width: 11.73%; vertical-align: top; border-bottom: #000000 0.50pt solid;">
                <div style="text-align: right; color: rgb(77, 77, 77); font-family: 'Calibri Light',sans-serif; font-size: 8pt; font-weight: bold;">320,952</div>
              </td>
              <td style="width: 11.73%; vertical-align: top; border-bottom: #000000 0.50pt solid;">
                <div style="text-align: right; color: rgb(77, 77, 77); font-family: 'Calibri Light',sans-serif; font-size: 8pt;">276,385</div>
              </td>
            </tr>
            <tr>
              <td style="width: 51.45%; vertical-align: top;">
                <div style="text-align: left; color: #4D4D4D; font-family: 'Calibri Light', sans-serif; font-size: 8pt; font-weight: bold;">Cash, end of period</div>
              </td>
              <td style="width: 11.71%; vertical-align: top; border-top: #000000 0.50pt solid; border-bottom: #000000 1.50pt solid;">
                <div style="text-align: right; color: rgb(77, 77, 77); font-family: 'Calibri Light',sans-serif; font-size: 8pt; font-weight: bold;">181,282</div>
              </td>
              <td style="width: 11.73%; vertical-align: top; border-top: #000000 0.50pt solid; border-bottom: #000000 1.50pt solid;">
                <div style="text-align: right; color: rgb(77, 77, 77); font-family: 'Calibri Light',sans-serif; font-size: 8pt;">279,609</div>
              </td>
              <td style="width: 11.73%; vertical-align: top; border-top: #000000 0.50pt solid; border-bottom: #000000 1.50pt solid;">
                <div style="text-align: right; color: rgb(77, 77, 77); font-family: 'Calibri Light',sans-serif; font-size: 8pt; font-weight: bold;">181,282</div>
              </td>
              <td style="width: 11.73%; vertical-align: top; border-top: #000000 0.50pt solid; border-bottom: #000000 1.50pt solid;">
                <div style="text-align: right; color: rgb(77, 77, 77); font-family: 'Calibri Light',sans-serif; font-size: 8pt;">279,609</div>
              </td>
            </tr>

        </table>
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<DOCUMENT>
<TYPE>EX-99.2
<SEQUENCE>3
<FILENAME>exhibit99-2.htm
<TEXT>
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  <div style="text-align: right;"><font style="font-weight: bold;"> Exhibit 99.2</font> </div>
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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 Third Quarter of Fiscal 2025</div>
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            <div style="text-align: left; margin-right: 33.1pt; font-family: Verdana, sans-serif; font-size: 12pt; font-variant: small-caps; font-weight: bold;">Table of Contents</div>
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        <td style="width: 80%; vertical-align: top;">
          <div style="text-align: left; font-family: Verdana, sans-serif; font-size: 10pt; font-variant: small-caps;">Management&#8217;s Discussion and Analysis of Financial Condition and Results of Operations</div>
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          <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 10pt;">3</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: left; font-family: Verdana, sans-serif; font-size: 10pt; font-variant: small-caps;">Quarterly Operating Results</div>
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          <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 10pt;">17</div>
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          <div style="text-align: left; font-family: Verdana, sans-serif; font-size: 10pt; font-variant: small-caps;">Liquidity and Capital Resources</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: 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;">21</div>
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          <div style="text-align: left; font-family: Verdana, sans-serif; font-size: 10pt; font-variant: small-caps;">Outstanding Share Data</div>
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          <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 10pt;">22</div>
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          <div style="text-align: left; font-family: Verdana, sans-serif; font-size: 10pt; font-variant: small-caps;">Application of Critical Accounting Policies and Estimates</div>
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          <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 10pt;">23</div>
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          <div style="text-align: left; font-family: Verdana, sans-serif; font-size: 10pt; font-variant: small-caps;">Change In / Initial Adoption of Accounting Policies</div>
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          <div style="text-align: left; font-family: Verdana, sans-serif; font-size: 10pt; font-variant: small-caps;">Trends / Business Outlook</div>
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          <div style="text-align: left; font-family: Verdana, sans-serif; font-size: 10pt; font-variant: small-caps;">Certain Factors That May Affect Future Results</div>
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          <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 10pt;">28</div>
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          <div style="text-align: left; font-family: Verdana, sans-serif; font-size: 10pt; font-variant: small-caps;">Condensed Consolidated Balance Sheets</div>
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          <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 10pt;">41</div>
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          <div style="text-align: left; font-family: Verdana, sans-serif; font-size: 10pt; font-variant: small-caps;">Condensed Consolidated Statements of Operations</div>
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          <div style="text-align: left; font-family: Verdana, sans-serif; font-size: 10pt; font-variant: small-caps;">Condensed Consolidated Statements of Comprehensive Income</div>
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          <div style="text-align: left; font-family: Verdana, sans-serif; font-size: 10pt; font-variant: small-caps;">Condensed Consolidated Statements of Shareholders&#8217; Equity</div>
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          <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 10pt;">45</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 style="text-align: left; margin-right: 37.45pt; 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, 2025, is referred to as the &#8220;current fiscal year,&#8221; &#8220;fiscal 2025,&#8221; &#8220;2025&#8221; or using similar words. Our previous fiscal year, which ended on January 31, 2024, is referred to as
            the &#8220;previous fiscal year,&#8221; &#8220;fiscal 2024,&#8221; &#8220;2024&#8221; or using similar words. Other fiscal years are referenced by the applicable year during which the fiscal year ends. For example, 2026 refers to the annual period ending January 31, 2026 and the
            &#8220;fourth quarter of 2026&#8221; refers to the quarter ending January 31, 2026.</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 December 3, 2024, covers our quarter and nine month period ended October 31, 2024, as compared to our quarter and nine
            month period ended October 31, 2023. You should read this MD&amp;A in conjunction with our unaudited condensed consolidated financial statements for our third quarter and nine month period of fiscal 2025 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 2024 that are included in our most recent annual
            report to shareholders (the &#8220;2024 Annual Report&#8221;), as filed on March 6, 2024.</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 the MD&amp;A with reference to the Form 51-102F1 MD&amp;A disclosure requirements established under National Instrument 51-102 &#8220;Continuous
            Disclosure Obligations&#8221; (&#8220;NI 51-102&#8221;) of the Canadian Securities Administrators. As it relates to our financial condition and results of operations for the interim period ended October 31, 2024, pursuant to NI 51-102, this MD&amp;A updates the
            MD&amp;A included in the 2024 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; color: #0000FF;"><u>http://www.descartes.com</u></font>, through the EDGAR website at <font style="font-family: Verdana, sans-serif; font-size: 9.5pt; color: #0000FF;"><u>http://www.sec.gov</u></font>
            or through the SEDAR+ website at <font style="font-family: Verdana, sans-serif; font-size: 9.5pt; color: #0000FF;"><u>http://www.sedarplus.com/</u></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;Russia-Ukraine Conflict&#8221;), and between Israel and Hamas (&#8220;Israel-Hamas Conflict&#8221;), or other potentially
            catastrophic events; 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</div>
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          <div style="text-align: justify; font-family: Verdana, sans-serif; font-size: 9.5pt;">future business combinations and other strategic transactions; our liability under indemnification obligations; our reinvestment of earnings of subsidiaries
            back into such subsidiaries; our dividend policy; the sufficiency of capital to meet working capital, capital expenditure, debt repayment requirements and our anticipated growth strategy; our ability to raise capital; our adoption of certain
            accounting standards; and other matters related to the foregoing. When used in this document, the words &#8220;believe,&#8221; &#8220;plan,&#8221; &#8220;expect,&#8221; &#8220;anticipate,&#8221; &#8220;intend,&#8221; &#8220;continue,&#8221; &#8220;may,&#8221; &#8220;will,&#8221; &#8220;should&#8221; or the negative of such terms and similar
            expressions are intended to identify forward-looking statements. These forward-looking statements are subject to risks and uncertainties and are based on assumptions that may cause future results to differ materially from those expected. The
            material assumptions made in making these forward-looking statements include the following: Descartes' ability to successfully identify and execute on acquisitions and to integrate acquired businesses and assets, and to predict expenses
            associated with and revenues from acquisitions; the impact of network failures, information security breaches or other cyber-security threats; disruptions in the movement of freight and a decline in shipment volumes including as a result of the
            Russia-Ukraine Conflict, Israel-Hamas Conflict, or 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; 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; margin-right: 37.45pt; 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 (including retailers, manufacturers, distributors, and mobile business service providers) 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>
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            <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 are
              ever evolving 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>
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            <div style="text-align: justify; font-family: Verdana, sans-serif; font-size: 9.5pt;">We believe logistics-intensive organizations are seeking to reduce operating costs, differentiate themselves, improve margins, and better serve customers.
              Global trade and transportation processes are often manual and complex to manage. This is a consequence of the growing number of business partners participating in companies&#8217; global supply chains and a lack of standardized business processes.</div>
            <div><br>
            </div>
            <div style="text-align: justify; font-family: Verdana, sans-serif; font-size: 9.5pt;">Additionally, global sourcing, logistics outsourcing, imposition of additional customs and regulatory requirements and the increased rate of change in
              day-to-day business requirements are adding to the overall complexities that companies face in planning and executing in their supply chains. Whether a shipment is delayed at the border, a customer changes an order or a breakdown occurs on
              the road, there are increasingly more issues that can significantly impact the execution of fulfillment schedules and associated costs.</div>
            <div><br>
            </div>
            <div style="text-align: justify; font-family: Verdana, sans-serif; font-size: 9.5pt;">The rise of 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</div>
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              <div style="text-align: justify; font-family: Verdana, sans-serif; font-size: 9.5pt;">trading partners through our Global Logistics Network (&#8220;GLN&#8221;) and automating, as well as standardizing, multi-party business processes. We believe that our
                target customers are increasingly looking for a single source, neutral, network-based solution provider who can help them manage the end-to-end shipment &#8211; from researching global trade information, to the booking of a shipment, to the
                tracking of that shipment as it moves, to the regulatory compliance filings to be made during the move and, finally, to the settlement and audit of the invoice.</div>
              <div><br>
              </div>
              <div style="text-align: justify; font-family: Verdana, sans-serif; font-size: 9.5pt;">Additionally, regulatory initiatives mandating electronic filing of shipment information with customs authorities require companies to automate aspects of
                their shipping processes to remain compliant and competitive. Our customs compliance technology helps shippers, transportation providers, freight forwarders and other logistics intermediaries to securely and electronically file shipment and
                tariff/duty information with customs authorities and self-audit their own efforts. Our technology also helps carriers and freight forwarders efficiently coordinate with customs brokers and agencies to expedite cross-border shipments. While
                many compliance initiatives started in the US, compliance has now become a global issue with significantly more international shipments crossing several borders on the way to their final destinations.</div>
              <div><br>
              </div>
              <div style="text-align: justify; font-family: Verdana, sans-serif; font-size: 9.5pt;">Increasingly, data and content have become central to supply chain planning and execution. Complex international supply chains are affected by logistics
                service provider performance, capacity, 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</div>
            </div>
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            <div>&#160;
              <div style="text-align: justify; font-family: Verdana, sans-serif; font-size: 9.5pt;">management solutions. Designed to help accelerate time-to-value and increase productivity and performance for businesses of all sizes, the Logistics
                Technology Platform leverages the GLN&#8217;s multimodal logistics community to enable companies to quickly and cost-effectively connect and collaborate.</div>
              <div><br>
              </div>
              <div style="text-align: justify; font-family: Verdana, sans-serif; font-size: 9.5pt;">Descartes&#8217; GLN, the underlying foundation of the Logistics Technology Platform, manages the flow of data and documents that track and control inventory,
                assets and people in motion. Designed expressly for logistics operations, it is native to the particularities of different transportation modes and country borders. As a state-of-the-art messaging network with wireless capabilities, the GLN
                helps manage business processes in real-time and in-motion. Its capabilities go beyond logistics, supporting common commercial transactions, regulatory compliance documents, and customer specific needs.</div>
              <div><br>
              </div>
              <div style="text-align: justify; font-family: Verdana, sans-serif; font-size: 9.5pt;">The GLN extends its reach using interconnect agreements with other general and logistics-specific networks, to offer companies access to a wide array of
                trading partners. With the flexibility to connect and collaborate in unique ways, companies can effectively route, translate and transfer 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>
              <table cellspacing="0" cellpadding="0" id="z1476c70655ff4a94a8e6c03755955429" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

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                    <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;">Routing, Mobile and Telematics;</div>
                    </td>
                  </tr>

              </table>
              <table cellspacing="0" cellpadding="0" id="z7e1f71d84933497bac6ca67ba9759c0a" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

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                    <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;">Transportation Management;</div>
                    </td>
                  </tr>

              </table>
              <table cellspacing="0" cellpadding="0" id="ze337f72a97e0416a9d4acf6082d729b4" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

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                    <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" id="z97e5058c95be4432a86dd29fa7ed8fcc" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

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                    <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" id="z3e3a53151ea945af95dd0ee597268aff" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

                  <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" id="zdbc23637b25540d5bc637674b46761c2" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

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                    <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" id="z0aa726b42f5244819578ef0acd151063" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

                  <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>
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          </div>
          <div><br>
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            <div style="text-align: center;" class="BRPFPageNumberArea"><font style="font-family: Verdana, Geneva, 'sans-serif'; font-size: 8pt; font-weight: normal; font-style: normal;">6</font></div>
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          </div>
          <div>
            <div><br>
            </div>
            <div style="float: left; width: 48%;" class="BRPFTCL">
              <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: left; 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</div>
              </div>
            </div>
            <div style="float: right; width: 48%;" class="BRPFTCR">
              <div>&#160;
                <div style="text-align: justify; font-family: Verdana, sans-serif; font-size: 9.5pt;">solutions to specific customer markets. In North America and Europe, we promote our products primarily through direct sales efforts aimed at existing and
                  potential users of our products. In the Asia Pacific, Indian subcontinent, South America and African regions, we focus on making our channel partners successful. Channel partners for our other international operations include
                  distributors, alliance partners and value-added resellers.</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" id="z2365561c10284e2c8ebae1b6da663c52" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

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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;">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" id="z7a951ecc29f44579a394ac36295f0d37" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

                    <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" id="z2485636d36e04e8f878935c11c932d5f" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

                    <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: left; 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</div>
              </div>
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            </div>
            <div><br>
            </div>
            <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" class="BRPFPageBreakArea">
              <div style="text-align: center;" class="BRPFPageNumberArea"><font style="font-family: Verdana, Geneva, 'sans-serif'; font-size: 8pt; font-weight: normal; font-style: normal;">7</font></div>
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            <div><br>
            </div>
            <div>
              <div><br>
              </div>
              <div style="float: left; width: 48%;" class="BRPFTCL">
                <div>&#160;
                  <div style="text-align: justify; font-family: Verdana, sans-serif; font-size: 9.5pt;">the markets we serve. Marketing programs are delivered through integrated initiatives designed to reach our target customer and prospect groups. These
                    programs include digital and online marketing, partner-focused campaigns, proactive media relations, and direct corporate marketing efforts.</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 2025 Highlights</div>
                  <div><br>
                  </div>
                  <div style="text-align: justify; font-family: Verdana, sans-serif; font-size: 9.5pt;">On March 28, 2024, Descartes acquired all of the shares of OCR Services, Inc. (&#8220;OCR&#8221;), a leading provider of global trade compliance solutions and
                    content. The purchase price for the acquisition was approximately $82.8 million, net of cash acquired, which was funded from cash on hand.</div>
                  <div><br>
                  </div>
                  <div style="text-align: justify; font-family: Verdana, sans-serif; font-size: 9.5pt;">On April 19, 2024, Descartes acquired substantially all of the shares of Aerospace Software Developments (&#8220;ASD&#8221;), a leading provider of global trade
                    compliance solutions and content. The purchase price for the acquisition was approximately $62.5 million (EUR 58.7 million), net of cash acquired, which was substantially paid at closing from cash on hand with the remaining $3.6 million
                    expected to be paid by the end of fiscal 2025.</div>
                  <div><br>
                  </div>
                  <div style="text-align: justify; font-family: Verdana, sans-serif; font-size: 9.5pt;">On June 10, 2024, Descartes acquired all of the shares of BoxTop Technologies Limited (&#8220;BoxTop&#8221;), a leading provider of shipment management solutions
                    for small- to mid-sized logistics services providers. The purchase price for the acquisition was approximately $12.1 million (GBP 9.5 million), net of cash acquired, which was funded from cash on hand.</div>
                  <div><br>
                  </div>
                  <div style="text-align: justify; font-family: Verdana, sans-serif; font-size: 9.5pt;">On September 17, 2024, Descartes acquired all of the shares of Assure Assist, Inc., doing business as MyCarrierPortal (&#8220;MCP&#8221;), a leading provider of
                    carrier onboarding and risk monitoring solutions for the trucking industry. The purchase price for the acquisition was approximately $22.5 million, net of cash acquired, which was funded from cash on hand, plus potential
                    performance-based consideration of up to $6.0 million based on MCP achieving revenue-based targets over the first two years post-acquisition.</div>
                  <div><br>
                  </div>
                  <div style="text-align: left; font-family: Verdana, sans-serif; font-size: 9.5pt;">On October 11, 2024, Descartes acquired all of the shares of Sellercloud LLC and certain assets of Sellercloud Europe Ltd. (collectively referred to as
                    &#8220;Sellercloud&#8221;), a leading provider of omnichannel ecommerce solutions. The purchase price for the acquisition was approximately $110.2 million, net of cash acquired, which was funded from cash on</div>
                </div>
              </div>
              <div style="float: right; width: 48%;" class="BRPFTCR">
                <div>&#160;
                  <div style="text-align: justify; font-family: Verdana, sans-serif; font-size: 9.5pt;">hand, plus potential performance-based consideration of up to $20.0 million based on Sellercloud achieving revenue-based targets over the first two
                    years post-acquisition.</div>
                  <div><br>
                  </div>
                  <div><br>
                  </div>
                  <div><br>
                  </div>
                </div>
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                <div style="text-align: center;" class="BRPFPageNumberArea"><font style="font-family: Verdana, Geneva, 'sans-serif'; font-size: 8pt; font-weight: normal; font-style: normal;">8</font></div>
                <div style="page-break-after: always;" class="BRPFPageBreak">
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              <div>
                <div>
                  <div><br>
                  </div>
                </div>
                <table cellspacing="0" cellpadding="0" id="z655635233023436b9c5c149ccd2e44cc" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;">

                    <tr>
                      <td style="width: 50%; vertical-align: top; border-top: #000000 0.50pt solid; border-bottom: #000000 0.50pt solid;">
                        <div style="text-align: left; margin-right: 37.45pt; font-family: Verdana, sans-serif; font-size: 11pt; font-variant: small-caps; font-weight: bold;"> <br>
                        </div>
                        <div style="text-align: left; margin-right: 37.45pt; 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;">&#160;</td>
                    </tr>

                </table>
                <div><br>
                </div>
                <div>
                  <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 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;">
                    <table cellspacing="0" cellpadding="0" id="z37fc620dd8be4f2fa025e0e51345e3ff" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;">

                        <tr>
                          <td style="width: 54.52%; vertical-align: top;">&#160;</td>
                          <td style="width: 22.02%; vertical-align: top; border-top: #000000 0.50pt solid;" colspan="2">
                            <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">Third Quarter of</div>
                          </td>
                          <td style="width: 1.45%; vertical-align: top; text-align: right;">&#160;</td>
                          <td style="width: 22.02%; vertical-align: top; border-top: #000000 0.50pt solid;" colspan="2">
                            <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">First Three</div>
                            <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">Quarters of</div>
                          </td>
                        </tr>
                        <tr>
                          <td style="width: 54.52%; vertical-align: top;">&#160;</td>
                          <td style="width: 11.01%; vertical-align: top; border-bottom: #000000 0.50pt solid;">
                            <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">2025</div>
                          </td>
                          <td style="width: 11.01%; vertical-align: top; border-bottom: #000000 0.50pt solid;">
                            <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt;">2024</div>
                          </td>
                          <td style="width: 1.45%; vertical-align: top; text-align: right;">&#160;</td>
                          <td style="width: 11.01%; vertical-align: top; border-bottom: #000000 0.50pt solid;">
                            <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">2025</div>
                          </td>
                          <td style="width: 11.01%; vertical-align: top; border-bottom: #000000 0.50pt solid;">
                            <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt;">2024</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; border-top: #000000 0.50pt solid;">
                            <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 9.5pt; font-weight: bold;">168.8</div>
                          </td>
                          <td style="width: 11.01%; vertical-align: top; border-top: #000000 0.50pt solid;">
                            <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 9.5pt;">144.7</div>
                          </td>
                          <td style="width: 1.45%; vertical-align: top; text-align: right;">&#160;</td>
                          <td style="width: 11.01%; vertical-align: top; border-top: #000000 0.50pt solid;">
                            <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 9.5pt; font-weight: bold;">483.5</div>
                          </td>
                          <td style="width: 11.01%; vertical-align: top; border-top: #000000 0.50pt solid;">
                            <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 9.5pt;">424.7</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; border-bottom: #000000 0.50pt solid;">
                            <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 9.5pt; font-weight: bold;">43.2</div>
                          </td>
                          <td style="width: 11.01%; vertical-align: top; border-bottom: #000000 0.50pt solid;">
                            <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 9.5pt;">34.3</div>
                          </td>
                          <td style="width: 1.45%; vertical-align: top; text-align: right;">&#160;</td>
                          <td style="width: 11.01%; vertical-align: top; border-bottom: #000000 0.50pt solid;">
                            <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 9.5pt; font-weight: bold;">119.1</div>
                          </td>
                          <td style="width: 11.01%; vertical-align: top; border-bottom: #000000 0.50pt solid;">
                            <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 9.5pt;">102.2</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; border-top: #000000 0.50pt solid;">
                            <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 9.5pt; font-weight: bold;">125.6</div>
                          </td>
                          <td style="width: 11.01%; vertical-align: top; border-top: #000000 0.50pt solid;">
                            <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 9.5pt;">110.4</div>
                          </td>
                          <td style="width: 1.45%; vertical-align: top; text-align: right;">&#160;</td>
                          <td style="width: 11.01%; vertical-align: top; border-top: #000000 0.50pt solid;">
                            <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 9.5pt; font-weight: bold;">364.4</div>
                          </td>
                          <td style="width: 11.01%; vertical-align: top; border-top: #000000 0.50pt solid;">
                            <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 9.5pt;">322.5</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;">Operating expenses</div>
                          </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;">60.5</div>
                          </td>
                          <td style="width: 11.01%; vertical-align: top;">
                            <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 9.5pt;">53.0</div>
                          </td>
                          <td style="width: 1.45%; vertical-align: top; text-align: right;">&#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;">174.5</div>
                          </td>
                          <td style="width: 11.01%; vertical-align: top;">
                            <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 9.5pt;">157.2</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;">
                            <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 9.5pt; font-weight: bold;">1.8</div>
                          </td>
                          <td style="width: 11.01%; vertical-align: top;">
                            <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 9.5pt;">9.7</div>
                          </td>
                          <td style="width: 1.45%; vertical-align: top; text-align: right;">&#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;">5.9</div>
                          </td>
                          <td style="width: 11.01%; vertical-align: top;">
                            <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 9.5pt;">14.1</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; border-bottom: #000000 0.50pt solid;">
                            <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 9.5pt; font-weight: bold;">17.5</div>
                          </td>
                          <td style="width: 11.01%; vertical-align: top; border-bottom: #000000 0.50pt solid;">
                            <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 9.5pt;">15.3</div>
                          </td>
                          <td style="width: 1.45%; vertical-align: top; text-align: right;">&#160;</td>
                          <td style="width: 11.01%; vertical-align: top; border-bottom: #000000 0.50pt solid;">
                            <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 9.5pt; font-weight: bold;">50.0</div>
                          </td>
                          <td style="width: 11.01%; vertical-align: top; border-bottom: #000000 0.50pt solid;">
                            <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 9.5pt;">45.4</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; border-top: #000000 0.50pt solid;">
                            <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 9.5pt; font-weight: bold;">45.8</div>
                          </td>
                          <td style="width: 11.01%; vertical-align: top; border-top: #000000 0.50pt solid;">
                            <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 9.5pt;">32.4</div>
                          </td>
                          <td style="width: 1.45%; vertical-align: top; text-align: right;">&#160;</td>
                          <td style="width: 11.01%; vertical-align: top; border-top: #000000 0.50pt solid;">
                            <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 9.5pt; font-weight: bold;">134.0</div>
                          </td>
                          <td style="width: 11.01%; vertical-align: top; border-top: #000000 0.50pt solid;">
                            <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 9.5pt;">105.8</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;">
                            <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 9.5pt; font-weight: bold;">2.9</div>
                          </td>
                          <td style="width: 11.01%; vertical-align: top;">
                            <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 9.5pt;">2.7</div>
                          </td>
                          <td style="width: 1.45%; vertical-align: top; text-align: right;">&#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;">9.7</div>
                          </td>
                          <td style="width: 11.01%; vertical-align: top;">
                            <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 9.5pt;">6.3</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;">Interest expense</div>
                          </td>
                          <td style="width: 11.01%; vertical-align: top; border-bottom: #000000 0.50pt solid;">
                            <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 9.5pt; font-weight: bold;">(0.2)</div>
                          </td>
                          <td style="width: 11.01%; vertical-align: top; border-bottom: #000000 0.50pt solid;">
                            <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 9.5pt;">(0.3)</div>
                          </td>
                          <td style="width: 1.45%; vertical-align: top; text-align: right;">&#160;</td>
                          <td style="width: 11.01%; vertical-align: top; border-bottom: #000000 0.50pt solid;">
                            <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 9.5pt; font-weight: bold;">(0.8)</div>
                          </td>
                          <td style="width: 11.01%; vertical-align: top; border-bottom: #000000 0.50pt solid;">
                            <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 9.5pt;">(1.0)</div>
                          </td>
                        </tr>
                        <tr>
                          <td style="width: 54.52%; vertical-align: top;">
                            <div style="text-align: left; text-indent: -9pt; margin-left: 9pt; font-family: Verdana, sans-serif; font-size: 9.5pt;">Income before income taxes</div>
                          </td>
                          <td style="width: 11.01%; vertical-align: top; border-top: #000000 0.50pt solid;">
                            <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 9.5pt; font-weight: bold;">48.5</div>
                          </td>
                          <td style="width: 11.01%; vertical-align: top; border-top: #000000 0.50pt solid;">
                            <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 9.5pt;">34.8</div>
                          </td>
                          <td style="width: 1.45%; vertical-align: top; text-align: right;">&#160;</td>
                          <td style="width: 11.01%; vertical-align: top; border-top: #000000 0.50pt solid;">
                            <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 9.5pt; font-weight: bold;">142.9</div>
                          </td>
                          <td style="width: 11.01%; vertical-align: top; border-top: #000000 0.50pt solid;">
                            <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 9.5pt;">111.1</div>
                          </td>
                        </tr>
                        <tr>
                          <td style="width: 54.52%; vertical-align: top;">
                            <div style="text-align: left; text-indent: -9pt; margin-left: 9pt; font-family: Verdana, sans-serif; font-size: 9.5pt;">Income tax expense (recovery)</div>
                          </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>
                          <td style="width: 1.45%; vertical-align: top; text-align: right;">&#160;</td>
                          <td style="width: 11.01%; vertical-align: top; text-align: right;">&#160;</td>
                          <td style="width: 11.01%; vertical-align: top; text-align: right;">&#160;</td>
                        </tr>
                        <tr>
                          <td style="width: 54.52%; vertical-align: top;">
                            <div style="text-align: left; text-indent: 9pt; font-family: Verdana, sans-serif; font-size: 9.5pt;">Current</div>
                          </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;">18.3</div>
                          </td>
                          <td style="width: 11.01%; vertical-align: top;">
                            <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 9.5pt;">10.3</div>
                          </td>
                          <td style="width: 1.45%; vertical-align: top; text-align: right;">&#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;">42.1</div>
                          </td>
                          <td style="width: 11.01%; vertical-align: top;">
                            <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 9.5pt;">30.2</div>
                          </td>
                        </tr>
                        <tr>
                          <td style="width: 54.52%; vertical-align: top;">
                            <div style="text-align: left; text-indent: 9pt; font-family: Verdana, sans-serif; font-size: 9.5pt;">Deferred</div>
                          </td>
                          <td style="width: 11.01%; vertical-align: top; border-bottom: #000000 0.50pt solid;">
                            <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 9.5pt; font-weight: bold;">(6.4)</div>
                          </td>
                          <td style="width: 11.01%; vertical-align: top; border-bottom: #000000 0.50pt solid;">
                            <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 9.5pt;">(2.1)</div>
                          </td>
                          <td style="width: 1.45%; vertical-align: top; text-align: right;">&#160;</td>
                          <td style="width: 11.01%; vertical-align: top; border-bottom: #000000 0.50pt solid;">
                            <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 9.5pt; font-weight: bold;">(5.1)</div>
                          </td>
                          <td style="width: 11.01%; vertical-align: top; border-bottom: #000000 0.50pt solid;">
                            <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 9.5pt;">(3.2)</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;">Net income</div>
                          </td>
                          <td style="width: 11.01%; vertical-align: top; border-top: #000000 0.50pt solid; border-bottom: #000000 1.50pt solid;">
                            <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 9.5pt; font-weight: bold;">36.6</div>
                          </td>
                          <td style="width: 11.01%; vertical-align: top; border-top: #000000 0.50pt solid; border-bottom: #000000 1.50pt solid;">
                            <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 9.5pt;">26.6</div>
                          </td>
                          <td style="width: 1.45%; vertical-align: top; text-align: right;">&#160;</td>
                          <td style="width: 11.01%; vertical-align: top; border-top: #000000 0.50pt solid; border-bottom: #000000 1.50pt solid;">
                            <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 9.5pt; font-weight: bold;">105.9</div>
                          </td>
                          <td style="width: 11.01%; vertical-align: top; border-top: #000000 0.50pt solid; border-bottom: #000000 1.50pt solid;">
                            <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 9.5pt;">84.1</div>
                          </td>
                        </tr>

                    </table>
                    <div><br>
                    </div>
                    <table cellspacing="0" cellpadding="0" id="za61a0a8519944703aca567484e582fdd" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;">

                        <tr>
                          <td style="width: 54.52%; 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: 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;">&#160;</td>
                          <td style="width: 11.01%; vertical-align: top;">&#160;</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;">BASIC</div>
                          </td>
                          <td style="width: 11.01%; vertical-align: top;">
                            <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">0.43</div>
                          </td>
                          <td style="width: 11.01%; vertical-align: top;">
                            <div style="text-align: right; margin-right: 6pt; font-family: Verdana, sans-serif; font-size: 9.5pt;">0.31</div>
                          </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;">1.24</div>
                          </td>
                          <td style="width: 11.01%; vertical-align: top;">
                            <div style="text-align: right; margin-right: 6pt; font-family: Verdana, sans-serif; font-size: 9.5pt;">0.99</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;">DILUTED</div>
                          </td>
                          <td style="width: 11.01%; vertical-align: top; border-bottom: #000000 1.50pt solid;">
                            <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">0.42</div>
                          </td>
                          <td style="width: 11.01%; vertical-align: top; border-bottom: #000000 1.50pt solid;">
                            <div style="text-align: right; margin-right: 6pt; font-family: Verdana, sans-serif; font-size: 9.5pt;">0.31</div>
                          </td>
                          <td style="width: 1.45%; vertical-align: top;">&#160;</td>
                          <td style="width: 11.01%; vertical-align: top; border-bottom: #000000 1.50pt solid;">
                            <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">1.21</div>
                          </td>
                          <td style="width: 11.01%; vertical-align: top; border-bottom: #000000 1.50pt solid;">
                            <div style="text-align: right; margin-right: 6pt; font-family: Verdana, sans-serif; font-size: 9.5pt;">0.97</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;">WEIGHTED AVERAGE SHARES OUTSTANDING (thousands)</div>
                          </td>
                          <td style="width: 11.01%; vertical-align: top; border-top: #000000 1.50pt solid;">&#160;</td>
                          <td style="width: 11.01%; vertical-align: top; border-top: #000000 1.50pt solid;">&#160;</td>
                          <td style="width: 1.45%; vertical-align: top;">&#160;</td>
                          <td style="width: 11.01%; vertical-align: top; border-top: #000000 1.50pt solid;">&#160;</td>
                          <td style="width: 11.01%; vertical-align: top; border-top: #000000 1.50pt solid;">&#160;</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;">BASIC</div>
                          </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;">85,501</div>
                          </td>
                          <td style="width: 11.01%; vertical-align: top;">
                            <div style="text-align: right; margin-right: 6pt; font-family: Verdana, sans-serif; font-size: 9.5pt;">85,101</div>
                          </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;">85,403</div>
                          </td>
                          <td style="width: 11.01%; vertical-align: top;">
                            <div style="text-align: right; margin-right: 6pt; font-family: Verdana, sans-serif; font-size: 9.5pt;">85,045</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;">DILUTED</div>
                          </td>
                          <td style="width: 11.01%; vertical-align: top; border-bottom: #000000 1.50pt solid;">
                            <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">87,342</div>
                          </td>
                          <td style="width: 11.01%; vertical-align: top; border-bottom: #000000 1.50pt solid;">
                            <div style="text-align: right; margin-right: 6pt; font-family: Verdana, sans-serif; font-size: 9.5pt;">86,791</div>
                          </td>
                          <td style="width: 1.45%; vertical-align: top;">&#160;</td>
                          <td style="width: 11.01%; vertical-align: top; border-bottom: #000000 1.50pt solid;">
                            <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">87,231</div>
                          </td>
                          <td style="width: 11.01%; vertical-align: top; border-bottom: #000000 1.50pt solid;">
                            <div style="text-align: right; margin-right: 6pt; font-family: Verdana, sans-serif; font-size: 9.5pt;">86,772</div>
                          </td>
                        </tr>

                    </table>
                  </div>
                </div>
                <br>
                <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>
                <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;">&#160;</font>total revenues were $483.5 million and $424.7 million for
                  the first three quarters of 2025 and 2024, respectively. The increase in revenues in the first three quarters of 2025 compared to the same period of 2024 was primarily due to growth in revenues from new and existing customers, which
                  contributed an incremental $25.6 million in revenue in the first three quarters of 2025. While we saw growth across many lines of our business, revenue growth in the first three quarters of 2025 from new and existing customers was driven
                  by sales of our global trade intelligence, routing and transportation management solutions. Revenues were also positively impacted by the partial period of contribution from the acquisitions</div>
                <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
                  <div style="text-align: center;" class="BRPFPageNumberArea"><font style="font-family: Verdana, Geneva, 'sans-serif'; font-size: 8pt; font-weight: normal; font-style: normal;">9</font></div>
                  <div class="BRPFPageBreak" style="page-break-after: always;">
                    <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;">completed in 2025 (OCR, ASD, BoxTop, MCP and Sellercloud, collectively, the &#8220;2025 Acquisitions&#8221;), which contributed an incremental $20.4 million in
                  revenue in the first three quarters of 2025. The principal contributor to the balance of the increase in revenues in the first three quarters of 2025 compared to the same period of 2024 was a full period of contribution from the
                  acquisitions completed in 2024<font style="font-family: Times, serif; font-size: 11pt;"> (</font>Windigo Logistics, Inc., doing business as GroundCloud (&#8220;GroundCloud&#8221;), and Localz Pty Ltd. (&#8220;Localz&#8221;), collectively, the &#8220;2024 Acquisitions.</div>
                <div><br>
                </div>
                <div style="text-align: justify; font-family: Verdana, sans-serif; font-size: 9.5pt;">For the third quarter of 2025 and 2024, our total revenues were $168.8 million and $144.7 million, respectively. The increase in revenues in the third
                  quarter of 2025 compared to the same period of 2024 was primarily due to the partial period of contribution from the 2025 Acquisitions, which contributed an incremental $10.2 million in revenue in the third quarter of 2025. Revenues were
                  also positively impacted by growth in revenues from new and existing customers, which contributed an incremental $9.4 million in revenue in the third quarter of 2025. While we saw growth across many lines of our business, revenue growth
                  in the third quarter of 2025 from new and existing customers was driven by sales of our global trade intelligence, routing and transportation management solutions. The principal contributor to the balance of the increase in revenues in
                  the third quarter of 2025 compared to the same period of 2024 was a full period of contribution from the 2024 Acquisitions.</div>
                <div><br>
                </div>
                <table cellspacing="0" cellpadding="0" id="z334e575c93ac4955a229e1375b82247d" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;">

                    <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 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>

                </table>
                <div><br>
                </div>
                <div>
                  <table cellspacing="0" cellpadding="0" id="zb6cc973f2e0d49d0b1402037136b36fe" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;">

                      <tr>
                        <td style="width: 53.69%; vertical-align: top;">&#160;</td>
                        <td style="width: 22.45%; vertical-align: top; border-top: #000000 0.25pt solid;" colspan="2">
                          <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">Third Quarter of</div>
                        </td>
                        <td style="width: 1.41%; vertical-align: top;">&#160;</td>
                        <td style="width: 22.45%; vertical-align: top; border-top: #000000 0.25pt solid;" colspan="2">
                          <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">First Three</div>
                          <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">Quarters of</div>
                        </td>
                      </tr>
                      <tr>
                        <td style="width: 53.69%; vertical-align: top;">&#160;</td>
                        <td style="width: 11.22%; vertical-align: top; border-bottom: #000000 0.50pt solid;">
                          <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">2025</div>
                        </td>
                        <td style="width: 11.22%; vertical-align: top; border-bottom: #000000 0.50pt solid;">
                          <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt;">2024</div>
                        </td>
                        <td style="width: 1.41%; vertical-align: top;">&#160;</td>
                        <td style="width: 11.22%; vertical-align: top; border-bottom: #000000 0.50pt solid;">
                          <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">2025</div>
                        </td>
                        <td style="width: 11.22%; vertical-align: top; border-bottom: #000000 0.50pt solid;">
                          <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt;">2024</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;">License</div>
                        </td>
                        <td style="width: 11.22%; vertical-align: top;">
                          <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">3.5</div>
                        </td>
                        <td style="width: 11.22%; vertical-align: top;">
                          <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt;">1.5</div>
                        </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;">5.4</div>
                        </td>
                        <td style="width: 11.22%; vertical-align: top;">
                          <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt;">3.8</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; font-style: italic;">Percentage of total revenues</div>
                        </td>
                        <td style="width: 11.22%; vertical-align: top;">
                          <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt; font-style: italic; font-weight: bold;">2%</div>
                        </td>
                        <td style="width: 11.22%; vertical-align: top;">
                          <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt; font-style: italic;">1%</div>
                        </td>
                        <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>
                        </td>
                        <td style="width: 11.22%; vertical-align: top;">
                          <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt; font-style: italic;">1%</div>
                        </td>
                      </tr>
                      <tr>
                        <td style="width: 53.69%; vertical-align: top;">&#160;</td>
                        <td style="width: 11.22%; vertical-align: top;">&#160;</td>
                        <td style="width: 11.22%; vertical-align: top;">&#160;</td>
                        <td style="width: 1.41%; vertical-align: top;">&#160;</td>
                        <td style="width: 11.22%; vertical-align: top;">&#160;</td>
                        <td style="width: 11.22%; vertical-align: top;">&#160;</td>
                      </tr>
                      <tr>
                        <td style="width: 53.69%; vertical-align: top;">
                          <div style="text-align: left; font-family: Verdana, sans-serif; font-size: 9.5pt;">Services</div>
                        </td>
                        <td style="width: 11.22%; vertical-align: top;">
                          <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">149.7</div>
                        </td>
                        <td style="width: 11.22%; vertical-align: top;">
                          <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt;">130.4</div>
                        </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;">433.7</div>
                        </td>
                        <td style="width: 11.22%; vertical-align: top;">
                          <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt;">385.3</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; font-style: italic;">Percentage of total revenues</div>
                        </td>
                        <td style="width: 11.22%; vertical-align: top;">
                          <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt; font-style: italic; font-weight: bold;">89%</div>
                        </td>
                        <td style="width: 11.22%; vertical-align: top;">
                          <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt; font-style: italic;">90%</div>
                        </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;">90%</div>
                        </td>
                        <td style="width: 11.22%; vertical-align: top;">
                          <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt; font-style: italic;">91%</div>
                        </td>
                      </tr>
                      <tr>
                        <td style="width: 53.69%; vertical-align: top;">&#160;</td>
                        <td style="width: 11.22%; vertical-align: top;">&#160;</td>
                        <td style="width: 11.22%; vertical-align: top;">&#160;</td>
                        <td style="width: 1.41%; vertical-align: top;">&#160;</td>
                        <td style="width: 11.22%; vertical-align: top;">&#160;</td>
                        <td style="width: 11.22%; vertical-align: top;">&#160;</td>
                      </tr>
                      <tr>
                        <td style="width: 53.69%; vertical-align: top;">
                          <div style="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;">
                          <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">15.6</div>
                        </td>
                        <td style="width: 11.22%; vertical-align: top;">
                          <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt;">12.8</div>
                        </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;">44.4</div>
                        </td>
                        <td style="width: 11.22%; vertical-align: top;">
                          <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt;">35.6</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; font-style: italic;">Percentage of total revenues</div>
                        </td>
                        <td style="width: 11.22%; vertical-align: top; border-bottom: #000000 0.25pt solid;">
                          <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt; font-style: italic; font-weight: bold;">9%</div>
                        </td>
                        <td style="width: 11.22%; vertical-align: top; border-bottom: #000000 0.25pt solid;">
                          <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt; font-style: italic;">9%</div>
                        </td>
                        <td style="width: 1.41%; vertical-align: top;">&#160;</td>
                        <td style="width: 11.22%; vertical-align: top; border-bottom: #000000 0.25pt solid;">
                          <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt; font-style: italic; font-weight: bold;">9%</div>
                        </td>
                        <td style="width: 11.22%; vertical-align: top; border-bottom: #000000 0.25pt solid;">
                          <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt; font-style: italic;">8%</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; border-top: #000000 0.25pt solid; border-bottom: #000000 1.50pt solid;">
                          <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">168.8</div>
                        </td>
                        <td style="width: 11.22%; vertical-align: top; border-top: #000000 0.25pt solid; border-bottom: #000000 1.50pt solid;">
                          <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt;">144.7</div>
                        </td>
                        <td style="width: 1.41%; vertical-align: top;">&#160;</td>
                        <td style="width: 11.22%; vertical-align: top; border-top: #000000 0.25pt solid; border-bottom: #000000 1.50pt solid;">
                          <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">483.5</div>
                        </td>
                        <td style="width: 11.22%; vertical-align: top; border-top: #000000 0.25pt solid; border-bottom: #000000 1.50pt solid;">
                          <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt;">424.7</div>
                        </td>
                      </tr>

                  </table>
                </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;">&#160;</font><font style="font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold; font-style: italic;">license revenues</font> were $5.4 million and $3.8 million for the first three quarters of 2025 and 2024, respectively, representing 1% of total revenues in both the first three quarters of
                  2025 and 2024. For the third quarter of 2025 and 2024, our license revenues were $3.5 million and $1.5 million, respectively, representing 2% and 1% of total revenues in the third quarter of 2025 and 2024, respectively. While our sales
                  focus has been on generating services revenues in our SaaS business model, we continue to see a market for licensing the products in our omni-channel retailing and home delivery logistics solutions. The amount of license revenues in a
                  period is dependent on our customers&#8217; preference to license our solutions instead of purchasing our solutions as a service and we anticipate variances from period to period.</div>
                <div><br>
                </div>
                <div style="text-align: justify; font-family: Verdana, sans-serif; font-size: 9.5pt;">Our<font style="font-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 $433.7 million and $385.3 million for the first three quarters of 2025 and 2024, respectively, representing 90% and 91% of total revenues in the first three
                  quarters of 2025 and 2024, respectively. The increase in services revenues in the first three quarters of 2025 compared to the same period of 2024 was primarily due to growth in services revenues from new and existing customers, which
                  contributed an incremental $24.4 million in revenue in the first three quarters of 2025. The growth in services revenues in the first three quarters of 2025 from new and existing customers was driven by sales of our global trade
                  intelligence, routing and transportation management solutions. Revenues were also positively impacted by the partial period of contribution from the 2025 Acquisitions, which contributed an incremental $19.8 million in services revenue in
                  the first three quarters of 2025. The principal</div>
                <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
                  <div style="text-align: center;" class="BRPFPageNumberArea"><font style="font-family: Verdana, Geneva, 'sans-serif'; font-size: 8pt; font-weight: normal; font-style: normal;">10</font></div>
                  <div class="BRPFPageBreak" style="page-break-after: always;">
                    <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;">contributor to the balance of the increase in services revenues in the first three quarters of 2025 compared to the same period of 2024 was a full period
                  of contribution from the 2024 Acquisitions.</div>
                <div><br>
                </div>
                <div style="text-align: justify; font-family: Verdana, sans-serif; font-size: 9.5pt;">For the third quarter of 2025 and 2024, our services revenues were $149.7 million and $130.4 million, respectively, representing 89% and 90% of total
                  revenues in the third quarter of 2025 and 2024, respectively. The increase in services revenues in the third quarter of 2025 compared to the same period of 2024 was primarily due to the partial period of contribution from the 2025
                  Acquisitions, which contributed an incremental $9.9 million in services revenue in the third quarter of 2025. Revenues were also positively impacted by growth in services revenues from new and existing customers, which contributed an
                  incremental $8.2 million in revenue in the third quarter of 2025.</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 $44.4 million and $35.6 million for the first three quarters of 2025 and 2024, respectively, representing 9% and 8% of total revenues for the first three quarters of 2025 and 2024, respectively. The increase in professional services
                  and other revenues in the first three quarters of 2025 compared to the same period of 2024 was primarily due to a full period of contribution from the 2024 Acquisitions, which contributed an incremental $8.6 million in revenue in the
                  first three quarters of 2025. The contribution of the 2024 Acquisitions in the first three quarters of 2025 was primarily driven by an increase in hardware revenues.</div>
                <div><br>
                </div>
                <div style="text-align: justify; font-family: Verdana, sans-serif; font-size: 9.5pt;">For the third quarter of 2025 and 2024, our professional services and other revenues were $15.6 million and $12.8 million, respectively, representing 9%
                  of our total revenues in both the third quarter of 2025 and 2024. The increase in professional services and other revenues in the third quarter of 2025 compared to the same period of 2024 was primarily due to a full period of contribution
                  from the 2024 Acquisitions, which contributed an incremental $3.4 million in revenue in the third quarter of 2025, partially offset by a decrease in professional services and other revenues from new and existing customers. The
                  contribution of the 2024 Acquisitions in the third quarter of 2025 was primarily driven by an increase in hardware revenues.</div>
                <div><br>
                </div>
                <table cellspacing="0" cellpadding="0" id="z3a17067cc6c94953a1bcfd14fa338b21" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;">

                    <tr>
                      <td style="width: 100%; vertical-align: top;" colspan="6">
                        <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 style="width: 21.25%; vertical-align: top; border-top: #000000 0.25pt solid;" colspan="2">
                        <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">Third Quarter of</div>
                      </td>
                      <td style="width: 1.37%; vertical-align: top;">&#160;</td>
                      <td style="width: 21.25%; vertical-align: top; border-top: #000000 0.25pt solid;" colspan="2">
                        <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">First Three Quarters of</div>
                      </td>
                    </tr>
                    <tr>
                      <td style="width: 56.14%; vertical-align: top;">&#160;</td>
                      <td style="width: 12.48%; vertical-align: top; border-bottom: #000000 0.50pt solid;">
                        <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">2025</div>
                      </td>
                      <td style="width: 8.77%; vertical-align: top; border-bottom: #000000 0.50pt solid;">
                        <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt;">2024</div>
                      </td>
                      <td style="width: 1.37%; vertical-align: top;">&#160;</td>
                      <td style="width: 10.62%; vertical-align: top; border-bottom: #000000 0.50pt solid;">
                        <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">2025</div>
                      </td>
                      <td style="width: 10.62%; vertical-align: top; border-bottom: #000000 0.50pt solid;">
                        <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt;">2024</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;">
                        <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">114.4</div>
                      </td>
                      <td style="width: 8.77%; vertical-align: top;">
                        <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt;">97.5</div>
                      </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;">325.6</div>
                      </td>
                      <td style="width: 10.62%; vertical-align: top;">
                        <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt;">284.9</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;">
                        <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt; font-style: italic; font-weight: bold;">68%</div>
                      </td>
                      <td style="width: 8.77%; vertical-align: top;">
                        <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt; font-style: italic;">68%</div>
                      </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;">67%</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;">67%</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>
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                      <td style="width: 12.48%; vertical-align: bottom;">
                        <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">39.8</div>
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                      <td style="width: 8.77%; vertical-align: bottom;">
                        <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt;">33.8</div>
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                      <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;">113.4</div>
                      </td>
                      <td style="width: 10.62%; vertical-align: bottom;">
                        <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt;">101.1</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;">Percentage of total revenues</div>
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                      <td style="width: 12.48%; vertical-align: top;">
                        <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt; font-style: italic; font-weight: bold;">23%</div>
                      </td>
                      <td style="width: 8.77%; vertical-align: top;">
                        <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt; font-style: italic;">23%</div>
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                      <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;">24%</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;">24%</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;">
                        <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">9.6</div>
                      </td>
                      <td style="width: 8.77%; vertical-align: top;">
                        <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt;">8.8</div>
                      </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;">29.9</div>
                      </td>
                      <td style="width: 10.62%; vertical-align: top;">
                        <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt;">25.4</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;">
                        <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: 8.77%; vertical-align: top;">
                        <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt; font-style: italic;">6%</div>
                      </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;">6%</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;">
                        <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">5.0</div>
                      </td>
                      <td style="width: 8.77%; vertical-align: top;">
                        <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt;">4.6</div>
                      </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;">14.6</div>
                      </td>
                      <td style="width: 10.62%; vertical-align: top;">
                        <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt;">13.3</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;">
                        <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: 8.77%; vertical-align: top;">
                        <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt; font-style: italic;">3%</div>
                      </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;">3%</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; border-top: #000000 0.25pt solid; border-bottom: #000000 1.50pt solid;">
                        <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">168.8</div>
                      </td>
                      <td style="width: 8.77%; vertical-align: top; border-top: #000000 0.25pt solid; border-bottom: #000000 1.50pt solid;">
                        <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt;">144.7</div>
                      </td>
                      <td style="width: 1.37%; vertical-align: top;">&#160;</td>
                      <td style="width: 10.62%; vertical-align: top; border-top: #000000 0.25pt solid; border-bottom: #000000 1.50pt solid;">
                        <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">483.5</div>
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                      <td style="width: 10.62%; vertical-align: top; border-top: #000000 0.25pt solid; border-bottom: #000000 1.50pt solid;">
                        <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt;">424.7</div>
                      </td>
                    </tr>

                </table>
                <div><br>
                </div>
                <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
                  <div style="text-align: center;" class="BRPFPageNumberArea"><font style="font-family: Verdana, Geneva, 'sans-serif'; font-size: 8pt; font-weight: normal; font-style: normal;">11</font></div>
                  <div class="BRPFPageBreak" style="page-break-after: always;">
                    <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;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold; font-style: italic;">Revenues from the United States</font> were
                  $325.6 million and $284.9 million for the first three quarters of 2025 and 2024, respectively. For the third quarter of 2025 and 2024, revenues from the United States were $114.4 million and $97.5 million, respectively. The increase in
                  the first three quarters and third quarter of 2025 as compared to the same periods of 2024 was primarily a result of growth in revenues from new and existing customers, which contributed an incremental $15.7 million and $5.6 million in
                  revenue, respectively. The growth in the first three quarters and third quarter of 2025 was 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 2025 Acquisitions, which contributed an incremental $13.3 million and $6.8 million in revenue in the first three quarters and third quarter of 2025, respectively.</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;">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 $113.4 million and $101.1 million for the first three quarters of 2025 and 2024, respectively. For the third quarter
                  of 2025 and 2024, revenues from the EMEA region, were $39.8 million and $33.8 million, respectively. The increase in the first three quarters and third quarter of 2025 compared to the same periods of 2024 was primarily due to the partial
                  period of contribution from the 2025 Acquisitions, which contributed an incremental $6.9 million and $3.3 million in revenue, respectively. Revenues were also positively impacted by growth in revenues from new and existing customers,
                  which contributed an incremental $4.7 million and $2.7 million in revenue in the first three quarters and third quarter, respectively.</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;">Revenues from Canada</font> were $29.9 million
                  and $25.4 million for the first three quarters of 2025 and 2024, respectively. For the third quarter of 2025 and 2024, revenues from Canada were $9.6 million and $8.8 million, respectively. The increase in the first three quarters and
                  third quarter of 2025 compared to the same periods of 2024 was primarily due to growth in revenues from new and existing customers, which contributed an incremental $4.5 million and $0.8 million in revenue, respectively.</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;">Revenues from the Asia Pacific region</font> were
                  $14.6 million and $13.3 million for the first three quarters of 2025 and 2024, respectively. For the third quarter of 2025 and 2024, revenues from the Asia Pacific region were $5.0 million and $4.6 million, respectively. The increase in
                  the first three quarters and third quarter of 2025 compared to the same periods of 2024 was primarily due to growth in revenues from new and existing customers, which contributed an incremental $0.6 million and $0.3 million in the first
                  three quarters and third quarter of 2025, respectively. Revenues were also positively impacted by a full period of contribution from the 2024 Acquisitions, which contributed an incremental $0.6 million and $0.1 million in revenue,
                  respectively.</div>
                <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
                  <div style="text-align: center;" class="BRPFPageNumberArea"><font style="font-family: Verdana, Geneva, 'sans-serif'; font-size: 8pt; font-weight: normal; font-style: normal;">12</font></div>
                  <div class="BRPFPageBreak" style="page-break-after: always;">
                    <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><br>
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                <table cellspacing="0" cellpadding="0" id="za5fd7d7fefaf4e648f6a1a06ee9417c0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;">

                    <tr>
                      <td style="width: 100%; vertical-align: top;" colspan="6">
                        <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 style="width: 21.25%; vertical-align: top; border-top: 0.5pt solid rgb(0, 0, 0);" colspan="2">
                        <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">Third Quarter of</div>
                      </td>
                      <td style="width: 1.37%; vertical-align: top;">&#160;</td>
                      <td style="width: 21.25%; vertical-align: top; border-top: 0.25pt solid rgb(0, 0, 0);" colspan="2">
                        <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">First Three Quarters of</div>
                      </td>
                    </tr>
                    <tr>
                      <td style="width: 56.14%; vertical-align: top; padding-bottom: 0.5pt;">&#160;</td>
                      <td style="width: 10.62%; vertical-align: top; border-bottom: 0.5pt solid rgb(0, 0, 0);">
                        <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">2025</div>
                      </td>
                      <td style="width: 10.62%; vertical-align: top; border-bottom: 0.5pt solid rgb(0, 0, 0);">
                        <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt;">2024</div>
                      </td>
                      <td style="width: 1.37%; vertical-align: top; padding-bottom: 0.5pt;">&#160;</td>
                      <td style="width: 10.62%; vertical-align: top; border-bottom: 0.5pt solid rgb(0, 0, 0);">
                        <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">2025</div>
                      </td>
                      <td style="width: 10.62%; vertical-align: top; border-bottom: 0.5pt solid rgb(0, 0, 0);">
                        <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt;">2024</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;">
                        <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">3.5</div>
                      </td>
                      <td style="width: 10.62%; vertical-align: top;">
                        <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt;">1.5</div>
                      </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;">5.4</div>
                      </td>
                      <td style="width: 10.62%; vertical-align: top;">
                        <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt;">3.8</div>
                      </td>
                    </tr>
                    <tr>
                      <td style="width: 56.14%; vertical-align: top; padding-bottom: 0.5pt;">
                        <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; border-bottom: 0.5pt solid rgb(0, 0, 0);">
                        <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">0.2</div>
                      </td>
                      <td style="width: 10.62%; vertical-align: top; border-bottom: 0.5pt solid rgb(0, 0, 0);">
                        <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt;">0.2</div>
                      </td>
                      <td style="width: 1.37%; vertical-align: top; padding-bottom: 0.5pt;">&#160;</td>
                      <td style="width: 10.62%; vertical-align: top; border-bottom: 0.5pt solid rgb(0, 0, 0);">
                        <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">0.5</div>
                      </td>
                      <td style="width: 10.62%; vertical-align: top; border-bottom: 0.5pt solid rgb(0, 0, 0);">
                        <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt;">0.7</div>
                      </td>
                    </tr>
                    <tr>
                      <td style="width: 56.14%; vertical-align: top; padding-bottom: 1.5pt;">
                        <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; border-top: 0.5pt solid rgb(0, 0, 0); border-bottom: 1.5pt solid rgb(0, 0, 0);">
                        <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">3.3</div>
                      </td>
                      <td style="width: 10.62%; vertical-align: top; border-top: 0.5pt solid rgb(0, 0, 0); border-bottom: 1.5pt solid rgb(0, 0, 0);">
                        <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt;">1.3</div>
                      </td>
                      <td style="width: 1.37%; vertical-align: top; padding-bottom: 1.5pt;">&#160;</td>
                      <td style="width: 10.62%; vertical-align: top; border-top: 0.5pt solid rgb(0, 0, 0); border-bottom: 1.5pt solid rgb(0, 0, 0);">
                        <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">4.9</div>
                      </td>
                      <td style="width: 10.62%; vertical-align: top; border-top: 0.5pt solid rgb(0, 0, 0); border-bottom: 1.5pt solid rgb(0, 0, 0);">
                        <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt;">3.1</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;">Gross margin percentage</div>
                      </td>
                      <td style="width: 10.62%; vertical-align: top; border-top: 1.5pt solid rgb(0, 0, 0);">
                        <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt; font-style: italic; font-weight: bold;">94%</div>
                      </td>
                      <td style="width: 10.62%; vertical-align: top; border-top: 1.5pt solid rgb(0, 0, 0);">
                        <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt; font-style: italic;">87%</div>
                      </td>
                      <td style="width: 1.37%; vertical-align: top;">&#160;</td>
                      <td style="width: 10.62%; vertical-align: top; border-top: 1.5pt solid rgb(0, 0, 0);">
                        <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt; font-style: italic; font-weight: bold;">91%</div>
                      </td>
                      <td style="width: 10.62%; vertical-align: top; border-top: 1.5pt solid rgb(0, 0, 0);">
                        <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt; font-style: italic;">82%</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;">
                        <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">149.7</div>
                      </td>
                      <td style="width: 10.62%; vertical-align: top;">
                        <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt;">130.4</div>
                      </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;">433.7</div>
                      </td>
                      <td style="width: 10.62%; vertical-align: top;">
                        <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt;">385.3</div>
                      </td>
                    </tr>
                    <tr>
                      <td style="width: 56.14%; vertical-align: top; padding-bottom: 0.25pt;">
                        <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; border-bottom: 0.25pt solid rgb(0, 0, 0);">
                        <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">32.6</div>
                      </td>
                      <td style="width: 10.62%; vertical-align: top; border-bottom: 0.25pt solid rgb(0, 0, 0);">
                        <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt;">27.1</div>
                      </td>
                      <td style="width: 1.37%; vertical-align: top; padding-bottom: 0.25pt;">&#160;</td>
                      <td style="width: 10.62%; vertical-align: top; border-bottom: 0.25pt solid rgb(0, 0, 0);">
                        <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">91.1</div>
                      </td>
                      <td style="width: 10.62%; vertical-align: top; border-bottom: 0.25pt solid rgb(0, 0, 0);">
                        <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt;">80.8</div>
                      </td>
                    </tr>
                    <tr>
                      <td style="width: 56.14%; vertical-align: top; padding-bottom: 1.5pt;">
                        <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; border-top: 0.25pt solid rgb(0, 0, 0); border-bottom: 1.5pt solid rgb(0, 0, 0);">
                        <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">117.1</div>
                      </td>
                      <td style="width: 10.62%; vertical-align: top; border-top: 0.25pt solid rgb(0, 0, 0); border-bottom: 1.5pt solid rgb(0, 0, 0);">
                        <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt;">103.3</div>
                      </td>
                      <td style="width: 1.37%; vertical-align: top; padding-bottom: 1.5pt;">&#160;</td>
                      <td style="width: 10.62%; vertical-align: top; border-top: 0.25pt solid rgb(0, 0, 0); border-bottom: 1.5pt solid rgb(0, 0, 0);">
                        <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">342.6</div>
                      </td>
                      <td style="width: 10.62%; vertical-align: top; border-top: 0.25pt solid rgb(0, 0, 0); border-bottom: 1.5pt solid rgb(0, 0, 0);">
                        <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt;">304.5</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; border-top: 1.5pt solid rgb(0, 0, 0);">
                        <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt; font-style: italic; font-weight: bold;">78%</div>
                      </td>
                      <td style="width: 10.62%; vertical-align: top; border-top: 1.5pt solid rgb(0, 0, 0);">
                        <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt; font-style: italic;">79%</div>
                      </td>
                      <td style="width: 1.37%; vertical-align: top;">&#160;</td>
                      <td style="width: 10.62%; vertical-align: top; border-top: 1.5pt solid rgb(0, 0, 0);">
                        <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt; font-style: italic; font-weight: bold;">79%</div>
                      </td>
                      <td style="width: 10.62%; vertical-align: top; border-top: 1.5pt solid rgb(0, 0, 0);">
                        <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt; font-style: italic;">79%</div>
                      </td>
                    </tr>
                    <tr>
                      <td style="width: 56.14%; vertical-align: top;">
                        <div style="text-align: left; font-family: Verdana, sans-serif; font-size: 9.5pt;">
                          <div><br>
                          </div>
                          <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;">
                        <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">15.6</div>
                      </td>
                      <td style="width: 10.62%; vertical-align: top;">
                        <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt;">12.8</div>
                      </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;">44.4</div>
                      </td>
                      <td style="width: 10.62%; vertical-align: top;">
                        <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt;">35.6</div>
                      </td>
                    </tr>
                    <tr>
                      <td style="width: 56.14%; vertical-align: top; padding-bottom: 0.25pt;">
                        <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; border-bottom: 0.25pt solid rgb(0, 0, 0);">
                        <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">10.4</div>
                      </td>
                      <td style="width: 10.62%; vertical-align: top; border-bottom: 0.25pt solid rgb(0, 0, 0);">
                        <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt;">7.0</div>
                      </td>
                      <td style="width: 1.37%; vertical-align: top; padding-bottom: 0.25pt;">&#160;</td>
                      <td style="width: 10.62%; vertical-align: top; border-bottom: 0.25pt solid rgb(0, 0, 0);">
                        <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">27.5</div>
                      </td>
                      <td style="width: 10.62%; vertical-align: top; border-bottom: 0.25pt solid rgb(0, 0, 0);">
                        <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt;">20.7</div>
                      </td>
                    </tr>
                    <tr>
                      <td style="width: 56.14%; vertical-align: top; padding-bottom: 1.5pt;">
                        <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; border-top: 0.25pt solid rgb(0, 0, 0); border-bottom: 1.5pt solid rgb(0, 0, 0);">
                        <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">5.2</div>
                      </td>
                      <td style="width: 10.62%; vertical-align: top; border-top: 0.25pt solid rgb(0, 0, 0); border-bottom: 1.5pt solid rgb(0, 0, 0);">
                        <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt;">5.8</div>
                      </td>
                      <td style="width: 1.37%; vertical-align: top; padding-bottom: 1.5pt;">&#160;</td>
                      <td style="width: 10.62%; vertical-align: top; border-top: 0.25pt solid rgb(0, 0, 0); border-bottom: 1.5pt solid rgb(0, 0, 0);">
                        <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">16.9</div>
                      </td>
                      <td style="width: 10.62%; vertical-align: top; border-top: 0.25pt solid rgb(0, 0, 0); border-bottom: 1.5pt solid rgb(0, 0, 0);">
                        <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt;">14.9</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; border-top: 1.5pt solid rgb(0, 0, 0);">
                        <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt; font-style: italic; font-weight: bold;">33%</div>
                      </td>
                      <td style="width: 10.62%; vertical-align: top; border-top: 1.5pt solid rgb(0, 0, 0);">
                        <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt; font-style: italic;">45%</div>
                      </td>
                      <td style="width: 1.37%; vertical-align: top;">&#160;</td>
                      <td style="width: 10.62%; vertical-align: top; border-top: 1.5pt solid rgb(0, 0, 0);">
                        <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt; font-style: italic; font-weight: bold;">38%</div>
                      </td>
                      <td style="width: 10.62%; vertical-align: top; border-top: 1.5pt solid rgb(0, 0, 0);">
                        <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt; font-style: italic;">42%</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> <br>
                          </u></div>
                        <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;">
                        <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">168.8</div>
                      </td>
                      <td style="width: 10.62%; vertical-align: top;">
                        <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt;">144.7</div>
                      </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;">483.5</div>
                      </td>
                      <td style="width: 10.62%; vertical-align: top;">
                        <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt;">424.7</div>
                      </td>
                    </tr>
                    <tr>
                      <td style="width: 56.14%; vertical-align: top; padding-bottom: 0.25pt;">
                        <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; border-bottom: 0.25pt solid rgb(0, 0, 0);">
                        <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">43.2</div>
                      </td>
                      <td style="width: 10.62%; vertical-align: top; border-bottom: 0.25pt solid rgb(0, 0, 0);">
                        <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt;">34.3</div>
                      </td>
                      <td style="width: 1.37%; vertical-align: top; padding-bottom: 0.25pt;">&#160;</td>
                      <td style="width: 10.62%; vertical-align: top; border-bottom: 0.25pt solid rgb(0, 0, 0);">
                        <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">119.1</div>
                      </td>
                      <td style="width: 10.62%; vertical-align: top; border-bottom: 0.25pt solid rgb(0, 0, 0);">
                        <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt;">102.2</div>
                      </td>
                    </tr>
                    <tr>
                      <td style="width: 56.14%; vertical-align: top; padding-bottom: 1.5pt;">
                        <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; border-top: 0.25pt solid rgb(0, 0, 0); border-bottom: 1.5pt solid rgb(0, 0, 0);">
                        <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">125.6</div>
                      </td>
                      <td style="width: 10.62%; vertical-align: top; border-top: 0.25pt solid rgb(0, 0, 0); border-bottom: 1.5pt solid rgb(0, 0, 0);">
                        <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt;">110.4</div>
                      </td>
                      <td style="width: 1.37%; vertical-align: top; padding-bottom: 1.5pt;">&#160;</td>
                      <td style="width: 10.62%; vertical-align: top; border-top: 0.25pt solid rgb(0, 0, 0); border-bottom: 1.5pt solid rgb(0, 0, 0);">
                        <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">364.4</div>
                      </td>
                      <td style="width: 10.62%; vertical-align: top; border-top: 0.25pt solid rgb(0, 0, 0); border-bottom: 1.5pt solid rgb(0, 0, 0);">
                        <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt;">322.5</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; border-top: 1.5pt solid rgb(0, 0, 0);">
                        <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt; font-style: italic; font-weight: bold;">74%</div>
                      </td>
                      <td style="width: 10.62%; vertical-align: top; border-top: 1.5pt solid rgb(0, 0, 0);">
                        <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt; font-style: italic;">76%</div>
                      </td>
                      <td style="width: 1.37%; vertical-align: top;">&#160;</td>
                      <td style="width: 10.62%; vertical-align: top; border-top: 1.5pt solid rgb(0, 0, 0);">
                        <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt; font-style: italic; font-weight: bold;">75%</div>
                      </td>
                      <td style="width: 10.62%; vertical-align: top; border-top: 1.5pt solid rgb(0, 0, 0);">
                        <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt; font-style: italic;">76%</div>
                      </td>
                    </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 91% and 82% for the first three quarters of 2025 and 2024, respectively, and 94% and 87% for the third quarter of 2025 and 2024, respectively. Our gross margin on license revenues is dependent on the proportion of our license revenues
                  that involve third-party technology. Consequently, our gross margin percentage for license revenues is higher when a lower proportion of our license revenues attracts third-party technology costs, and vice versa.</div>
                <div><br>
                </div>
                <div style="text-align: justify; font-family: Verdana, sans-serif; font-size: 9.5pt;"><font style="font-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 three quarters of 2025 and 2024, and 78% and 79% for the third quarter of 2025 and 2024, respectively.</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 38% and 42% for the first three quarters of 2025 and 2024, respectively, and 33% and 45% for the third quarter of
                  2025 and 2024, 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</div>
                <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
                  <div style="text-align: center;" class="BRPFPageNumberArea"><font style="font-family: Verdana, Geneva, 'sans-serif'; font-size: 8pt; font-weight: normal; font-style: normal;">13</font></div>
                  <div class="BRPFPageBreak" style="page-break-after: always;">
                    <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 sales mix. The margin in the first three quarters and third quarter of 2025 was negatively impacted by an increased proportion of lower-margin
                  hardware revenues compared to professional services and other revenues.</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;">Operating expenses</font>, consisting of sales
                  and marketing, research and development and general and administrative expenses, were $174.5 million and $157.2 million for the first three quarters of 2025 and 2024, respectively. Operating expenses were higher in the first three
                  quarters of 2025 compared to the same period of 2024 primarily due to a partial period of costs from the 2025 Acquisitions and increased headcount-related costs, including stock compensation expense and excluding costs from the 2024 and
                  2025 Acquisitions, which added approximately $7.3 million and $6.3 million to operating expenses, respectively.</div>
                <div><br>
                </div>
                <div style="text-align: justify; font-family: Verdana, sans-serif; font-size: 9.5pt;">For the third quarter of 2025 and 2024, operating expenses were $60.5 million and $53.0 million, respectively. Operating expenses were higher in the third
                  quarter of 2025 compared to the same period of 2024 primarily due to a partial period of costs from the 2025 Acquisitions and increased headcount-related costs, including stock compensation expense and excluding costs from the 2024 and
                  2025 Acquisitions, which added approximately $3.6 million and $2.3 million to operating expenses, respectively.</div>
                <div><br>
                </div>
                <table cellspacing="0" cellpadding="0" id="z001c54901b384bbb8faf3790f510a89b" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;">

                    <tr>
                      <td style="width: 100%; vertical-align: top;" colspan="6">
                        <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 style="width: 21.25%; vertical-align: top; border-top: #000000 0.25pt solid;" colspan="2">
                        <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">Third Quarter of</div>
                      </td>
                      <td style="width: 1.37%; vertical-align: top;">&#160;</td>
                      <td style="width: 21.25%; vertical-align: top; border-top: #000000 0.25pt solid;" colspan="2">
                        <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">First Three Quarters of</div>
                      </td>
                    </tr>
                    <tr>
                      <td style="width: 56.14%; vertical-align: top;">&#160;</td>
                      <td style="width: 10.62%; vertical-align: top; border-bottom: #000000 0.25pt solid;">
                        <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">2025</div>
                      </td>
                      <td style="width: 10.62%; vertical-align: top; border-bottom: #000000 0.25pt solid;">
                        <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt;">2024</div>
                      </td>
                      <td style="width: 1.37%; vertical-align: top;">&#160;</td>
                      <td style="width: 10.62%; vertical-align: top; border-bottom: #000000 0.25pt solid;">
                        <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">2025</div>
                      </td>
                      <td style="width: 10.62%; vertical-align: top; border-bottom: #000000 0.25pt solid;">
                        <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt;">2024</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; border-top: #000000 0.25pt solid; border-bottom: #000000 0.25pt solid;">
                        <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">168.8</div>
                      </td>
                      <td style="width: 10.62%; vertical-align: top; border-top: #000000 0.25pt solid; border-bottom: #000000 0.25pt solid;">
                        <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt;">144.7</div>
                      </td>
                      <td style="width: 1.37%; vertical-align: top;">&#160;</td>
                      <td style="width: 10.62%; vertical-align: top; border-top: #000000 0.25pt solid; border-bottom: #000000 0.25pt solid;">
                        <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">483.5</div>
                      </td>
                      <td style="width: 10.62%; vertical-align: top; border-top: #000000 0.25pt solid; border-bottom: #000000 0.25pt solid;">
                        <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt;">424.7</div>
                      </td>
                    </tr>
                    <tr>
                      <td style="width: 56.14%; vertical-align: top;">&#160;</td>
                      <td style="width: 10.62%; vertical-align: top; border-top: #000000 0.25pt solid;">&#160;</td>
                      <td style="width: 10.62%; vertical-align: top; border-top: #000000 0.25pt solid;">&#160;</td>
                      <td style="width: 1.37%; vertical-align: top;">&#160;</td>
                      <td style="width: 10.62%; vertical-align: top; border-top: #000000 0.25pt solid;">&#160;</td>
                      <td style="width: 10.62%; vertical-align: top; border-top: #000000 0.25pt solid;">&#160;</td>
                    </tr>
                    <tr>
                      <td style="width: 56.14%; vertical-align: top;">
                        <div style="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;">
                        <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">19.1</div>
                      </td>
                      <td style="width: 10.62%; vertical-align: top;">
                        <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt;">17.2</div>
                      </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;">55.6</div>
                      </td>
                      <td style="width: 10.62%; vertical-align: top;">
                        <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt;">51.6</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;">
                        <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt; font-style: italic; font-weight: bold;">11%</div>
                      </td>
                      <td style="width: 10.62%; vertical-align: top;">
                        <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt; font-style: italic;">12%</div>
                      </td>
                      <td style="width: 1.37%; vertical-align: top;">&#160;</td>
                      <td style="width: 10.62%; vertical-align: top;">
                        <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt; font-style: italic; font-weight: bold;">11%</div>
                      </td>
                      <td style="width: 10.62%; vertical-align: top;">
                        <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt; font-style: italic;">12%</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;">
                        <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">24.5</div>
                      </td>
                      <td style="width: 10.62%; vertical-align: top;">
                        <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt;">21.1</div>
                      </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;">70.6</div>
                      </td>
                      <td style="width: 10.62%; vertical-align: top;">
                        <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt;">62.9</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;">
                        <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;">15%</div>
                      </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;">15%</div>
                      </td>
                    </tr>
                    <tr>
                      <td style="width: 56.14%; vertical-align: top;">&#160;</td>
                      <td style="width: 10.62%; vertical-align: top;">&#160;</td>
                      <td style="width: 10.62%; vertical-align: top;">&#160;</td>
                      <td style="width: 1.37%; vertical-align: top;">&#160;</td>
                      <td style="width: 10.62%; vertical-align: top;">&#160;</td>
                      <td style="width: 10.62%; vertical-align: top;">&#160;</td>
                    </tr>
                    <tr>
                      <td style="width: 56.14%; vertical-align: top;">
                        <div style="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;">
                        <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">16.9</div>
                      </td>
                      <td style="width: 10.62%; vertical-align: top;">
                        <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt;">14.7</div>
                      </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;">48.3</div>
                      </td>
                      <td style="width: 10.62%; vertical-align: top;">
                        <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt;">42.7</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;">
                        <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>
                      <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; border-bottom: #000000 0.25pt solid;">&#160;</td>
                      <td style="width: 10.62%; vertical-align: top; border-bottom: #000000 0.25pt solid;">&#160;</td>
                      <td style="width: 1.37%; vertical-align: top;">&#160;</td>
                      <td style="width: 10.62%; vertical-align: top; border-bottom: #000000 0.25pt solid;">&#160;</td>
                      <td style="width: 10.62%; vertical-align: top; border-bottom: #000000 0.25pt solid;">&#160;</td>
                    </tr>
                    <tr>
                      <td style="width: 56.14%; vertical-align: top;">
                        <div style="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; border-top: #000000 0.25pt solid; border-bottom: #000000 1.50pt solid;">
                        <div style="text-align: right; margin-left: 9pt; font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">60.5</div>
                        <div style="text-align: right; margin-left: 9pt; font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt; font-style: italic;">36%</font></div>
                      </td>
                      <td style="width: 10.62%; vertical-align: top; border-top: #000000 0.25pt solid; border-bottom: #000000 1.50pt solid;">
                        <div style="text-align: right; margin-left: 9pt; font-family: Verdana, sans-serif; font-size: 9.5pt;">53.0</div>
                        <div style="text-align: right; margin-left: 9pt; font-family: Verdana, sans-serif; font-size: 9.5pt;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt; font-style: italic;">37%</font></div>
                      </td>
                      <td style="width: 1.37%; vertical-align: top;">&#160;</td>
                      <td style="width: 10.62%; vertical-align: top; border-top: #000000 0.25pt solid; border-bottom: #000000 1.50pt solid;">
                        <div style="text-align: right; margin-left: 9pt; font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">174.5<br>
                          <font style="font-family: Verdana, sans-serif; font-size: 9.5pt; font-style: italic;">36%</font></div>
                      </td>
                      <td style="width: 10.62%; vertical-align: top; border-top: #000000 0.25pt solid; border-bottom: #000000 1.50pt solid;">
                        <div style="text-align: right; margin-left: 9pt; font-family: Verdana, sans-serif; font-size: 9.5pt;">157.2</div>
                        <div style="text-align: right; margin-left: 9pt; font-family: Verdana, sans-serif; font-size: 9.5pt;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt; font-style: italic;">37%</font></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 $55.6 million and $51.6 million for the
                  first three quarters of 2025 and 2024, respectively, representing 11% and 12% of total revenues in the first three quarters of 2025 and 2024, respectively. For the third quarter of 2025 and 2024, sales and marketing expenses were $19.1
                  million and $17.2 million, respectively, representing 11% and 12% of total revenues in the third quarter of 2025 and 2024, respectively. The increase in sales and marketing expenses in the first three quarters and third quarter of 2025
                  compared to the same periods of 2024 was primarily due to increased headcount-related costs associated with the 2025 Acquisitions.</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 three quarters of 2025
                  and 2024. Research and development expenses were $70.6 million and $62.9 million for the three quarters of 2025</div>
                <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
                  <div style="text-align: center;" class="BRPFPageNumberArea"><font style="font-family: Verdana, Geneva, 'sans-serif'; font-size: 8pt; font-weight: normal; font-style: normal;">14</font></div>
                  <div class="BRPFPageBreak" style="page-break-after: always;">
                    <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;">and 2024, respectively, representing 15% of total revenues in both the first three quarters of 2025 and 2024. For the third quarter of 2025 and 2024,
                  research and development expenses were $24.5 million and $21.1 million, respectively, representing 15% of total revenues in both the third quarter of 2025 and 2024. The increase in research and development expenses in the first three
                  quarters and third quarter of 2025 compared to the same periods of 2024 was primarily due to increased headcount-related costs associated with the 2025 Acquisitions.</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 $48.3 million and $42.7 million for the first three quarters of 2025 and 2024, respectively, representing 10% of total revenues in both the
                  first three quarters of 2025 and 2024. General and administrative expenses were $16.9 million and $14.7 million for the third quarter of 2025 and 2024, respectively, representing 10% of total revenues in both the third quarter of 2025 and
                  2024. The increase in general and administrative expenses in the first three quarters and third quarter of 2025 compared to the same periods of 2024 was primarily due to increased stock-based compensation costs as well as increased
                  software 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
                  $5.9 million and $14.1 million for the first three quarters of 2025 and 2024, respectively, and $1.8 million and $9.7 million for the third quarter of 2025 and 2024, respectively. The decrease in other charges in the first three quarters
                  and third quarter of 2025 compared to the same periods of 2024 was primarily a result of a decrease in contingent consideration adjustments. Contingent consideration adjustments relate to changes in anticipated acquisition earnout payment
                  accruals primarily as a result of increases or decreases to revenue performance and forecasts. Revenue forecasts are updated on a quarterly basis and the related earnout payment accruals are updated accordingly.</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 $50.0 million and $45.4 million in the first three quarters of 2025 and 2024, respectively, and $17.5 million and $15.3 million in the third quarter of 2025 and 2024, respectively. Amortization expense increased in
                  the first three quarters of 2025 compared to the same period of 2024 primarily due to the 2025 Acquisitions, which resulted in an incremental $6.3 million of amortization expense, partially offset by certain assets being fully amortized
                  in the current year. Amortization expense increased in the third quarter of 2025 compared to the same period of 2024 primarily due to the 2025 Acquisitions, which resulted in an incremental $2.9 million of amortization expense, partially
                  offset by certain assets being fully amortized in the current year. As at October 31, 2024, the unamortized portion of all intangible assets amounted to $343.8 million.</div>
                <div><br>
                </div>
                <div style="text-align: justify; font-family: Verdana, sans-serif; font-size: 9.5pt;">We test the carrying value of our finite life intangible assets for recoverability when events or changes in circumstances indicate that there may be
                  evidence of impairment. We write down intangible assets or asset groups with a finite life to fair value when the related undiscounted cash flows are not expected to allow for recovery of the carrying value. Fair value of intangible
                  assets or asset groups is determined by discounting the expected related cash flows. No finite life intangible asset or asset group impairment has been identified or recorded for any of the fiscal periods reported.</div>
                <div><br>
                </div>
                <div style="text-align: justify; font-family: Verdana, sans-serif; font-size: 9.5pt;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold; font-style: italic;">Investment and other income</font> was $9.7
                  million and $6.3 million for the first three quarters of 2025 and 2024, respectively, and $2.9 million and $2.7 million in the third quarter of 2025 and 2024, respectively. Investment and other income is generally earned on excess cash
                  balances. The increase in investment</div>
                <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
                  <div style="text-align: center;" class="BRPFPageNumberArea"><font style="font-family: Verdana, Geneva, 'sans-serif'; font-size: 8pt; font-weight: normal; font-style: normal;">15</font></div>
                  <div class="BRPFPageBreak" style="page-break-after: always;">
                    <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;">and other income in the first three quarters and third quarter of 2025 compared to the same periods of 2024 was primarily due to higher average interest
                  rates and/ or cash balances.</div>
                <div><br>
                </div>
                <div style="text-align: justify; font-family: Verdana, sans-serif; font-size: 9.5pt;"><a name="z_Hlk166340615"></a><font style="font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold; font-style: italic;">Interest expense</font>
                  was $0.8 million and $1.0 million for the first three quarters of 2025 and 2024, respectively, and $0.2 million and $0.3 million in the third quarter of 2025 and 2024, respectively. Interest expense is primarily comprised of debt standby
                  charges as well as the amortization of deferred financing charges. No amounts were borrowed and outstanding on our revolving debt facility in the first three quarters of 2025 and 2024 and the third quarter of 2025 and 2024, respectively.</div>
                <div><br>
                </div>
                <div style="text-align: justify; font-family: Verdana, sans-serif; font-size: 9.5pt;"><a name="z_Hlk8935357"></a><a name="z_Hlk56103160"></a><a name="z_Hlk64022472"></a><a name="z_Hlk174349396"></a><a name="z_Hlk182297725"></a><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 three quarters of 2025 and 2024 was 25.9% and 24.3% of income before income taxes, or $37.0 million and $27.0 million, respectively. Income tax expense for the
                  third quarter of 2025 and 2024 was 24.5% and 23.5% of income before income taxes, or $11.9 million and $8.2 million, respectively.&#160;The income tax rate as a percentage of income before income taxes increased in the first three quarters and
                  third quarter of 2025 compared to the same periods of 2024 primarily due to a recovery related to changes in estimates in the United States and Canada in the comparative period.</div>
                <div><br>
                </div>
                <div style="text-align: justify; font-family: Verdana, sans-serif; font-size: 9.5pt;"><a name="z_Hlk142829034"></a><a name="z_Hlk506199867"></a><font style="font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold; font-style: italic;">Income tax expense &#8211; current</font> was an expense of $42.1 million and $30.2 million for the first three quarters of 2025 and 2024, respectively, and an expense of $18.3 million and $10.3 million in the third quarter of 2025
                  and 2024, respectively. Current income tax expense increased in the first three quarters and third quarter of 2025 compared to the same periods of 2024 primarily due to a decrease in tax attributes available to shelter income in Canada,
                  the United States and the UK.</div>
                <div><br>
                </div>
                <div style="text-align: justify; font-family: Verdana, sans-serif; font-size: 9.5pt;"><a name="z_Hlk142829230"></a><a name="z_Hlk182997125"></a><font style="font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold; font-style: italic;">Income tax expense (recovery) &#8211; deferred</font> was ($5.1) million and ($3.2) million in the first three quarters of 2025 and 2024, respectively, and an expense (recovery) of ($6.4) million and ($2.1) million in the third
                  quarter of 2025 and 2024, respectively. Deferred income tax recovery increased in the first three quarters and third quarter of 2025 compared to the same periods of 2024 primarily due to higher deferred tax expense in Canada, the United
                  States and the UK in the prior period attributed to full utilization of certain recognized tax attributes.</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 $105.9 million and $84.1
                  million for the first three quarters of 2025 and 2024, respectively and $36.6 million and $26.6 million in the third quarter of 2025 and 2024, respectively. Net income in the first three quarters and third quarter of 2025 compared to the
                  same periods of 2024 was positively impacted by the growth in services revenues.</div>
                <div><br>
                </div>
                <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
                  <div style="text-align: center;" class="BRPFPageNumberArea"><font style="font-family: Verdana, Geneva, 'sans-serif'; font-size: 8pt; font-weight: normal; font-style: normal;">16</font></div>
                  <div class="BRPFPageBreak" style="page-break-after: always;">
                    <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" id="z707b61f60b784a66a96a74a226ff570f" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;">

                    <tr>
                      <td style="width: 50%; vertical-align: top; border-top: #000000 0.50pt solid; border-bottom: #000000 0.50pt solid;">
                        <div style="text-align: left; margin-right: 37.45pt; font-family: Verdana, sans-serif; font-size: 11pt; font-variant: small-caps; font-weight: bold;"> <br>
                        </div>
                        <div style="text-align: left; margin-right: 37.45pt; font-family: Verdana, sans-serif; font-size: 11pt; font-variant: small-caps; font-weight: bold;">Quarterly Operating Results</div>
                        <div style="text-align: left; margin-right: 37.45pt; 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>
                <table cellspacing="0" cellpadding="0" id="ze822249dd1354430a13b2c392cdccb8b" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;">

                    <tr>
                      <td style="width: 100%; vertical-align: top;" colspan="9">
                        <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>
                    <tr>
                      <td style="width: 26.17%; vertical-align: top; border-right: #000000 0.50pt solid;">&#160;</td>
                      <td style="width: 27.61%; vertical-align: top; border-left: #000000 0.50pt solid; border-right: #000000 0.50pt solid; border-top: #000000 0.50pt solid; border-bottom: #000000 0.50pt solid;" colspan="3">
                        <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;">2025</div>
                      </td>
                      <td style="width: 36.78%; vertical-align: top; border-left: #000000 0.50pt solid; border-right: #000000 0.50pt solid; border-top: #000000 0.50pt solid; border-bottom: #000000 0.50pt solid;" colspan="4">
                        <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 style="width: 9.44%; vertical-align: top; border-left: #000000 0.50pt solid; border-right: #000000 0.50pt solid; border-top: #000000 0.50pt solid; border-bottom: #000000 0.50pt solid;">
                        <div style="text-align: center; font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">Fiscal </div>
                        <div style="text-align: center; font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">2023</div>
                      </td>
                    </tr>
                    <tr>
                      <td style="width: 26.17%; vertical-align: top;">&#160;</td>
                      <td style="width: 9.19%; vertical-align: top; border-top: #000000 0.50pt solid; border-bottom: #000000 0.50pt solid;">
                        <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">Third Quarter</div>
                      </td>
                      <td style="width: 9.2%; vertical-align: top; border-top: #000000 0.50pt solid; border-bottom: #000000 0.50pt solid;">
                        <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">Second Quarter</div>
                      </td>
                      <td style="width: 9.22%; vertical-align: top; border-top: #000000 0.50pt solid; border-bottom: #000000 0.50pt solid;">
                        <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">First Quarter</div>
                      </td>
                      <td style="width: 9.2%; vertical-align: top; border-top: #000000 0.50pt solid; border-bottom: #000000 0.50pt solid;">
                        <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">Fourth Quarter</div>
                      </td>
                      <td style="width: 9.21%; vertical-align: top; border-top: #000000 0.50pt solid; border-bottom: #000000 0.50pt solid;">
                        <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">Third Quarter</div>
                      </td>
                      <td style="width: 9.18%; vertical-align: top; border-top: #000000 0.50pt solid; border-bottom: #000000 0.50pt solid;">
                        <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">Second Quarter</div>
                      </td>
                      <td style="width: 9.18%; vertical-align: top; border-top: #000000 0.50pt solid; border-bottom: #000000 0.50pt solid;">
                        <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">First Quarter</div>
                      </td>
                      <td style="width: 9.44%; vertical-align: top; border-top: #000000 0.50pt solid; border-bottom: #000000 0.50pt solid;">
                        <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">Fourth Quarter</div>
                      </td>
                    </tr>
                    <tr>
                      <td style="width: 26.17%; vertical-align: top;">
                        <div style="text-align: left; font-family: Verdana, sans-serif; font-size: 9.5pt;">Revenues</div>
                      </td>
                      <td style="width: 9.19%; vertical-align: top; border-top: #000000 0.50pt solid;">
                        <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt;">168.8</div>
                      </td>
                      <td style="width: 9.2%; vertical-align: top; border-top: #000000 0.50pt solid;">
                        <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt;">163.4</div>
                      </td>
                      <td style="width: 9.22%; vertical-align: top; border-top: #000000 0.50pt solid;">
                        <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt;">151.3</div>
                      </td>
                      <td style="width: 9.2%; vertical-align: top; border-top: #000000 0.50pt solid;">
                        <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt;">148.2</div>
                      </td>
                      <td style="width: 9.21%; vertical-align: top; border-top: #000000 0.50pt solid;">
                        <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt;">144.7</div>
                      </td>
                      <td style="width: 9.18%; vertical-align: top; border-top: #000000 0.50pt solid;">
                        <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt;">143.4</div>
                      </td>
                      <td style="width: 9.18%; vertical-align: top; border-top: #000000 0.50pt solid;">
                        <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt;">136.6</div>
                      </td>
                      <td style="width: 9.44%; vertical-align: top; border-top: #000000 0.50pt solid;">
                        <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt;">125.1</div>
                      </td>
                    </tr>
                    <tr>
                      <td style="width: 26.17%; vertical-align: top;">
                        <div style="text-align: left; font-family: Verdana, sans-serif; font-size: 9.5pt;">Gross margin</div>
                      </td>
                      <td style="width: 9.19%; vertical-align: top;">
                        <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt;">125.6</div>
                      </td>
                      <td style="width: 9.2%; vertical-align: top;">
                        <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt;">122.9</div>
                      </td>
                      <td style="width: 9.22%; vertical-align: top;">
                        <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt;">115.9</div>
                      </td>
                      <td style="width: 9.2%; vertical-align: top;">
                        <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt;">112.1</div>
                      </td>
                      <td style="width: 9.21%; vertical-align: top;">
                        <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt;">110.4</div>
                      </td>
                      <td style="width: 9.18%; vertical-align: top;">
                        <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt;">108.4</div>
                      </td>
                      <td style="width: 9.18%; vertical-align: top;">
                        <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt;">103.7</div>
                      </td>
                      <td style="width: 9.44%; vertical-align: top;">
                        <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt;">96.1</div>
                      </td>
                    </tr>
                    <tr>
                      <td style="width: 26.17%; vertical-align: top;">
                        <div style="text-align: left; font-family: Verdana, sans-serif; font-size: 9.5pt;">Operating expenses</div>
                      </td>
                      <td style="width: 9.19%; vertical-align: top;">
                        <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt;">60.5</div>
                      </td>
                      <td style="width: 9.2%; vertical-align: top;">
                        <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt;">59.4</div>
                      </td>
                      <td style="width: 9.22%; vertical-align: top;">
                        <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt;">54.6</div>
                      </td>
                      <td style="width: 9.2%; vertical-align: top;">
                        <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt;">52.4</div>
                      </td>
                      <td style="width: 9.21%; vertical-align: top;">
                        <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt;">53.0</div>
                      </td>
                      <td style="width: 9.18%; vertical-align: top;">
                        <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt;">53.6</div>
                      </td>
                      <td style="width: 9.18%; vertical-align: top;">
                        <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt;">50.6</div>
                      </td>
                      <td style="width: 9.44%; 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: 26.17%; vertical-align: top;">
                        <div style="text-align: left; font-family: Verdana, sans-serif; font-size: 9.5pt;">Net income</div>
                      </td>
                      <td style="width: 9.19%; vertical-align: top;">
                        <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt;">36.6</div>
                      </td>
                      <td style="width: 9.2%; vertical-align: top;">
                        <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt;">34.7</div>
                      </td>
                      <td style="width: 9.22%; vertical-align: top;">
                        <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt;">34.7</div>
                      </td>
                      <td style="width: 9.2%; vertical-align: top;">
                        <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt;">31.8</div>
                      </td>
                      <td style="width: 9.21%; vertical-align: top;">
                        <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt;">26.6</div>
                      </td>
                      <td style="width: 9.18%; vertical-align: top;">
                        <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt;">28.1</div>
                      </td>
                      <td style="width: 9.18%; vertical-align: top;">
                        <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt;">29.4</div>
                      </td>
                      <td style="width: 9.44%; vertical-align: top;">
                        <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt;">29.8</div>
                      </td>
                    </tr>
                    <tr>
                      <td style="width: 26.17%; 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: 9.19%; vertical-align: top;">
                        <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt;">0.43</div>
                      </td>
                      <td style="width: 9.2%; vertical-align: top;">
                        <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt;">0.41</div>
                      </td>
                      <td style="width: 9.22%; vertical-align: top;">
                        <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt;">0.41</div>
                      </td>
                      <td style="width: 9.2%; vertical-align: top;">
                        <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt;">0.37</div>
                      </td>
                      <td style="width: 9.21%; vertical-align: top;">
                        <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt;">0.31</div>
                      </td>
                      <td style="width: 9.18%; vertical-align: top;">
                        <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt;">0.33</div>
                      </td>
                      <td style="width: 9.18%; vertical-align: top;">
                        <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt;">0.35</div>
                      </td>
                      <td style="width: 9.44%; vertical-align: top;">
                        <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt;">0.35</div>
                      </td>
                    </tr>
                    <tr>
                      <td style="width: 26.17%; 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: 9.19%; vertical-align: top;">
                        <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt;">0.42</div>
                      </td>
                      <td style="width: 9.2%; vertical-align: top;">
                        <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt;">0.40</div>
                      </td>
                      <td style="width: 9.22%; vertical-align: top;">
                        <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt;">0.40</div>
                      </td>
                      <td style="width: 9.2%; vertical-align: top;">
                        <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt;">0.37</div>
                      </td>
                      <td style="width: 9.21%; vertical-align: top;">
                        <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt;">0.31</div>
                      </td>
                      <td style="width: 9.18%; vertical-align: top;">
                        <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt;">0.32</div>
                      </td>
                      <td style="width: 9.18%; vertical-align: top;">
                        <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt;">0.34</div>
                      </td>
                      <td style="width: 9.44%; vertical-align: top;">
                        <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt;">0.34</div>
                      </td>
                    </tr>
                    <tr>
                      <td style="width: 26.17%; 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: 9.19%; vertical-align: top;">&#160;</td>
                      <td style="width: 9.2%; vertical-align: top;">&#160;</td>
                      <td style="width: 9.22%; vertical-align: top;">&#160;</td>
                      <td style="width: 9.2%; vertical-align: top;">&#160;</td>
                      <td style="width: 9.21%; vertical-align: top;">&#160;</td>
                      <td style="width: 9.18%; vertical-align: top;">&#160;</td>
                      <td style="width: 9.18%; vertical-align: top;">&#160;</td>
                      <td style="width: 9.44%; vertical-align: top;">&#160;</td>
                    </tr>
                    <tr>
                      <td style="width: 26.17%; 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: 9.19%; vertical-align: top;">
                        <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt;">85,501</div>
                      </td>
                      <td style="width: 9.2%; vertical-align: top;">
                        <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt;">85,430</div>
                      </td>
                      <td style="width: 9.22%; vertical-align: top;">
                        <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt;">85,274</div>
                      </td>
                      <td style="width: 9.2%; vertical-align: top;">
                        <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt;">85,136</div>
                      </td>
                      <td style="width: 9.21%; vertical-align: top;">
                        <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt;">85,101</div>
                      </td>
                      <td style="width: 9.18%; vertical-align: top;">
                        <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt;">85,083</div>
                      </td>
                      <td style="width: 9.18%; vertical-align: top;">
                        <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt;">84,949</div>
                      </td>
                      <td style="width: 9.44%; vertical-align: top;">
                        <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt;">84,819</div>
                      </td>
                    </tr>
                    <tr>
                      <td style="width: 26.17%; 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: 9.19%; vertical-align: top;">
                        <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt;">87,342</div>
                      </td>
                      <td style="width: 9.2%; vertical-align: top;">
                        <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt;">87,241</div>
                      </td>
                      <td style="width: 9.22%; vertical-align: top;">
                        <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt;">87,116</div>
                      </td>
                      <td style="width: 9.2%; vertical-align: top;">
                        <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt;">85,953</div>
                      </td>
                      <td style="width: 9.21%; vertical-align: top;">
                        <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt;">86,791</div>
                      </td>
                      <td style="width: 9.18%; vertical-align: top;">
                        <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt;">86,783</div>
                      </td>
                      <td style="width: 9.18%; vertical-align: top;">
                        <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt;">86,746</div>
                      </td>
                      <td style="width: 9.44%; vertical-align: top;">
                        <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt;">86,561</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 eleven acquisitions that we have completed since the beginning of fiscal 2023
                  through the end of the third quarter of fiscal 2025. <a name="z_Hlk25589435"></a>In addition, we have seen increased revenues as a result of an increase in transactions processed over our GLN business document exchange 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 third quarter of 2025 compared to the second quarter of 2025, primarily due to the growth in revenues from new and existing
                  customers, which contributed an incremental $3.0 million in revenue. Revenues were also positively impacted by a full period of contribution from the BoxTop acquisition and a partial period of contribution from the MCP and Sellercloud
                  acquisitions, which combined contributed an incremental $2.3 million in revenues in the third quarter of 2025 compared to the second quarter of 2025. Gross margin was negatively impacted in the third quarter of 2025 compared to the second
                  quarter of 2025 by a $2.7 million increase in cost of revenues primarily due to increased hardware costs. Net income was also negatively impacted in the third quarter of 2025 compared to the second quarter of 2025 by an increase in
                  operating expenses and other charges partially offset by a decrease in income tax expense.<a name="z_Hlk174957434"></a></div>
                <div><br>
                </div>
                <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
                  <div style="text-align: center;" class="BRPFPageNumberArea"><font style="font-family: Verdana, Geneva, 'sans-serif'; font-size: 8pt; font-weight: normal; font-style: normal;">17</font></div>
                  <div class="BRPFPageBreak" style="page-break-after: always;">
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                </div>
                <div><br>
                </div>
                <div>
                  <div><br>
                  </div>
                </div>
                <table cellspacing="0" cellpadding="0" id="z48aeffc5841844d4892870f36ecf3625" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;">

                    <tr>
                      <td style="width: 50%; vertical-align: top; border-top: #000000 0.50pt solid; border-bottom: #000000 0.50pt solid;">
                        <div style="text-align: left; margin-right: 37.45pt; font-family: Verdana, sans-serif; font-size: 11pt; font-variant: small-caps; font-weight: bold;"> <br>
                        </div>
                        <div style="text-align: left; margin-right: 37.45pt; 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; margin-right: 37.45pt; 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 $181.3 million and $321.0
                  million in cash as at October 31, 2024 and January 31, 2024, 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, 2024 to
                  October 31, 2024 by $139.7 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. <a name="z_Hlk174714402"></a>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
                  Overnight Repo Rate Average (CORRA) 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 October 31, 2024, $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 October 31, 2024 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; color: #000000;">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</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; color: #000000;">quantity of the following securities during the 25-month period following thereafter: (i) common shares;</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; color: #000000;">(ii) preferred shares; (iii) senior or subordinated unsecured debt securities;
                    (iv) subscription receipts; (v)</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; color: #000000;">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. No securities were sold
                    pursuant to the 2022 Base Shelf Prospectus, which was withdrawn in July 2024.</font></div>
                <div><br>
                </div>
                <div style="text-align: justify; font-family: Verdana, sans-serif; font-size: 9.5pt;">On July 15, 2024, we filed a final short-form base shelf prospectus (the &#8220;2024 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 2024 Base Shelf Prospectus.</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 October 31, 2024,
                  our working capital surplus (current assets less current liabilities) was $74.7 million. Current assets primarily include $181.3 million of cash, $54.3 million of current trade receivables and $40.7 million of prepaid expenses and other.
                  Current liabilities primarily include $101.1 million of deferred revenue, $78.2 million of accrued liabilities, and $20.6 million of accounts payable. Our working capital has decreased from January 31, 2024 to October 31, 2024 by $139.9
                  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 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</div>
                <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
                  <div style="text-align: center;" class="BRPFPageNumberArea"><font style="font-family: Verdana, Geneva, 'sans-serif'; font-size: 8pt; font-weight: normal; font-style: normal;">18</font></div>
                  <div class="BRPFPageBreak" style="page-break-after: always;">
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                </div>
                <div><br>
                </div>
                <div style="text-align: justify; font-family: Verdana, sans-serif; font-size: 9.5pt;">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
                  $181.3 million of cash as at October 31, 2024, $48.7 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" id="z55657c048e8543878a69475606381d87" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;">

                    <tr>
                      <td style="width: 100%; vertical-align: top;" colspan="6">
                        <div style="text-align: justify; font-family: Verdana, sans-serif; font-size: 9.5pt;">The table set forth below provides a summary of cash flows for the periods indicated in millions of dollars:</div>
                      </td>
                    </tr>
                    <tr>
                      <td style="width: 46.89%; vertical-align: top;">&#160;</td>
                      <td style="width: 25.16%; vertical-align: top; border-top: #000000 0.25pt solid;" colspan="2">
                        <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">Third Quarter of</div>
                      </td>
                      <td style="width: 2.74%; vertical-align: top;">&#160;</td>
                      <td style="width: 25.2%; vertical-align: top; border-top: #000000 0.25pt solid;" colspan="2">
                        <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">First Three Quarters of</div>
                      </td>
                    </tr>
                    <tr>
                      <td style="width: 46.89%; vertical-align: top;">&#160;</td>
                      <td style="width: 12.6%; vertical-align: top; border-bottom: #000000 0.25pt solid;">
                        <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">2025</div>
                      </td>
                      <td style="width: 12.57%; vertical-align: top; border-bottom: #000000 0.25pt solid;">
                        <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt;">2024</div>
                      </td>
                      <td style="width: 2.74%; vertical-align: top;">&#160;</td>
                      <td style="width: 12.9%; vertical-align: top; border-bottom: #000000 0.25pt solid;">
                        <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">2025</div>
                      </td>
                      <td style="width: 12.3%; vertical-align: top; border-bottom: #000000 0.25pt solid;">
                        <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt;">2024</div>
                      </td>
                    </tr>
                    <tr>
                      <td style="width: 46.89%; vertical-align: top;">
                        <div style="text-align: justify; font-family: Verdana, sans-serif; font-size: 9.5pt;">Cash provided by operating activities</div>
                      </td>
                      <td style="width: 12.6%; vertical-align: top; border-top: #000000 0.25pt solid;">
                        <div style="text-align: left; font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">60.1</div>
                      </td>
                      <td style="width: 12.57%; vertical-align: top; border-top: #000000 0.25pt solid;">
                        <div style="text-align: left; font-family: Verdana, sans-serif; font-size: 9.5pt;">56.1</div>
                      </td>
                      <td style="width: 2.74%; vertical-align: top;">&#160;</td>
                      <td style="width: 12.9%; vertical-align: top; border-top: #000000 0.25pt solid;">
                        <div style="text-align: left; font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">158.5</div>
                      </td>
                      <td style="width: 12.3%; vertical-align: top; border-top: #000000 0.25pt solid;">
                        <div style="text-align: left; font-family: Verdana, sans-serif; font-size: 9.5pt;">156.9</div>
                      </td>
                    </tr>
                    <tr>
                      <td style="width: 46.89%; vertical-align: top;">
                        <div style="text-align: justify; font-family: Verdana, sans-serif; font-size: 9.5pt;">Additions to property and equipment</div>
                      </td>
                      <td style="width: 12.6%; vertical-align: top;">
                        <div style="text-align: left; font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">(1.3)</div>
                      </td>
                      <td style="width: 12.57%; vertical-align: top;">
                        <div style="text-align: left; font-family: Verdana, sans-serif; font-size: 9.5pt;">(1.5)</div>
                      </td>
                      <td style="width: 2.74%; vertical-align: top;">&#160;</td>
                      <td style="width: 12.9%; vertical-align: top;">
                        <div style="text-align: left; font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">(4.7)</div>
                      </td>
                      <td style="width: 12.3%; vertical-align: top;">
                        <div style="text-align: left; font-family: Verdana, sans-serif; font-size: 9.5pt;">(4.8)</div>
                      </td>
                    </tr>
                    <tr>
                      <td style="width: 46.89%; vertical-align: top;">
                        <div style="text-align: left; text-indent: -7.5pt; margin-left: 7.5pt; font-family: Verdana, sans-serif; font-size: 9.5pt;">Acquisition of subsidiaries, net of cash acquired</div>
                      </td>
                      <td style="width: 12.6%; vertical-align: bottom;">
                        <div style="text-align: left; font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">(132.8)</div>
                      </td>
                      <td style="width: 12.57%; vertical-align: bottom;">
                        <div style="text-align: left; font-family: Verdana, sans-serif; font-size: 9.5pt;">-</div>
                      </td>
                      <td style="width: 2.74%; vertical-align: top;">&#160;</td>
                      <td style="width: 12.9%; vertical-align: bottom;">
                        <div style="text-align: left; font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">(286.5)</div>
                      </td>
                      <td style="width: 12.3%; vertical-align: bottom;">
                        <div style="text-align: left; font-family: Verdana, sans-serif; font-size: 9.5pt;">(142.7)</div>
                      </td>
                    </tr>
                    <tr>
                      <td style="width: 46.89%; vertical-align: top;">
                        <div style="text-align: left; text-indent: -7.5pt; margin-left: 7.5pt; font-family: Verdana, sans-serif; font-size: 9.5pt;">Payment of debt issuance costs</div>
                      </td>
                      <td style="width: 12.6%; vertical-align: top;">
                        <div style="text-align: left; font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">-</div>
                      </td>
                      <td style="width: 12.57%; vertical-align: top;">
                        <div style="text-align: left; font-family: Verdana, sans-serif; font-size: 9.5pt;">-</div>
                      </td>
                      <td style="width: 2.74%; vertical-align: top;">&#160;</td>
                      <td style="width: 12.9%; vertical-align: top;">
                        <div style="text-align: left; font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">-</div>
                      </td>
                      <td style="width: 12.3%; vertical-align: top;">
                        <div style="text-align: left; font-family: Verdana, sans-serif; font-size: 9.5pt;">-</div>
                      </td>
                    </tr>
                    <tr>
                      <td style="width: 46.89%; vertical-align: top;">
                        <div style="text-align: left; text-indent: -7.5pt; margin-left: 7.5pt; font-family: Verdana, sans-serif; font-size: 9.5pt;">Issuance of common shares, net of issuance costs</div>
                      </td>
                      <td style="width: 12.6%; vertical-align: top;">
                        <div style="text-align: left; font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">2.4</div>
                      </td>
                      <td style="width: 12.57%; vertical-align: top;">
                        <div style="text-align: left; font-family: Verdana, sans-serif; font-size: 9.5pt;">0.4</div>
                      </td>
                      <td style="width: 2.74%; vertical-align: top;">&#160;</td>
                      <td style="width: 12.9%; vertical-align: top;">
                        <div style="text-align: left; font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">9.9</div>
                      </td>
                      <td style="width: 12.3%; vertical-align: top;">
                        <div style="text-align: left; font-family: Verdana, sans-serif; font-size: 9.5pt;">6.4</div>
                      </td>
                    </tr>
                    <tr>
                      <td style="width: 46.89%; vertical-align: top;">
                        <div style="text-align: left; text-indent: -7.5pt; margin-left: 7.5pt; font-family: Verdana, sans-serif; font-size: 9.5pt;">Payment of withholding taxes on net share settlements</div>
                      </td>
                      <td style="width: 12.6%; vertical-align: top;">
                        <div style="text-align: left; font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">-</div>
                      </td>
                      <td style="width: 12.57%; vertical-align: top;">
                        <div style="text-align: left; font-family: Verdana, sans-serif; font-size: 9.5pt;">-</div>
                      </td>
                      <td style="width: 2.74%; vertical-align: top;">&#160;</td>
                      <td style="width: 12.9%; vertical-align: top;">
                        <div style="text-align: left; font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">(6.7)</div>
                      </td>
                      <td style="width: 12.3%; vertical-align: top;">
                        <div style="text-align: left; font-family: Verdana, sans-serif; font-size: 9.5pt;">(4.9)</div>
                      </td>
                    </tr>
                    <tr>
                      <td style="width: 46.89%; vertical-align: top;">
                        <div style="text-align: justify; font-family: Verdana, sans-serif; font-size: 9.5pt;">Payment of contingent consideration</div>
                      </td>
                      <td style="width: 12.6%; vertical-align: bottom;">
                        <div style="text-align: left; font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">-</div>
                      </td>
                      <td style="width: 12.57%; vertical-align: bottom;">
                        <div style="text-align: left; font-family: Verdana, sans-serif; font-size: 9.5pt;">-</div>
                      </td>
                      <td style="width: 2.74%; vertical-align: top;">&#160;</td>
                      <td style="width: 12.9%; vertical-align: bottom;">
                        <div style="text-align: left; font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">(9.2)</div>
                      </td>
                      <td style="width: 12.3%; vertical-align: bottom;">
                        <div style="text-align: left; font-family: Verdana, sans-serif; font-size: 9.5pt;">(6.3)</div>
                      </td>
                    </tr>
                    <tr>
                      <td style="width: 46.89%; vertical-align: top;">
                        <div style="text-align: justify; font-family: Verdana, sans-serif; font-size: 9.5pt;">Effect of foreign exchange rate on cash</div>
                      </td>
                      <td style="width: 12.6%; vertical-align: bottom; border-bottom: #000000 0.25pt solid;">
                        <div style="text-align: left; font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">0.2</div>
                      </td>
                      <td style="width: 12.57%; vertical-align: bottom; border-bottom: #000000 0.25pt solid;">
                        <div style="text-align: left; font-family: Verdana, sans-serif; font-size: 9.5pt;">(2.8)</div>
                      </td>
                      <td style="width: 2.74%; vertical-align: top;">&#160;</td>
                      <td style="width: 12.9%; vertical-align: bottom; border-bottom: #000000 0.25pt solid;">
                        <div style="text-align: left; font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">(1.0)</div>
                      </td>
                      <td style="width: 12.3%; vertical-align: bottom; border-bottom: #000000 0.25pt solid;">
                        <div style="text-align: left; font-family: Verdana, sans-serif; font-size: 9.5pt;">(1.4)</div>
                      </td>
                    </tr>
                    <tr>
                      <td style="width: 46.89%; vertical-align: top;">
                        <div style="text-align: justify; font-family: Verdana, sans-serif; font-size: 9.5pt;">Net change in cash</div>
                      </td>
                      <td style="width: 12.6%; vertical-align: top; border-top: #000000 0.25pt solid;">
                        <div style="text-align: left; font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">(71.4)</div>
                      </td>
                      <td style="width: 12.57%; vertical-align: top; border-top: #000000 0.25pt solid;">
                        <div style="text-align: left; font-family: Verdana, sans-serif; font-size: 9.5pt;">52.2</div>
                      </td>
                      <td style="width: 2.74%; vertical-align: top;">&#160;</td>
                      <td style="width: 12.9%; vertical-align: top; border-top: #000000 0.25pt solid;">
                        <div style="text-align: left; font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">(139.7)</div>
                      </td>
                      <td style="width: 12.3%; vertical-align: top; border-top: #000000 0.25pt solid;">
                        <div style="text-align: left; font-family: Verdana, sans-serif; font-size: 9.5pt;">3.2</div>
                      </td>
                    </tr>
                    <tr>
                      <td style="width: 46.89%; vertical-align: top;">
                        <div style="text-align: justify; font-family: Verdana, sans-serif; font-size: 9.5pt;">Cash, beginning of period</div>
                      </td>
                      <td style="width: 12.6%; vertical-align: bottom; border-bottom: #000000 0.25pt solid;">
                        <div style="text-align: left; font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">252.7</div>
                      </td>
                      <td style="width: 12.57%; vertical-align: bottom; border-bottom: #000000 0.25pt solid;">
                        <div style="text-align: left; font-family: Verdana, sans-serif; font-size: 9.5pt;">227.4</div>
                      </td>
                      <td style="width: 2.74%; vertical-align: top;">&#160;</td>
                      <td style="width: 12.9%; vertical-align: bottom; border-bottom: #000000 0.25pt solid;">
                        <div style="text-align: left; font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">321.0</div>
                      </td>
                      <td style="width: 12.3%; vertical-align: bottom; border-bottom: #000000 0.25pt solid;">
                        <div style="text-align: left; font-family: Verdana, sans-serif; font-size: 9.5pt;">276.4</div>
                      </td>
                    </tr>
                    <tr>
                      <td style="width: 46.89%; vertical-align: top;">
                        <div style="text-align: justify; font-family: Verdana, sans-serif; font-size: 9.5pt;">Cash, end of period</div>
                      </td>
                      <td style="width: 12.6%; vertical-align: top; border-top: #000000 0.25pt solid; border-bottom: #000000 1.50pt solid;">
                        <div style="text-align: left; font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">181.3</div>
                      </td>
                      <td style="width: 12.57%; vertical-align: top; border-top: #000000 0.25pt solid; border-bottom: #000000 1.50pt solid;">
                        <div style="text-align: left; font-family: Verdana, sans-serif; font-size: 9.5pt;">279.6</div>
                      </td>
                      <td style="width: 2.74%; vertical-align: top;">&#160;</td>
                      <td style="width: 12.9%; vertical-align: top; border-top: #000000 0.25pt solid; border-bottom: #000000 1.50pt solid;">
                        <div style="text-align: left; font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">181.3</div>
                      </td>
                      <td style="width: 12.3%; vertical-align: top; border-top: #000000 0.25pt solid; border-bottom: #000000 1.50pt solid;">
                        <div style="text-align: left; font-family: Verdana, sans-serif; font-size: 9.5pt;">279.6</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
                  $158.5 million and $156.9 million for the first three quarters of 2025 and 2024, respectively, and $60.1 million and $56.1 million for the third quarter of 2025 and 2024, respectively. For the first three quarters of 2025, the $158.5
                  million of cash provided by operating activities resulted from $105.9 million of net income, plus adjustments for $63.6 million of non-cash items included in net income and less $11.0 million of cash used in changes in our operating
                  assets and liabilities. For the first three quarters of 2024, the $156.9 million of cash provided by operating activities resulted from $84.1 million of net income, plus adjustments for $58.2 million of non-cash items included in net
                  income and plus $14.6 million of cash provided from changes in our operating assets and liabilities. Cash provided by operating activities increased in the first three quarters of 2025 compared to the same period of 2024 due to an
                  increase in net income adjusted for non-cash items as well as strong cash collections from customers.<font style="font-family: Times, serif; font-size: 11pt;">&#160;</font>Cash provided by operating activities was negatively impacted in the
                  first three quarters of 2025 by $25.0 million related to contingent consideration payments. Contingent consideration paid in the first three quarters of 2025 totaled $34.2 million, of which $9.2 million related to the portion of the
                  earn-out arrangements accrued for at the time of acquisition and the remainder of $25.0 million was paid out of cash flow from operating activities.</div>
                <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
                  <div style="text-align: center;" class="BRPFPageNumberArea"><font style="font-family: Verdana, Geneva, 'sans-serif'; font-size: 8pt; font-weight: normal; font-style: normal;">19</font></div>
                  <div class="BRPFPageBreak" style="page-break-after: always;">
                    <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;">For the third quarter of 2025, the $60.1 million of cash provided by operating activities resulted from $36.6 million of net income, plus adjustments for
                  $17.7 million of non-cash items included in net income and plus $5.8 million of cash provided from changes in our operating assets and liabilities. For the third quarter of 2024, the $56.1 million of cash provided by operating activities
                  resulted from $26.6 million of net income, plus adjustments for $19.1 million of non-cash items included in net income and plus $10.4 million of cash provided from changes in our operating assets and liabilities. Cash provided by
                  operating activities increased in the third quarter of 2025 compared to the same period of 2024 due to an increase in net income adjusted for non-cash items as well as strong cash collections from 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;">Additions to property and equipment</font> were
                  $4.7 million and $4.8 million for the first three quarters of 2025 and 2024, respectively, and $1.3 million and $1.5 million for the third quarter of 2025 and 2024, respectively. Additions to property and equipment decreased in the first
                  three quarters and third quarter of 2025 compared to the same periods of 2024 due to the timing of investments in computing equipment and software to support our network and continue to enhance our security infrastructure.</div>
                <div><br>
                </div>
                <div style="text-align: justify; font-family: Verdana, sans-serif; font-size: 9.5pt;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold; font-style: italic;">Acquisition of subsidiaries, net of cash acquired</font>
                  were $286.5 million and $142.7 million for the first three quarters of 2025 and 2024, respectively, and $132.8 million and nil for the third quarter of 2025 and 2024, respectively. Acquisitions in the first three quarters of 2025 related
                  to OCR, ASD, BoxTop, MCP and Sellercloud. Acquisitions in the first three quarters of 2024 related to GroundCloud and Localz.</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 debt issuance costs</font><font style="font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">&#160;</font>were nominal and nil for the first three quarters of 2025 and 2024, respectively, and nil for both the third quarter of 2025 and 2024. Debt issuance
                  costs relate to costs paid in amending the terms of our credit facility agreement.</div>
                <div><br>
                </div>
                <div style="text-align: justify; font-family: Verdana, sans-serif; font-size: 9.5pt;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold; font-style: italic;">Issuance of common shares, net of issuance costs
                  </font>were $9.9 million and $6.4 million for the first three quarters of 2025 and 2024, respectively, and $2.4 million and $0.4 million for the third quarter of 2025 and 2024, respectively. In the first three quarters and third quarter
                  of 2025 and 2024, respectively, the cash provided was 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 $6.7 million and $4.9 million for the first three quarters of 2025 and 2024, respectively, and nil in both the third quarter of 2025 and 2024. For the first three quarters of 2025 and 2024, the Company reduced
                  issuances by 73,588 and 63,330 common shares, respectively, to satisfy employee tax withholding requirements for net share settlements of PSUs and RSUs.</div>
                <div style="text-align: justify;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;"> </font><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 contingent consideration</font> was
                  $9.2 million and $6.3 million for the first three quarters of 2025 and 2024, respectively, and nil for both the third quarter of 2025 and 2024. Contingent consideration paid in the first three quarters of 2025 totaled $34.2 million, of
                  which $9.2 million related to the portion of the earn-out arrangements accrued for at the time of acquisition and the remainder of $25.0 million was paid out of cash flow from operating activities. Contingent consideration paid in the
                  first three quarters of 2024 totaled $6.3 million, which was fully accrued for at the time of acquisition. In both the first three quarters of 2025 and 2024, the contingent consideration paid related to the acquisitions of Supply Vision
                  and NetCHB.</div>
                <div><br>
                </div>
                <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
                  <div style="text-align: center;" class="BRPFPageNumberArea"><font style="font-family: Verdana, Geneva, 'sans-serif'; font-size: 8pt; font-weight: normal; font-style: normal;">20</font></div>
                  <div class="BRPFPageBreak" style="page-break-after: always;">
                    <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" id="z5b2ea145cdaa4cdb89070cd9c0952807" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;">

                    <tr>
                      <td style="width: 50%; vertical-align: top; border-top: #000000 0.50pt solid; border-bottom: #000000 0.50pt solid;">
                        <div style="text-align: left; margin-right: 37.45pt; font-family: Verdana, sans-serif; font-size: 11pt; font-variant: small-caps; font-weight: bold;"> <br>
                        </div>
                        <div style="text-align: left; margin-right: 37.45pt; 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; margin-right: 37.45pt; 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" id="z98fe6028275c46d5845d0250b1d42190" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;">

                    <tr>
                      <td style="width: 100%; vertical-align: top;" colspan="6">
                        <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 October 31, 2024:</div>
                      </td>
                    </tr>
                    <tr>
                      <td style="width: 36.9%; vertical-align: top;">&#160;</td>
                      <td style="width: 11.9%; vertical-align: top; border-top: #000000 0.50pt solid; border-bottom: #000000 0.50pt solid;">
                        <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">Less than</div>
                        <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">1 year</div>
                      </td>
                      <td style="width: 13.1%; vertical-align: top; border-top: #000000 0.50pt solid; border-bottom: #000000 0.50pt solid;">
                        <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">1-3 years</div>
                      </td>
                      <td style="width: 13.1%; vertical-align: top; border-top: #000000 0.50pt solid; border-bottom: #000000 0.50pt solid;">
                        <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">4-5 years</div>
                      </td>
                      <td style="width: 12.14%; vertical-align: top; border-top: #000000 0.50pt solid; border-bottom: #000000 0.50pt solid;">
                        <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">More than</div>
                        <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">&#160;5 years</div>
                      </td>
                      <td style="width: 12.86%; vertical-align: top; border-top: #000000 0.50pt solid; border-bottom: #000000 0.50pt solid;">
                        <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">Total</div>
                      </td>
                    </tr>
                    <tr>
                      <td style="width: 36.9%; vertical-align: top;">&#160;</td>
                      <td style="width: 11.9%; vertical-align: top; border-top: #000000 0.50pt solid;">&#160;</td>
                      <td style="width: 13.1%; vertical-align: top; border-top: #000000 0.50pt solid;">&#160;</td>
                      <td style="width: 13.1%; vertical-align: top; border-top: #000000 0.50pt solid;">&#160;</td>
                      <td style="width: 12.14%; vertical-align: top; border-top: #000000 0.50pt solid;">&#160;</td>
                      <td style="width: 12.86%; vertical-align: top; border-top: #000000 0.50pt solid;">&#160;</td>
                    </tr>
                    <tr>
                      <td style="width: 36.9%; vertical-align: top;">
                        <div style="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;">3.2</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;">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;">0.9</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;">7.6</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 2024 included in our 2024 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 $0.4 million and $1.3 million, respectively, at October 31, 2024. The ultimate liability for
                  any payment of DSUs and CRSUs is dependent on the trading price of our common shares. To substantially offset our exposure to fluctuations in our stock price, we have entered into equity derivative contracts, including floating-rate
                  equity forwards. As at October 31, 2024, we had equity derivatives for 330,441 Descartes common shares and a DSU liability for <font style="font-family: Verdana, sans-serif; font-size: 9.5pt; color: #000000;">331,550 Descartes common
                    shares, resulting in minimal net exposure</font>&#160;<font style="font-family: Verdana, sans-serif; font-size: 9.5pt; color: #000000;">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><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 Supply Vision, GroundCloud, MCP and Sellercloud, up to $67.5 million in cash may become payable if certain revenue
                  performance targets are met in the remaining earn-out period, up to a maximum period of two years following the acquisition. A balance of $8.5 million is accrued related to the fair value of this contingent consideration as at October 31,
                  2024.</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 class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
                  <div style="text-align: center;" class="BRPFPageNumberArea"><font style="font-family: Verdana, Geneva, 'sans-serif'; font-size: 8pt; font-weight: normal; font-style: normal;">21</font></div>
                  <div class="BRPFPageBreak" style="page-break-after: always;">
                    <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>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" id="zf4793d369c074fce9bab25f6117342df" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;">

                    <tr>
                      <td style="width: 50%; vertical-align: top; border-top: #000000 0.50pt solid; border-bottom: #000000 0.50pt solid;">
                        <div style="text-align: left; margin-right: 37.45pt; font-family: Verdana, sans-serif; font-size: 11pt; font-variant: small-caps; font-weight: bold;"><br>
                          Outstanding Share Data</div>
                        <div style="text-align: left; margin-right: 37.45pt; 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;">We have an unlimited number of common shares authorized for issuance. As of December 3, 2024, we had 85,539,437 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 December 3, 2024, there were 1,558,757 options issued and outstanding, and 2,178,229 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;">At the annual meeting of shareholders held on June 13, 2024, the shareholders of the Company approved the addition of 1,765,840 units to the Company&#8217;s
                  Performance and Restricted Share Unit Plan. As of December 3, 2024, there were 1,014,961 performance share units (&#8220;PSUs&#8221;) and 492,110 restricted share units (&#8220;RSUs&#8221;) issued and outstanding, with a potential of up to a further 282,570 PSUs
                  being earned if maximum performance is achieved in respect of the outstanding PSU awards. Also, as of December 3, 2024, there were 1,946,449 units remaining available for grant under all performance and restricted share unit plans.</div>
                <div><br>
                </div>
                <div style="text-align: justify; font-family: Verdana, sans-serif; font-size: 9.5pt;"><a name="z_Hlk81222348"></a>Our board of directors has adopted a shareholder rights plan (the &#8220;Rights Plan&#8221;) to ensure the fair treatment of shareholders
                  in connection with any take-over offer, and to provide our board of directors and shareholders with additional time to fully consider any unsolicited take-over bid. We did not adopt the Rights Plan in response to any specific proposal to
                  acquire control of the Company. The Rights Plan was approved by the TSX and was originally approved by our shareholders on May 18, 2005 and took effect as of November 29, 2004. An amended and restated Rights Plan was ratified by
                  shareholders at our annual shareholders&#8217; meeting held on June 15, 2023. The Rights Plan requires re-approval by the shareholders</div>
                <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
                  <div style="text-align: center;" class="BRPFPageNumberArea"><font style="font-family: Verdana, Geneva, 'sans-serif'; font-size: 8pt; font-weight: normal; font-style: normal;">22</font></div>
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                </div>
                <div style="text-align: justify; font-family: Verdana, sans-serif; font-size: 9.5pt;">every three years. We understand that the Rights Plan is similar to plans adopted by other Canadian companies and approved by their shareholders.</div>
                <div><br>
                </div>
                <div>
                  <div><br>
                  </div>
                </div>
                <table cellspacing="0" cellpadding="0" id="zeec132b630ce4591953d066bc2d81991" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;">

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                        </div>
                        <div style="text-align: left; margin-right: 37.45pt; 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; margin-right: 37.45pt; font-family: Verdana, sans-serif; font-size: 11pt; font-variant: small-caps; font-weight: bold;"> <br>
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                </table>
                <div>
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                </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 2024 included in our 2024 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 October 31, 2024:</div>
                <table cellspacing="0" cellpadding="0" id="z5ed9571a7b9b4467bc4968f87e31eb70" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

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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;">Revenue recognition;</div>
                      </td>
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                </table>
                <table cellspacing="0" cellpadding="0" id="zdd8aeddfba57427594a3ee91e651dff9" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

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                      <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;">Impairment of long-lived assets;</div>
                      </td>
                    </tr>

                </table>
                <table cellspacing="0" cellpadding="0" id="zef378de19bd442228f077252bc607c10" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

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                      <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;">Goodwill;</div>
                      </td>
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                </table>
                <table cellspacing="0" cellpadding="0" id="z6b2aa099c537436d9cc59e356f4a49eb" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

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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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                </table>
                <table cellspacing="0" cellpadding="0" id="z4a4429c43933488d847b588b5fa909a5" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

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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>
                    </tr>

                </table>
                <table cellspacing="0" cellpadding="0" id="z2a43238b5f6b451cbe15c26af65a1511" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

                    <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;">Business combinations.</div>
                      </td>
                    </tr>

                </table>
                <div><br>
                </div>
                <div style="text-align: justify; color: #000000; font-family: Verdana, sans-serif; font-size: 9.5pt;">The significant accounting policies are unchanged from those disclosed in the Company&#8217;s 2024 Annual Report.</div>
                <div><br>
                </div>
                <div>
                  <div><br>
                  </div>
                </div>
                <table cellspacing="0" cellpadding="0" id="z7b113e0bba044a149157fbbed0ea5280" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;">

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                        <div style="text-align: left; margin-right: 37.45pt; font-family: Verdana, sans-serif; font-size: 11pt; font-variant: small-caps; font-weight: bold;"> <br>
                        </div>
                        <div style="text-align: left; margin-right: 37.45pt; 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; margin-right: 37.45pt; 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: left; font-family: Verdana, sans-serif; font-size: 9.5pt; font-style: italic; font-weight: bold;">Recently issued accounting pronouncements</div>
                <div style="text-align: justify; font-family: Verdana, sans-serif; font-size: 9.5pt;">In November 2023, the FASB issued Accounting Standards Update 2023-07, &#8220;Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures&#8221;
                  (&#8220;ASU 2023-07&#8221;). The amendments in ASU 2023-07 improve reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses. ASU 2023-07 is effective for fiscal years beginning after
                  December 15, 2023, which is our fiscal year that began on February 1, 2024 (fiscal 2025) and interim periods within fiscal years beginning after December 15, 2024, which will be our fiscal year beginning February 1, 2025 (fiscal 2026).
                  Early adoption is permitted. The Company will adopt this guidance in the fourth quarter of fiscal 2025. The adoption of this guidance is not expected to have a material impact on our results of operations or disclosures.</div>
                <div><br>
                </div>
                <div style="text-align: justify; font-family: Verdana, sans-serif; font-size: 9.5pt;">In December 2023, the FASB issued Accounting Standards Update 2023-09, &#8220;Income Taxes (Topic 740): Improvements to Income Tax Disclosures&#8221; (&#8220;ASU 2023-09&#8221;).<font style="font-family: Times, serif; font-size: 11pt;">&#160;</font>The amendments in ASU 2023-09 enhance transparency about income tax information through improvements to income tax disclosures primarily related to the rate reconciliation and
                  income taxes paid information. ASU 2023-09 is effective for annual periods beginning after December 15, 2024, which will be our fiscal year beginning February 1, 2025 (fiscal 2026). Early adoption is permitted for annual financial
                  statements that have not yet been issued or made available for issuance.<font style="font-family: Times, serif; font-size: 11pt;">&#160;</font>The Company expects to adopt this guidance in the fourth quarter of fiscal</div>
                <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
                  <div style="text-align: center;" class="BRPFPageNumberArea"><font style="font-family: Verdana, Geneva, 'sans-serif'; font-size: 8pt; font-weight: normal; font-style: normal;">23</font></div>
                  <div class="BRPFPageBreak" style="page-break-after: always;">
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                </div>
                <div><br>
                </div>
                <div style="text-align: justify; font-family: Verdana, sans-serif; font-size: 9.5pt;">2026. The adoption of this guidance is not expected to have a material impact on our results of operations or disclosures.</div>
                <div><br>
                </div>
                <div style="text-align: justify; font-family: Verdana, sans-serif; font-size: 9.5pt;">In November 2024, the FASB issued Accounting Standards Update 2024-03, &#8220;Income Statement&#8212;Reporting Comprehensive Income&#8212;Expense Disaggregation Disclosures
                  (Subtopic 220-40): Disaggregation of Income Statement Expenses&#8221; (&#8220;ASU 2024-03&#8221;). The amendments in ASU 2024-03 require disaggregation of certain expense captions into specified categories in disclosures within the notes to financial
                  statements, which is expected to enhance cost transparency and improve comparability. ASU 2024-03 is effective for annual reporting periods beginning after December 15, 2026, and interim reporting periods beginning after December 15,
                  2027. Early adoption is permitted.<font style="font-family: Times, serif; font-size: 11pt;">&#160;</font>The Company expects to adopt this guidance in the fourth quarter of fiscal 2028. The adoption of this guidance is not expected to have a
                  material impact on our results of operations or disclosures.</div>
                <div><br>
                </div>
                <div>
                  <div><br>
                  </div>
                </div>
                <table cellspacing="0" cellpadding="0" id="z22398a3dc9f64eca945d476168329283" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;">

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                        <div style="text-align: left; margin-right: 37.45pt; font-family: Verdana, sans-serif; font-size: 11pt; font-variant: small-caps; font-weight: bold;"> <br>
                        </div>
                        <div style="text-align: left; margin-right: 37.45pt; font-family: Verdana, sans-serif; font-size: 11pt; font-variant: small-caps; font-weight: bold;">Controls and Procedures</div>
                        <div style="text-align: left; margin-right: 37.45pt; 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;">During the period beginning on August 1, 2024 and ended on October 31, 2024, 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>
                <table cellspacing="0" cellpadding="0" id="z3b0ddb8960ce4b40923dac8abefc47b4" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;">

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                        </div>
                        <div style="text-align: left; margin-right: 37.45pt; font-family: Verdana, sans-serif; font-size: 11pt; font-variant: small-caps; font-weight: bold;">Trends / Business Outlook</div>
                        <div style="text-align: left; margin-right: 37.45pt; 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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                </table>
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                </div>
                <div><br>
                </div>
                <div style="text-align: justify; font-family: Verdana, sans-serif; font-size: 9.5pt;">This section discusses our outlook for the fourth quarter of fiscal 2025 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;">On November 5, 2024, Donald Trump was elected for a second non-consecutive term as the 47th President of the United States of America. While campaigning
                  for election, Mr. Trump made various comments about policies that his new administration might address, including new sanctions on trade with various countries and changes to the tariff structure applicable to international trade. Changes
                  in trade policies can have material impacts on our customers and the economy, including where and how goods are manufactured, distributed and shipped. The impact of any potential changes on the global economy in general and on our
                  customers and 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;">Rates of inflation have moderated in many economies after reaching recent peaks over the last two years but in other economies persist at rates higher
                  than historically normal. As inflation returns to target rates in some countries, central banks have begun to ease monetary policy and lower interest rates in response, but in many economies interest rates remain elevated. Global growth
                  remains slow and the outlook for the shipping industry, in particular, is uncertain. Geopolitical tensions, climate change, volatile fuel prices, industrial action, protectionist policies, and increased operational costs may present
                  challenges to freedom of navigation and/or result in disruptions to global trade. 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, timing of contract renewals between our customers and their own customers, seasonal-based tariffs, vacation</div>
                <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
                  <div style="text-align: center;" class="BRPFPageNumberArea"><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;">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, labor uncertainty or stoppages, adverse fluctuations in the volume of global shipments, or shipments in any particular mode of transportation, may adversely affect our
                  revenues. Significant declines in shipment volumes could likely have a material adverse effect on our business.</div>
                <div><br>
                </div>
                <div style="text-align: justify; font-family: Verdana, sans-serif; font-size: 9.5pt;">Industry consolidation, rapid technological change, growth of ecommerce and frequent new product introductions and enhancements continue to characterize
                  the software and services industries &#8211; particularly for logistics management technology companies. Organizations are increasingly requiring greater levels of functionality and more sophisticated product offerings from their software and
                  services providers.</div>
                <div><br>
                </div>
                <div style="text-align: justify; font-family: Verdana, sans-serif; font-size: 9.5pt;">Increased importance is being placed on leveraging cloud-based technology to better manage logistics processes and to connect and collaborate with trading
                  partners on a global basis, as well as to reuse and share supply chain data in order to accelerate time-to-value. Cloud-based technology also enables business networks to more easily unite and integrate services provided by a broad range
                  of partners and technology alliances to extend functionality and further enhance collaboration between business communities. As a result, we believe there is a trend away from using manual and paper-based supply chain and logistics
                  processes towards electronic processes powered by the exchange of electronic information between logistics and supply chain participants.</div>
                <div><br>
                </div>
                <div style="text-align: justify; font-family: Verdana, sans-serif; font-size: 9.5pt;"><a name="z_Hlk135913071"></a>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 third quarter of fiscal 2025, our services revenues comprised 89% of our total revenues, with the balance being license,
                  professional services and other revenues. We expect that our focus in the fourth quarter of fiscal 2025 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; color: #000000;">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</font></div>
                <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
                  <div style="text-align: center;" class="BRPFPageNumberArea"><font style="font-family: Verdana, Geneva, 'sans-serif'; font-size: 8pt; font-weight: normal; font-style: normal;">25</font></div>
                  <div class="BRPFPageBreak" style="page-break-after: always;">
                    <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; color: #000000;">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; color: #000000;">interest, investment and other income, taxes, depreciation and amortization,
                    stock-based compensation (for which we include related costs and taxes), acquisition-related costs, contingent consideration 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 November 1, 2024, using foreign exchange rates of $0.72 to CAD $1.00, $1.09 to EUR 1.00 and $1.29 to &#163;1.00, we estimated that our baseline revenues for the fourth quarter of 2025 are approximately $144.5 million and our
                  baseline operating expenses are approximately $89.5 million. We consider this to be our baseline calibration of approximately $55.0 million for the fourth quarter of 2025, or approximately 38% of our baseline revenues as at November 1,
                  2024.</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 $18.1 million for the fourth quarter of fiscal 2025, $72.7 million
                  for 2026, $57.9 million for 2027, $50.6 million for 2028, $42.2 million for 2029 and $102.3 million thereafter. Expected future amortization expense is based on the level of existing intangible assets at October 31, 2024, 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 fourth quarter of fiscal 2025 for grants outstanding as at October 31, 2024 will be
                  approximately $5.4 million, subject to any necessary adjustments resulting from actual stock-based compensation forfeitures and fluctuations in foreign exchange rates.<font style="font-family: 'Arial Unicode MS', Arial, serif; font-size: 10pt;">&#160;</font>We anticipate that we&#8217;ll make additional grants of stock options in the fourth quarter of fiscal 2025 as part of our regular compensation practices.</div>
                <div><br>
                </div>
                <div style="text-align: justify; color: #000000; 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, 2024 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 2026. 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 three quarters of 2025, capital expenditures were $4.7 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 $1.0 to $2.0 million in capital expenditures in the fourth quarter of fiscal 2025 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;">In the fourth quarter of fiscal 2025, we anticipate final payments related to the acquisition of ASD of approximately $3.6 million for consideration
                  payable accrued as at October 31, 2024. This payment will be reflected in cash flows used in investing activities.</div>
                <div><br>
                </div>
                <div style="text-align: justify; color: #000000; 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</div>
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                <div style="text-align: justify; color: #000000; font-family: Verdana, sans-serif; font-size: 9.5pt;">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; color: #000000; 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; color: #000000; 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
                  third quarter of fiscal 2025, approximately 72% of our revenues were in US dollars, 11% in euro, 6% in Canadian dollars, 7% in British pound sterling, and the balance in mixed currencies. For that same period, approximately 54% of our
                  operating expenses were in US dollars, 13% in euro, 20% 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; color: #000000; 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 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;"><a name="z_Hlk174349614"></a>We experienced an effective tax rate of approximately 25.9% in the first three quarters of fiscal 2025, which is within our
                  expected range of 25% to 30%. For the fourth quarter of fiscal 2025, we anticipate an effective tax rate of between 24% to 27% 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 October 31, 2024, and subject to any further draws or repayments on the credit facility, we anticipate that interest expense will be approximately $0.3 million in the fourth quarter of
                  fiscal 2025, 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>
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                        <div style="text-align: left; margin-right: 37.45pt; 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; margin-right: 37.45pt; font-family: Verdana, sans-serif; font-size: 11pt; font-variant: small-caps; font-weight: bold;"> <br>
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                <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
                  business, services and/or 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 business, services
                  and/or products, our own information systems or communications networks or those of third-party providers on which we rely as part of our own product offerings could result in the inability of our customers to receive our products for an
                  indeterminate period of time. Our ability to deliver our products and services depends on the development and maintenance of hardware and communications infrastructure (including internet) 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: auto; vertical-align: top; text-align: justify;">
                        <div style="font-family: Verdana, sans-serif; font-size: 9.5pt;">System or network failure;</div>
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                </table>
                <table cellspacing="0" cellpadding="0" id="z5ec6ee766fad471d94118b69ecfd0521" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

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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>
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                </table>
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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>
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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>
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                </table>
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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>
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                </table>
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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;">Information or infrastructure security breaches;</div>
                      </td>
                    </tr>

                </table>
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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;">Insufficient investment in infrastructure;</div>
                      </td>
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                </table>
                <table cellspacing="0" cellpadding="0" id="ze7835031adbc4f66bd16b8a8529d6328" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

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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>
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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>
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                <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 (including those third parties&#8217; solutions that are used to detect and protect against such disruption and compromise), 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</div>
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                <div style="text-align: justify; font-family: Verdana, sans-serif; font-size: 9.5pt;">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 subjected to deficiencies, vulnerabilities and security risks of increasing frequency, scope and
                  potential harm. The continued use and/or development of emerging technologies, such as artificial intelligence, could increase our exposure to information security breaches or other cyber-security threats by potentially enhancing the
                  capabilities of third parties to breach our network and disrupt our services. 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,<font style="font-family: Times, serif; font-size: 11pt;">&#160;</font>or from economic policies such as increases in trade tariffs or duties.
                  Decreased spending could also be caused by the impact of geopolitical events, such as the Russia-Ukraine Conflict, or the Israel-Hamas Conflict, or catastrophic events. These types of economic indicators and events may also cause
                  disruptions in the financial markets. Disruptions in the financial markets may adversely impact the availability of credit already arranged and the availability and cost of credit in the future, which could result in the delay or
                  cancellation of projects or capital programs on which our business depends. In addition, disruptions in the financial markets may also have an adverse impact on regional economies or the world economy, which could negatively impact the
                  capital and operating expenditures of our customers. Decreased capital and operational spending or disruptions in the financial markets could be caused by inflationary pressures, acts of war, or the outbreak of a contagious illness. 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;"><a name="z_Hlk143528982"></a>Catastrophic events, armed conflict, wars, climate change and its effects, including
                  natural disasters and severe weather, 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, climate change and its effects, including 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, 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>
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                  <div style="text-align: center;" class="BRPFPageNumberArea"><font style="font-family: Verdana, Geneva, 'sans-serif'; font-size: 8pt; font-weight: normal; font-style: normal;">29</font></div>
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                <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>
                <table cellspacing="0" cellpadding="0" id="z9a6cb261ca7b465bbbdacd979fa95cb9" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

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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;">Challenges identifying suitable businesses to buy and negotiating the acquisition of those businesses on acceptable terms;</div>
                      </td>
                    </tr>

                </table>
                <table cellspacing="0" cellpadding="0" id="z80940a6039de4982a754b0c205bf9715" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

                    <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;">Challenges completing the acquisitions within our expected time frames and budgets;</div>
                      </td>
                    </tr>

                </table>
                <table cellspacing="0" cellpadding="0" id="zdb664a6e03394b67ad3e7e353e426831" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

                    <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;">Challenges in integrating acquired businesses with our business;</div>
                      </td>
                    </tr>

                </table>
                <table cellspacing="0" cellpadding="0" id="zd93521c4719b47a6a6ddbf1aafdfbdaa" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

                    <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 customers of the acquired business;</div>
                      </td>
                    </tr>

                </table>
                <table cellspacing="0" cellpadding="0" id="z948dcc92542a40ec9ea05625872c2f69" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

                    <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" id="z0992c78f2ed84fa990218d925a6b79d5" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

                    <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" id="z1edeb135e46e4a179caff74d80541fda" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

                    <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" id="z3e29087a17a14fe3a16e28a9fc7d7198" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

                    <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" id="za6ab22d8ed9f439b8b6d46447df633db" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

                    <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" id="za2741fa8346b4c57987dded6e73379c9" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

                    <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" id="z650716e32999463687a2e02e809e37f1" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

                    <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><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</div>
                <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
                  <div style="text-align: center;" class="BRPFPageNumberArea"><font style="font-family: Verdana, Geneva, 'sans-serif'; font-size: 8pt; font-weight: normal; font-style: normal;">30</font></div>
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                </div>
                <div><br>
                </div>
                <div style="text-align: justify; font-family: Verdana, sans-serif; font-size: 9.5pt;">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 changes in cross-border trade agreements, such as the United States-Mexico-Canada Agreement, or from
                  changes in government, such as the recent change in the elected governing party of the United States government. In addition, and more generally, changes in requirements that impact electronic regulatory filings or import/export
                  compliance, including changes adding or reducing filing requirements, changes in enforcement practices or changes in the government agency responsible for such requirements could adversely impact our business, results of operations and
                  financial condition.</div>
                <div><br>
                </div>
                <div style="text-align: justify; font-family: Verdana, sans-serif; font-size: 9.5pt; font-style: italic; font-weight: bold;">Disruptions in the movement of freight could negatively affect our revenues.</div>
                <div style="text-align: justify; font-family: Verdana, sans-serif; font-size: 9.5pt;">Our business is highly dependent on the movement of freight from one point to another since we generate transaction revenues as freight is moved by, to or
                  from our customers. If there are disruptions in the movement of freight, proper reporting or the overall volume of international shipments, whether as a result of labor disputes, weather or natural disasters, acts of war, terrorist
                  events, political instability, changes in cross border trade agreements, contagious illness outbreaks, 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 class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
                  <div style="text-align: center;" class="BRPFPageNumberArea"><font style="font-family: Verdana, Geneva, 'sans-serif'; font-size: 8pt; font-weight: normal; font-style: normal;">31</font></div>
                  <div class="BRPFPageBreak" style="page-break-after: always;">
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                </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, such as within the emerging area of artificial
                  intelligence, as well as developments in the transportation logistics industry, our business, results of operations and financial condition could be adversely affected.&#160;We intend to continue to invest significant resources in research and
                  development to enhance our existing products and services and introduce new high-quality products that customers will want. If we are unable to predict or quickly react to user preferences or changes in the transportation logistics
                  industry, or its regulatory requirements, or if we are unable to modify our products and services on a timely basis or to effectively bring new products to market, our sales may suffer.</div>
                <div><br>
                </div>
                <div style="text-align: justify; font-family: Verdana, sans-serif; font-size: 9.5pt;">In addition, we may experience difficulties with software or hardware development, design, integration with third-party software or hardware, or marketing
                  that could delay or prevent our introduction, deployment or implementation of new solutions and enhancements. The introduction of new solutions by competitors, the emergence of new industry standards or the development of entirely new
                  technologies to replace existing offerings could render our existing or future solutions obsolete.</div>
                <div><br>
                </div>
                <div style="text-align: justify; font-family: Verdana, sans-serif; font-size: 9.5pt;">We may not have sufficient resources to make the necessary investments in software development and our technical infrastructure, and we may experience
                  difficulties that could delay or prevent the successful development, introduction or marketing of new products or enhancements. In addition, our products or enhancements may not meet increasingly complex customer requirements or achieve
                  market acceptance at the rate we expect, or at all. Any failure by us to anticipate or respond adequately to technological advancements, customer requirements and changing industry standards, or any significant delays in the development,
                  introduction or availability of new products or enhancements, could undermine our current market position and negatively impact our business, results of operations or financial condition.</div>
                <div><br>
                </div>
                <div style="text-align: justify; font-family: Verdana, sans-serif; font-size: 9.5pt; font-style: italic; font-weight: bold;">We may not remain competitive. Increased competition could seriously harm our business.</div>
                <div style="text-align: justify; font-family: Verdana, sans-serif; font-size: 9.5pt;">The market for supply chain technology is highly competitive and subject to rapid technological change. We expect that competition will increase in the
                  future. To maintain and improve our competitive position, we must continue to develop and introduce in a timely and cost-effective manner new products, product features and services to keep pace with our competitors. We currently face
                  competition from a large number of specific market entrants, some of which are focused on specific industries, geographic regions or other components of markets we operate in.</div>
                <div><br>
                </div>
                <div style="text-align: justify; font-family: Verdana, sans-serif; font-size: 9.5pt;">Current and potential competitors include supply chain application software vendors, customers that undertake internal software development efforts,
                  value-added networks and business document exchanges, enterprise resource planning software vendors, regulatory filing companies, trade data</div>
                <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
                  <div style="text-align: center;" class="BRPFPageNumberArea"><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>
                <div><br>
                </div>
                <div style="text-align: justify; font-family: Verdana, sans-serif; font-size: 9.5pt;">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>
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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;">Established relationships with existing customers or prospects that we are targeting;</div>
                      </td>
                    </tr>

                </table>
                <table cellspacing="0" cellpadding="0" id="z861f54c3d4744252ab0f36e7d08475bf" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

                    <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" id="z256949d290c041d19d17549e6f4e41c3" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

                    <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" id="za97019933a574313a3fdffb672618051" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

                    <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" id="z39caae2b936a4a64ad686329a9240ccf" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

                    <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" id="zdbada209c7184162b145b3c4a05c1002" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

                    <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" id="z5afa37eba86447d9a7abeb65694c0efa" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

                    <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" id="zf4a4cb94219a48d5b06ddf1aa484147a" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

                    <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>
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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;">Greater worldwide presence;</div>
                      </td>
                    </tr>

                </table>
                <table cellspacing="0" cellpadding="0" id="z070b14a0db75455dbb1757468c7fb92a" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

                    <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, including artificial intelligence; or</div>
                      </td>
                    </tr>

                </table>
                <table cellspacing="0" cellpadding="0" id="z01bc1d9c6ece4feda780e53a61b469ba" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

                    <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 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</div>
                <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
                  <div style="text-align: center;" class="BRPFPageNumberArea"><font style="font-family: Verdana, Geneva, 'sans-serif'; font-size: 8pt; font-weight: normal; font-style: normal;">33</font></div>
                  <div class="BRPFPageBreak" style="page-break-after: always;">
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                </div>
                <div><br>
                </div>
                <div style="text-align: justify; font-family: Verdana, sans-serif; font-size: 9.5pt;">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 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" id="zf31c946249624ae4a1408e373a8f421d" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

                    <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" id="z6a9f907c42124c15b8c38d19df26477b" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

                    <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>
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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;">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" id="z9c68d4022a3b4554b4fe7f2aea6c50ba" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

                    <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</div>
                <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
                  <div style="text-align: center;" class="BRPFPageNumberArea"><font style="font-family: Verdana, Geneva, 'sans-serif'; font-size: 8pt; font-weight: normal; font-style: normal;">34</font></div>
                  <div class="BRPFPageBreak" style="page-break-after: always;">
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                </div>
                <div><br>
                </div>
                <div style="text-align: justify; font-family: Verdana, sans-serif; font-size: 9.5pt;">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, 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" id="ze52ce8df14c74b81bf69ce6b2faac8d3" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

                    <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" id="z27218b8ac18e40398969ce5d117eea39" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

                    <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" id="zd81d808898b0471bb06cc2518dd79c8f" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

                    <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>
                <table cellspacing="0" cellpadding="0" id="zfb739a5dfb7542a29c4d7ae75fb5780c" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

                    <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" id="z314468e4f9534912a5b6feaf7135f610" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

                    <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" id="ze53fa1ec64eb4306be989c63931f9d9e" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

                    <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" id="z8d92f3bc88cf4f97b7f202e34050d6af" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

                    <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" id="z971972b031f44460a4eaca1f31428f66" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

                    <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" id="z2e6a573773ce463f90ae857bb67a760b" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

                    <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" id="zcc05959b848746c39926eafab1dc9495" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

                    <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" id="zc70611d8b8f84f059900b92cfc7fd73b" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

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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;">The need to consider characteristics unique to technology systems used internationally;</div>
                      </td>
                    </tr>

                </table>
                <table cellspacing="0" cellpadding="0" id="zc26dd8295bed49a19079ed65b1aa64be" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

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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;">Economic or political instability in some markets; and</div>
                      </td>
                    </tr>

                </table>
                <table cellspacing="0" cellpadding="0" id="zde4b4cce59094661bda4f5da51b714f1" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

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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;">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;">Concerns about the environmental impacts of greenhouse gas emissions, global climate change, and any other
                  environmental, social and governance matters 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
                  social, environmental and governance 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, or any other environmental, social and</div>
                <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
                  <div style="text-align: center;" class="BRPFPageNumberArea"><font style="font-family: Verdana, Geneva, 'sans-serif'; font-size: 8pt; font-weight: normal; font-style: normal;">35</font></div>
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                </div>
                <div><br>
                </div>
                <div style="text-align: justify; font-family: Verdana, sans-serif; font-size: 9.5pt;">governance matters, 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;">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 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</div>
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                  <div style="text-align: center;" class="BRPFPageNumberArea"><font style="font-family: Verdana, Geneva, 'sans-serif'; font-size: 8pt; font-weight: normal; font-style: normal;">36</font></div>
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                </div>
                <div><br>
                </div>
                <div style="text-align: justify; font-family: Verdana, sans-serif; font-size: 9.5pt;">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><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</div>
                <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
                  <div style="text-align: center;" class="BRPFPageNumberArea"><font style="font-family: Verdana, Geneva, 'sans-serif'; font-size: 8pt; font-weight: normal; font-style: normal;">37</font></div>
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                </div>
                <div><br>
                </div>
                <div style="text-align: justify; font-family: Verdana, sans-serif; font-size: 9.5pt;">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 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: 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" id="z6ab328af29a847e8bebc3a47767b43fe" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

                    <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 interest rates;</div>
                      </td>
                    </tr>

                </table>
                <table cellspacing="0" cellpadding="0" id="za8f652b02db64ce588990c351b02231c" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

                    <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;">Timing of acquisitions and related costs;</div>
                      </td>
                    </tr>

                </table>
                <table cellspacing="0" cellpadding="0" id="ze21b883352404b979b11ff50b466761f" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

                    <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;">Timing of restructuring activities;</div>
                      </td>
                    </tr>

                </table>
                <table cellspacing="0" cellpadding="0" id="z62f73fa7551544d9ad79a76a8b013d99" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

                    <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 introduction of enhanced products and services from competitors;</div>
                      </td>
                    </tr>

                </table>
                <table cellspacing="0" cellpadding="0" id="zcd23a9683d904df7b148288549ebd2ab" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

                    <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" id="zdd108c4a7f784c8ab384ea8a51ac74c5" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

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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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                    <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;">Recognition and expensing of deferred tax assets;</div>
                      </td>
                    </tr>

                </table>
                <table cellspacing="0" cellpadding="0" id="ze39c4cd3a9604175981fa88936e65315" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

                    <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;">Legal costs incurred in bringing or defending any litigation with customers or third-party providers, and any corresponding judgments or awards;</div>
                      </td>
                    </tr>

                </table>
                <table cellspacing="0" cellpadding="0" id="z2c39717a7eda4903a77a37955c191cba" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

                    <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;">Legal and compliance costs incurred to comply with regulatory requirements;</div>
                      </td>
                    </tr>

                </table>
                <table cellspacing="0" cellpadding="0" id="z9c1da1ce5a4d497fa5420af3075d347f" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

                    <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>
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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;">The impact of stock-based compensation expense;</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;">Price and functionality competition in our industry;</div>
                      </td>
                    </tr>

                </table>
                <table cellspacing="0" cellpadding="0" id="z3fdfb013823b4daa8f1f1b9d38f68922" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

                    <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>
                <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
                  <div style="text-align: center;" class="BRPFPageNumberArea"><font style="font-family: Verdana, Geneva, 'sans-serif'; font-size: 8pt; font-weight: normal; font-style: normal;">38</font></div>
                  <div class="BRPFPageBreak" style="page-break-after: always;">
                    <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" id="z55abeadbf0da466aa16069ce22253c03" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

                    <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>
                <table cellspacing="0" cellpadding="0" id="z013daf6499154026814c8ec600a5e622" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

                    <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 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. Legislative and
                  regulatory action is also emerging within the area of artificial intelligence. 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</div>
                <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
                  <div style="text-align: center;" class="BRPFPageNumberArea"><font style="font-family: Verdana, Geneva, 'sans-serif'; font-size: 8pt; font-weight: normal; font-style: normal;">39</font></div>
                  <div class="BRPFPageBreak" style="page-break-after: always;">
                    <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;">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>
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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;">Changes in recommendations or financial estimates by industry or investment analysts;</div>
                      </td>
                    </tr>

                </table>
                <table cellspacing="0" cellpadding="0" id="z81155d0037a348d78c41b6f6940b651a" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

                    <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>
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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;">Outcomes of litigation or arbitration proceedings;</div>
                      </td>
                    </tr>

                </table>
                <table cellspacing="0" cellpadding="0" id="zad4b341f382b43629235e9c568ac107c" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

                    <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" id="z79882927b35a4d0f838461b069e9515c" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

                    <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" id="z0c9db61c6584446cbea3e068f2033318" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

                    <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" id="z1459b572c52140c7845e79f67069d5e1" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

                    <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" id="z2c5ba2a375fc42d487bf1d194359e4d3" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

                    <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" id="z244800d8e4c047ddb8902415af922992" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

                    <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 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 class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
                  <div style="text-align: center;" class="BRPFPageNumberArea"><font style="font-family: Verdana, Geneva, 'sans-serif'; font-size: 8pt; font-weight: normal; font-style: normal;">40</font></div>
                  <div class="BRPFPageBreak" style="page-break-after: always;">
                    <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;"><a name="z_Toc388007900"></a><a name="z_Toc450718968"></a><a name="z_Toc482968044"></a><a name="z_Toc103007257"></a>Condensed
                  Consolidated Balance Sheets</div>
                <div style="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>
                <table cellspacing="0" cellpadding="0" id="z54271ea8728c43a19c69bf3488ceb596" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;">

                    <tr>
                      <td style="width: 75.96%; vertical-align: top;" colspan="2">&#160;</td>
                      <td style="width: 12.02%; vertical-align: top; border-top: #000000 0.50pt solid;">
                        <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 8pt; font-weight: bold;">October 31,</div>
                      </td>
                      <td style="width: 12.02%; vertical-align: top; border-top: #000000 0.50pt solid;">
                        <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 8pt;">January 31,</div>
                      </td>
                    </tr>
                    <tr>
                      <td style="width: 75.96%; vertical-align: top;" colspan="2">&#160;</td>
                      <td style="width: 12.02%; vertical-align: top; border-bottom: #000000 0.50pt solid;">
                        <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 8pt; font-weight: bold;">2024</div>
                      </td>
                      <td style="width: 12.02%; vertical-align: top; border-bottom: #000000 0.50pt solid;">
                        <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 8pt;">2024</div>
                      </td>
                    </tr>
                    <tr>
                      <td style="width: 75.96%; vertical-align: top;" colspan="2">
                        <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 style="width: 75.96%; vertical-align: top;" colspan="2">
                        <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 style="width: 75.96%; vertical-align: top;" colspan="2">
                        <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;">181,282</div>
                      </td>
                      <td style="width: 12.02%; vertical-align: top;">
                        <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 8pt;">320,952</div>
                      </td>
                    </tr>
                    <tr>
                      <td style="width: 75.96%; vertical-align: top;" colspan="2">
                        <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 style="width: 75.96%; vertical-align: top;" colspan="2">
                        <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;">54,326</div>
                      </td>
                      <td style="width: 12.02%; vertical-align: top;">
                        <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 8pt;">51,569</div>
                      </td>
                    </tr>
                    <tr>
                      <td style="width: 75.96%; vertical-align: top;" colspan="2">
                        <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;">17,268</div>
                      </td>
                      <td style="width: 12.02%; vertical-align: top;">
                        <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 8pt;">12,193</div>
                      </td>
                    </tr>
                    <tr>
                      <td style="width: 75.96%; vertical-align: top;" colspan="2">
                        <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;">40,743</div>
                      </td>
                      <td style="width: 12.02%; vertical-align: top;">
                        <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 8pt;">33,468</div>
                      </td>
                    </tr>
                    <tr>
                      <td style="width: 75.96%; vertical-align: top;" colspan="2">&#160;</td>
                      <td style="width: 12.02%; vertical-align: top; border-top: #000000 0.50pt solid;">
                        <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 8pt; font-weight: bold;">293,619</div>
                      </td>
                      <td style="width: 12.02%; vertical-align: top; border-top: #000000 0.50pt solid;">
                        <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 8pt;">418,182</div>
                      </td>
                    </tr>
                    <tr>
                      <td style="width: 75.96%; vertical-align: top;" colspan="2">
                        <div style="text-align: left; font-family: Verdana, sans-serif; font-size: 8pt;">OTHER LONG-TERM ASSETS (Note 18)</div>
                      </td>
                      <td style="width: 12.02%; vertical-align: top;">
                        <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 8pt; font-weight: bold;">24,560</div>
                      </td>
                      <td style="width: 12.02%; vertical-align: top;">
                        <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 8pt;">24,737</div>
                      </td>
                    </tr>
                    <tr>
                      <td style="width: 75.96%; vertical-align: top;" colspan="2">
                        <div style="text-align: left; font-family: Verdana, sans-serif; font-size: 8pt;">PROPERTY AND EQUIPMENT, NET (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;">12,048</div>
                      </td>
                      <td style="width: 12.02%; vertical-align: top;">
                        <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 8pt;">11,552</div>
                      </td>
                    </tr>
                    <tr>
                      <td style="width: 75.96%; vertical-align: top;" colspan="2">
                        <div style="text-align: left; font-family: Verdana, sans-serif; font-size: 8pt;">RIGHT-OF-USE ASSETS (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;">6,576</div>
                      </td>
                      <td style="width: 12.02%; vertical-align: top;">
                        <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 8pt;">6,257</div>
                      </td>
                    </tr>
                    <tr>
                      <td style="width: 75.96%; vertical-align: top;" colspan="2">
                        <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;">3,184</div>
                      </td>
                      <td style="width: 12.02%; vertical-align: top;">
                        <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 8pt;">2,097</div>
                      </td>
                    </tr>
                    <tr>
                      <td style="width: 75.96%; vertical-align: top;" colspan="2">
                        <div style="text-align: left; font-family: Verdana, sans-serif; font-size: 8pt;">INTANGIBLE ASSETS, 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;">343,811</div>
                      </td>
                      <td style="width: 12.02%; vertical-align: top;">
                        <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 8pt;">251,047</div>
                      </td>
                    </tr>
                    <tr>
                      <td style="width: 75.96%; vertical-align: top;" colspan="2">
                        <div style="text-align: left; font-family: Verdana, sans-serif; font-size: 8pt;">GOODWILL (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;">935,440</div>
                      </td>
                      <td style="width: 12.02%; vertical-align: top;">
                        <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 8pt;">760,413</div>
                      </td>
                    </tr>
                    <tr>
                      <td style="width: 75.96%; vertical-align: top;" colspan="2">&#160;</td>
                      <td style="width: 12.02%; vertical-align: top; border-top: #000000 0.50pt solid; border-bottom: #000000 1.50pt solid;">
                        <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 8pt; font-weight: bold;">1,619,238</div>
                      </td>
                      <td style="width: 12.02%; vertical-align: top; border-top: #000000 0.50pt solid; border-bottom: #000000 1.50pt solid;">
                        <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 8pt;">1,474,285</div>
                      </td>
                    </tr>
                    <tr>
                      <td style="width: 75.96%; vertical-align: top;" colspan="2">
                        <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: 1.5pt solid rgb(0, 0, 0); text-align: right;">&#160;</td>
                      <td style="width: 12.02%; vertical-align: top; border-top: 1.5pt solid rgb(0, 0, 0); text-align: right;">&#160;</td>
                    </tr>
                    <tr>
                      <td style="width: 75.96%; vertical-align: top;" colspan="2">
                        <div style="text-align: left; color: #000000; 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;">20,599</div>
                      </td>
                      <td style="width: 12.02%; vertical-align: top;">
                        <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 8pt;">17,484</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 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;">78,205</div>
                      </td>
                      <td style="width: 12.02%; vertical-align: top;">
                        <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 8pt;">91,824</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 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;">2,821</div>
                      </td>
                      <td style="width: 12.02%; vertical-align: top;">
                        <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 8pt;">3,075</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;">16,108</div>
                      </td>
                      <td style="width: 12.02%; vertical-align: top;">
                        <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 8pt;">6,734</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 18)</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;">101,140</div>
                      </td>
                      <td style="width: 12.02%; vertical-align: top;">
                        <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 8pt;">84,513</div>
                      </td>
                    </tr>
                    <tr>
                      <td style="width: 75.96%; vertical-align: top;" colspan="2">&#160;</td>
                      <td style="width: 12.02%; vertical-align: top; border-top: #000000 0.50pt solid;">
                        <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 8pt; font-weight: bold;">218,873</div>
                      </td>
                      <td style="width: 12.02%; vertical-align: top; border-top: #000000 0.50pt solid;">
                        <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 8pt;">203,630</div>
                      </td>
                    </tr>
                    <tr>
                      <td style="width: 75.96%; vertical-align: top;" colspan="2">
                        <div style="text-align: left; font-family: Verdana, sans-serif; font-size: 8pt;">LEASE OBLIGATIONS (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;">4,121</div>
                      </td>
                      <td style="width: 12.02%; vertical-align: top;">
                        <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 8pt;">3,903</div>
                      </td>
                    </tr>
                    <tr>
                      <td style="width: 75.96%; vertical-align: top;" colspan="2">
                        <div style="text-align: left; font-family: Verdana, sans-serif; font-size: 8pt;">DEFERRED REVENUE (Note 18)</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;">1,215</div>
                      </td>
                      <td style="width: 12.02%; vertical-align: top;">
                        <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 8pt;">1,464</div>
                      </td>
                    </tr>
                    <tr>
                      <td style="width: 75.96%; vertical-align: top;" colspan="2">
                        <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;">4,949</div>
                      </td>
                      <td style="width: 12.02%; vertical-align: top;">
                        <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 8pt;">6,153</div>
                      </td>
                    </tr>
                    <tr>
                      <td style="width: 75.96%; vertical-align: top;" colspan="2">
                        <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 0.50pt solid;">
                        <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 8pt; font-weight: bold;">33,817</div>
                      </td>
                      <td style="width: 12.02%; vertical-align: top; border-bottom: #000000 0.50pt solid;">
                        <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 8pt;">21,101</div>
                      </td>
                    </tr>
                    <tr>
                      <td style="width: 75.96%; vertical-align: top;" colspan="2">&#160;</td>
                      <td style="width: 12.02%; vertical-align: top; border-top: #000000 0.50pt solid;">
                        <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 8pt; font-weight: bold;">262,975</div>
                      </td>
                      <td style="width: 12.02%; vertical-align: top; border-top: #000000 0.50pt solid;">
                        <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 8pt;">236,251</div>
                      </td>
                    </tr>
                    <tr>
                      <td style="width: 75.96%; vertical-align: top;" colspan="2">
                        <div style="text-align: left; font-family: Verdana, sans-serif; font-size: 8pt;">LONG-TERM DEBT (Note 11)</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: 75.96%; vertical-align: top;" colspan="2">
                        <div style="text-align: left; font-family: Verdana, sans-serif; font-size: 8pt;">COMMITMENTS, CONTINGENCIES AND GUARANTEES (Note 13)</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: 75.96%; vertical-align: top;" colspan="2">
                        <div style="text-align: left; font-family: Verdana, sans-serif; font-size: 8pt;">SHAREHOLDERS&#8217; EQUITY (Note 14)</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 style="width: 75.96%; vertical-align: bottom;" colspan="2">
                        <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 85,539,437 at October 31,
                          2024 (January 31, 2024 &#8211; 85,183,455)</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;">564,793</div>
                      </td>
                      <td style="width: 12.02%; vertical-align: bottom;">
                        <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 8pt;">551,164</div>
                      </td>
                    </tr>
                    <tr>
                      <td style="width: 75.96%; vertical-align: top;" colspan="2">
                        <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;">498,787</div>
                      </td>
                      <td style="width: 12.02%; vertical-align: top;">
                        <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 8pt;">494,701</div>
                      </td>
                    </tr>
                    <tr>
                      <td style="width: 75.96%; vertical-align: top;" colspan="2">
                        <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;">(33,978)</div>
                      </td>
                      <td style="width: 12.02%; vertical-align: top;">
                        <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 8pt;">(28,586)</div>
                      </td>
                    </tr>
                    <tr>
                      <td style="width: 75.96%; vertical-align: top;" colspan="2">
                        <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 0.50pt solid;">
                        <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 8pt; font-weight: bold;">326,661</div>
                      </td>
                      <td style="width: 12.02%; vertical-align: top; border-bottom: #000000 0.50pt solid;">
                        <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 8pt;">220,755</div>
                      </td>
                    </tr>
                    <tr>
                      <td style="width: 75.96%; vertical-align: top;" colspan="2">&#160;</td>
                      <td style="width: 12.02%; vertical-align: top; border-top: #000000 0.50pt solid;">
                        <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 8pt; font-weight: bold;">1,356,263</div>
                      </td>
                      <td style="width: 12.02%; vertical-align: top; border-top: #000000 0.50pt solid;">
                        <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 8pt;">1,238,034</div>
                      </td>
                    </tr>
                    <tr>
                      <td style="width: 75.96%; vertical-align: top;" colspan="2">&#160;</td>
                      <td style="width: 12.02%; vertical-align: top; border-top: #000000 0.50pt solid; border-bottom: #000000 1.50pt solid;">
                        <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 8pt; font-weight: bold;">1,619,238</div>
                      </td>
                      <td style="width: 12.02%; vertical-align: top; border-top: #000000 0.50pt solid; border-bottom: #000000 1.50pt solid;">
                        <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 8pt;">1,474,285</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 class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
                  <div style="text-align: center;" class="BRPFPageNumberArea"><font style="font-family: Verdana, Geneva, 'sans-serif'; font-size: 8pt; font-weight: normal; font-style: normal;">41</font></div>
                  <div class="BRPFPageBreak" style="page-break-after: always;">
                    <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;"><a name="z_Toc388007901"></a><a name="z_Toc450718969"></a><a name="z_Toc482968045"></a><a name="z_Toc103007258"></a>Condensed
                  Consolidated Statements of Operations</div>
                <div style="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>
                  <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>
                <table cellspacing="0" cellpadding="0" id="zdaac5ffc09804b56908653020eccc440" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;">

                    <tr>
                      <td style="width: 52.77%; vertical-align: top;">&#160;</td>
                      <td style="width: 22.9%; vertical-align: top; border-top: #000000 0.50pt solid;" colspan="2">
                        <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 8pt; font-weight: bold;">Three Months Ended</div>
                      </td>
                      <td style="width: 1.43%; vertical-align: top; text-align: right;">&#160;</td>
                      <td style="width: 22.9%; vertical-align: top; border-top: #000000 0.50pt solid;" colspan="2">
                        <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 8pt; font-weight: bold;">Nine Months Ended</div>
                      </td>
                    </tr>
                    <tr>
                      <td style="width: 52.77%; vertical-align: top;">&#160;</td>
                      <td style="width: 11.45%; vertical-align: top; border-top: #000000 0.50pt solid;">
                        <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 8pt; font-weight: bold;">October 31,</div>
                      </td>
                      <td style="width: 11.45%; vertical-align: top; border-top: #000000 0.50pt solid;">
                        <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 8pt; font-weight: bold;">October 31,</div>
                      </td>
                      <td style="width: 1.43%; vertical-align: top; text-align: right;">&#160;</td>
                      <td style="width: 11.45%; vertical-align: top; border-top: #000000 0.50pt solid;">
                        <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 8pt; font-weight: bold;">October 31,</div>
                      </td>
                      <td style="width: 11.45%; vertical-align: top; border-top: #000000 0.50pt solid;">
                        <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 8pt;">October 31,</div>
                      </td>
                    </tr>
                    <tr>
                      <td style="width: 52.77%; vertical-align: top;">&#160;</td>
                      <td style="width: 11.45%; vertical-align: top; border-bottom: #000000 0.50pt solid;">
                        <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 8pt; font-weight: bold;">2024</div>
                      </td>
                      <td style="width: 11.45%; vertical-align: top; border-bottom: #000000 0.50pt solid;">
                        <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 8pt; font-weight: bold;">2023</div>
                      </td>
                      <td style="width: 1.43%; vertical-align: top; text-align: right;">&#160;</td>
                      <td style="width: 11.45%; vertical-align: top; border-bottom: #000000 0.50pt solid;">
                        <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 8pt; font-weight: bold;">2024</div>
                      </td>
                      <td style="width: 11.45%; vertical-align: top; border-bottom: #000000 0.50pt solid;">
                        <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 8pt;">2023</div>
                      </td>
                    </tr>
                    <tr>
                      <td style="width: 52.77%; vertical-align: top;">&#160;</td>
                      <td style="width: 11.45%; vertical-align: top; border-top: 0.5pt solid rgb(0, 0, 0); text-align: right;">&#160;</td>
                      <td style="width: 11.45%; vertical-align: top; border-top: 0.5pt solid rgb(0, 0, 0); text-align: right;">&#160;</td>
                      <td style="width: 1.43%; vertical-align: top; text-align: right;">&#160;</td>
                      <td style="width: 11.45%; vertical-align: top; border-top: 0.5pt solid rgb(0, 0, 0); text-align: right;">&#160;</td>
                      <td style="width: 11.45%; vertical-align: top; border-top: 0.5pt solid rgb(0, 0, 0); text-align: right;">&#160;</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;">REVENUES</div>
                      </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;">168,756</div>
                      </td>
                      <td style="width: 11.45%; vertical-align: top;">
                        <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 8pt;">144,698</div>
                      </td>
                      <td style="width: 1.43%; vertical-align: top; text-align: right;">&#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;">483,529</div>
                      </td>
                      <td style="width: 11.45%; vertical-align: top;">
                        <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 8pt;">424,705</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 style="font-family: Verdana, sans-serif; font-size: 8pt; font-weight: bold;">COST OF REVENUES </font>(exclusive of amortization presented
                          separately below)</div>
                      </td>
                      <td style="width: 11.45%; vertical-align: top; border-bottom: #000000 0.50pt solid;">
                        <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 8pt; font-weight: bold;">43,154</div>
                      </td>
                      <td style="width: 11.45%; vertical-align: top; border-bottom: #000000 0.50pt solid;">
                        <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 8pt;">34,325</div>
                      </td>
                      <td style="width: 1.43%; vertical-align: top; text-align: right;">&#160;</td>
                      <td style="width: 11.45%; vertical-align: top; border-bottom: #000000 0.50pt solid;">
                        <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 8pt; font-weight: bold;">119,115</div>
                      </td>
                      <td style="width: 11.45%; vertical-align: top; border-bottom: #000000 0.50pt solid;">
                        <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 8pt;">102,184</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;">GROSS MARGIN</div>
                      </td>
                      <td style="width: 11.45%; vertical-align: top; border-top: #000000 0.50pt solid; border-bottom: #000000 0.50pt solid;">
                        <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 8pt; font-weight: bold;">125,602</div>
                      </td>
                      <td style="width: 11.45%; vertical-align: top; border-top: #000000 0.50pt solid; border-bottom: #000000 0.50pt solid;">
                        <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 8pt;">110,373</div>
                      </td>
                      <td style="width: 1.43%; vertical-align: top; text-align: right;">&#160;</td>
                      <td style="width: 11.45%; vertical-align: top; border-top: #000000 0.50pt solid; border-bottom: #000000 0.50pt solid;">
                        <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 8pt; font-weight: bold;">364,414</div>
                      </td>
                      <td style="width: 11.45%; vertical-align: top; border-top: #000000 0.50pt solid; border-bottom: #000000 0.50pt solid;">
                        <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 8pt;">322,521</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;">EXPENSES</div>
                      </td>
                      <td style="width: 11.45%; vertical-align: top; border-top: 0.5pt solid rgb(0, 0, 0); text-align: right;">&#160;</td>
                      <td style="width: 11.45%; vertical-align: top; border-top: 0.5pt solid rgb(0, 0, 0); text-align: right;">&#160;</td>
                      <td style="width: 1.43%; vertical-align: top; text-align: right;">&#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>
                    </tr>
                    <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;">Sales and marketing</div>
                      </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;">19,134</div>
                      </td>
                      <td style="width: 11.45%; vertical-align: top;">
                        <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 8pt;">17,209</div>
                      </td>
                      <td style="width: 1.43%; vertical-align: top; text-align: right;">&#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;">55,636</div>
                      </td>
                      <td style="width: 11.45%; vertical-align: top;">
                        <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 8pt;">51,583</div>
                      </td>
                    </tr>
                    <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;">Research and development</div>
                      </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;">24,472</div>
                      </td>
                      <td style="width: 11.45%; vertical-align: top;">
                        <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 8pt;">21,118</div>
                      </td>
                      <td style="width: 1.43%; vertical-align: top; text-align: right;">&#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;">70,572</div>
                      </td>
                      <td style="width: 11.45%; vertical-align: top;">
                        <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 8pt;">62,923</div>
                      </td>
                    </tr>
                    <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;">General and administrative</div>
                      </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;">16,858</div>
                      </td>
                      <td style="width: 11.45%; vertical-align: top;">
                        <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 8pt;">14,712</div>
                      </td>
                      <td style="width: 1.43%; vertical-align: top; text-align: right;">&#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;">48,328</div>
                      </td>
                      <td style="width: 11.45%; vertical-align: top;">
                        <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 8pt;">42,747</div>
                      </td>
                    </tr>
                    <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;">Other charges (Note 19)</div>
                      </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;">1,830</div>
                      </td>
                      <td style="width: 11.45%; vertical-align: top;">
                        <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 8pt;">9,679</div>
                      </td>
                      <td style="width: 1.43%; vertical-align: top; text-align: right;">&#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;">5,898</div>
                      </td>
                      <td style="width: 11.45%; vertical-align: top;">
                        <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 8pt;">14,067</div>
                      </td>
                    </tr>
                    <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;">Amortization of intangible assets</div>
                      </td>
                      <td style="width: 11.45%; vertical-align: top; border-bottom: #000000 0.50pt solid;">
                        <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 8pt; font-weight: bold;">17,519</div>
                      </td>
                      <td style="width: 11.45%; vertical-align: top; border-bottom: #000000 0.50pt solid;">
                        <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 8pt;">15,250</div>
                      </td>
                      <td style="width: 1.43%; vertical-align: top; text-align: right;">&#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;">49,962</div>
                      </td>
                      <td style="width: 11.45%; vertical-align: top;">
                        <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 8pt;">45,408</div>
                      </td>
                    </tr>
                    <tr>
                      <td style="width: 52.77%; vertical-align: top;">&#160;</td>
                      <td style="width: 11.45%; vertical-align: top; border-top: #000000 0.50pt solid; border-bottom: #000000 0.50pt solid;">
                        <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 8pt; font-weight: bold;">79,813</div>
                      </td>
                      <td style="width: 11.45%; vertical-align: top; border-top: #000000 0.50pt solid; border-bottom: #000000 0.50pt solid;">
                        <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 8pt;">77,968</div>
                      </td>
                      <td style="width: 1.43%; vertical-align: top; text-align: right;">&#160;</td>
                      <td style="width: 11.45%; vertical-align: top; border-top: #000000 0.50pt solid;">
                        <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 8pt; font-weight: bold;">230,396</div>
                      </td>
                      <td style="width: 11.45%; vertical-align: top; border-top: #000000 0.50pt solid;">
                        <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 8pt;">216,728</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;">INCOME FROM OPERATIONS</div>
                      </td>
                      <td style="width: 11.45%; vertical-align: top; border-top: #000000 0.50pt solid;">
                        <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 8pt; font-weight: bold;">45,789</div>
                      </td>
                      <td style="width: 11.45%; vertical-align: top; border-top: #000000 0.50pt solid;">
                        <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 8pt;">32,405</div>
                      </td>
                      <td style="width: 1.43%; vertical-align: top; text-align: right;">&#160;</td>
                      <td style="width: 11.45%; vertical-align: top; border-top: #000000 0.50pt solid;">
                        <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 8pt; font-weight: bold;">134,018</div>
                      </td>
                      <td style="width: 11.45%; vertical-align: top; border-top: #000000 0.50pt solid;">
                        <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 8pt;">105,793</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;">
                        <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 8pt; font-weight: bold;">(244)</div>
                      </td>
                      <td style="width: 11.45%; vertical-align: top;">
                        <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 8pt;">(343)</div>
                      </td>
                      <td style="width: 1.43%; vertical-align: top; text-align: right;">&#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;">(760)</div>
                      </td>
                      <td style="width: 11.45%; vertical-align: top;">
                        <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 8pt;">(1,020)</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;">INVESTMENT AND OTHER INCOME</div>
                      </td>
                      <td style="width: 11.45%; vertical-align: top; border-bottom: #000000 0.50pt solid;">
                        <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 8pt; font-weight: bold;">2,883</div>
                      </td>
                      <td style="width: 11.45%; vertical-align: top; border-bottom: #000000 0.50pt solid;">
                        <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 8pt;">2,717</div>
                      </td>
                      <td style="width: 1.43%; vertical-align: top; text-align: right;">&#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;">9,657</div>
                      </td>
                      <td style="width: 11.45%; vertical-align: top;">
                        <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 8pt;">6,287</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;">INCOME BEFORE INCOME TAXES</div>
                      </td>
                      <td style="width: 11.45%; vertical-align: top; border-top: #000000 0.50pt solid;">
                        <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 8pt; font-weight: bold;">48,428</div>
                      </td>
                      <td style="width: 11.45%; vertical-align: top; border-top: #000000 0.50pt solid;">
                        <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 8pt;">34,779</div>
                      </td>
                      <td style="width: 1.43%; vertical-align: top; text-align: right;">&#160;</td>
                      <td style="width: 11.45%; vertical-align: top; border-top: #000000 0.50pt solid;">
                        <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 8pt; font-weight: bold;">142,915</div>
                      </td>
                      <td style="width: 11.45%; vertical-align: top; border-top: #000000 0.50pt solid;">
                        <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 8pt;">111,060</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 style="font-family: Verdana, sans-serif; font-size: 8pt; font-weight: bold;">INCOME TAX EXPENSE (RECOVERY) </font>(Note 17)</div>
                      </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>
                      <td style="width: 1.43%; vertical-align: top; text-align: right;">&#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>
                    </tr>
                    <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;">
                        <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 8pt; font-weight: bold;">18,310</div>
                      </td>
                      <td style="width: 11.45%; vertical-align: top;">
                        <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 8pt;">10,334</div>
                      </td>
                      <td style="width: 1.43%; vertical-align: top; text-align: right;">&#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;">42,105</div>
                      </td>
                      <td style="width: 11.45%; vertical-align: top;">
                        <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 8pt;">30,207</div>
                      </td>
                    </tr>
                    <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; border-bottom: #000000 0.50pt solid;">
                        <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 8pt; font-weight: bold;">(6,440)</div>
                      </td>
                      <td style="width: 11.45%; vertical-align: top; border-bottom: #000000 0.50pt solid;">
                        <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 8pt;">(2,157)</div>
                      </td>
                      <td style="width: 1.43%; vertical-align: top; text-align: right;">&#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;">(5,096)</div>
                      </td>
                      <td style="width: 11.45%; vertical-align: top;">
                        <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 8pt;">(3,218)</div>
                      </td>
                    </tr>
                    <tr>
                      <td style="width: 52.77%; vertical-align: top;">&#160;</td>
                      <td style="width: 11.45%; vertical-align: top; border-top: #000000 0.50pt solid; border-bottom: #000000 0.50pt solid;">
                        <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 8pt; font-weight: bold;">11,870</div>
                      </td>
                      <td style="width: 11.45%; vertical-align: top; border-top: #000000 0.50pt solid; border-bottom: #000000 0.50pt solid;">
                        <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 8pt;">8,177</div>
                      </td>
                      <td style="width: 1.43%; vertical-align: top; text-align: right;">&#160;</td>
                      <td style="width: 11.45%; vertical-align: top; border-top: #000000 0.50pt solid; border-bottom: #000000 0.50pt solid;">
                        <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 8pt; font-weight: bold;">37,009</div>
                      </td>
                      <td style="width: 11.45%; vertical-align: top; border-top: #000000 0.50pt solid; border-bottom: #000000 0.50pt solid;">
                        <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 8pt;">26,989</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;">NET INCOME</div>
                      </td>
                      <td style="width: 11.45%; vertical-align: top; border-top: #000000 0.50pt solid; border-bottom: #000000 1.50pt solid;">
                        <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 8pt; font-weight: bold;">36,558</div>
                      </td>
                      <td style="width: 11.45%; vertical-align: top; border-top: #000000 0.50pt solid; border-bottom: #000000 1.50pt solid;">
                        <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 8pt;">26,602</div>
                      </td>
                      <td style="width: 1.43%; vertical-align: top; text-align: right;">&#160;</td>
                      <td style="width: 11.45%; vertical-align: top; border-top: #000000 0.50pt solid; border-bottom: #000000 1.50pt solid;">
                        <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 8pt; font-weight: bold;">105,906</div>
                      </td>
                      <td style="width: 11.45%; vertical-align: top; border-top: #000000 0.50pt solid; border-bottom: #000000 1.50pt solid;">
                        <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 8pt;">84,071</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 style="font-family: Verdana, sans-serif; font-size: 8pt; font-weight: bold;">EARNINGS PER SHARE </font>(Note 15)</div>
                      </td>
                      <td style="width: 11.45%; vertical-align: top; border-top: 1.5pt solid rgb(0, 0, 0); text-align: right;">&#160;</td>
                      <td style="width: 11.45%; vertical-align: top; border-top: 1.5pt solid rgb(0, 0, 0); text-align: right;">&#160;</td>
                      <td style="width: 1.43%; vertical-align: top; text-align: right;">&#160;</td>
                      <td style="width: 11.45%; vertical-align: top; border-top: 1.5pt solid rgb(0, 0, 0); text-align: right;">&#160;</td>
                      <td style="width: 11.45%; vertical-align: top; border-top: 1.5pt solid rgb(0, 0, 0); text-align: right;">&#160;</td>
                    </tr>
                    <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;">
                        <div style="text-align: right; margin-right: 6.75pt; font-family: Verdana,sans-serif; font-size: 8pt; font-weight: bold;">0.43</div>
                      </td>
                      <td style="width: 11.45%; vertical-align: top;">
                        <div style="text-align: right; margin-right: 6pt; font-family: Verdana,sans-serif; font-size: 8pt;">0.31</div>
                      </td>
                      <td style="width: 1.43%; vertical-align: top; text-align: right;">&#160;</td>
                      <td style="width: 11.45%; vertical-align: top;">
                        <div style="text-align: right; margin-right: 3pt; font-family: Verdana,sans-serif; font-size: 8pt; font-weight: bold;">1.24</div>
                      </td>
                      <td style="width: 11.45%; vertical-align: top;">
                        <div style="text-align: right; margin-right: 2.25pt; font-family: Verdana,sans-serif; font-size: 8pt;">0.99</div>
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                    </tr>
                    <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>
                      </td>
                      <td style="width: 11.45%; vertical-align: top; border-bottom: #000000 1.50pt solid;">
                        <div style="text-align: right; margin-right: 6.75pt; font-family: Verdana,sans-serif; font-size: 8pt; font-weight: bold;">0.42</div>
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                      <td style="width: 11.45%; vertical-align: top; border-bottom: #000000 1.50pt solid;">
                        <div style="text-align: right; margin-right: 6pt; font-family: Verdana,sans-serif; font-size: 8pt;">0.31</div>
                      </td>
                      <td style="width: 1.43%; vertical-align: top; text-align: right;">&#160;</td>
                      <td style="width: 11.45%; vertical-align: top; border-bottom: #000000 1.50pt solid;">
                        <div style="text-align: right; margin-right: 3pt; font-family: Verdana,sans-serif; font-size: 8pt; font-weight: bold;">1.21</div>
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                      <td style="width: 11.45%; vertical-align: top; border-bottom: #000000 1.50pt solid;">
                        <div style="text-align: right; margin-right: 2.25pt; font-family: Verdana,sans-serif; font-size: 8pt;">0.97</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;">WEIGHTED AVERAGE SHARES OUTSTANDING (thousands)</div>
                      </td>
                      <td style="width: 11.45%; vertical-align: top; border-top: 1.5pt solid rgb(0, 0, 0); text-align: right;">&#160;</td>
                      <td style="width: 11.45%; vertical-align: top; border-top: 1.5pt solid rgb(0, 0, 0); text-align: right;">&#160;</td>
                      <td style="width: 1.43%; vertical-align: top; text-align: right;">&#160;</td>
                      <td style="width: 11.45%; vertical-align: top; border-top: 1.5pt solid rgb(0, 0, 0); text-align: right;">&#160;</td>
                      <td style="width: 11.45%; vertical-align: top; border-top: 1.5pt solid rgb(0, 0, 0); text-align: right;">&#160;</td>
                    </tr>
                    <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;">
                        <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 8pt; font-weight: bold;">85,501</div>
                      </td>
                      <td style="width: 11.45%; vertical-align: top;">
                        <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 8pt;">85,101</div>
                      </td>
                      <td style="width: 1.43%; vertical-align: top; text-align: right;">&#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;">85,403</div>
                      </td>
                      <td style="width: 11.45%; vertical-align: top;">
                        <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 8pt;">85,045</div>
                      </td>
                    </tr>
                    <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>
                      </td>
                      <td style="width: 11.45%; vertical-align: top; border-bottom: #000000 1.50pt solid;">
                        <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 8pt; font-weight: bold;">87,342</div>
                      </td>
                      <td style="width: 11.45%; vertical-align: top; border-bottom: #000000 1.50pt solid;">
                        <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 8pt;">86,791</div>
                      </td>
                      <td style="width: 1.43%; vertical-align: top; border-bottom: 1.5pt solid rgb(0, 0, 0); text-align: right;">&#160;</td>
                      <td style="width: 11.45%; vertical-align: top; border-bottom: #000000 1.50pt solid;">
                        <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 8pt; font-weight: bold;">87,231</div>
                      </td>
                      <td style="width: 11.45%; vertical-align: top; border-bottom: #000000 1.50pt solid;">
                        <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 8pt;">86,772</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 class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
                  <div style="text-align: center;" class="BRPFPageNumberArea"><font style="font-family: Verdana, Geneva, 'sans-serif'; font-size: 8pt; font-weight: normal; font-style: normal;">42</font></div>
                  <div class="BRPFPageBreak" style="page-break-after: always;">
                    <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;"><a name="z_Toc388007902"></a><a name="z_Toc450718970"></a><a name="z_Toc482968046"></a><a name="z_Toc103007259"></a>Condensed
                  Consolidated Statements of Comprehensive Income</div>
                <div style="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>
                <table cellspacing="0" cellpadding="0" id="z6ea17f0a38f84292a50b9e4adbe5c2f3" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;">

                    <tr>
                      <td style="width: 54.15%; vertical-align: top;">&#160;</td>
                      <td style="vertical-align: top; border-top: 0.5pt solid rgb(0, 0, 0);" colspan="2">
                        <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 8pt; font-weight: bold;">Three Months Ended</div>
                      </td>
                      <td style="width: 1.4%; vertical-align: top;">&#160;</td>
                      <td style="vertical-align: top; border-top: 0.5pt solid rgb(0, 0, 0);" colspan="2">
                        <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 8pt; font-weight: bold;">Nine Months Ended</div>
                      </td>
                    </tr>
                    <tr>
                      <td style="width: 54.15%; vertical-align: top;">&#160;</td>
                      <td style="width: 10.97%; vertical-align: top; border-top: 0.5pt solid rgb(0, 0, 0);">
                        <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 8pt; font-weight: bold;">October 31,</div>
                      </td>
                      <td style="width: 11.22%; vertical-align: top; border-top: 0.5pt solid rgb(0, 0, 0);">
                        <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 8pt;">October<font style="font-family: Verdana, sans-serif; font-size: 8pt; font-weight: bold;">&#160;</font>31,</div>
                      </td>
                      <td style="width: 1.4%; vertical-align: top;">&#160;</td>
                      <td style="width: 11.28%; vertical-align: top; border-top: 0.5pt solid rgb(0, 0, 0);">
                        <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 8pt; font-weight: bold;">October 31,</div>
                      </td>
                      <td style="width: 10.97%; vertical-align: top; border-top: #000000 0.50pt solid;">
                        <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 8pt;">October 31,</div>
                      </td>
                    </tr>
                    <tr>
                      <td style="width: 54.15%; vertical-align: top;">&#160;</td>
                      <td style="width: 10.97%; vertical-align: top; border-bottom: 0.5pt solid rgb(0, 0, 0);">
                        <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 8pt; font-weight: bold;">2024</div>
                      </td>
                      <td style="width: 11.22%; vertical-align: top; border-bottom: 0.5pt solid rgb(0, 0, 0);">
                        <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 8pt;">2023</div>
                      </td>
                      <td style="width: 1.4%; vertical-align: top;">&#160;</td>
                      <td style="width: 11.28%; vertical-align: top; border-bottom: 0.5pt solid rgb(0, 0, 0);">
                        <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 8pt; font-weight: bold;">2024</div>
                      </td>
                      <td style="width: 10.97%; vertical-align: top; border-bottom: #000000 0.50pt solid;">
                        <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 8pt;">2023</div>
                      </td>
                    </tr>

                </table>
                <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;">

                    <tr>
                      <td style="width: 54.15%; vertical-align: top;">
                        <div style="text-align: left; font-family: Verdana, sans-serif; font-size: 8pt; font-weight: bold;">Comprehensive income</div>
                      </td>
                      <td style="width: 10.97%; vertical-align: top;">&#160;</td>
                      <td style="width: 11.22%; vertical-align: top;">&#160;</td>
                      <td style="width: 1.4%; vertical-align: top;">&#160;</td>
                      <td style="width: 11.28%; vertical-align: top;">&#160;</td>
                      <td style="width: 10.97%; vertical-align: top;">&#160;</td>
                    </tr>
                    <tr>
                      <td style="width: 54.15%; vertical-align: top;">
                        <div style="text-align: left; font-family: Verdana, sans-serif; font-size: 8pt;">Net Income</div>
                      </td>
                      <td style="width: 10.97%; vertical-align: top;">
                        <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 8pt; font-weight: bold;">36,558</div>
                      </td>
                      <td style="width: 11.22%; vertical-align: top;">
                        <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 8pt;">26,602</div>
                      </td>
                      <td style="width: 1.4%; vertical-align: top; text-align: right;">&#160;</td>
                      <td style="width: 11.28%; vertical-align: top;">
                        <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 8pt; font-weight: bold;">105,906</div>
                      </td>
                      <td style="width: 10.97%; vertical-align: top;">
                        <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 8pt;">84,071</div>
                      </td>
                    </tr>
                    <tr>
                      <td style="width: 54.15%; vertical-align: top;">
                        <div style="text-align: left; font-family: Verdana, sans-serif; font-size: 8pt;">Other comprehensive income (loss):</div>
                      </td>
                      <td style="width: 10.97%; vertical-align: top; text-align: right;">&#160;</td>
                      <td style="width: 11.22%; vertical-align: top; text-align: right;">&#160;</td>
                      <td style="width: 1.4%; vertical-align: top; text-align: right;">&#160;</td>
                      <td style="width: 11.28%; vertical-align: top; text-align: right;">&#160;</td>
                      <td style="width: 10.97%; vertical-align: top; text-align: right;">&#160;</td>
                    </tr>
                    <tr>
                      <td style="width: 54.15%; vertical-align: top;">
                        <div style="text-align: left; text-indent: -4.5pt; margin-left: 18pt; font-family: Verdana, sans-serif; font-size: 8pt;">Foreign currency translation adjustment, net of income tax expense (recovery) of ($1) and ($300) for the three
                          and nine month periods ended October 31, 2024 (expense (recovery) of $11 and ($89) for the same periods in fiscal 2024)</div>
                      </td>
                      <td style="width: 10.97%; vertical-align: bottom;">
                        <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 8pt; font-weight: bold;">271</div>
                      </td>
                      <td style="width: 11.22%; vertical-align: bottom;">
                        <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 8pt;">(18,336)</div>
                      </td>
                      <td style="width: 1.4%; vertical-align: bottom; text-align: right;">&#160;</td>
                      <td style="width: 11.28%; vertical-align: bottom;">
                        <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 8pt; font-weight: bold;">(5,392)</div>
                      </td>
                      <td style="width: 10.97%; vertical-align: bottom;">
                        <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 8pt;">(9,897)</div>
                      </td>
                    </tr>
                    <tr>
                      <td style="width: 54.15%; vertical-align: top;">
                        <div style="text-align: left; margin-left: 13.5pt; font-family: Verdana, sans-serif; font-size: 8pt;">Total other comprehensive income (loss)</div>
                      </td>
                      <td style="width: 10.97%; vertical-align: top; border-top: #000000 0.25pt solid; border-bottom: #000000 0.25pt solid;">
                        <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 8pt; font-weight: bold;">271</div>
                      </td>
                      <td style="width: 11.22%; vertical-align: top; border-top: #000000 0.25pt solid; border-bottom: #000000 0.25pt solid;">
                        <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 8pt;">(18,336)</div>
                      </td>
                      <td style="width: 1.4%; vertical-align: top; text-align: right;">&#160;</td>
                      <td style="width: 11.28%; vertical-align: top; border-top: #000000 0.25pt solid; border-bottom: #000000 0.25pt solid;">
                        <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 8pt; font-weight: bold;">(5,392)</div>
                      </td>
                      <td style="width: 10.97%; vertical-align: top; border-top: #000000 0.25pt solid; border-bottom: #000000 0.25pt solid;">
                        <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 8pt;">(9,897)</div>
                      </td>
                    </tr>
                    <tr>
                      <td style="width: 54.15%; vertical-align: top;">
                        <div style="text-align: left; font-family: Verdana, sans-serif; font-size: 8pt; font-weight: bold;">COMPREHENSIVE INCOME</div>
                      </td>
                      <td style="width: 10.97%; vertical-align: top; border-top: #000000 0.25pt solid; border-bottom: #000000 1.50pt solid;">
                        <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 8pt; font-weight: bold;">36,829</div>
                      </td>
                      <td style="width: 11.22%; vertical-align: top; border-top: #000000 0.25pt solid; border-bottom: #000000 1.50pt solid;">
                        <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 8pt;">8,266</div>
                      </td>
                      <td style="width: 1.4%; vertical-align: top; text-align: right;">&#160;</td>
                      <td style="width: 11.28%; vertical-align: top; border-top: #000000 0.25pt solid; border-bottom: #000000 1.50pt solid;">
                        <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 8pt; font-weight: bold;">100,514</div>
                      </td>
                      <td style="width: 10.97%; vertical-align: top; border-top: #000000 0.25pt solid; border-bottom: #000000 1.50pt solid;">
                        <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 8pt;">74,174</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><br>
                </div>
                <div><br>
                </div>
                <div><br>
                </div>
                <div><br>
                </div>
                <div><br>
                </div>
                <div><br>
                </div>
                <div><br>
                </div>
                <div><br>
                </div>
                <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
                  <div style="text-align: center;" class="BRPFPageNumberArea"><font style="font-family: Verdana, Geneva, 'sans-serif'; font-size: 8pt; font-weight: normal; font-style: normal;">43</font></div>
                  <div class="BRPFPageBreak" style="page-break-after: always;">
                    <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;"><a name="z_Toc388007903"></a><a name="z_Toc450718971"></a><a name="z_Toc482968047"></a><a name="z_Toc103007260"></a>Condensed
                  Consolidated Statements of Shareholders&#8217; Equity</div>
                <div style="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>
                <table cellspacing="0" cellpadding="0" id="z2bd36f56dbad4936875bafec48890b9f" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;">

                    <tr>
                      <td style="width: 54.6%; vertical-align: top;">&#160;</td>
                      <td style="width: 22%; vertical-align: top; border-top: #000000 0.50pt solid;" colspan="2">
                        <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 8pt; font-weight: bold;">Three Months Ended</div>
                      </td>
                      <td style="width: 1.4%; vertical-align: top; text-align: right;">&#160;</td>
                      <td style="width: 22%; vertical-align: top; border-top: #000000 0.50pt solid;" colspan="2">
                        <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 8pt; font-weight: bold;">Nine Months Ended</div>
                      </td>
                    </tr>
                    <tr>
                      <td style="width: 54.6%; vertical-align: top;">&#160;</td>
                      <td style="width: 11%; vertical-align: top; border-top: #000000 0.50pt solid;">
                        <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 8pt; font-weight: bold;">October 31,</div>
                      </td>
                      <td style="width: 11%; vertical-align: top; border-top: #000000 0.50pt solid;">
                        <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 8pt;">October 31,</div>
                      </td>
                      <td style="width: 1.4%; vertical-align: top; text-align: right;">&#160;</td>
                      <td style="width: 11%; vertical-align: top; border-top: #000000 0.50pt solid;">
                        <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 8pt; font-weight: bold;">October 31,</div>
                      </td>
                      <td style="width: 11%; vertical-align: top; border-top: #000000 0.50pt solid;">
                        <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 8pt;">October 31,</div>
                      </td>
                    </tr>
                    <tr>
                      <td style="width: 54.6%; vertical-align: top;">&#160;</td>
                      <td style="width: 11%; vertical-align: top; border-bottom: #000000 0.50pt solid;">
                        <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 8pt; font-weight: bold;">2024</div>
                      </td>
                      <td style="width: 11%; vertical-align: top; border-bottom: #000000 0.50pt solid;">
                        <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 8pt;">2023</div>
                      </td>
                      <td style="width: 1.4%; vertical-align: top; text-align: right;">&#160;</td>
                      <td style="width: 11%; vertical-align: top; border-bottom: #000000 0.50pt solid;">
                        <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 8pt; font-weight: bold;">2024</div>
                      </td>
                      <td style="width: 11%; vertical-align: top; border-bottom: #000000 0.50pt solid;">
                        <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 8pt;">2023</div>
                      </td>
                    </tr>
                    <tr>
                      <td style="width: 54.6%; 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>
                      <td style="width: 1.4%; vertical-align: top; text-align: right;">&#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; font-weight: bold;">Common shares</div>
                      </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>
                      <td style="width: 1.4%; vertical-align: top; text-align: right;">&#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;">
                        <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 8pt; font-weight: bold;">561,850</div>
                      </td>
                      <td style="width: 11%; vertical-align: top;">
                        <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 8pt;">546,984</div>
                      </td>
                      <td style="width: 1.4%; vertical-align: top; text-align: right;">&#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;">551,164</div>
                      </td>
                      <td style="width: 11%; vertical-align: top;">
                        <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 8pt;">538,448</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;">
                        <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 8pt; font-weight: bold;">2,943</div>
                      </td>
                      <td style="width: 11%; vertical-align: top;">
                        <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 8pt;">556</div>
                      </td>
                      <td style="width: 1.4%; vertical-align: top; text-align: right;">&#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;">13,629</div>
                      </td>
                      <td style="width: 11%; vertical-align: top;">
                        <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 8pt;">9,092</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; border-top: #000000 0.50pt solid; border-bottom: #000000 0.50pt solid;">
                        <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 8pt; font-weight: bold;">564,793</div>
                      </td>
                      <td style="width: 11%; vertical-align: top; border-top: #000000 0.50pt solid; border-bottom: #000000 0.50pt solid;">
                        <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 8pt;">547,540</div>
                      </td>
                      <td style="width: 1.4%; vertical-align: top; text-align: right;">&#160;</td>
                      <td style="width: 11%; vertical-align: top; border-top: #000000 0.50pt solid; border-bottom: #000000 0.50pt solid;">
                        <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 8pt; font-weight: bold;">564,793</div>
                      </td>
                      <td style="width: 11%; vertical-align: top; border-top: #000000 0.50pt solid; border-bottom: #000000 0.50pt solid;">
                        <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 8pt;">547,540</div>
                      </td>
                    </tr>
                    <tr>
                      <td style="width: 54.6%; vertical-align: top;">&#160;</td>
                      <td style="width: 11%; vertical-align: top; border-top: 0.5pt solid rgb(0, 0, 0); text-align: right;">&#160;</td>
                      <td style="width: 11%; vertical-align: top; border-top: 0.5pt solid rgb(0, 0, 0); text-align: right;">&#160;</td>
                      <td style="width: 1.4%; vertical-align: top; text-align: right;">&#160;</td>
                      <td style="width: 11%; vertical-align: top; border-top: 0.5pt solid rgb(0, 0, 0); text-align: right;">&#160;</td>
                      <td style="width: 11%; vertical-align: top; border-top: 0.5pt solid rgb(0, 0, 0); text-align: right;">&#160;</td>
                    </tr>
                    <tr>
                      <td style="width: 54.6%; vertical-align: top;">
                        <div style="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; text-align: right;">&#160;</td>
                      <td style="width: 11%; vertical-align: top; text-align: right;">&#160;</td>
                      <td style="width: 1.4%; vertical-align: top; text-align: right;">&#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;">
                        <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 8pt; font-weight: bold;">494,060</div>
                      </td>
                      <td style="width: 11%; vertical-align: top;">
                        <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 8pt;">486,520</div>
                      </td>
                      <td style="width: 1.4%; vertical-align: top; text-align: right;">&#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;">494,701</div>
                      </td>
                      <td style="width: 11%; vertical-align: top;">
                        <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 8pt;">486,551</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 16)</div>
                      </td>
                      <td style="width: 11%; vertical-align: top;">
                        <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 8pt; font-weight: bold;">5,298</div>
                      </td>
                      <td style="width: 11%; vertical-align: top;">
                        <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 8pt;">4,513</div>
                      </td>
                      <td style="width: 1.4%; vertical-align: top; text-align: right;">&#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;">14,575</div>
                      </td>
                      <td style="width: 11%; vertical-align: top;">
                        <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 8pt;">11,883</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;">
                        <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 8pt; font-weight: bold;">(571)</div>
                      </td>
                      <td style="width: 11%; vertical-align: top;">
                        <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 8pt;">(109)</div>
                      </td>
                      <td style="width: 1.4%; vertical-align: top; text-align: right;">&#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;">(10,489)</div>
                      </td>
                      <td style="width: 11%; vertical-align: top;">
                        <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 8pt;">(7,510)</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; border-top: #000000 0.50pt solid; border-bottom: #000000 0.50pt solid;">
                        <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 8pt; font-weight: bold;">498,787</div>
                      </td>
                      <td style="width: 11%; vertical-align: top; border-top: #000000 0.50pt solid; border-bottom: #000000 0.50pt solid;">
                        <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 8pt;">490,924</div>
                      </td>
                      <td style="width: 1.4%; vertical-align: top; text-align: right;">&#160;</td>
                      <td style="width: 11%; vertical-align: top; border-top: #000000 0.50pt solid; border-bottom: #000000 0.50pt solid;">
                        <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 8pt; font-weight: bold;">498,787</div>
                      </td>
                      <td style="width: 11%; vertical-align: top; border-top: #000000 0.50pt solid; border-bottom: #000000 0.50pt solid;">
                        <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 8pt;">490,924</div>
                      </td>
                    </tr>
                    <tr>
                      <td style="width: 54.6%; vertical-align: top;">&#160;</td>
                      <td style="width: 11%; vertical-align: top; border-top: 0.5pt solid rgb(0, 0, 0); text-align: right;">&#160;</td>
                      <td style="width: 11%; vertical-align: top; border-top: 0.5pt solid rgb(0, 0, 0); text-align: right;">&#160;</td>
                      <td style="width: 1.4%; vertical-align: top; text-align: right;">&#160;</td>
                      <td style="width: 11%; vertical-align: top; border-top: 0.5pt solid rgb(0, 0, 0); text-align: right;">&#160;</td>
                      <td style="width: 11%; vertical-align: top; border-top: 0.5pt solid rgb(0, 0, 0); text-align: right;">&#160;</td>
                    </tr>
                    <tr>
                      <td style="width: 54.6%; vertical-align: top;">
                        <div style="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; text-align: right;">&#160;</td>
                      <td style="width: 11%; vertical-align: top; text-align: right;">&#160;</td>
                      <td style="width: 1.4%; vertical-align: top; text-align: right;">&#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;">
                        <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 8pt; font-weight: bold;">(34,249)</div>
                      </td>
                      <td style="width: 11%; vertical-align: top;">
                        <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 8pt;">(22,017)</div>
                      </td>
                      <td style="width: 1.4%; vertical-align: top; text-align: right;">&#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;">(28,586)</div>
                      </td>
                      <td style="width: 11%; vertical-align: top;">
                        <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 8pt;">(30,456)</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;">Other comprehensive income (loss), net of income taxes</div>
                      </td>
                      <td style="width: 11%; vertical-align: top; border-bottom: #000000 0.50pt solid;">
                        <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 8pt; font-weight: bold;">271</div>
                      </td>
                      <td style="width: 11%; vertical-align: top; border-bottom: #000000 0.50pt solid;">
                        <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 8pt;">(18,336)</div>
                      </td>
                      <td style="width: 1.4%; vertical-align: top; text-align: right;">&#160;</td>
                      <td style="width: 11%; vertical-align: top; border-bottom: #000000 0.50pt solid;">
                        <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 8pt; font-weight: bold;">(5,392)</div>
                      </td>
                      <td style="width: 11%; vertical-align: top; border-bottom: #000000 0.50pt solid;">
                        <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 8pt;">(9,897)</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; border-top: #000000 0.50pt solid; border-bottom: #000000 0.50pt solid;">
                        <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 8pt; font-weight: bold;">(33,978)</div>
                      </td>
                      <td style="width: 11%; vertical-align: top; border-top: #000000 0.50pt solid; border-bottom: #000000 0.50pt solid;">
                        <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 8pt;">(40,353)</div>
                      </td>
                      <td style="width: 1.4%; vertical-align: top; text-align: right;">&#160;</td>
                      <td style="width: 11%; vertical-align: top; border-top: #000000 0.50pt solid; border-bottom: #000000 0.50pt solid;">
                        <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 8pt; font-weight: bold;">(33,978)</div>
                      </td>
                      <td style="width: 11%; vertical-align: top; border-top: #000000 0.50pt solid; border-bottom: #000000 0.50pt solid;">
                        <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 8pt;">(40,353)</div>
                      </td>
                    </tr>
                    <tr>
                      <td style="width: 54.6%; vertical-align: top;">&#160;</td>
                      <td style="width: 11%; vertical-align: top; border-top: 0.5pt solid rgb(0, 0, 0); text-align: right;">&#160;</td>
                      <td style="width: 11%; vertical-align: top; border-top: 0.5pt solid rgb(0, 0, 0); text-align: right;">&#160;</td>
                      <td style="width: 1.4%; vertical-align: top; text-align: right;">&#160;</td>
                      <td style="width: 11%; vertical-align: top; border-top: 0.5pt solid rgb(0, 0, 0); text-align: right;">&#160;</td>
                      <td style="width: 11%; vertical-align: top; border-top: 0.5pt solid rgb(0, 0, 0); text-align: right;">&#160;</td>
                    </tr>
                    <tr>
                      <td style="width: 54.6%; vertical-align: top;">
                        <div style="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; text-align: right;">&#160;</td>
                      <td style="width: 11%; vertical-align: top; text-align: right;">&#160;</td>
                      <td style="width: 1.4%; vertical-align: top; text-align: right;">&#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;">
                        <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 8pt; font-weight: bold;">290,103</div>
                      </td>
                      <td style="width: 11%; vertical-align: top;">
                        <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 8pt;">162,317</div>
                      </td>
                      <td style="width: 1.4%; vertical-align: top; text-align: right;">&#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;">220,755</div>
                      </td>
                      <td style="width: 11%; vertical-align: top;">
                        <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 8pt;">104,848</div>
                      </td>
                    </tr>
                    <tr>
                      <td style="width: 54.6%; vertical-align: top;">
                        <div style="text-align: left; margin-left: 13.7pt; font-family: Verdana, sans-serif; font-size: 8pt;">Net income</div>
                      </td>
                      <td style="width: 11%; vertical-align: top;">
                        <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 8pt; font-weight: bold;">36,558</div>
                      </td>
                      <td style="width: 11%; vertical-align: top;">
                        <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 8pt;">26,602</div>
                      </td>
                      <td style="width: 1.4%; vertical-align: top; text-align: right;">&#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;">105,906</div>
                      </td>
                      <td style="width: 11%; vertical-align: top;">
                        <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 8pt;">84,071</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; border-top: #000000 0.50pt solid; border-bottom: #000000 0.50pt solid;">
                        <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 8pt; font-weight: bold;">326,661</div>
                      </td>
                      <td style="width: 11%; vertical-align: top; border-top: #000000 0.50pt solid; border-bottom: #000000 0.50pt solid;">
                        <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 8pt;">188,919</div>
                      </td>
                      <td style="width: 1.4%; vertical-align: top; text-align: right;">&#160;</td>
                      <td style="width: 11%; vertical-align: top; border-top: #000000 0.50pt solid; border-bottom: #000000 0.50pt solid;">
                        <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 8pt; font-weight: bold;">326,661</div>
                      </td>
                      <td style="width: 11%; vertical-align: top; border-top: #000000 0.50pt solid; border-bottom: #000000 0.50pt solid;">
                        <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 8pt;">188,919</div>
                      </td>
                    </tr>
                    <tr>
                      <td style="width: 54.6%; vertical-align: top;">&#160;</td>
                      <td style="width: 11%; vertical-align: top; border-top: 0.5pt solid rgb(0, 0, 0); text-align: right;">&#160;</td>
                      <td style="width: 11%; vertical-align: top; border-top: 0.5pt solid rgb(0, 0, 0); text-align: right;">&#160;</td>
                      <td style="width: 1.4%; vertical-align: top; text-align: right;">&#160;</td>
                      <td style="width: 11%; vertical-align: top; border-top: 0.5pt solid rgb(0, 0, 0); text-align: right;">&#160;</td>
                      <td style="width: 11%; vertical-align: top; border-top: 0.5pt solid rgb(0, 0, 0); text-align: right;">&#160;</td>
                    </tr>
                    <tr>
                      <td style="width: 54.6%; vertical-align: top;">
                        <div style="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; border-bottom: #000000 1.50pt solid;">
                        <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 8pt; font-weight: bold;">1,356,263</div>
                      </td>
                      <td style="width: 11%; vertical-align: top; border-bottom: #000000 1.50pt solid;">
                        <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 8pt;">1,187,030</div>
                      </td>
                      <td style="width: 1.4%; vertical-align: top; text-align: right;">&#160;</td>
                      <td style="width: 11%; vertical-align: top; border-bottom: #000000 1.50pt solid;">
                        <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 8pt; font-weight: bold;">1,356,263</div>
                      </td>
                      <td style="width: 11%; vertical-align: top; border-bottom: #000000 1.50pt solid;">
                        <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 8pt;">1,187,030</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><br>
                </div>
                <div><br>
                </div>
                <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
                  <div style="text-align: center;" class="BRPFPageNumberArea"><font style="font-family: Verdana, Geneva, 'sans-serif'; font-size: 8pt; font-weight: normal; font-style: normal;">44</font></div>
                  <div class="BRPFPageBreak" style="page-break-after: always;">
                    <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;"><a name="z_Toc388007904"></a><a name="z_Toc450718972"></a><a name="z_Toc482968048"></a><a name="z_Toc103007261"></a>Condensed
                  Consolidated Statements of Cash Flows</div>
                <div style="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>
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                <table cellspacing="0" cellpadding="0" id="z92c0031cf748457097581a0f71dba292" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;">

                    <tr>
                      <td style="width: 53.77%; vertical-align: top;">&#160;</td>
                      <td style="width: 22.33%; vertical-align: top; border-top: #000000 0.50pt solid;" colspan="2">
                        <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 8pt; font-weight: bold;">Three Months Ended</div>
                      </td>
                      <td style="width: 1.56%; vertical-align: top; text-align: right;">&#160;</td>
                      <td style="width: 22.34%; vertical-align: top; border-top: #000000 0.50pt solid;" colspan="2">
                        <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 8pt; font-weight: bold;">Nine Months Ended</div>
                      </td>
                    </tr>
                    <tr>
                      <td style="width: 53.77%; vertical-align: top;">&#160;</td>
                      <td style="width: 11.16%; vertical-align: top; border-top: #000000 0.50pt solid;">
                        <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 8pt; font-weight: bold;">October 31,</div>
                      </td>
                      <td style="width: 11.17%; vertical-align: top; border-top: #000000 0.50pt solid;">
                        <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 8pt;">October 31,</div>
                      </td>
                      <td style="width: 1.56%; vertical-align: top; text-align: right;" rowspan="29">&#160;</td>
                      <td style="width: 11.17%; vertical-align: top; border-top: #000000 0.50pt solid;">
                        <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 8pt; font-weight: bold;">October 31,</div>
                      </td>
                      <td style="width: 11.17%; vertical-align: top; border-top: #000000 0.50pt solid;">
                        <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 8pt;">October 31,</div>
                      </td>
                    </tr>
                    <tr>
                      <td style="width: 53.77%; vertical-align: top;">&#160;</td>
                      <td style="width: 11.16%; vertical-align: top; border-bottom: #000000 0.50pt solid;">
                        <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 8pt; font-weight: bold;">2024</div>
                      </td>
                      <td style="width: 11.17%; vertical-align: top; border-bottom: #000000 0.50pt solid;">
                        <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 8pt;">2023</div>
                      </td>
                      <td style="width: 11.17%; vertical-align: top; border-bottom: #000000 0.50pt solid;">
                        <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 8pt; font-weight: bold;">2024</div>
                      </td>
                      <td style="width: 11.17%; vertical-align: top; border-bottom: #000000 0.50pt solid;">
                        <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 8pt;">2023</div>
                      </td>
                    </tr>
                    <tr>
                      <td style="width: 53.77%; 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: 11.16%; vertical-align: top; text-align: right;">&#160;</td>
                      <td style="width: 11.17%; vertical-align: top; text-align: right;">&#160;</td>
                      <td style="width: 11.17%; vertical-align: top; text-align: right;">&#160;</td>
                      <td style="width: 11.17%; vertical-align: top; text-align: right;">&#160;</td>
                    </tr>
                    <tr>
                      <td style="width: 53.77%; vertical-align: top;">
                        <div style="text-align: left; font-family: Verdana, sans-serif; font-size: 8pt;">Net income</div>
                      </td>
                      <td style="width: 11.16%; vertical-align: top;">
                        <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 8pt; font-weight: bold;">36,558</div>
                      </td>
                      <td style="width: 11.17%; vertical-align: top;">
                        <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 8pt;">26,602</div>
                      </td>
                      <td style="width: 11.17%; vertical-align: top;">
                        <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 8pt; font-weight: bold;">105,906</div>
                      </td>
                      <td style="width: 11.17%; vertical-align: top;">
                        <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 8pt;">84,071</div>
                      </td>
                    </tr>
                    <tr>
                      <td style="width: 53.77%; 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: 11.16%; vertical-align: top; text-align: right;">&#160;</td>
                      <td style="width: 11.17%; vertical-align: top; text-align: right;">&#160;</td>
                      <td style="width: 11.17%; vertical-align: top; text-align: right;">&#160;</td>
                      <td style="width: 11.17%; vertical-align: top; text-align: right;">&#160;</td>
                    </tr>
                    <tr>
                      <td style="width: 53.77%; 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: 11.16%; vertical-align: top;">
                        <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 8pt; font-weight: bold;">1,393</div>
                      </td>
                      <td style="width: 11.17%; vertical-align: top;">
                        <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 8pt;">1,452</div>
                      </td>
                      <td style="width: 11.17%; vertical-align: top;">
                        <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 8pt; font-weight: bold;">4,137</div>
                      </td>
                      <td style="width: 11.17%; vertical-align: top;">
                        <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 8pt;">4,080</div>
                      </td>
                    </tr>
                    <tr>
                      <td style="width: 53.77%; 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: 11.16%; vertical-align: top;">
                        <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 8pt; font-weight: bold;">17,519</div>
                      </td>
                      <td style="width: 11.17%; vertical-align: top;">
                        <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 8pt;">15,250</div>
                      </td>
                      <td style="width: 11.17%; vertical-align: top;">
                        <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 8pt; font-weight: bold;">49,962</div>
                      </td>
                      <td style="width: 11.17%; vertical-align: top;">
                        <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 8pt;">45,408</div>
                      </td>
                    </tr>
                    <tr>
                      <td style="width: 53.77%; 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 16)</div>
                      </td>
                      <td style="width: 11.16%; vertical-align: top;">
                        <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 8pt; font-weight: bold;">5,298</div>
                      </td>
                      <td style="width: 11.17%; vertical-align: top;">
                        <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 8pt;">4,513</div>
                      </td>
                      <td style="width: 11.17%; vertical-align: top;">
                        <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 8pt; font-weight: bold;">14,575</div>
                      </td>
                      <td style="width: 11.17%; vertical-align: top;">
                        <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 8pt;">11,883</div>
                      </td>
                    </tr>
                    <tr>
                      <td style="width: 53.77%; 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: 11.16%; vertical-align: top;">
                        <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 8pt; font-weight: bold;">(42)</div>
                      </td>
                      <td style="width: 11.17%; vertical-align: top;">
                        <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 8pt;">(15)</div>
                      </td>
                      <td style="width: 11.17%; vertical-align: top;">
                        <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 8pt; font-weight: bold;">(1)</div>
                      </td>
                      <td style="width: 11.17%; vertical-align: top;">
                        <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 8pt;">57</div>
                      </td>
                    </tr>
                    <tr>
                      <td style="width: 53.77%; vertical-align: top;">
                        <div style="text-align: left; margin-left: 13.5pt; font-family: Verdana, sans-serif; font-size: 8pt;">Deferred tax (recovery) expense</div>
                      </td>
                      <td style="width: 11.16%; vertical-align: top;">
                        <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 8pt; font-weight: bold;">(6,440)</div>
                      </td>
                      <td style="width: 11.17%; vertical-align: top;">
                        <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 8pt;">(2,157)</div>
                      </td>
                      <td style="width: 11.17%; vertical-align: top;">
                        <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 8pt; font-weight: bold;">(5,096)</div>
                      </td>
                      <td style="width: 11.17%; vertical-align: top;">
                        <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 8pt;">(3,218)</div>
                      </td>
                    </tr>
                    <tr>
                      <td style="width: 53.77%; vertical-align: top;">
                        <div style="text-align: left; margin-left: 13.5pt; font-family: Verdana, sans-serif; font-size: 8pt;">Changes in operating assets and liabilities (Note 20)</div>
                      </td>
                      <td style="width: 11.16%; vertical-align: top;">
                        <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 8pt; font-weight: bold;">5,860</div>
                      </td>
                      <td style="width: 11.17%; vertical-align: top;">
                        <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 8pt;">10,405</div>
                      </td>
                      <td style="width: 11.17%; vertical-align: top;">
                        <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 8pt; font-weight: bold;">(10,936)</div>
                      </td>
                      <td style="width: 11.17%; vertical-align: top;">
                        <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 8pt;">14,635</div>
                      </td>
                    </tr>
                    <tr>
                      <td style="width: 53.77%; 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: 11.16%; vertical-align: top; border-top: #000000 0.50pt solid; border-bottom: #000000 0.50pt solid;">
                        <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 8pt; font-weight: bold;">60,146</div>
                      </td>
                      <td style="width: 11.17%; vertical-align: top; border-top: #000000 0.50pt solid; border-bottom: #000000 0.50pt solid;">
                        <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 8pt;">56,050</div>
                      </td>
                      <td style="width: 11.17%; vertical-align: top; border-top: #000000 0.50pt solid; border-bottom: #000000 0.50pt solid;">
                        <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 8pt; font-weight: bold;">158,547</div>
                      </td>
                      <td style="width: 11.17%; vertical-align: top; border-top: #000000 0.50pt solid; border-bottom: #000000 0.50pt solid;">
                        <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 8pt;">156,916</div>
                      </td>
                    </tr>
                    <tr>
                      <td style="width: 53.77%; 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: 11.16%; vertical-align: top; text-align: right;">&#160;</td>
                      <td style="width: 11.17%; vertical-align: top; text-align: right;">&#160;</td>
                      <td style="width: 11.17%; vertical-align: top; text-align: right;">&#160;</td>
                      <td style="width: 11.17%; vertical-align: top; text-align: right;">&#160;</td>
                    </tr>
                    <tr>
                      <td style="width: 53.77%; 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: 11.16%; vertical-align: top;">
                        <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 8pt; font-weight: bold;">(1,313)</div>
                      </td>
                      <td style="width: 11.17%; vertical-align: top;">
                        <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 8pt;">(1,462)</div>
                      </td>
                      <td style="width: 11.17%; vertical-align: top;">
                        <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 8pt; font-weight: bold;">(4,653)</div>
                      </td>
                      <td style="width: 11.17%; vertical-align: top;">
                        <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 8pt;">(4,845)</div>
                      </td>
                    </tr>
                    <tr>
                      <td style="width: 53.77%; vertical-align: top;">
                        <div style="text-align: left; margin-left: 13.5pt; font-family: Verdana, sans-serif; font-size: 8pt;">Acquisition of subsidiaries, net of cash acquired (Note 3)</div>
                      </td>
                      <td style="width: 11.16%; vertical-align: bottom;">
                        <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 8pt; font-weight: bold;">(132,753)</div>
                      </td>
                      <td style="width: 11.17%; vertical-align: bottom;">
                        <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 8pt;">-</div>
                      </td>
                      <td style="width: 11.17%; vertical-align: bottom;">
                        <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 8pt; font-weight: bold;">(286,468)</div>
                      </td>
                      <td style="width: 11.17%; vertical-align: bottom;">
                        <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 8pt;">(142,700)</div>
                      </td>
                    </tr>
                    <tr>
                      <td style="width: 53.77%; 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: 11.16%; vertical-align: top; border-top: #000000 0.50pt solid; border-bottom: #000000 0.50pt solid;">
                        <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 8pt; font-weight: bold;">(134,066)</div>
                      </td>
                      <td style="width: 11.17%; vertical-align: top; border-top: #000000 0.50pt solid; border-bottom: #000000 0.50pt solid;">
                        <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 8pt;">(1,462)</div>
                      </td>
                      <td style="width: 11.17%; vertical-align: top; border-top: #000000 0.50pt solid; border-bottom: #000000 0.50pt solid;">
                        <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 8pt; font-weight: bold;">(291,121)</div>
                      </td>
                      <td style="width: 11.17%; vertical-align: top; border-top: #000000 0.50pt solid; border-bottom: #000000 0.50pt solid;">
                        <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 8pt;">(147,545)</div>
                      </td>
                    </tr>
                    <tr>
                      <td style="width: 53.77%; 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: 11.16%; vertical-align: top; text-align: right;">&#160;</td>
                      <td style="width: 11.17%; vertical-align: top; text-align: right;">&#160;</td>
                      <td style="width: 11.17%; vertical-align: top; text-align: right;">&#160;</td>
                      <td style="width: 11.17%; vertical-align: top; text-align: right;">&#160;</td>
                    </tr>
                    <tr>
                      <td style="width: 53.77%; 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: 11.16%; vertical-align: bottom;">
                        <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 8pt; font-weight: bold;">(15)</div>
                      </td>
                      <td style="width: 11.17%; vertical-align: bottom;">
                        <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 8pt;">-</div>
                      </td>
                      <td style="width: 11.17%; vertical-align: bottom;">
                        <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 8pt; font-weight: bold;">(53)</div>
                      </td>
                      <td style="width: 11.17%; vertical-align: bottom;">
                        <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 8pt;">(39)</div>
                      </td>
                    </tr>
                    <tr>
                      <td style="width: 53.77%; 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 14)</div>
                      </td>
                      <td style="width: 11.16%; vertical-align: bottom;">
                        <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 8pt; font-weight: bold;">2,373</div>
                      </td>
                      <td style="width: 11.17%; vertical-align: bottom;">
                        <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 8pt;">447</div>
                      </td>
                      <td style="width: 11.17%; vertical-align: bottom;">
                        <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 8pt; font-weight: bold;">9,887</div>
                      </td>
                      <td style="width: 11.17%; vertical-align: bottom;">
                        <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 8pt;">6,468</div>
                      </td>
                    </tr>
                    <tr>
                      <td style="width: 53.77%; 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: 11.16%; vertical-align: bottom;">
                        <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 8pt; font-weight: bold;">-</div>
                      </td>
                      <td style="width: 11.17%; vertical-align: bottom;">
                        <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 8pt;">-</div>
                      </td>
                      <td style="width: 11.17%; vertical-align: bottom;">
                        <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 8pt; font-weight: bold;">(6,745)</div>
                      </td>
                      <td style="width: 11.17%; vertical-align: bottom;">
                        <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 8pt;">(4,886)</div>
                      </td>
                    </tr>
                    <tr>
                      <td style="width: 53.77%; vertical-align: top;">
                        <div style="text-align: left; margin-left: 13.5pt; font-family: Verdana, sans-serif; font-size: 8pt;">Payment of contingent consideration (Note 4)</div>
                      </td>
                      <td style="width: 11.16%; vertical-align: bottom;">
                        <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 8pt; font-weight: bold;">-</div>
                      </td>
                      <td style="width: 11.17%; vertical-align: bottom;">
                        <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 8pt;">-</div>
                      </td>
                      <td style="width: 11.17%; vertical-align: bottom;">
                        <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 8pt; font-weight: bold;">(9,223)</div>
                      </td>
                      <td style="width: 11.17%; vertical-align: bottom;">
                        <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 8pt;">(6,320)</div>
                      </td>
                    </tr>
                    <tr>
                      <td style="width: 53.77%; vertical-align: top;">
                        <div style="text-align: left; font-family: Verdana, sans-serif; font-size: 8pt;">Cash provided by (used in) financing activities</div>
                      </td>
                      <td style="width: 11.16%; vertical-align: top; border-top: #000000 0.50pt solid; border-bottom: #000000 0.50pt solid;">
                        <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 8pt; font-weight: bold;">2,358</div>
                      </td>
                      <td style="width: 11.17%; vertical-align: top; border-top: #000000 0.50pt solid; border-bottom: #000000 0.50pt solid;">
                        <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 8pt;">447</div>
                      </td>
                      <td style="width: 11.17%; vertical-align: top; border-top: #000000 0.50pt solid; border-bottom: #000000 0.50pt solid;">
                        <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 8pt; font-weight: bold;">(6,134)</div>
                      </td>
                      <td style="width: 11.17%; vertical-align: top; border-top: #000000 0.50pt solid; border-bottom: #000000 0.50pt solid;">
                        <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 8pt;">(4,777)</div>
                      </td>
                    </tr>
                    <tr>
                      <td style="width: 53.77%; 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: 11.16%; vertical-align: bottom; border-top: #000000 0.50pt solid; border-bottom: #000000 0.50pt solid;">
                        <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 8pt; font-weight: bold;">191</div>
                      </td>
                      <td style="width: 11.17%; vertical-align: bottom; border-top: #000000 0.50pt solid; border-bottom: #000000 0.50pt solid;">
                        <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 8pt;">(2,835)</div>
                      </td>
                      <td style="width: 11.17%; vertical-align: bottom; border-top: #000000 0.50pt solid; border-bottom: #000000 0.50pt solid;">
                        <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 8pt; font-weight: bold;">(962)</div>
                      </td>
                      <td style="width: 11.17%; vertical-align: bottom; border-top: #000000 0.50pt solid; border-bottom: #000000 0.50pt solid;">
                        <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 8pt;">(1,370)</div>
                      </td>
                    </tr>
                    <tr>
                      <td style="width: 53.77%; vertical-align: top;">
                        <div style="text-align: left; font-family: Verdana, sans-serif; font-size: 8pt; font-weight: bold;">(Decrease) increase in cash</div>
                      </td>
                      <td style="width: 11.16%; vertical-align: top;">
                        <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 8pt; font-weight: bold;">(71,371)</div>
                      </td>
                      <td style="width: 11.17%; vertical-align: top;">
                        <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 8pt;">52,200</div>
                      </td>
                      <td style="width: 11.17%; vertical-align: top;">
                        <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 8pt; font-weight: bold;">(139,670)</div>
                      </td>
                      <td style="width: 11.17%; vertical-align: top;">
                        <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 8pt;">3,224</div>
                      </td>
                    </tr>
                    <tr>
                      <td style="width: 53.77%; 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: 11.16%; vertical-align: top; border-bottom: #000000 0.50pt solid;">
                        <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 8pt; font-weight: bold;">252,653</div>
                      </td>
                      <td style="width: 11.17%; vertical-align: top; border-bottom: #000000 0.50pt solid;">
                        <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 8pt;">227,409</div>
                      </td>
                      <td style="width: 11.17%; vertical-align: top; border-bottom: #000000 0.50pt solid;">
                        <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 8pt; font-weight: bold;">320,952</div>
                      </td>
                      <td style="width: 11.17%; vertical-align: top; border-bottom: #000000 0.50pt solid;">
                        <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 8pt;">276,385</div>
                      </td>
                    </tr>
                    <tr>
                      <td style="width: 53.77%; 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: 11.16%; vertical-align: top; border-top: #000000 0.50pt solid; border-bottom: #000000 1.50pt solid;">
                        <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 8pt; font-weight: bold;">181,282</div>
                      </td>
                      <td style="width: 11.17%; vertical-align: top; border-top: #000000 0.50pt solid; border-bottom: #000000 1.50pt solid;">
                        <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 8pt;">279,609</div>
                      </td>
                      <td style="width: 11.17%; vertical-align: top; border-top: #000000 0.50pt solid; border-bottom: #000000 1.50pt solid;">
                        <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 8pt; font-weight: bold;">181,282</div>
                      </td>
                      <td style="width: 11.17%; vertical-align: top; border-top: #000000 0.50pt solid; border-bottom: #000000 1.50pt solid;">
                        <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 8pt;">279,609</div>
                      </td>
                    </tr>
                    <tr>
                      <td style="width: 53.77%; 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: 11.16%; vertical-align: top; border-top: 1.5pt solid rgb(0, 0, 0); text-align: right;">&#160;</td>
                      <td style="width: 11.17%; vertical-align: top; border-top: 1.5pt solid rgb(0, 0, 0); text-align: right;">&#160;</td>
                      <td style="width: 11.17%; vertical-align: top; border-top: 1.5pt solid rgb(0, 0, 0); text-align: right;">&#160;</td>
                      <td style="width: 11.17%; vertical-align: top; border-top: 1.5pt solid rgb(0, 0, 0); text-align: right;">&#160;</td>
                    </tr>
                    <tr>
                      <td style="width: 53.77%; 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: 11.16%; vertical-align: top;">
                        <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 8pt; font-weight: bold;">-</div>
                      </td>
                      <td style="width: 11.17%; vertical-align: top;">
                        <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 8pt;">-</div>
                      </td>
                      <td style="width: 11.17%; vertical-align: top;">
                        <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 8pt; font-weight: bold;">-</div>
                      </td>
                      <td style="width: 11.17%; vertical-align: top;">
                        <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 8pt;">-</div>
                      </td>
                    </tr>
                    <tr>
                      <td style="width: 53.77%; 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: 11.16%; vertical-align: top; border-bottom: #000000 1.50pt solid;">
                        <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 8pt; font-weight: bold;">11,475</div>
                      </td>
                      <td style="width: 11.17%; vertical-align: top; border-bottom: #000000 1.50pt solid;">
                        <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 8pt;">18,443</div>
                      </td>
                      <td style="width: 11.17%; vertical-align: top; border-bottom: #000000 1.50pt solid;">
                        <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 8pt; font-weight: bold;">35,660</div>
                      </td>
                      <td style="width: 11.17%; vertical-align: top; border-bottom: #000000 1.50pt solid;">
                        <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 8pt;">41,013</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 class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
                  <div style="text-align: center;" class="BRPFPageNumberArea"><font style="font-family: Verdana, Geneva, 'sans-serif'; font-size: 8pt; font-weight: normal; font-style: normal;">45</font></div>
                  <div class="BRPFPageBreak" style="page-break-after: always;">
                    <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;"><a name="z_Toc396820874"></a><a name="z_Toc450718973"></a><a name="z_Toc482968049"></a><a name="z_Toc103007262"></a>Notes
                  to Condensed Consolidated Financial Statements</div>
                <div>
                  <div style="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, 2024.</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, 2025.</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, 2025, is referred to as the &#8220;current fiscal year&#8221;, &#8220;fiscal 2025&#8221;, &#8220;2025&#8221; or using similar words. Our previous fiscal year, which ended on January 31, 2024, is referred to as the &#8220;previous fiscal year&#8221;, &#8220;fiscal 2024&#8221;, &#8220;2024&#8221;
                  or using similar words. Other fiscal years are referenced by the applicable year during which the fiscal year ends. For example, &#8220;2026&#8221; refers to the annual period ending January 31, 2026 and the &#8220;fourth quarter of 2026&#8221; refers to the
                  quarter ending January 31, 2026.</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 2024 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;"><a name="z_Hlk8832186"></a>Recently issued accounting pronouncements</div>
                <div style="text-align: justify; font-family: Verdana, sans-serif; font-size: 9.5pt;">In November 2023, the FASB issued Accounting Standards Update 2023-07, &#8220;Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures&#8221;
                  (&#8220;ASU 2023-07&#8221;). The amendments in ASU</div>
                <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
                  <div style="text-align: center;" class="BRPFPageNumberArea"><font style="font-family: Verdana, Geneva, 'sans-serif'; font-size: 8pt; font-weight: normal; font-style: normal;">46</font></div>
                  <div class="BRPFPageBreak" style="page-break-after: always;">
                    <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;">2023-07 improve reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses. ASU 2023-07 is
                  effective for fiscal years beginning after December 15, 2023, which is our fiscal year that began on February 1, 2024 (fiscal 2025) and interim periods within fiscal years beginning after December 15, 2024, which will be our fiscal year
                  beginning February 1, 2025 (fiscal 2026). Early adoption is permitted. The Company will adopt this guidance in the fourth quarter of fiscal 2025. The adoption of this guidance is not expected to have a material impact on our results of
                  operations or disclosures.</div>
                <div><br>
                </div>
                <div style="text-align: justify; font-family: Verdana, sans-serif; font-size: 9.5pt;">In December 2023, the FASB issued Accounting Standards Update 2023-09, &#8220;Income Taxes (Topic 740): Improvements to Income Tax Disclosures&#8221; (&#8220;ASU 2023-09&#8221;).<font style="font-family: Times, serif; font-size: 11pt;">&#160;</font>The amendments in ASU 2023-09 enhance transparency about income tax information through improvements to income tax disclosures primarily related to the rate reconciliation and
                  income taxes paid information. ASU 2023-09 is effective for annual periods beginning after December 15, 2024, which will be our fiscal year beginning February 1, 2025 (fiscal 2026). Early adoption is permitted for annual financial
                  statements that have not yet been issued or made available for issuance.<font style="font-family: Times, serif; font-size: 11pt;">&#160;</font>The Company expects to adopt this guidance in the fourth quarter of fiscal 2026. The adoption of
                  this guidance is not expected to have a material impact on our results of operations or disclosures.</div>
                <div><br>
                </div>
                <div style="text-align: justify; font-family: Verdana, sans-serif; font-size: 9.5pt;">In November 2024, the FASB issued Accounting Standards Update 2024-03, &#8220;Income Statement&#8212;Reporting Comprehensive Income&#8212;Expense Disaggregation Disclosures
                  (Subtopic 220-40): Disaggregation of Income Statement Expenses&#8221; (&#8220;ASU 2024-03&#8221;). The amendments in ASU 2024-03 require disaggregation of certain expense captions into specified categories in disclosures within the notes to financial
                  statements, which is expected to enhance cost transparency and improve comparability. ASU 2024-03 is effective for annual reporting periods beginning after December 15, 2026, and interim reporting periods beginning after December 15,
                  2027. Early adoption is permitted.<font style="font-family: Times, serif; font-size: 11pt;">&#160;</font>The Company expects to adopt this guidance in the fourth quarter of fiscal 2028. The adoption of this guidance is not expected to have a
                  material impact on our results of operations or disclosures.</div>
                <div><br>
                </div>
                <div style="text-align: justify; font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">Note 3 &#8211; Acquisitions</div>
                <div><br>
                </div>
                <div style="text-align: justify; font-family: Verdana, sans-serif; font-size: 9.5pt;"><u>Fiscal 2025 Acquisitions</u></div>
                <div style="text-align: justify; font-family: Verdana, sans-serif; font-size: 9.5pt;">On March 28, 2024, Descartes acquired all of the shares of OCR Services, Inc. (&#8220;OCR&#8221;), a leading provider of global trade compliance solutions and
                  content. The purchase price for the acquisition was approximately $82.8 million, net of cash acquired, which was funded from cash on hand. The gross contractual amount of trade receivables acquired was $4.7 million with a fair value of
                  $3.9 million at the date of acquisition. Our acquisition date estimate of contractual cash flows not expected to be collected was $0.8 million. The completion of the initial purchase price allocation is pending the finalization of the
                  fair value for trade receivables, intangible assets, accrued liability balances, deferred revenue as well as potential unrecorded liabilities. We expect to finalize the purchase price allocation on or before March 28, 2025.</div>
                <div><br>
                </div>
                <div style="text-align: justify; font-family: Verdana, sans-serif; font-size: 9.5pt;">On April 19, 2024, Descartes acquired substantially all of the shares of Aerospace Software Developments (&#8220;ASD&#8221;), a leading provider of global trade
                  compliance solutions and content. <a name="z_Hlk167193849"></a>The purchase price for the acquisition was approximately $62.5 million (EUR 58.7 million), net of cash acquired, which was substantially paid at closing from cash on hand
                  with the remaining $3.6 million expected to be paid by the end of fiscal 2025.<font style="font-family: Times, serif; font-size: 11pt;">&#160;</font>The gross contractual amount of trade receivables acquired was $1.1 million with a fair value
                  of $1.1 million at the date of acquisition. Our acquisition date estimate of contractual cash flows not expected to be collected was nominal. The completion of the initial purchase price allocation is pending the finalization of the fair
                  value for trade receivables, intangible assets, accrued liability balances, deferred revenue as well as potential unrecorded liabilities. We expect to finalize the purchase price allocation on or before April 19, 2025.</div>
                <div><br>
                </div>
                <div style="text-align: justify; font-family: Verdana, sans-serif; font-size: 9.5pt;">On June 10, 2024, Descartes acquired all of the shares of BoxTop Technologies Limited (&#8220;BoxTop&#8221;), a leading provider of shipment management solutions for
                  small- to mid-sized logistics services providers. The purchase price for the acquisition was approximately $12.1 million (GBP 9.5 million), net of cash acquired, which was funded from cash on hand. The gross contractual amount of trade
                  receivables acquired was nominal with a nominal fair value at the date of acquisition. Our acquisition date estimate of</div>
                <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
                  <div style="text-align: center;" class="BRPFPageNumberArea"><font style="font-family: Verdana, Geneva, 'sans-serif'; font-size: 8pt; font-weight: normal; font-style: normal;">47</font></div>
                  <div class="BRPFPageBreak" style="page-break-after: always;">
                    <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;">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, intangible assets, accrued liability balances, deferred revenue as well as potential unrecorded liabilities. We expect to finalize the purchase price allocation on or before June 10, 2025.</div>
                <div><br>
                </div>
                <div style="text-align: justify; font-family: Verdana, sans-serif; font-size: 9.5pt;">On September 17, 2024, Descartes acquired all of the shares of Assure Assist, Inc., doing business as MyCarrierPortal (&#8220;MCP&#8221;), a leading provider of
                  carrier onboarding and risk monitoring solutions for the trucking industry. The purchase price for the acquisition was approximately $22.5 million, net of cash acquired, which was funded from cash on hand, plus potential performance-based
                  consideration of up to $6.0 million based on MCP achieving revenue-based targets over the first two years post-acquisition. The fair value of the contingent consideration was valued at $1.7 million at the acquisition date. The gross
                  contractual amount of trade receivables acquired was nominal with a nominal fair value 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, intangible assets, accrued liability balances, deferred revenue as well as potential unrecorded liabilities. We expect to finalize the
                  purchase price allocation on or before September 17, 2025.</div>
                <div><br>
                </div>
                <div style="text-align: justify; font-family: Verdana, sans-serif; font-size: 9.5pt;">On October 11, 2024, Descartes acquired all of the shares of Sellercloud LLC and certain assets of Sellercloud Europe Ltd. (collectively referred to as
                  &#8220;Sellercloud&#8221;), a leading provider of omnichannel ecommerce solutions. The purchase price for the acquisition was approximately $110.2 million, net of cash acquired, which was funded from cash on hand, plus potential performance-based
                  consideration of up to $20.0 million based on Sellercloud achieving revenue-based targets over the first two years post-acquisition. The fair value of the contingent consideration was valued at $5.4 million at the acquisition date. The
                  gross contractual amount of trade receivables acquired was $1.0 million with a fair value of $1.0 million at the date of acquisition. Our acquisition date estimate of contractual cash flows not expected to be collected was nominal. The
                  completion of the initial purchase price allocation is pending the finalization of the fair value for trade receivables, intangible assets, accrued liability balances, deferred revenue as well as potential unrecorded liabilities. We
                  expect to finalize the purchase price allocation on or before October 11, 2025.</div>
                <div><br>
                </div>
                <div style="text-align: justify; font-family: Verdana, sans-serif; font-size: 9.5pt;">For the businesses acquired during fiscal 2025, we incurred acquisition-related costs of $1.7 million and $4.3 million for the three and nine month
                  periods ended October 31, 2024, respectively. 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 and nine month
                  periods ended October 31, 2024, we have recognized revenues of $10.2 million and $20.4 million, respectively, and net income of $2.1 million and $3.8 million, respectively, from OCR, ASD, BoxTop, MCP and Sellercloud since the date of
                  acquisition in our condensed consolidated statements of operations.</div>
                <div><br>
                </div>
                <div><br>
                </div>
                <div><br>
                </div>
                <div><br>
                </div>
                <div><br>
                </div>
                <div><br>
                </div>
                <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
                  <div style="text-align: center;" class="BRPFPageNumberArea"><font style="font-family: Verdana, Geneva, 'sans-serif'; font-size: 8pt; font-weight: normal; font-style: normal;">48</font></div>
                  <div class="BRPFPageBreak" style="page-break-after: always;">
                    <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>
                <table cellspacing="0" cellpadding="0" id="z87c87ec6bdda4f08b4fc798b757e99cf" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;">

                    <tr>
                      <td style="width: 100%; vertical-align: top;" colspan="7">
                        <div style="text-align: left; font-family: Verdana, sans-serif; font-size: 9.5pt;">The preliminary purchase price allocation for businesses acquired during fiscal 2025, which have not been finalized, is as follows:</div>
                      </td>
                    </tr>
                    <tr>
                      <td style="width: 35.02%; vertical-align: top;">&#160;</td>
                      <td style="width: 14.37%; vertical-align: bottom; border-bottom: #000000 0.50pt solid;">
                        <div style="text-align: right; margin-right: 2.9pt; font-family: Verdana, sans-serif; font-size: 9pt; font-weight: bold;">OCR</div>
                      </td>
                      <td style="width: 9.88%; vertical-align: bottom; border-bottom: #000000 0.50pt solid;">
                        <div style="text-align: right; margin-right: 3pt; font-family: Verdana, sans-serif; font-size: 9pt; font-weight: bold;">ASD</div>
                      </td>
                      <td style="width: 9.88%; vertical-align: bottom; border-bottom: #000000 0.50pt solid;">
                        <div style="text-align: right; margin-right: 3pt; font-family: Verdana, sans-serif; font-size: 9pt; font-weight: bold;">BoxTop</div>
                      </td>
                      <td style="width: 11.91%; vertical-align: bottom; border-bottom: #000000 0.50pt solid;">
                        <div style="text-align: right; margin-right: 3pt; font-family: Verdana, sans-serif; font-size: 9pt; font-weight: bold;">MCP</div>
                      </td>
                      <td style="width: 9.31%; vertical-align: bottom; border-bottom: #000000 0.50pt solid;">
                        <div style="text-align: right; margin-right: 3pt; font-family: Verdana, sans-serif; font-size: 9pt; font-weight: bold;">Seller-cloud</div>
                      </td>
                      <td style="width: 9.63%; vertical-align: bottom; border-bottom: #000000 0.50pt solid;">
                        <div style="text-align: right; margin-right: 3pt; font-family: Verdana, sans-serif; font-size: 9pt; font-weight: bold;">Total</div>
                      </td>
                    </tr>
                    <tr>
                      <td style="width: 35.02%; vertical-align: top;">
                        <div style="text-align: left; margin-right: 2.45pt; font-family: Verdana, sans-serif; font-size: 9pt;">Purchase price consideration:</div>
                      </td>
                      <td style="width: 14.37%; vertical-align: top; border-top: 0.5pt solid rgb(0, 0, 0); text-align: right;">&#160;</td>
                      <td style="width: 9.88%; vertical-align: top; border-top: 0.5pt solid rgb(0, 0, 0); text-align: right;">&#160;</td>
                      <td style="width: 9.88%; vertical-align: top; border-top: 0.5pt solid rgb(0, 0, 0); text-align: right;">&#160;</td>
                      <td style="width: 11.91%; vertical-align: top; border-top: 0.5pt solid rgb(0, 0, 0); text-align: right;">&#160;</td>
                      <td style="width: 9.31%; vertical-align: top; border-top: 0.5pt solid rgb(0, 0, 0); text-align: right;">&#160;</td>
                      <td style="width: 9.63%; vertical-align: top; border-top: 0.5pt solid rgb(0, 0, 0); text-align: right;">&#160;</td>
                    </tr>
                    <tr>
                      <td style="width: 35.02%; vertical-align: top;">
                        <div style="text-align: left; margin-right: 6.95pt; margin-left: 12pt; font-family: Verdana, sans-serif; font-size: 9pt;">Cash, net of cash acquired related to OCR ($5,743), ASD ($2,475), BoxTop ($1,012), MCP ($2,105) and
                          Sellercloud ($362)</div>
                      </td>
                      <td style="width: 14.37%; vertical-align: bottom;">
                        <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 9pt;">82,690</div>
                      </td>
                      <td style="width: 9.88%; vertical-align: bottom;">
                        <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 9pt;">58,945</div>
                      </td>
                      <td style="width: 9.88%; vertical-align: bottom;">
                        <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 9pt;">12,111</div>
                      </td>
                      <td style="width: 11.91%; vertical-align: bottom;">
                        <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 9pt;">22,508</div>
                      </td>
                      <td style="width: 9.31%; vertical-align: bottom;">
                        <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 9pt;">110,214</div>
                      </td>
                      <td style="width: 9.63%; vertical-align: bottom;">
                        <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 9pt;">286,468</div>
                      </td>
                    </tr>
                    <tr>
                      <td style="width: 35.02%; vertical-align: top;">
                        <div style="text-align: left; margin-right: 2.45pt; margin-left: 12pt; font-family: Verdana, sans-serif; font-size: 9pt;">Consideration payable</div>
                      </td>
                      <td style="width: 14.37%; vertical-align: top;">
                        <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 9pt;">159</div>
                      </td>
                      <td style="width: 9.88%; vertical-align: top;">
                        <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 9pt;">3,577</div>
                      </td>
                      <td style="width: 9.88%; vertical-align: top;">
                        <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 9pt;">-</div>
                      </td>
                      <td style="width: 11.91%; vertical-align: top;">
                        <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 9pt;">-</div>
                      </td>
                      <td style="width: 9.31%; vertical-align: top;">
                        <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 9pt;">-</div>
                      </td>
                      <td style="width: 9.63%; vertical-align: top;">
                        <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 9pt;">3,736</div>
                      </td>
                    </tr>
                    <tr>
                      <td style="width: 35.02%; vertical-align: top;">
                        <div style="text-align: left; margin-right: 2.45pt; margin-left: 12pt; font-family: Verdana, sans-serif; font-size: 9pt;">Contingent consideration</div>
                      </td>
                      <td style="width: 14.37%; vertical-align: top;">
                        <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 9pt;">-</div>
                      </td>
                      <td style="width: 9.88%; vertical-align: top;">
                        <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 9pt;">-</div>
                      </td>
                      <td style="width: 9.88%; vertical-align: top;">
                        <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 9pt;">-</div>
                      </td>
                      <td style="width: 11.91%; vertical-align: top;">
                        <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 9pt;">1,679</div>
                      </td>
                      <td style="width: 9.31%; vertical-align: top;">
                        <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 9pt;">5,364</div>
                      </td>
                      <td style="width: 9.63%; vertical-align: top;">
                        <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 9pt;">7,043</div>
                      </td>
                    </tr>
                    <tr>
                      <td style="width: 35.02%; vertical-align: top;">
                        <div style="text-align: left; margin-right: 2.45pt; margin-left: 12pt; font-family: Verdana, sans-serif; font-size: 9pt;">Net working capital adjustments (receivable) / payable</div>
                      </td>
                      <td style="width: 14.37%; vertical-align: top; border-bottom: #000000 0.50pt solid;">
                        <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 9pt;">189</div>
                      </td>
                      <td style="width: 9.88%; vertical-align: top; border-bottom: #000000 0.50pt solid;">
                        <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 9pt;">124</div>
                      </td>
                      <td style="width: 9.88%; vertical-align: top; border-bottom: #000000 0.50pt solid;">
                        <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 9pt;">(101)</div>
                      </td>
                      <td style="width: 11.91%; vertical-align: top; border-bottom: #000000 0.50pt solid;">
                        <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 9pt;">(103)</div>
                      </td>
                      <td style="width: 9.31%; vertical-align: top; border-bottom: #000000 0.50pt solid;">
                        <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 9pt;">358</div>
                      </td>
                      <td style="width: 9.63%; vertical-align: top; border-bottom: #000000 0.50pt solid;">
                        <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 9pt;">467</div>
                      </td>
                    </tr>
                    <tr>
                      <td style="width: 35.02%; vertical-align: top;">&#160;</td>
                      <td style="width: 14.37%; vertical-align: top; border-top: #000000 0.50pt solid; border-bottom: #000000 1.50pt solid;">
                        <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 9pt;">83,038</div>
                      </td>
                      <td style="width: 9.88%; vertical-align: top; border-top: #000000 0.50pt solid; border-bottom: #000000 1.50pt solid;">
                        <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 9pt;">62,646</div>
                      </td>
                      <td style="width: 9.88%; vertical-align: top; border-top: #000000 0.50pt solid; border-bottom: #000000 1.50pt solid;">
                        <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 9pt;">12,010</div>
                      </td>
                      <td style="width: 11.91%; vertical-align: top; border-top: #000000 0.50pt solid; border-bottom: #000000 1.50pt solid;">
                        <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 9pt;">24,084</div>
                      </td>
                      <td style="width: 9.31%; vertical-align: top; border-top: #000000 0.50pt solid; border-bottom: #000000 1.50pt solid;">
                        <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 9pt;">115,936</div>
                      </td>
                      <td style="width: 9.63%; vertical-align: top; border-top: #000000 0.50pt solid; border-bottom: #000000 1.50pt solid;">
                        <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 9pt;">297,714</div>
                      </td>
                    </tr>
                    <tr>
                      <td style="width: 35.02%; vertical-align: top;">
                        <div style="text-align: left; margin-right: 2.45pt; font-family: Verdana, sans-serif; font-size: 9pt;">Allocated to:</div>
                      </td>
                      <td style="width: 14.37%; vertical-align: top; text-align: right;">&#160;</td>
                      <td style="width: 9.88%; vertical-align: top; text-align: right;">&#160;</td>
                      <td style="width: 9.88%; vertical-align: top; text-align: right;">&#160;</td>
                      <td style="width: 11.91%; vertical-align: top; text-align: right;">&#160;</td>
                      <td style="width: 9.31%; vertical-align: top; text-align: right;">&#160;</td>
                      <td style="width: 9.63%; vertical-align: top; text-align: right;">&#160;</td>
                    </tr>
                    <tr>
                      <td style="width: 35.02%; vertical-align: top;">
                        <div style="text-align: left; margin-right: 6.95pt; margin-left: 12pt; font-family: Verdana, sans-serif; font-size: 9pt;">Current assets, excluding cash acquired</div>
                      </td>
                      <td style="width: 14.37%; vertical-align: top;">
                        <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 9pt;">4,669</div>
                      </td>
                      <td style="width: 9.88%; vertical-align: top;">
                        <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 9pt;">4,445</div>
                      </td>
                      <td style="width: 9.88%; vertical-align: top;">
                        <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 9pt;">56</div>
                      </td>
                      <td style="width: 11.91%; vertical-align: top;">
                        <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 9pt;">17</div>
                      </td>
                      <td style="width: 9.31%; vertical-align: top;">
                        <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 9pt;">1,267</div>
                      </td>
                      <td style="width: 9.63%; vertical-align: top;">
                        <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 9pt;">10,454</div>
                      </td>
                    </tr>
                    <tr>
                      <td style="width: 35.02%; vertical-align: top;">
                        <div style="text-align: left; margin-right: 2.45pt; margin-left: 12pt; font-family: Verdana, sans-serif; font-size: 9pt;">Deferred income tax assets</div>
                      </td>
                      <td style="width: 14.37%; vertical-align: top;">
                        <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 9pt;">77</div>
                      </td>
                      <td style="width: 9.88%; vertical-align: top;">
                        <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 9pt;">-</div>
                      </td>
                      <td style="width: 9.88%; vertical-align: top;">
                        <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 9pt;">-</div>
                      </td>
                      <td style="width: 11.91%; vertical-align: top;">
                        <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 9pt;">-</div>
                      </td>
                      <td style="width: 9.31%; vertical-align: top;">
                        <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 9pt;">-</div>
                      </td>
                      <td style="width: 9.63%; vertical-align: top;">
                        <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 9pt;">77</div>
                      </td>
                    </tr>
                    <tr>
                      <td style="width: 35.02%; vertical-align: top;">
                        <div style="text-align: left; margin-right: 2.45pt; margin-left: 12pt; font-family: Verdana, sans-serif; font-size: 9pt;">Right-of-use assets</div>
                      </td>
                      <td style="width: 14.37%; vertical-align: top;">
                        <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 9pt;">59</div>
                      </td>
                      <td style="width: 9.88%; vertical-align: top;">
                        <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 9pt;">-</div>
                      </td>
                      <td style="width: 9.88%; vertical-align: top;">
                        <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 9pt;">186</div>
                      </td>
                      <td style="width: 11.91%; vertical-align: top;">
                        <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 9pt;">-</div>
                      </td>
                      <td style="width: 9.31%; vertical-align: top;">
                        <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 9pt;">-</div>
                      </td>
                      <td style="width: 9.63%; vertical-align: top;">
                        <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 9pt;">245</div>
                      </td>
                    </tr>
                    <tr>
                      <td style="width: 35.02%; vertical-align: top;">
                        <div style="text-align: left; margin-right: 2.45pt; margin-left: 12pt; font-family: Verdana, sans-serif; font-size: 9pt;">Other long-term assets</div>
                      </td>
                      <td style="width: 14.37%; vertical-align: top;">
                        <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 9pt;">13</div>
                      </td>
                      <td style="width: 9.88%; vertical-align: top;">
                        <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 9pt;">6</div>
                      </td>
                      <td style="width: 9.88%; vertical-align: top;">
                        <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 9pt;">1</div>
                      </td>
                      <td style="width: 11.91%; vertical-align: top;">
                        <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 9pt;">-</div>
                      </td>
                      <td style="width: 9.31%; vertical-align: top;">
                        <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 9pt;">5</div>
                      </td>
                      <td style="width: 9.63%; vertical-align: top;">
                        <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 9pt;">25</div>
                      </td>
                    </tr>
                    <tr>
                      <td style="width: 35.02%; vertical-align: top;">
                        <div style="text-align: left; margin-right: 2.45pt; margin-left: 12pt; font-family: Verdana, sans-serif; font-size: 9pt;">Current liabilities</div>
                      </td>
                      <td style="width: 14.37%; vertical-align: top;">
                        <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 9pt;">(881)</div>
                      </td>
                      <td style="width: 9.88%; vertical-align: top;">
                        <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 9pt;">(1,108)</div>
                      </td>
                      <td style="width: 9.88%; vertical-align: top;">
                        <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 9pt;">(568)</div>
                      </td>
                      <td style="width: 11.91%; vertical-align: top;">
                        <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 9pt;">(1,046)</div>
                      </td>
                      <td style="width: 9.31%; vertical-align: top;">
                        <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 9pt;">(606)</div>
                      </td>
                      <td style="width: 9.63%; vertical-align: top;">
                        <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 9pt;">(4,209)</div>
                      </td>
                    </tr>
                    <tr>
                      <td style="width: 35.02%; vertical-align: top;">
                        <div style="text-align: left; margin-right: 2.45pt; margin-left: 12pt; font-family: Verdana, sans-serif; font-size: 9pt;">Deferred revenue</div>
                      </td>
                      <td style="width: 14.37%; vertical-align: top;">
                        <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 9pt;">(9,822)</div>
                      </td>
                      <td style="width: 9.88%; vertical-align: top;">
                        <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 9pt;">(330)</div>
                      </td>
                      <td style="width: 9.88%; vertical-align: top;">
                        <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 9pt;">(454)</div>
                      </td>
                      <td style="width: 11.91%; vertical-align: top;">
                        <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 9pt;">(1,816)</div>
                      </td>
                      <td style="width: 9.31%; vertical-align: top;">
                        <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 9pt;">(239)</div>
                      </td>
                      <td style="width: 9.63%; vertical-align: top;">
                        <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 9pt;">(12,661)</div>
                      </td>
                    </tr>
                    <tr>
                      <td style="width: 35.02%; vertical-align: top;">
                        <div style="text-align: left; margin-right: 2.45pt; margin-left: 12pt; font-family: Verdana, sans-serif; font-size: 9pt;">Lease obligations</div>
                      </td>
                      <td style="width: 14.37%; vertical-align: top;">
                        <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 9pt;">(59)</div>
                      </td>
                      <td style="width: 9.88%; vertical-align: top;">
                        <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 9pt;">-</div>
                      </td>
                      <td style="width: 9.88%; vertical-align: top;">
                        <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 9pt;">(186)</div>
                      </td>
                      <td style="width: 11.91%; vertical-align: top;">
                        <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 9pt;">-</div>
                      </td>
                      <td style="width: 9.31%; vertical-align: top;">
                        <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 9pt;">-</div>
                      </td>
                      <td style="width: 9.63%; vertical-align: top;">
                        <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 9pt;">(245)</div>
                      </td>
                    </tr>
                    <tr>
                      <td style="width: 35.02%; vertical-align: top;">
                        <div style="text-align: left; margin-right: 2.45pt; margin-left: 12pt; font-family: Verdana, sans-serif; font-size: 9pt;">Deferred income tax liabilities</div>
                      </td>
                      <td style="width: 14.37%; vertical-align: top;">
                        <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 9pt;">(13,107)</div>
                      </td>
                      <td style="width: 9.88%; vertical-align: top;">
                        <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 9pt;">(3,319)</div>
                      </td>
                      <td style="width: 9.88%; vertical-align: top;">
                        <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 9pt;">(1,743)</div>
                      </td>
                      <td style="width: 11.91%; vertical-align: top;">
                        <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 9pt;">-</div>
                      </td>
                      <td style="width: 9.31%; vertical-align: top;">
                        <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 9pt;">-</div>
                      </td>
                      <td style="width: 9.63%; vertical-align: top;">
                        <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 9pt;">(18,169)</div>
                      </td>
                    </tr>
                    <tr>
                      <td style="width: 35.02%; vertical-align: top;">
                        <div style="text-align: left; margin-right: 2.45pt; font-family: Verdana, sans-serif; font-size: 9pt;">Net tangible assets (liabilities) assumed</div>
                      </td>
                      <td style="width: 14.37%; vertical-align: top; border-top: #000000 0.50pt solid;">
                        <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 9pt;">(19,051)</div>
                      </td>
                      <td style="width: 9.88%; vertical-align: top; border-top: #000000 0.50pt solid;">
                        <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 9pt;">(306)</div>
                      </td>
                      <td style="width: 9.88%; vertical-align: top; border-top: #000000 0.50pt solid;">
                        <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 9pt;">(2,708)</div>
                      </td>
                      <td style="width: 11.91%; vertical-align: top; border-top: #000000 0.50pt solid;">
                        <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 9pt;">(2,845)</div>
                      </td>
                      <td style="width: 9.31%; vertical-align: top; border-top: #000000 0.50pt solid;">
                        <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 9pt;">427</div>
                      </td>
                      <td style="width: 9.63%; vertical-align: top; border-top: #000000 0.50pt solid;">
                        <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 9pt;">(24,483)</div>
                      </td>
                    </tr>
                    <tr>
                      <td style="width: 35.02%; vertical-align: top;">
                        <div style="text-align: left; margin-right: 2.45pt; font-family: Verdana, sans-serif; font-size: 9pt;">Finite life intangible assets acquired:</div>
                      </td>
                      <td style="width: 14.37%; vertical-align: top; text-align: right;">&#160;</td>
                      <td style="width: 9.88%; vertical-align: top; text-align: right;">&#160;</td>
                      <td style="width: 9.88%; vertical-align: top; text-align: right;">&#160;</td>
                      <td style="width: 11.91%; vertical-align: top; text-align: right;">&#160;</td>
                      <td style="width: 9.31%; vertical-align: top; text-align: right;">&#160;</td>
                      <td style="width: 9.63%; vertical-align: top; text-align: right;">&#160;</td>
                    </tr>
                    <tr>
                      <td style="width: 35.02%; vertical-align: top;">
                        <div style="text-align: left; margin-right: 2.45pt; margin-left: 13.45pt; font-family: Verdana, sans-serif; font-size: 9pt;">Customer agreements and relationships</div>
                      </td>
                      <td style="width: 14.37%; vertical-align: top;">
                        <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 9pt;">24,200</div>
                      </td>
                      <td style="width: 9.88%; vertical-align: top;">
                        <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 9pt;">12,247</div>
                      </td>
                      <td style="width: 9.88%; vertical-align: top;">
                        <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 9pt;">2,926</div>
                      </td>
                      <td style="width: 11.91%; vertical-align: top;">
                        <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 9pt;">4,900</div>
                      </td>
                      <td style="width: 9.31%; vertical-align: top;">
                        <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 9pt;">17,300</div>
                      </td>
                      <td style="width: 9.63%; vertical-align: top;">
                        <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 9pt;">61,573</div>
                      </td>
                    </tr>
                    <tr>
                      <td style="width: 35.02%; vertical-align: top;">
                        <div style="text-align: left; text-indent: 13.45pt; margin-right: 2.45pt; font-family: Verdana, sans-serif; font-size: 9pt;">Existing technology</div>
                      </td>
                      <td style="width: 14.37%; vertical-align: top;">
                        <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 9pt;">25,000</div>
                      </td>
                      <td style="width: 9.88%; vertical-align: top;">
                        <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 9pt;">14,377</div>
                      </td>
                      <td style="width: 9.88%; vertical-align: top;">
                        <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 9pt;">3,944</div>
                      </td>
                      <td style="width: 11.91%; vertical-align: top;">
                        <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 9pt;">8,300</div>
                      </td>
                      <td style="width: 9.31%; vertical-align: top;">
                        <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 9pt;">25,200</div>
                      </td>
                      <td style="width: 9.63%; vertical-align: top;">
                        <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 9pt;">76,821</div>
                      </td>
                    </tr>
                    <tr>
                      <td style="width: 35.02%; vertical-align: top;">
                        <div style="text-align: left; margin-right: 2.45pt; margin-left: 13.45pt; font-family: Verdana, sans-serif; font-size: 9pt;">Trade names</div>
                      </td>
                      <td style="width: 14.37%; vertical-align: top;">
                        <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 9pt;">1,500</div>
                      </td>
                      <td style="width: 9.88%; vertical-align: top;">
                        <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 9pt;">298</div>
                      </td>
                      <td style="width: 9.88%; vertical-align: top;">
                        <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 9pt;">25</div>
                      </td>
                      <td style="width: 11.91%; vertical-align: top;">
                        <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 9pt;">150</div>
                      </td>
                      <td style="width: 9.31%; vertical-align: top;">
                        <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 9pt;">250</div>
                      </td>
                      <td style="width: 9.63%; vertical-align: top;">
                        <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 9pt;">2,223</div>
                      </td>
                    </tr>
                    <tr>
                      <td style="width: 35.02%; vertical-align: top;">
                        <div style="text-align: left; margin-right: 2.45pt; font-family: Verdana, sans-serif; font-size: 9pt;">&#160;&#160;&#160;&#160;Non-compete covenants</div>
                      </td>
                      <td style="width: 14.37%; vertical-align: top;">
                        <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 9pt;">600</div>
                      </td>
                      <td style="width: 9.88%; vertical-align: top;">
                        <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 9pt;">426</div>
                      </td>
                      <td style="width: 9.88%; vertical-align: top;">
                        <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 9pt;">76</div>
                      </td>
                      <td style="width: 11.91%; vertical-align: top;">
                        <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 9pt;">150</div>
                      </td>
                      <td style="width: 9.31%; vertical-align: top;">
                        <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 9pt;">700</div>
                      </td>
                      <td style="width: 9.63%; vertical-align: top;">
                        <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 9pt;">1,952</div>
                      </td>
                    </tr>
                    <tr>
                      <td style="width: 35.02%; vertical-align: top;">
                        <div style="text-align: left; margin-right: 2.45pt; font-family: Verdana, sans-serif; font-size: 9pt;">Goodwill</div>
                      </td>
                      <td style="width: 14.37%; vertical-align: top;">
                        <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 9pt;">50,789</div>
                      </td>
                      <td style="width: 9.88%; vertical-align: top;">
                        <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 9pt;">35,604</div>
                      </td>
                      <td style="width: 9.88%; vertical-align: top;">
                        <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 9pt;">7,747</div>
                      </td>
                      <td style="width: 11.91%; vertical-align: top;">
                        <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 9pt;">13,429</div>
                      </td>
                      <td style="width: 9.31%; vertical-align: top;">
                        <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 9pt;">72,059</div>
                      </td>
                      <td style="width: 9.63%; vertical-align: top;">
                        <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 9pt;">179,628</div>
                      </td>
                    </tr>
                    <tr>
                      <td style="width: 35.02%; vertical-align: top;">&#160;</td>
                      <td style="width: 14.37%; vertical-align: top; border-top: #000000 0.50pt solid; border-bottom: #000000 1.50pt solid;">
                        <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 9pt;">83,038</div>
                      </td>
                      <td style="width: 9.88%; vertical-align: top; border-top: #000000 0.50pt solid; border-bottom: #000000 1.50pt solid;">
                        <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 9pt;">62,646</div>
                      </td>
                      <td style="width: 9.88%; vertical-align: top; border-top: #000000 0.50pt solid; border-bottom: #000000 1.50pt solid;">
                        <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 9pt;">12,010</div>
                      </td>
                      <td style="width: 11.91%; vertical-align: top; border-top: #000000 0.50pt solid; border-bottom: #000000 1.50pt solid;">
                        <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 9pt;">24,084</div>
                      </td>
                      <td style="width: 9.31%; vertical-align: top; border-top: #000000 0.50pt solid; border-bottom: #000000 1.50pt solid;">
                        <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 9pt;">115,936</div>
                      </td>
                      <td style="width: 9.63%; vertical-align: top; border-top: #000000 0.50pt solid; border-bottom: #000000 1.50pt solid;">
                        <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 9pt;">297,714</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 class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
                  <div style="text-align: center;" class="BRPFPageNumberArea"><font style="font-family: Verdana, Geneva, 'sans-serif'; font-size: 8pt; font-weight: normal; font-style: normal;">49</font></div>
                  <div class="BRPFPageBreak" style="page-break-after: always;">
                    <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;">The acquired intangible assets are being amortized over their estimated useful lives as follows:</div>
                <div><br>
                </div>
                <table cellspacing="0" cellpadding="0" id="zd72a69aec53744ea89d0e2b6071fd6d6" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;">

                    <tr>
                      <td style="width: 47.08%; vertical-align: top;">&#160;</td>
                      <td style="width: 10.59%; vertical-align: top; border-bottom: #000000 0.50pt solid;">
                        <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">OCR</div>
                      </td>
                      <td style="width: 10.58%; vertical-align: top; border-bottom: #000000 0.50pt solid;">
                        <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">ASD</div>
                      </td>
                      <td style="width: 10.58%; vertical-align: top; border-bottom: #000000 0.50pt solid;">
                        <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">BoxTop</div>
                      </td>
                      <td style="width: 10.58%; vertical-align: top; border-bottom: #000000 0.50pt solid;">
                        <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">MCP</div>
                      </td>
                      <td style="width: 10.58%; vertical-align: top; border-bottom: #000000 0.50pt solid;">
                        <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">Seller-cloud</div>
                      </td>
                    </tr>
                    <tr>
                      <td style="width: 47.08%; 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: 10.59%; vertical-align: top; border-top: #000000 0.50pt solid;">
                        <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt;">13 years</div>
                      </td>
                      <td style="width: 10.58%; vertical-align: top; border-top: #000000 0.50pt solid;">
                        <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt;">13 years</div>
                      </td>
                      <td style="width: 10.58%; vertical-align: top; border-top: #000000 0.50pt solid;">
                        <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt;">13 years</div>
                      </td>
                      <td style="width: 10.58%; vertical-align: top; border-top: #000000 0.50pt solid;">
                        <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt;">8 years</div>
                      </td>
                      <td style="width: 10.58%; vertical-align: top; border-top: #000000 0.50pt solid;">
                        <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt;">12 years</div>
                      </td>
                    </tr>
                    <tr>
                      <td style="width: 47.08%; 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: 10.59%; vertical-align: top;">
                        <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt;">6 years</div>
                      </td>
                      <td style="width: 10.58%; vertical-align: top;">
                        <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt;">6 years</div>
                      </td>
                      <td style="width: 10.58%; vertical-align: top;">
                        <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt;">6 years</div>
                      </td>
                      <td style="width: 10.58%; vertical-align: top;">
                        <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt;">6 years</div>
                      </td>
                      <td style="width: 10.58%; 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: 47.08%; 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: 10.59%; vertical-align: top;">
                        <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt;">10 years</div>
                      </td>
                      <td style="width: 10.58%; vertical-align: top;">
                        <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt;">3-6 years</div>
                      </td>
                      <td style="width: 10.58%; vertical-align: top;">
                        <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt;">2 years</div>
                      </td>
                      <td style="width: 10.58%; vertical-align: top;">
                        <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt;">3 years</div>
                      </td>
                      <td style="width: 10.58%; vertical-align: top;">
                        <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt;">3 years</div>
                      </td>
                    </tr>
                    <tr>
                      <td style="width: 47.08%; 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: 10.59%; vertical-align: top;">
                        <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt;">5 years</div>
                      </td>
                      <td style="width: 10.58%; vertical-align: top;">
                        <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt;">5 years</div>
                      </td>
                      <td style="width: 10.58%; vertical-align: top;">
                        <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt;">5 years</div>
                      </td>
                      <td style="width: 10.58%; vertical-align: top;">
                        <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt;">5 years</div>
                      </td>
                      <td style="width: 10.58%; vertical-align: top;">
                        <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt;">5 years</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 OCR, ASD, BoxTop, MCP and Sellercloud acquisitions arose as a result of the combined strategic value to our growth plan. The goodwill
                  arising from the OCR, ASD and BoxTop acquisitions are not deductible for tax purposes. The goodwill arising from the MCP and Sellercloud 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 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 purchase price was finalized in the three month period ended January 31, 2024 with no adjustments.</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 purchase price was finalized in the three month period
                  ended April 30, 2024 with no adjustments.</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 Sellercloud, MCP,
                  BoxTop, ASD, OCR, Localz, and GroundCloud as of February 1, 2023.</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 Sellercloud, MCP, BoxTop, ASD, OCR, Localz, and GroundCloud occurred at February 1, 2023, or to project our results of operations for any future period.</div>
                <div><br>
                </div>
                <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
                  <div style="text-align: center;" class="BRPFPageNumberArea"><font style="font-family: Verdana, Geneva, 'sans-serif'; font-size: 8pt; font-weight: normal; font-style: normal;">50</font></div>
                  <div class="BRPFPageBreak" style="page-break-after: always;">
                    <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" id="z5f3d68788fbc420cacae61ec7a90909f" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;">

                    <tr>
                      <td style="width: 46.35%; vertical-align: top;">&#160;</td>
                      <td style="width: 25.85%; vertical-align: top; border-top: #000000 0.50pt solid;" colspan="2">
                        <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">Three Months Ended</div>
                      </td>
                      <td style="width: 1.78%; vertical-align: top;">&#160;</td>
                      <td style="width: 26.01%; vertical-align: top; border-top: #000000 0.50pt solid;" colspan="2">
                        <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">Nine Months Ended</div>
                      </td>
                    </tr>
                    <tr>
                      <td style="width: 46.35%; vertical-align: top;">&#160;</td>
                      <td style="width: 13.37%; vertical-align: top; border-top: #000000 0.50pt solid;">
                        <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">October 31,</div>
                      </td>
                      <td style="width: 12.48%; vertical-align: top; border-top: #000000 0.50pt solid;">
                        <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt;">October 31,</div>
                      </td>
                      <td style="width: 1.78%; vertical-align: top;" rowspan="3">&#160;</td>
                      <td style="width: 13.37%; vertical-align: top; border-top: #000000 0.50pt solid;">
                        <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">October 31,</div>
                      </td>
                      <td style="width: 12.64%; vertical-align: top; border-top: #000000 0.50pt solid;">
                        <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt;">October 31,</div>
                      </td>
                    </tr>
                    <tr>
                      <td style="width: 46.35%; vertical-align: top;">&#160;</td>
                      <td style="width: 13.37%; vertical-align: top; border-bottom: #000000 0.50pt solid;">
                        <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">2024</div>
                      </td>
                      <td style="width: 12.48%; vertical-align: top; border-bottom: #000000 0.50pt solid;">
                        <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt;">2023</div>
                      </td>
                      <td style="width: 13.37%; vertical-align: top; border-bottom: #000000 0.50pt solid;">
                        <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">2024</div>
                      </td>
                      <td style="width: 12.64%; vertical-align: top; border-bottom: #000000 0.50pt solid;">
                        <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt;">2023</div>
                      </td>
                    </tr>
                    <tr>
                      <td style="width: 46.35%; vertical-align: top;">&#160;</td>
                      <td style="width: 13.37%; vertical-align: top; border-top: #000000 0.50pt solid;">&#160;</td>
                      <td style="width: 12.48%; vertical-align: top; border-top: #000000 0.50pt solid;">&#160;</td>
                      <td style="width: 13.37%; vertical-align: top; border-top: #000000 0.50pt solid;">&#160;</td>
                      <td style="width: 12.64%; vertical-align: top; border-top: #000000 0.50pt solid;">&#160;</td>
                    </tr>
                    <tr>
                      <td style="width: 46.35%; vertical-align: top;">
                        <div style="text-align: left; font-family: Verdana, sans-serif; font-size: 9.5pt;">Revenue</div>
                      </td>
                      <td style="width: 13.37%; vertical-align: top;">
                        <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">173,737</div>
                      </td>
                      <td style="width: 12.48%; vertical-align: top;">
                        <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt;">157,622</div>
                      </td>
                      <td style="width: 1.78%; vertical-align: top;" rowspan="5">&#160;</td>
                      <td style="width: 13.37%; vertical-align: bottom;">
                        <div style="text-align: right; text-indent: 1.5pt; font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">508,085</div>
                      </td>
                      <td style="width: 12.64%; vertical-align: bottom;">
                        <div style="text-align: right; text-indent: 1.5pt; font-family: Verdana, sans-serif; font-size: 9.5pt;">465,493</div>
                      </td>
                    </tr>
                    <tr>
                      <td style="width: 46.35%; vertical-align: top;">
                        <div style="text-align: left; font-family: Verdana, sans-serif; font-size: 9.5pt;">Net income</div>
                      </td>
                      <td style="width: 13.37%; vertical-align: top;">
                        <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">36,552</div>
                      </td>
                      <td style="width: 12.48%; vertical-align: top;">
                        <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt;">24,702</div>
                      </td>
                      <td style="width: 13.37%; vertical-align: top;">
                        <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">104,803</div>
                      </td>
                      <td style="width: 12.64%; vertical-align: top;">
                        <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt;">77,612</div>
                      </td>
                    </tr>
                    <tr>
                      <td style="width: 46.35%; 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: 13.37%; vertical-align: top;">&#160;</td>
                      <td style="width: 12.48%; vertical-align: top;">&#160;</td>
                      <td style="width: 13.37%; vertical-align: top;">&#160;</td>
                      <td style="width: 12.64%; vertical-align: top;">&#160;</td>
                    </tr>
                    <tr>
                      <td style="width: 46.35%; 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: 13.37%; vertical-align: top;">
                        <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">0.43</div>
                      </td>
                      <td style="width: 12.48%; vertical-align: top;">
                        <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt;">0.29</div>
                      </td>
                      <td style="width: 13.37%; vertical-align: top;">
                        <div style="text-align: right; text-indent: 1.5pt; font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">1.23</div>
                      </td>
                      <td style="width: 12.64%; vertical-align: top;">
                        <div style="text-align: right; text-indent: 1.5pt; font-family: Verdana, sans-serif; font-size: 9.5pt;">0.91</div>
                      </td>
                    </tr>
                    <tr>
                      <td style="width: 46.35%; 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: 13.37%; vertical-align: top;">
                        <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">0.42</div>
                      </td>
                      <td style="width: 12.48%; vertical-align: top;">
                        <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt;">0.28</div>
                      </td>
                      <td style="width: 13.37%; vertical-align: top;">
                        <div style="text-align: right; text-indent: 1.5pt; font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">1.20</div>
                      </td>
                      <td style="width: 12.64%; vertical-align: top;">
                        <div style="text-align: right; text-indent: 1.5pt; font-family: Verdana, sans-serif; font-size: 9.5pt;">0.89</div>
                      </td>
                    </tr>

                </table>
                <div><br>
                </div>
                <div><br>
                </div>
                <div style="text-align: justify; font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;"><a name="z_Hlk72509435"></a>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" id="zdb848dedbc7b454bb66244db524c5255" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

                    <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" id="z6c29174643624a5b93708851e7d1f93d" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

                    <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" id="z14d448f64053437589d32e8dac056fa2" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

                    <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 October 31, 2024:</div>
                <div><br>
                </div>
                <table cellspacing="0" cellpadding="0" id="zfcfc574d6f3e49e2b885bb51326a1ce2" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;">

                    <tr>
                      <td style="width: 38.34%; vertical-align: top;">&#160;</td>
                      <td style="width: 15.4%; vertical-align: bottom; border-top: #000000 0.50pt solid; border-bottom: #000000 0.50pt solid;">
                        <div style="text-align: right; text-indent: 1.5pt; font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">Level 1</div>
                      </td>
                      <td style="width: 15.4%; vertical-align: bottom; border-top: #000000 0.25pt solid; border-bottom: #000000 0.50pt solid;">
                        <div style="text-align: right; text-indent: 1.5pt; font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">Level 2</div>
                      </td>
                      <td style="width: 15.4%; vertical-align: bottom; border-top: #000000 0.25pt solid; border-bottom: #000000 0.50pt solid;">
                        <div style="text-align: right; text-indent: 1.5pt; font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">Level 3</div>
                      </td>
                      <td style="width: 15.45%; vertical-align: bottom; border-top: #000000 0.25pt solid; border-bottom: #000000 0.50pt solid;">
                        <div style="text-align: right; text-indent: 1.5pt; font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">Total</div>
                      </td>
                    </tr>
                    <tr>
                      <td style="width: 38.34%; vertical-align: top;">
                        <div style="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: 0.5pt solid rgb(0, 0, 0); text-align: right;">&#160;</td>
                      <td style="width: 15.4%; vertical-align: top; border-top: 0.5pt solid rgb(0, 0, 0); text-align: right;">&#160;</td>
                      <td style="width: 15.4%; vertical-align: top; border-top: 0.5pt solid rgb(0, 0, 0); text-align: right;">&#160;</td>
                      <td style="width: 15.45%; vertical-align: top; border-top: 0.5pt solid rgb(0, 0, 0); text-align: right;">&#160;</td>
                    </tr>
                    <tr>
                      <td style="width: 38.34%; vertical-align: top;">
                        <div style="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;">21,855</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;">21,855</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 1.50pt solid;">
                        <div style="text-align: right; text-indent: 1.5pt; font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">-</div>
                      </td>
                      <td style="width: 15.4%; vertical-align: top; border-bottom: #000000 1.50pt solid;">
                        <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 9.5pt; font-weight: bold;">-</div>
                      </td>
                      <td style="width: 15.4%; vertical-align: top; border-bottom: #000000 1.50pt solid;">
                        <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 9.5pt; font-weight: bold;">8,543</div>
                      </td>
                      <td style="width: 15.45%; vertical-align: top; border-bottom: #000000 1.50pt solid;">
                        <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 9.5pt; font-weight: bold;">8,543</div>
                      </td>
                    </tr>

                </table>
                <div><br>
                </div>
                <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
                  <div style="text-align: center;" class="BRPFPageNumberArea"><font style="font-family: Verdana, Geneva, 'sans-serif'; font-size: 8pt; font-weight: normal; font-style: normal;">51</font></div>
                  <div class="BRPFPageBreak" style="page-break-after: always;">
                    <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, 2024:</div>
                <div><br>
                </div>
                <table cellspacing="0" cellpadding="0" id="z6fd038c1cc2041b4a9901564533bdc23" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;">

                    <tr>
                      <td style="width: 38.34%; vertical-align: top;">&#160;</td>
                      <td style="width: 15.4%; vertical-align: bottom; border-top: #000000 0.50pt solid; border-bottom: #000000 0.50pt solid;">
                        <div style="text-align: right; text-indent: 1.5pt; font-family: Verdana, sans-serif; font-size: 9.5pt;">Level 1</div>
                      </td>
                      <td style="width: 15.4%; vertical-align: bottom; border-top: #000000 0.25pt solid; border-bottom: #000000 0.50pt solid;">
                        <div style="text-align: right; text-indent: 1.5pt; font-family: Verdana, sans-serif; font-size: 9.5pt;">Level 2</div>
                      </td>
                      <td style="width: 15.4%; vertical-align: bottom; border-top: #000000 0.25pt solid; border-bottom: #000000 0.50pt solid;">
                        <div style="text-align: right; text-indent: 1.5pt; font-family: Verdana, sans-serif; font-size: 9.5pt;">Level 3</div>
                      </td>
                      <td style="width: 15.45%; vertical-align: bottom; border-top: #000000 0.25pt solid; border-bottom: #000000 0.50pt solid;">
                        <div style="text-align: right; text-indent: 1.5pt; font-family: Verdana, sans-serif; font-size: 9.5pt;">Total</div>
                      </td>
                    </tr>
                    <tr>
                      <td style="width: 38.34%; vertical-align: top;">
                        <div style="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: 0.5pt solid rgb(0, 0, 0); text-align: right;">&#160;</td>
                      <td style="width: 15.4%; vertical-align: top; border-top: 0.5pt solid rgb(0, 0, 0); text-align: right;">&#160;</td>
                      <td style="width: 15.4%; vertical-align: top; border-top: 0.5pt solid rgb(0, 0, 0); text-align: right;">&#160;</td>
                      <td style="width: 15.45%; vertical-align: top; border-top: 0.5pt solid rgb(0, 0, 0); text-align: right;">&#160;</td>
                    </tr>
                    <tr>
                      <td style="width: 38.34%; vertical-align: top;">
                        <div style="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;">16,206</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;">16,206</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 1.50pt solid;">
                        <div style="text-align: right; text-indent: 1.5pt; font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">-</div>
                      </td>
                      <td style="width: 15.4%; vertical-align: top; border-bottom: #000000 1.50pt solid;">
                        <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 9.5pt; font-weight: bold;">-</div>
                      </td>
                      <td style="width: 15.4%; vertical-align: top; border-bottom: #000000 1.50pt solid;">
                        <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 9.5pt; font-weight: bold;">35,146</div>
                      </td>
                      <td style="width: 15.45%; vertical-align: top; border-bottom: #000000 1.50pt solid;">
                        <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 9.5pt; font-weight: bold;">35,146</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 October 31, 2024, we had equity derivatives for
                  330,441 Descartes common shares with a weighted average purchase price of $37.78.</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; color: #000000;">our common shares at the balance sheet date </font>(Level 2 fair value inputs). The fair value of equity contract derivatives is recorded as other current assets and gains and
                  losses are recorded in general and administrative expenses in the condensed consolidated financial statements. During the three and nine months ended October 31, 2024, we recognized an expense (recovery) in general and administrative
                  expenses of ($1.0) million and ($6.3) million, respectively, compared to an expense (recovery) of $0.6 million and ($0.6) million for the same periods of fiscal 2024, 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 16%). 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" id="zfe6c713c72544af39995a46d52fdf22d" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;">

                    <tr>
                      <td style="width: 86.41%; vertical-align: top;">&#160;</td>
                      <td style="width: 13.59%; vertical-align: top; border-top: #000000 0.50pt solid; border-bottom: #000000 0.50pt solid;">
                        <div style="text-align: right; text-indent: 1.5pt; font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">Level 3</div>
                      </td>
                    </tr>
                    <tr>
                      <td style="width: 86.41%; vertical-align: top;">
                        <div style="text-align: left; text-indent: -36pt; margin-left: 36pt; font-family: Verdana, sans-serif; font-size: 9.5pt;">Balance at January 31, 2024</div>
                      </td>
                      <td style="width: 13.59%; vertical-align: bottom; border-top: #000000 0.50pt solid;">
                        <div style="text-align: right; text-indent: 1.5pt; font-family: Verdana,sans-serif; font-size: 9.5pt;">35,146</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;">7,043</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;">Cash payments</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;">(34,210)</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;">575</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 and other</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)</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 October 31, 2024</div>
                      </td>
                      <td style="width: 13.59%; vertical-align: bottom; border-top: #000000 0.50pt solid; border-bottom: #000000 1.50pt solid;">
                        <div style="text-align: right; text-indent: 1.5pt; font-family: Verdana,sans-serif; font-size: 9.5pt; font-weight: bold;">8,543</div>
                      </td>
                    </tr>

                </table>
                <div><br>
                </div>
                <div style="text-align: justify; font-family: Verdana, sans-serif; font-size: 9.5pt;">Contingent consideration paid in the nine months ended October 31, 2024 totaled $34.2 million, of which $9.2 million related to the portion of the
                  earn-out arrangements accrued for at the time of acquisition and the remainder of $25.0 million was paid out of cash flow from operating activities.</div>
                <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" id="z029905fa7211427db303e46f2b0174f3" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;">

                    <tr>
                      <td style="width: 72.32%; vertical-align: top;">&#160;</td>
                      <td style="width: 15.18%; vertical-align: top; border-top: #000000 0.50pt solid;">
                        <div style="text-align: right; text-indent: 1.5pt; font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">October 31,</div>
                      </td>
                      <td style="width: 12.5%; vertical-align: top; border-top: #000000 0.50pt solid;">
                        <div style="text-align: right; text-indent: 1.5pt; font-family: Verdana, sans-serif; font-size: 9.5pt;">January 31,</div>
                      </td>
                    </tr>
                    <tr>
                      <td style="width: 72.32%; vertical-align: top;">&#160;</td>
                      <td style="width: 15.18%; vertical-align: top; border-bottom: #000000 0.50pt solid;">
                        <div style="text-align: right; text-indent: 1.5pt; font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">2024</div>
                      </td>
                      <td style="width: 12.5%; vertical-align: top; border-bottom: #000000 0.50pt solid;">
                        <div style="text-align: right; text-indent: 1.5pt; font-family: Verdana, sans-serif; font-size: 9.5pt;">2024</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;">55,253</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;">52,268</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 0.50pt solid;">
                        <div style="text-align: right; text-indent: 1.5pt; font-family: Verdana,sans-serif; font-size: 9.5pt; font-weight: bold;">(927)</div>
                      </td>
                      <td style="width: 12.5%; vertical-align: top; border-bottom: #000000 0.50pt solid;">
                        <div style="text-align: right; text-indent: 1.5pt; font-family: Verdana,sans-serif; font-size: 9.5pt;">(699)</div>
                      </td>
                    </tr>
                    <tr>
                      <td style="width: 72.32%; vertical-align: top;">&#160;</td>
                      <td style="width: 15.18%; vertical-align: top; border-top: #000000 0.50pt solid; border-bottom: #000000 1.50pt solid;">
                        <div style="text-align: right; text-indent: 1.5pt; font-family: Verdana,sans-serif; font-size: 9.5pt; font-weight: bold;">54,326</div>
                      </td>
                      <td style="width: 12.5%; vertical-align: top; border-top: #000000 0.50pt solid; border-bottom: #000000 1.50pt solid;">
                        <div style="text-align: right; text-indent: 1.5pt; font-family: Verdana,sans-serif; font-size: 9.5pt;">51,569</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 $5.1 million as at October 31, 2024 ($2.4 million as at January 31, 2024). No
                  single customer accounted for more than 10% of the accounts receivable balance as of October 31, 2024 and January 31, 2024.</div>
                <div><br>
                </div>
                <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
                  <div style="text-align: center;" class="BRPFPageNumberArea"><font style="font-family: Verdana, Geneva, 'sans-serif'; font-size: 8pt; font-weight: normal; font-style: normal;">52</font></div>
                  <div class="BRPFPageBreak" style="page-break-after: always;">
                    <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;"><a name="z_Hlk40200559"></a><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" id="z6696b4c97bbc4a04a0ba5e3148b639b4" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;">

                    <tr>
                      <td style="width: 86.41%; vertical-align: top;">&#160;</td>
                      <td style="width: 13.59%; vertical-align: top; border-top: #000000 0.50pt solid; border-bottom: #000000 0.50pt solid;">
                        <div style="text-align: right; text-indent: 1.5pt; font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">Provision for Credit Losses</div>
                      </td>
                    </tr>
                    <tr>
                      <td style="width: 86.41%; vertical-align: top;">
                        <div style="text-align: left; text-indent: -36pt; margin-left: 36pt; font-family: Verdana, sans-serif; font-size: 9.5pt;">Balance at January 31, 2024</div>
                      </td>
                      <td style="width: 13.59%; vertical-align: bottom; border-top: #000000 0.50pt solid;">
                        <div style="text-align: right; text-indent: 1.5pt; font-family: Verdana,sans-serif; font-size: 9.5pt;">699</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;">1,414</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;">(1,186)</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;">-</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 October 31, 2024</div>
                      </td>
                      <td style="width: 13.59%; vertical-align: bottom; border-top: #000000 0.50pt solid; border-bottom: #000000 1.50pt solid;">
                        <div style="text-align: right; text-indent: 1.5pt; font-family: Verdana,sans-serif; font-size: 9.5pt; font-weight: bold;">927</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" id="z0ee4138486b74a83940ef1032c4febe5" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;">

                    <tr>
                      <td style="width: 72.32%; vertical-align: top;">&#160;</td>
                      <td style="width: 15.18%; vertical-align: top; border-top: #000000 0.50pt solid;">
                        <div style="text-align: right; text-indent: 1.5pt; font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">October 31,</div>
                      </td>
                      <td style="width: 12.5%; vertical-align: top; border-top: #000000 0.50pt solid;">
                        <div style="text-align: right; text-indent: 1.5pt; font-family: Verdana, sans-serif; font-size: 9.5pt;">January 31,</div>
                      </td>
                    </tr>
                    <tr>
                      <td style="width: 72.32%; vertical-align: top;">&#160;</td>
                      <td style="width: 15.18%; vertical-align: top; border-bottom: #000000 0.50pt solid;">
                        <div style="text-align: right; text-indent: 1.5pt; font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">2024</div>
                      </td>
                      <td style="width: 12.5%; vertical-align: top; border-bottom: #000000 0.50pt solid;">
                        <div style="text-align: right; text-indent: 1.5pt; font-family: Verdana, sans-serif; font-size: 9.5pt;">2024</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; font-family: Verdana,sans-serif; font-size: 9.5pt; font-weight: bold;">103</div>
                      </td>
                      <td style="width: 12.5%; vertical-align: top;">
                        <div style="text-align: right; text-indent: 1.5pt; font-family: Verdana,sans-serif; font-size: 9.5pt;">-</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 0.50pt solid;">
                        <div style="text-align: right; text-indent: 1.5pt; font-family: Verdana,sans-serif; font-size: 9.5pt; font-weight: bold;">17,165</div>
                      </td>
                      <td style="width: 12.5%; vertical-align: top; border-bottom: #000000 0.50pt solid;">
                        <div style="text-align: right; text-indent: 1.5pt; font-family: Verdana,sans-serif; font-size: 9.5pt;">12,193</div>
                      </td>
                    </tr>
                    <tr>
                      <td style="width: 72.32%; vertical-align: top;">&#160;</td>
                      <td style="width: 15.18%; vertical-align: top; border-top: #000000 0.50pt solid; border-bottom: #000000 1.50pt solid;">
                        <div style="text-align: right; text-indent: 1.5pt; font-family: Verdana,sans-serif; font-size: 9.5pt; font-weight: bold;">17,268</div>
                      </td>
                      <td style="width: 12.5%; vertical-align: top; border-top: #000000 0.50pt solid; border-bottom: #000000 1.50pt solid;">
                        <div style="text-align: right; text-indent: 1.5pt; font-family: Verdana,sans-serif; font-size: 9.5pt;">12,193</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 October 31, 2024, $0.1
                  million (nil at January 31, 2024) 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: left; font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">Note 7 &#8211; Property and Equipment</div>
                <div><br>
                </div>
                <table cellspacing="0" cellpadding="0" id="z27d2d45979fe46598c5be8de4bf8d59e" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;">

                    <tr>
                      <td style="width: 72.32%; vertical-align: top;">&#160;</td>
                      <td style="width: 15.18%; vertical-align: top; border-top: #000000 0.50pt solid;">
                        <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">October 31,</div>
                      </td>
                      <td style="width: 12.5%; vertical-align: top; border-top: #000000 0.50pt solid;">
                        <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt;">January 31,</div>
                      </td>
                    </tr>
                    <tr>
                      <td style="width: 72.32%; vertical-align: top;">&#160;</td>
                      <td style="width: 15.18%; vertical-align: top; border-bottom: #000000 0.50pt solid;">
                        <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">2024</div>
                      </td>
                      <td style="width: 12.5%; vertical-align: top; border-bottom: #000000 0.50pt solid;">
                        <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt;">2024</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;">41,089</div>
                      </td>
                      <td style="width: 12.5%; vertical-align: top;">
                        <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt;">48,943</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;">1,453</div>
                      </td>
                      <td style="width: 12.5%; vertical-align: top;">
                        <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt;">1,432</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;">1,019</div>
                      </td>
                      <td style="width: 12.5%; vertical-align: top;">
                        <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt;">994</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;">2,430</div>
                      </td>
                      <td style="width: 12.5%; vertical-align: top;">
                        <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt;">2,314</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;">290</div>
                      </td>
                      <td style="width: 12.5%; vertical-align: top;">
                        <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt;">497</div>
                      </td>
                    </tr>
                    <tr>
                      <td style="width: 72.32%; vertical-align: top;">&#160;</td>
                      <td style="width: 15.18%; vertical-align: top; border-top: #000000 0.50pt solid;">
                        <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">46,281</div>
                      </td>
                      <td style="width: 12.5%; vertical-align: top; border-top: #000000 0.50pt solid;">
                        <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt;">54,180</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;">30,118</div>
                      </td>
                      <td style="width: 12.5%; vertical-align: top;">
                        <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt;">38,825</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;">1,331</div>
                      </td>
                      <td style="width: 12.5%; vertical-align: top;">
                        <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt;">1,287</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;">808</div>
                      </td>
                      <td style="width: 12.5%; vertical-align: top;">
                        <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt;">730</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 0.50pt solid;">
                        <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">1,976</div>
                      </td>
                      <td style="width: 12.5%; vertical-align: top; border-bottom: #000000 0.50pt solid;">
                        <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt;">1,786</div>
                      </td>
                    </tr>
                    <tr>
                      <td style="width: 72.32%; vertical-align: top;">&#160;</td>
                      <td style="width: 15.18%; vertical-align: top; border-top: #000000 0.50pt solid; border-bottom: #000000 0.50pt solid;">
                        <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">34,233</div>
                      </td>
                      <td style="width: 12.5%; vertical-align: top; border-top: #000000 0.50pt solid; border-bottom: #000000 0.50pt solid;">
                        <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt;">42,628</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 0.50pt solid; border-bottom: #000000 1.50pt solid;">
                        <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">12,048</div>
                      </td>
                      <td style="width: 12.5%; vertical-align: top; border-top: #000000 0.50pt solid; border-bottom: #000000 1.50pt solid;">
                        <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt;">11,552</div>
                      </td>
                    </tr>

                </table>
                <div><br>
                </div>
                <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
                  <div style="text-align: center;" class="BRPFPageNumberArea"><font style="font-family: Verdana, Geneva, 'sans-serif'; font-size: 8pt; font-weight: normal; font-style: normal;">53</font></div>
                  <div class="BRPFPageBreak" style="page-break-after: always;">
                    <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 8 - Intangible Assets</div>
                <div><br>
                </div>
                <table cellspacing="0" cellpadding="0" id="z2fdf673386fa4fef9c3a868ef37d448b" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;">

                    <tr>
                      <td style="width: 72.63%; vertical-align: top;">&#160;</td>
                      <td style="width: 13.68%; vertical-align: top; border-top: #000000 0.50pt solid;">
                        <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">October 31,</div>
                      </td>
                      <td style="width: 13.68%; vertical-align: top; border-top: #000000 0.50pt solid;">
                        <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt;">January 31,</div>
                      </td>
                    </tr>
                    <tr>
                      <td style="width: 72.63%; vertical-align: top;">&#160;</td>
                      <td style="width: 13.68%; vertical-align: top; border-bottom: #000000 0.50pt solid;">
                        <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">2024</div>
                      </td>
                      <td style="width: 13.68%; vertical-align: top; border-bottom: #000000 0.50pt solid;">
                        <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt;">2024</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 0.50pt solid;">&#160;</td>
                      <td style="width: 13.68%; vertical-align: top; border-top: #000000 0.50pt solid;">&#160;</td>
                    </tr>
                    <tr>
                      <td style="width: 72.63%; vertical-align: top;">
                        <div style="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;">359,326</div>
                      </td>
                      <td style="width: 13.68%; vertical-align: top;">
                        <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt;">299,524</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;">476,216</div>
                      </td>
                      <td style="width: 13.68%; vertical-align: top;">
                        <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt;">403,944</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;">12,326</div>
                      </td>
                      <td style="width: 13.68%; vertical-align: top;">
                        <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt;">10,139</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;">16,753</div>
                      </td>
                      <td style="width: 13.68%; vertical-align: top;">
                        <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt;">14,911</div>
                      </td>
                    </tr>
                    <tr>
                      <td style="width: 72.63%; vertical-align: top;">&#160;</td>
                      <td style="width: 13.68%; vertical-align: top; border-top: #000000 0.50pt solid;">
                        <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">864,621</div>
                      </td>
                      <td style="width: 13.68%; vertical-align: top; border-top: #000000 0.50pt solid;">
                        <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt;">728,518</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;">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;">187,290</div>
                      </td>
                      <td style="width: 13.68%; vertical-align: top;">
                        <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt;">172,026</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;">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;">311,876</div>
                      </td>
                      <td style="width: 13.68%; vertical-align: top;">
                        <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt;">285,148</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;">8,812</div>
                      </td>
                      <td style="width: 13.68%; vertical-align: top;">
                        <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt;">8,227</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;">12,832</div>
                      </td>
                      <td style="width: 13.68%; vertical-align: top;">
                        <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt;">12,070</div>
                      </td>
                    </tr>
                    <tr>
                      <td style="width: 72.63%; vertical-align: top;">&#160;</td>
                      <td style="width: 13.68%; vertical-align: top; border-top: #000000 0.25pt solid; border-bottom: #000000 0.25pt solid;">
                        <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">520,810</div>
                      </td>
                      <td style="width: 13.68%; vertical-align: top; border-top: #000000 0.25pt solid; border-bottom: #000000 0.25pt solid;">
                        <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt;">477,471</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 0.25pt solid; border-bottom: #000000 1.50pt solid;">
                        <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">343,811</div>
                      </td>
                      <td style="width: 13.68%; vertical-align: top; border-top: #000000 0.25pt solid; border-bottom: #000000 1.50pt solid;">
                        <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt;">251,047</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 nine
                  month period ended October 31, 2024 is primarily due to the acquisitions of OCR, ASD, BoxTop, MCP and Sellercloud partially 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 $343.8 million over the following periods: $18.1 million for the fourth quarter of fiscal 2025, $72.7 million for 2026, $57.9 million for 2027, $50.6 million for 2028, $42.2 million for 2029 and $102.3 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 9 &#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, 2023:</div>
                <div><br>
                </div>
                <table cellspacing="0" cellpadding="0" id="ze59cc2c444e5493c86a2cf15f1ae45b9" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;">

                    <tr>
                      <td style="width: 73.21%; vertical-align: top;">&#160;</td>
                      <td style="width: 14.29%; vertical-align: top; border-top: #000000 0.50pt solid;">
                        <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">October 31,</div>
                      </td>
                      <td style="width: 12.5%; vertical-align: top; border-top: #000000 0.50pt solid;">
                        <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt;">January 31,</div>
                      </td>
                    </tr>
                    <tr>
                      <td style="width: 73.21%; vertical-align: top;">&#160;</td>
                      <td style="width: 14.29%; vertical-align: top; border-bottom: #000000 0.50pt solid;">
                        <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">2024</div>
                      </td>
                      <td style="width: 12.5%; vertical-align: top; border-bottom: #000000 0.50pt solid;">
                        <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt;">2024</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;">760,413</div>
                      </td>
                      <td style="width: 12.5%; vertical-align: top;">
                        <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 9.5pt;">675,647</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;">-</div>
                      </td>
                      <td style="width: 12.5%; vertical-align: top;">
                        <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 9.5pt;">82,750</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;">-</div>
                      </td>
                      <td style="width: 12.5%; vertical-align: top;">
                        <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 9.5pt;">954</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 OCR</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;">50,789</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 ASD</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;">35,604</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 BoxTop</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;">7,747</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 MCP</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;">13,429</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 Sellercloud</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;">72,059</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 0.25pt solid;">
                        <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 9.5pt; font-weight: bold;">(4,601)</div>
                      </td>
                      <td style="width: 12.5%; vertical-align: top; border-bottom: #000000 0.25pt solid;">
                        <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 9.5pt;">1,062</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 0.25pt solid; border-bottom: #000000 1.50pt solid;">
                        <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 9.5pt; font-weight: bold;">935,440</div>
                      </td>
                      <td style="width: 12.5%; vertical-align: top; border-top: #000000 0.25pt solid; border-bottom: #000000 1.50pt solid;">
                        <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 9.5pt;">760,413</div>
                      </td>
                    </tr>

                </table>
                <div><br>
                </div>
                <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
                  <div style="text-align: center;" class="BRPFPageNumberArea"><font style="font-family: Verdana, Geneva, 'sans-serif'; font-size: 8pt; font-weight: normal; font-style: normal;">54</font></div>
                  <div class="BRPFPageBreak" style="page-break-after: always;">
                    <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 10 - Accrued Liabilities</div>
                <div><br>
                </div>
                <table cellspacing="0" cellpadding="0" id="zb0bfd3296dd34da09d7bc9138af694ab" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;">

                    <tr>
                      <td style="width: 72.63%; vertical-align: top;">&#160;</td>
                      <td style="width: 13.68%; vertical-align: top; border-top: #000000 0.50pt solid;">
                        <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">October 31,</div>
                      </td>
                      <td style="width: 13.68%; vertical-align: top; border-top: #000000 0.50pt solid;">
                        <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt;">January 31,</div>
                      </td>
                    </tr>
                    <tr>
                      <td style="width: 72.63%; vertical-align: top;">&#160;</td>
                      <td style="width: 13.68%; vertical-align: top; border-bottom: #000000 0.50pt solid;">
                        <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">2024</div>
                      </td>
                      <td style="width: 13.68%; vertical-align: top; border-bottom: #000000 0.50pt solid;">
                        <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt;">2024</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 0.50pt solid;">
                        <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">48,561</div>
                      </td>
                      <td style="width: 13.68%; vertical-align: top; border-top: #000000 0.50pt solid;">
                        <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt;">43,075</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;">8,543</div>
                      </td>
                      <td style="width: 13.68%; vertical-align: top;">
                        <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt;">35,146</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;">2,530</div>
                      </td>
                      <td style="width: 13.68%; vertical-align: top;">
                        <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt;">1,577</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 0.25pt solid;">
                        <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">18,571</div>
                      </td>
                      <td style="width: 13.68%; vertical-align: top; border-bottom: #000000 0.25pt solid;">
                        <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt;">12,026</div>
                      </td>
                    </tr>
                    <tr>
                      <td style="width: 72.63%; vertical-align: top;">&#160;</td>
                      <td style="width: 13.68%; vertical-align: top; border-top: #000000 0.25pt solid; border-bottom: #000000 1.50pt solid;">
                        <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">78,205</div>
                      </td>
                      <td style="width: 13.68%; vertical-align: top; border-top: #000000 0.25pt solid; border-bottom: #000000 1.50pt solid;">
                        <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt;">91,824</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, accrued restructuring charges, and accrued
                  consideration payable.</div>
                <div><br>
                </div>
                <div style="text-align: left; font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">Note 11 &#8211; Long-Term Debt</div>
                <div><br>
                </div>
                <div style="text-align: justify; font-family: Verdana, sans-serif; font-size: 9.5pt;"><a name="z_Hlk8832119"></a>We have a senior secured revolving credit facility in place with a syndicate of lenders. The facility is a $350.0 million
                  revolving operating credit facility to be available for general corporate purposes, including the financing of ongoing working capital needs and acquisitions. 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 Overnight Repo Rate Average (CORRA) 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 October 31, 2024 and the balance of $350.0 million is available for use. We were in compliance with the
                  covenants of the credit facility as of October 31, 2024.</div>
                <div><br>
                </div>
                <div style="text-align: justify; font-family: Verdana, sans-serif; font-size: 9.5pt;">As at October 31, 2024, we had outstanding letters of credit of approximately $0.2 million ($0.2 million as at January 31, 2024), 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 12 &#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 5 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" id="z89848743af584e0ebfad2c84d67429b4" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;">

                    <tr>
                      <td style="width: 46.3%; vertical-align: top;" colspan="2">&#160;</td>
                      <td style="width: 26.71%; vertical-align: top; border-top: #000000 0.50pt solid;" colspan="2">
                        <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">Three Months Ended</div>
                      </td>
                      <td style="width: 0.89%; vertical-align: top;">&#160;</td>
                      <td style="width: 26.09%; vertical-align: top; border-top: #000000 0.50pt solid;" colspan="2">
                        <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">Nine Months Ended</div>
                      </td>
                    </tr>
                    <tr>
                      <td style="width: 46.3%; vertical-align: top;" colspan="2">&#160;</td>
                      <td style="width: 13.36%; vertical-align: top; border-top: #000000 0.50pt solid;">
                        <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">October 31,</div>
                      </td>
                      <td style="width: 13.36%; vertical-align: top; border-top: #000000 0.50pt solid;">
                        <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt;">October 31,</div>
                      </td>
                      <td style="width: 0.89%; vertical-align: top;">&#160;</td>
                      <td style="width: 13.96%; vertical-align: top; border-top: #000000 0.50pt solid;">
                        <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">October 31,</div>
                      </td>
                      <td style="width: 12.13%; vertical-align: top; border-top: #000000 0.50pt solid;">
                        <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt;">October 31,</div>
                      </td>
                    </tr>
                    <tr>
                      <td style="width: 45.41%; vertical-align: top;">&#160;</td>
                      <td style="width: 14.25%; vertical-align: top; border-bottom: #000000 0.50pt solid;" colspan="2">
                        <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">2024</div>
                      </td>
                      <td style="width: 13.36%; vertical-align: top; border-bottom: #000000 0.50pt solid;">
                        <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt;">2023</div>
                      </td>
                      <td style="width: 0.89%; vertical-align: top;">&#160;</td>
                      <td style="width: 13.96%; vertical-align: top; border-bottom: #000000 0.50pt solid;">
                        <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">2024</div>
                      </td>
                      <td style="width: 12.13%; vertical-align: top; border-bottom: #000000 0.50pt solid;">
                        <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt;">2023</div>
                      </td>
                    </tr>
                    <tr>
                      <td style="width: 46.3%; vertical-align: top;" colspan="2">&#160;</td>
                      <td style="width: 13.36%; vertical-align: top; border-top: #000000 0.50pt solid;">&#160;</td>
                      <td style="width: 13.36%; vertical-align: top; border-top: #000000 0.50pt solid;">&#160;</td>
                      <td style="width: 0.89%; vertical-align: top;">&#160;</td>
                      <td style="width: 13.96%; vertical-align: top; border-top: #000000 0.50pt solid;">&#160;</td>
                      <td style="width: 12.13%; vertical-align: top; border-top: #000000 0.50pt solid;">&#160;</td>
                    </tr>
                    <tr>
                      <td style="width: 46.3%; vertical-align: top;" colspan="2">
                        <div style="text-align: left; font-family: Verdana, sans-serif; font-size: 9.5pt;">Operating lease cost</div>
                      </td>
                      <td style="width: 13.36%; vertical-align: top;">
                        <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">878</div>
                      </td>
                      <td style="width: 13.36%; vertical-align: top;">
                        <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt;">1,264</div>
                      </td>
                      <td style="width: 0.89%; vertical-align: top;">&#160;</td>
                      <td style="width: 13.96%; vertical-align: top;">
                        <div style="text-align: right; text-indent: 1.5pt; font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">2,713</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;">3,264</div>
                      </td>
                    </tr>
                    <tr>
                      <td style="width: 46.3%; vertical-align: top;" colspan="2">
                        <div style="text-align: left; font-family: Verdana, sans-serif; font-size: 9.5pt;">Short-term lease cost</div>
                      </td>
                      <td style="width: 13.36%; vertical-align: top; border-bottom: #000000 0.25pt solid;">
                        <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">141</div>
                      </td>
                      <td style="width: 13.36%; vertical-align: top; border-bottom: #000000 0.25pt solid;">
                        <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt;">157</div>
                      </td>
                      <td style="width: 0.89%; vertical-align: top;" rowspan="2">&#160;</td>
                      <td style="width: 13.96%; vertical-align: top; border-bottom: #000000 0.25pt solid;">
                        <div style="text-align: right; text-indent: 1.5pt; font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">377</div>
                      </td>
                      <td style="width: 12.13%; vertical-align: top; border-bottom: #000000 0.25pt solid;">
                        <div style="text-align: right; text-indent: 1.5pt; font-family: Verdana, sans-serif; font-size: 9.5pt;">485</div>
                      </td>
                    </tr>
                    <tr>
                      <td style="width: 46.3%; vertical-align: top;" colspan="2">
                        <div style="text-align: left; font-family: Verdana, sans-serif; font-size: 9.5pt;">Total operating lease cost</div>
                      </td>
                      <td style="width: 13.36%; vertical-align: top; border-top: #000000 0.25pt solid; border-bottom: #000000 1.50pt solid;">
                        <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">1,019</div>
                      </td>
                      <td style="width: 13.36%; vertical-align: top; border-top: #000000 0.25pt solid; border-bottom: #000000 1.50pt solid;">
                        <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt;">1,421</div>
                      </td>
                      <td style="width: 13.96%; vertical-align: top; border-top: #000000 0.25pt solid; border-bottom: #000000 1.50pt solid;">
                        <div style="text-align: right; text-indent: 1.5pt; font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">3,090</div>
                      </td>
                      <td style="width: 12.13%; vertical-align: top; border-top: #000000 0.25pt solid; border-bottom: #000000 1.50pt solid;">
                        <div style="text-align: right; text-indent: 1.5pt; font-family: Verdana, sans-serif; font-size: 9.5pt;">3,749</div>
                      </td>
                    </tr>

                </table>
                <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>
                <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
                  <div style="text-align: center;" class="BRPFPageNumberArea"><font style="font-family: Verdana, Geneva, 'sans-serif'; font-size: 8pt; font-weight: normal; font-style: normal;">55</font></div>
                  <div class="BRPFPageBreak" style="page-break-after: always;">
                    <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" id="za0821e4d8c4548549dc2b8632889fbfd" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;">

                    <tr>
                      <td style="width: 46.3%; vertical-align: top;">&#160;</td>
                      <td style="width: 27.6%; vertical-align: top; border-top: #000000 0.50pt solid;" colspan="2">
                        <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">Three Months Ended</div>
                      </td>
                      <td style="width: 0.89%; vertical-align: top;">&#160;</td>
                      <td style="width: 25.2%; vertical-align: top; border-top: #000000 0.50pt solid;" colspan="2">
                        <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">Nine Months Ended</div>
                      </td>
                    </tr>
                    <tr>
                      <td style="width: 46.3%; vertical-align: top;">&#160;</td>
                      <td style="width: 15.14%; vertical-align: top; border-top: #000000 0.50pt solid;">
                        <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">October 31,</div>
                      </td>
                      <td style="width: 12.47%; vertical-align: top; border-top: #000000 0.50pt solid;">
                        <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt;">October 31,</div>
                      </td>
                      <td style="width: 0.89%; vertical-align: top;">&#160;</td>
                      <td style="width: 13.36%; vertical-align: top; border-top: #000000 0.50pt solid;">
                        <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">October 31,</div>
                      </td>
                      <td style="width: 11.84%; vertical-align: top; border-top: #000000 0.50pt solid;">
                        <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt;">October 31,</div>
                      </td>
                    </tr>
                    <tr>
                      <td style="width: 46.3%; vertical-align: top;">&#160;</td>
                      <td style="width: 15.14%; vertical-align: top; border-bottom: #000000 0.50pt solid;">
                        <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">2024</div>
                      </td>
                      <td style="width: 12.47%; vertical-align: top; border-bottom: #000000 0.50pt solid;">
                        <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt;">2023</div>
                      </td>
                      <td style="width: 0.89%; vertical-align: top;">&#160;</td>
                      <td style="width: 13.36%; vertical-align: top; border-bottom: #000000 0.50pt solid;">
                        <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">2024</div>
                      </td>
                      <td style="width: 11.84%; vertical-align: top; border-bottom: #000000 0.50pt solid;">
                        <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt;">2023</div>
                      </td>
                    </tr>
                    <tr>
                      <td style="width: 46.3%; vertical-align: top;">&#160;</td>
                      <td style="width: 15.14%; vertical-align: top; border-top: #000000 0.50pt solid;">&#160;</td>
                      <td style="width: 12.47%; vertical-align: top; border-top: #000000 0.50pt solid;">&#160;</td>
                      <td style="width: 0.89%; vertical-align: top;">&#160;</td>
                      <td style="width: 13.36%; vertical-align: top; border-top: #000000 0.50pt solid;">&#160;</td>
                      <td style="width: 11.84%; vertical-align: top; border-top: #000000 0.50pt solid;">&#160;</td>
                    </tr>
                    <tr>
                      <td style="width: 46.3%; 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: 15.14%; vertical-align: top;">
                        <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">964</div>
                      </td>
                      <td style="width: 12.47%; vertical-align: top;">
                        <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt;">931</div>
                      </td>
                      <td style="width: 0.89%; vertical-align: top;">&#160;</td>
                      <td style="width: 13.36%; vertical-align: top;">
                        <div style="text-align: right; text-indent: 1.5pt; font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">3,031</div>
                      </td>
                      <td style="width: 11.84%; vertical-align: top;">
                        <div style="text-align: right; text-indent: 1.5pt; font-family: Verdana, sans-serif; font-size: 9.5pt;">3,024</div>
                      </td>
                    </tr>
                    <tr>
                      <td style="width: 46.3%; vertical-align: top;">
                        <div style="text-align: left; font-family: Verdana, sans-serif; font-size: 9.5pt;">New right-of-use assets obtained in exchange for lease obligations</div>
                      </td>
                      <td style="width: 15.14%; vertical-align: top;">
                        <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">629</div>
                      </td>
                      <td style="width: 12.47%; vertical-align: top;">
                        <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt;">1,256</div>
                      </td>
                      <td style="width: 0.89%; vertical-align: top;">&#160;</td>
                      <td style="width: 13.36%; vertical-align: top;">
                        <div style="text-align: right; text-indent: 1.5pt; font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">2,153</div>
                      </td>
                      <td style="width: 11.84%; vertical-align: top;">
                        <div style="text-align: right; text-indent: 1.5pt; font-family: Verdana, sans-serif; font-size: 9.5pt;">2,086</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" id="zb9c8b999e30846268b356567bbfc4ba6" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;">

                    <tr>
                      <td style="width: 60.39%; vertical-align: bottom;">&#160;</td>
                      <td style="width: 12.71%; vertical-align: bottom;">&#160;</td>
                      <td style="width: 13.45%; vertical-align: bottom; border-top: #000000 0.50pt solid; border-bottom: #000000 0.50pt solid;">
                        <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">October 31, 2024</div>
                      </td>
                      <td style="width: 13.45%; vertical-align: bottom; border-top: #000000 0.50pt solid; border-bottom: #000000 0.50pt solid;">
                        <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt;">January 31, 2024</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 0.50pt solid;">
                        <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">3.0</div>
                      </td>
                      <td style="width: 13.45%; vertical-align: top; border-top: #000000 0.50pt solid;">
                        <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt;">3.0</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;">4.9</div>
                      </td>
                      <td style="width: 13.45%; vertical-align: top;">
                        <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt;">4.1</div>
                      </td>
                    </tr>

                </table>
                <div><br>
                </div>
                <div style="text-align: justify; font-family: Verdana, sans-serif; font-size: 9.5pt;">Maturities of operating lease liabilities were as follows as of October 31, 2024:</div>
                <div><br>
                </div>
                <table cellspacing="0" cellpadding="0" id="z9118c17fcd6842938b356c57b6197328" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;">

                    <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 0.50pt solid; border-bottom: #000000 0.25pt solid;">
                        <div style="text-align: right; margin-left: 9pt; font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">Operating Leases</div>
                      </td>
                    </tr>
                    <tr>
                      <td style="width: 61.33%; vertical-align: top;">
                        <div style="text-align: left; margin-left: 12pt; font-family: Verdana, sans-serif; font-size: 9.5pt;">Remainder of 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;">937</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;">2,914</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;">1,853</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;">1,119</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</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;">516</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;">2030 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;">219</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 0.25pt solid;">
                        <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">7,558</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 0.25pt solid;">
                        <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">616</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 0.25pt solid; border-bottom: #000000 1.50pt solid;">
                        <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">6,942</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;">2,821</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 1.50pt solid;">
                        <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">4,121</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 13 - 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 2024 included in our 2024 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 $0.4 million and $1.3
                  million, respectively, at October 31, 2024. 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 October 31, 2024, we had equity derivatives for 330,441 Descartes common shares and a DSU liability for 331,550<font style="font-family: Verdana, sans-serif; font-size: 9.5pt; color: #000000;"> Descartes common shares, resulting in minimal net exposure</font>&#160;<font style="font-family: Verdana, sans-serif; font-size: 9.5pt; color: #000000;">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</div>
                <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
                  <div style="text-align: center;" class="BRPFPageNumberArea"><font style="font-family: Verdana, Geneva, 'sans-serif'; font-size: 8pt; font-weight: normal; font-style: normal;">56</font></div>
                  <div class="BRPFPageBreak" style="page-break-after: always;">
                    <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;">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><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 Supply Vision, GroundCloud, MCP and Sellercloud, up to $67.5 million in cash may become payable if certain revenue
                  performance targets are met in the two years following the acquisition. A balance of $8.5 million is accrued related to the fair value of this contingent consideration as at October 31, 2024.</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 14 &#8211; Share Capital</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; color: #000000;">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</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; color: #000000;">quantity of the following securities during the 25-month period following thereafter: (i) common shares;</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; color: #000000;">(ii) preferred shares; (iii) senior or subordinated unsecured debt securities; (iv) subscription
                    receipts; (v)</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; color: #000000;">warrants;
                    and (vi) securities comprised of more than one of the</font></div>
                <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
                  <div style="text-align: center;" class="BRPFPageNumberArea"><font style="font-family: Verdana, Geneva, 'sans-serif'; font-size: 8pt; font-weight: normal; font-style: normal;">57</font></div>
                  <div class="BRPFPageBreak" style="page-break-after: always;">
                    <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; color: #000000; font-family: Verdana, sans-serif; font-size: 9.5pt;">aforementioned common shares, preferred shares, debt securities, subscription receipts and/ or warrants offered together as a unit. No
                  securities were sold pursuant to the 2022 Base Shelf Prospectus, which was withdrawn in July 2024.</div>
                <div><br>
                </div>
                <div style="text-align: justify; color: #000000; font-family: Verdana, sans-serif; font-size: 9.5pt;">On July 15, 2024, we filed a final short-form base shelf prospectus (the &#8220;2024 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 2024 Base Shelf Prospectus.</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; color: #000000;">For the three and nine month periods ended October 31, 2024, cash flows
                    provided from stock options and share units exercised were $2.4 million and $9.9 million, respectively, compared to $0.4 million and $6.4 million</font> the same periods in fiscal 2024, respectively.</div>
                <div><br>
                </div>
                <div style="text-align: justify; font-family: Verdana, sans-serif; font-size: 9.5pt;"><a name="z_Hlk133999761"></a>For the three and nine month periods ended October 31, 2024, the Company withheld nil and 73,588 common shares, respectively,
                  to satisfy employee tax withholding requirements for net share settlements of PSUs and RSUs, compared to nil and 63,330 in the same periods in fiscal 2024, respectively. Total payments to satisfy employee tax withholding requirements for
                  net share settlements of PSUs and RSUs were nil and $6.7 million for the three and nine month periods ended October 31, 2024, respectively, compared with nil and $4.9 million in the same periods in fiscal 2024, 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 15 - 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" id="zf90eaef879a64c64917163116d5a9f51" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;">

                    <tr>
                      <td style="width: 47.25%; vertical-align: top;">&#160;</td>
                      <td style="width: 26.74%; vertical-align: top; border-top: #000000 0.50pt solid;" colspan="2">
                        <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">Three Months Ended</div>
                      </td>
                      <td style="width: 0.89%; vertical-align: top;">&#160;</td>
                      <td style="width: 25.12%; vertical-align: top; border-top: #000000 0.50pt solid;" colspan="2">
                        <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">Nine Months Ended</div>
                      </td>
                    </tr>
                    <tr>
                      <td style="width: 47.25%; vertical-align: top;">&#160;</td>
                      <td style="width: 14.26%; vertical-align: top; border-top: #000000 0.50pt solid;">
                        <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">October 31,</div>
                      </td>
                      <td style="width: 12.48%; vertical-align: top; border-top: #000000 0.50pt solid;">
                        <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt;">October 31,</div>
                      </td>
                      <td style="width: 0.89%; vertical-align: top;" rowspan="3">&#160;</td>
                      <td style="width: 13.01%; vertical-align: top; border-top: #000000 0.50pt solid;">
                        <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">October 31,</div>
                      </td>
                      <td style="width: 12.11%; vertical-align: top; border-top: #000000 0.50pt solid;">
                        <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt;">October 31,</div>
                      </td>
                    </tr>
                    <tr>
                      <td style="width: 47.25%; vertical-align: top;">&#160;</td>
                      <td style="width: 14.26%; vertical-align: top; border-bottom: #000000 0.50pt solid;">
                        <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">2024</div>
                      </td>
                      <td style="width: 12.48%; vertical-align: top; border-bottom: #000000 0.50pt solid;">
                        <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt;">2023</div>
                      </td>
                      <td style="width: 13.01%; vertical-align: top; border-bottom: #000000 0.50pt solid;">
                        <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">2024</div>
                      </td>
                      <td style="width: 12.11%; vertical-align: top; border-bottom: #000000 0.50pt solid;">
                        <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt;">2023</div>
                      </td>
                    </tr>
                    <tr>
                      <td style="width: 47.25%; vertical-align: top;">&#160;</td>
                      <td style="width: 14.26%; vertical-align: top; border-top: #000000 0.50pt solid;">&#160;</td>
                      <td style="width: 12.48%; vertical-align: top; border-top: #000000 0.50pt solid;">&#160;</td>
                      <td style="width: 13.01%; vertical-align: top; border-top: #000000 0.50pt solid;">&#160;</td>
                      <td style="width: 12.11%; vertical-align: top; border-top: #000000 0.50pt solid;">&#160;</td>
                    </tr>
                    <tr>
                      <td style="width: 47.25%; 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: 14.26%; vertical-align: top; border-bottom: #000000 0.25pt solid;">
                        <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">36,558</div>
                      </td>
                      <td style="width: 12.48%; vertical-align: top; border-bottom: #000000 0.25pt solid;">
                        <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt;">26,602</div>
                      </td>
                      <td style="width: 0.89%; vertical-align: top;" rowspan="8">&#160;</td>
                      <td style="width: 13.01%; vertical-align: bottom; border-bottom: #000000 0.25pt solid;">
                        <div style="text-align: right; text-indent: 1.5pt; font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">105,906</div>
                      </td>
                      <td style="width: 12.11%; vertical-align: bottom; border-bottom: #000000 0.25pt solid;">
                        <div style="text-align: right; text-indent: 1.5pt; font-family: Verdana, sans-serif; font-size: 9.5pt;">84,071</div>
                      </td>
                    </tr>
                    <tr>
                      <td style="width: 47.25%; vertical-align: top;">&#160;</td>
                      <td style="width: 14.26%; vertical-align: top; border-top: #000000 0.25pt solid;">&#160;</td>
                      <td style="width: 12.48%; vertical-align: top; border-top: #000000 0.25pt solid;">&#160;</td>
                      <td style="width: 13.01%; vertical-align: top; border-top: #000000 0.25pt solid;">&#160;</td>
                      <td style="width: 12.11%; vertical-align: top; border-top: #000000 0.25pt solid;">&#160;</td>
                    </tr>
                    <tr>
                      <td style="width: 47.25%; 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: 14.26%; vertical-align: top;">
                        <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">85,501</div>
                      </td>
                      <td style="width: 12.48%; vertical-align: top;">
                        <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt;">85,101</div>
                      </td>
                      <td style="width: 13.01%; vertical-align: top;">
                        <div style="text-align: right; text-indent: 1.5pt; font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">85,403</div>
                      </td>
                      <td style="width: 12.11%; vertical-align: top;">
                        <div style="text-align: right; text-indent: 1.5pt; font-family: Verdana, sans-serif; font-size: 9.5pt;">85,045</div>
                      </td>
                    </tr>
                    <tr>
                      <td style="width: 47.25%; 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: 14.26%; vertical-align: top;">
                        <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">550</div>
                      </td>
                      <td style="width: 12.48%; vertical-align: top;">
                        <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt;">450</div>
                      </td>
                      <td style="width: 13.01%; vertical-align: top;">
                        <div style="text-align: right; text-indent: 1.5pt; font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">555</div>
                      </td>
                      <td style="width: 12.11%; vertical-align: top;">
                        <div style="text-align: right; text-indent: 1.5pt; font-family: Verdana, sans-serif; font-size: 9.5pt;">493</div>
                      </td>
                    </tr>
                    <tr>
                      <td style="width: 47.25%; 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: 14.26%; vertical-align: bottom; border-bottom: #000000 0.25pt solid;">
                        <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">1,291</div>
                      </td>
                      <td style="width: 12.48%; vertical-align: bottom; border-bottom: #000000 0.25pt solid;">
                        <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt;">1,240</div>
                      </td>
                      <td style="width: 13.01%; vertical-align: bottom; border-bottom: #000000 0.25pt solid;">
                        <div style="text-align: right; text-indent: 1.5pt; font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">1,273</div>
                      </td>
                      <td style="width: 12.11%; vertical-align: bottom; border-bottom: #000000 0.25pt solid;">
                        <div style="text-align: right; text-indent: 1.5pt; font-family: Verdana, sans-serif; font-size: 9.5pt;">1,234</div>
                      </td>
                    </tr>
                    <tr>
                      <td style="width: 47.25%; 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: 14.26%; vertical-align: top; border-top: #000000 0.25pt solid;">
                        <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">87,342</div>
                      </td>
                      <td style="width: 12.48%; vertical-align: top; border-top: #000000 0.25pt solid;">
                        <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt;">86,791</div>
                      </td>
                      <td style="width: 13.01%; vertical-align: top; border-top: #000000 0.25pt solid;">
                        <div style="text-align: right; text-indent: 1.5pt; font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">87,231</div>
                      </td>
                      <td style="width: 12.11%; vertical-align: top; border-top: #000000 0.25pt solid;">
                        <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt;">86,772</div>
                      </td>
                    </tr>
                    <tr>
                      <td style="width: 47.25%; 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: 14.26%; vertical-align: top;">&#160;</td>
                      <td style="width: 12.48%; vertical-align: top;">&#160;</td>
                      <td style="width: 13.01%; vertical-align: top;">&#160;</td>
                      <td style="width: 12.11%; vertical-align: top;">&#160;</td>
                    </tr>
                    <tr>
                      <td style="width: 47.25%; 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: 14.26%; vertical-align: top;">
                        <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">0.43</div>
                      </td>
                      <td style="width: 12.48%; vertical-align: top;">
                        <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt;">0.31</div>
                      </td>
                      <td style="width: 13.01%; vertical-align: top;">
                        <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">1.24</div>
                      </td>
                      <td style="width: 12.11%; vertical-align: top;">
                        <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt;">0.99</div>
                      </td>
                    </tr>
                    <tr>
                      <td style="width: 47.25%; 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: 14.26%; vertical-align: top; border-bottom: #000000 1.50pt solid;">
                        <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">0.42</div>
                      </td>
                      <td style="width: 12.48%; vertical-align: top; border-bottom: #000000 1.50pt solid;">
                        <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt;">0.31</div>
                      </td>
                      <td style="width: 0.89%; vertical-align: top;">&#160;</td>
                      <td style="width: 13.01%; vertical-align: top; border-bottom: #000000 1.50pt solid;">
                        <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">1.21</div>
                      </td>
                      <td style="width: 12.11%; vertical-align: top; border-bottom: #000000 1.50pt solid;">
                        <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt;">0.97</div>
                      </td>
                    </tr>

                </table>
                <div><br>
                </div>
                <div style="text-align: justify; font-family: Verdana, sans-serif; font-size: 9.5pt;"><a name="z_Hlk40293981"></a>For the three month periods ended October 31, 2024 and October 31, 2023, nil and 275,462 options, respectively, were excluded
                  from the calculation of diluted EPS as those options had an exercise price greater than or equal to the average market value of our common shares during the applicable periods and their inclusion would have been anti-dilutive. For the
                  three month periods ended October 31, 2024 and October 31, 2023, the application of the treasury stock method excluded 275,129 and 16,646 stock options, respectively, from the calculation of diluted EPS as the assumed proceeds from the
                  unrecognized</div>
                <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
                  <div style="text-align: center;" class="BRPFPageNumberArea"><font style="font-family: Verdana, Geneva, 'sans-serif'; font-size: 8pt; font-weight: normal; font-style: normal;">58</font></div>
                  <div class="BRPFPageBreak" style="page-break-after: always;">
                    <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;">stock-based compensation expense of such options that are attributed to future service periods made such options anti-dilutive.</div>
                <div><br>
                </div>
                <div style="text-align: justify; font-family: Verdana, sans-serif; font-size: 9.5pt;">For the nine month periods ended October 31, 2024 and October 31, 2023, nil and 275,462 options, respectively, were excluded from the calculation of
                  diluted EPS as those options had an exercise price greater than or equal to the average market value of our common shares during the applicable periods and their inclusion would have been anti-dilutive. For the nine month periods ended
                  October 31, 2024 and October 31, 2023, the application of the treasury stock method excluded 359,395 and 7,275 stock options, respectively, from the calculation of diluted EPS as the assumed proceeds from the unrecognized stock-based
                  compensation expense of such stock options that are attributed to future service periods made such stock options anti-dilutive.</div>
                <div><br>
                </div>
                <div style="text-align: justify; font-family: Verdana, sans-serif; font-size: 9.5pt;">For the three month periods ended October 31, 2024 and October 31, 2023, the application of the treasury stock method excluded PSUs and RSUs of nil and
                  95,134, 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: justify; font-family: Verdana, sans-serif; font-size: 9.5pt;">For the nine month periods ended October 31, 2024 and October 31, 2023, the application of the treasury stock method excluded PSUs and RSUs of 92,873 and
                  95,134, 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 16 - Stock-Based Compensation Plans</div>
                <div style="text-align: justify;"><a name="z_Hlk40293946"></a><a name="z_Hlk8935286"></a><a name="z_Hlk64022623"></a><br>
                </div>
                <div style="text-align: justify; color: #000000; font-family: Verdana, sans-serif; font-size: 9.5pt;">Total estimated stock-based compensation expense recognized in our condensed consolidated statement of operations was as follows:</div>
                <div><br>
                </div>
                <table cellspacing="0" cellpadding="0" id="z8f75282897ea434aa7c47bb89e1d6145" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;">

                    <tr>
                      <td style="width: 46.3%; vertical-align: top;">&#160;</td>
                      <td style="width: 26.71%; vertical-align: top; border-top: #000000 0.50pt solid;" colspan="2">
                        <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">Three Months Ended</div>
                      </td>
                      <td style="width: 0.89%; vertical-align: top;">&#160;</td>
                      <td style="width: 26.09%; vertical-align: top; border-top: #000000 0.50pt solid;" colspan="2">
                        <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">Nine Months Ended</div>
                      </td>
                    </tr>
                    <tr>
                      <td style="width: 46.3%; vertical-align: top;">&#160;</td>
                      <td style="width: 14.25%; vertical-align: top; border-top: #000000 0.50pt solid;">
                        <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">October 31,</div>
                      </td>
                      <td style="width: 12.47%; vertical-align: top; border-top: #000000 0.50pt solid;">
                        <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt;">October 31,</div>
                      </td>
                      <td style="width: 0.89%; vertical-align: top;">&#160;</td>
                      <td style="width: 13.96%; vertical-align: top; border-top: #000000 0.50pt solid;">
                        <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">October 31,</div>
                      </td>
                      <td style="width: 12.13%; vertical-align: top; border-top: #000000 0.50pt solid;">
                        <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt;">October 31,</div>
                      </td>
                    </tr>
                    <tr>
                      <td style="width: 46.3%; vertical-align: top;">&#160;</td>
                      <td style="width: 14.25%; vertical-align: top; border-bottom: #000000 0.50pt solid;">
                        <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">2024</div>
                      </td>
                      <td style="width: 12.47%; vertical-align: top; border-bottom: #000000 0.50pt solid;">
                        <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt;">2023</div>
                      </td>
                      <td style="width: 0.89%; vertical-align: top;">&#160;</td>
                      <td style="width: 13.96%; vertical-align: top; border-bottom: #000000 0.50pt solid;">
                        <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">2024</div>
                      </td>
                      <td style="width: 12.13%; vertical-align: top; border-bottom: #000000 0.50pt solid;">
                        <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt;">2023</div>
                      </td>
                    </tr>
                    <tr>
                      <td style="width: 46.3%; vertical-align: top;">&#160;</td>
                      <td style="width: 14.25%; vertical-align: top; border-top: #000000 0.50pt solid;">&#160;</td>
                      <td style="width: 12.47%; vertical-align: top; border-top: #000000 0.50pt solid;">&#160;</td>
                      <td style="width: 0.89%; vertical-align: top;">&#160;</td>
                      <td style="width: 13.96%; vertical-align: top; border-top: #000000 0.50pt solid;">&#160;</td>
                      <td style="width: 12.13%; vertical-align: top; border-top: #000000 0.50pt solid;">&#160;</td>
                    </tr>
                    <tr>
                      <td style="width: 46.3%; 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: 14.25%; vertical-align: top;">
                        <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">379</div>
                      </td>
                      <td style="width: 12.47%; vertical-align: top;">
                        <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt;">307</div>
                      </td>
                      <td style="width: 0.89%; vertical-align: top;">&#160;</td>
                      <td style="width: 13.96%; vertical-align: top;">
                        <div style="text-align: right; text-indent: 1.5pt; font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">1,031</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;">812</div>
                      </td>
                    </tr>
                    <tr>
                      <td style="width: 46.3%; 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: 14.25%; vertical-align: top;">
                        <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">1,722</div>
                      </td>
                      <td style="width: 12.47%; vertical-align: top;">
                        <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt;">1,442</div>
                      </td>
                      <td style="width: 0.89%; vertical-align: top;">&#160;</td>
                      <td style="width: 13.96%; vertical-align: top;">
                        <div style="text-align: right; text-indent: 1.5pt; font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">4,702</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;">3,729</div>
                      </td>
                    </tr>
                    <tr>
                      <td style="width: 46.3%; 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: 14.25%; vertical-align: top;">
                        <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">715</div>
                      </td>
                      <td style="width: 12.47%; vertical-align: top;">
                        <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt;">581</div>
                      </td>
                      <td style="width: 0.89%; vertical-align: top;">&#160;</td>
                      <td style="width: 13.96%; vertical-align: top;">
                        <div style="text-align: right; text-indent: 1.5pt; font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">1,950</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;">1,546</div>
                      </td>
                    </tr>
                    <tr>
                      <td style="width: 46.3%; 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: 14.25%; vertical-align: top; border-bottom: #000000 0.25pt solid;">
                        <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">2,482</div>
                      </td>
                      <td style="width: 12.47%; vertical-align: top; border-bottom: #000000 0.25pt solid;">
                        <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt;">2,183</div>
                      </td>
                      <td style="width: 0.89%; vertical-align: top;" rowspan="2">&#160;</td>
                      <td style="width: 13.96%; vertical-align: top; border-bottom: #000000 0.25pt solid;">
                        <div style="text-align: right; text-indent: 1.5pt; font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">6,892</div>
                      </td>
                      <td style="width: 12.13%; vertical-align: top; border-bottom: #000000 0.25pt solid;">
                        <div style="text-align: right; text-indent: 1.5pt; font-family: Verdana, sans-serif; font-size: 9.5pt;">5,796</div>
                      </td>
                    </tr>
                    <tr>
                      <td style="width: 46.3%; 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: 14.25%; vertical-align: top; border-top: #000000 0.25pt solid; border-bottom: #000000 1.50pt solid;">
                        <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">5,298</div>
                      </td>
                      <td style="width: 12.47%; vertical-align: top; border-top: #000000 0.25pt solid; border-bottom: #000000 1.50pt solid;">
                        <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt;">4,513</div>
                      </td>
                      <td style="width: 13.96%; vertical-align: top; border-top: #000000 0.25pt solid; border-bottom: #000000 1.50pt solid;">
                        <div style="text-align: right; text-indent: 1.5pt; font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">14,575</div>
                      </td>
                      <td style="width: 12.13%; vertical-align: top; border-top: #000000 0.25pt solid; border-bottom: #000000 1.50pt solid;">
                        <div style="text-align: right; text-indent: 1.5pt; font-family: Verdana, sans-serif; font-size: 9.5pt;">11,883</div>
                      </td>
                    </tr>

                </table>
                <div><br>
                </div>
                <div style="text-align: justify; color: #000000; font-family: Verdana, sans-serif; font-size: 9.5pt;"><a name="z_Hlk166340894"></a><a name="z_Hlk174349723"></a><a name="z_Hlk182380379"></a>Differences between how GAAP and applicable income
                  tax laws treat the amount and timing of recognition of stock-based compensation expense may result in a deferred tax asset. We have recorded a valuation allowance against any such deferred tax asset except for $1.0 million ($1.0 million
                  at January 31, 2024) recognized in the United States. We realized a nominal tax benefit in connection with stock options exercised during both the three and nine month periods ended October 31, 2024 and a nominal tax benefit for both the
                  same periods in fiscal 2024.</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 October 31, 2024, we had 1,560,034 stock options granted and outstanding under our shareholder-approved stock option plan and 2,176,952 remained
                  available for grant.</div>
                <div><br>
                </div>
                <div style="text-align: justify; color: #000000; font-family: Verdana, sans-serif; font-size: 9.5pt;"><a name="OLE_LINK14"></a>As of October 31, 2024, $11.9 million of total unrecognized compensation costs related to non-vested stock option
                  awards is expected to be recognized over a weighted average period of 2.5 years. The total fair value of stock options vested during the three and nine month periods ended October 31, 2024 was $0.1 million and $0.4 million, respectively.</div>
                <div><br>
                </div>
                <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
                  <div style="text-align: center;" class="BRPFPageNumberArea"><font style="font-family: Verdana, Geneva, 'sans-serif'; font-size: 8pt; font-weight: normal; font-style: normal;">59</font></div>
                  <div class="BRPFPageBreak" style="page-break-after: always;">
                    <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;">For the three and nine month periods ended October 31, 2024, 3,358 and 279,719 stock options, respectively, were granted compared to nil and 278,845 stock
                  options for the same periods in fiscal 2024. The weighted average grant-date fair value of stock options granted during the nine month periods ended October 31, 2024 and October 31, 2023 was $29.81 per option and $26.20 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" id="zd1d68e2fabba462e8bbda27876aaee12" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;">

                    <tr>
                      <td style="width: 54.45%; vertical-align: top;">&#160;</td>
                      <td style="width: 11.39%; vertical-align: top;">&#160;</td>
                      <td style="width: 11.39%; vertical-align: bottom;">&#160;</td>
                      <td style="width: 22.77%; vertical-align: bottom; border-top: #000000 0.50pt solid; border-bottom: #000000 0.50pt solid;" colspan="2">
                        <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">Nine Months Ended</div>
                      </td>
                    </tr>
                    <tr>
                      <td style="width: 54.45%; vertical-align: top;">&#160;</td>
                      <td style="width: 11.39%; vertical-align: top;">&#160;</td>
                      <td style="width: 11.39%; vertical-align: bottom;">&#160;</td>
                      <td style="width: 11.39%; vertical-align: bottom; border-top: #000000 0.50pt solid; border-bottom: #000000 0.50pt solid;">
                        <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">October 31, 2024</div>
                      </td>
                      <td style="width: 11.39%; vertical-align: bottom; border-top: #000000 0.50pt solid; border-bottom: #000000 0.50pt solid;">
                        <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt;">October 31, 2023</div>
                      </td>
                    </tr>
                    <tr>
                      <td style="width: 54.45%; 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: 11.39%; vertical-align: top;">&#160;</td>
                      <td style="width: 11.39%; vertical-align: middle;">&#160;</td>
                      <td style="width: 11.39%; vertical-align: middle; border-top: #000000 0.50pt solid;">
                        <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">-</div>
                      </td>
                      <td style="width: 11.39%; vertical-align: middle; border-top: #000000 0.50pt solid;">
                        <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt;">-</div>
                      </td>
                    </tr>
                    <tr>
                      <td style="width: 54.45%; 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: 11.39%; vertical-align: top;">&#160;</td>
                      <td style="width: 11.39%; vertical-align: middle;">&#160;</td>
                      <td style="width: 11.39%; vertical-align: middle;">
                        <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">30.0</div>
                      </td>
                      <td style="width: 11.39%; vertical-align: middle;">
                        <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt;">30.8</div>
                      </td>
                    </tr>
                    <tr>
                      <td style="width: 54.45%; 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: 11.39%; vertical-align: top;">&#160;</td>
                      <td style="width: 11.39%; vertical-align: middle;">&#160;</td>
                      <td style="width: 11.39%; vertical-align: middle;">
                        <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">3.6</div>
                      </td>
                      <td style="width: 11.39%; vertical-align: middle;">
                        <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt;">3.2</div>
                      </td>
                    </tr>
                    <tr>
                      <td style="width: 54.45%; 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: 11.39%; vertical-align: top;">&#160;</td>
                      <td style="width: 11.39%; vertical-align: middle;">&#160;</td>
                      <td style="width: 11.39%; 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: 11.39%; vertical-align: middle;">
                        <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt;">5</div>
                      </td>
                    </tr>

                </table>
                <div><br>
                </div>
                <table cellspacing="0" cellpadding="0" id="zd9af1c2f80f644dcb4ea3b5c6bdc7fcb" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;">

                    <tr>
                      <td style="width: 100%; vertical-align: top;" colspan="6">
                        <div style="text-align: left; color: #000000; font-family: Verdana, sans-serif; font-size: 9.5pt;">A summary of option activity under all of our plans is presented as follows:</div>
                      </td>
                    </tr>
                    <tr>
                      <td style="width: 41.96%; vertical-align: top;">&#160;</td>
                      <td style="width: 2.32%; vertical-align: top;">&#160;</td>
                      <td style="width: 13.93%; vertical-align: bottom; border-top: #000000 0.50pt solid; border-bottom: #000000 0.50pt solid;">
                        <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">Number of Stock Options Outstanding</div>
                      </td>
                      <td style="width: 13.93%; vertical-align: bottom; border-top: #000000 0.50pt solid; border-bottom: #000000 0.50pt solid;">
                        <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">Weighted-</div>
                        <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">Average Exercise</div>
                        <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">&#160;Price</div>
                      </td>
                      <td style="width: 13.93%; vertical-align: bottom; border-top: #000000 0.50pt solid; border-bottom: #000000 0.50pt solid;">
                        <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">Weighted- Average Remaining Contractual Life (years)</div>
                      </td>
                      <td style="width: 13.93%; vertical-align: bottom; border-top: #000000 0.50pt solid; border-bottom: #000000 0.50pt solid;">
                        <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">Aggregate Intrinsic</div>
                        <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">&#160;Value</div>
                        <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">&#160;(in millions)</div>
                      </td>
                    </tr>
                    <tr>
                      <td style="width: 41.96%; vertical-align: top;">
                        <div style="text-align: left; font-family: Verdana, sans-serif; font-size: 9.5pt;">Balance at January 31, 2024</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;">1,568,551</div>
                      </td>
                      <td style="width: 13.93%; vertical-align: top;">
                        <div style="text-align: right; margin-right: 3.9pt; font-family: Verdana,sans-serif; font-size: 9.5pt;">$52.31</div>
                      </td>
                      <td style="width: 13.93%; vertical-align: top;">
                        <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt;">3.9</div>
                      </td>
                      <td style="width: 13.93%; vertical-align: top;">
                        <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt;">$54.8</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;">279,719</div>
                      </td>
                      <td style="width: 13.93%; vertical-align: top;">
                        <div style="text-align: right; margin-right: 3.9pt; font-family: Verdana,sans-serif; font-size: 9.5pt; font-weight: bold;">$89.65</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;">(274,314)</div>
                      </td>
                      <td style="width: 13.93%; vertical-align: top;">
                        <div style="text-align: right; margin-right: 3.9pt; font-family: Verdana,sans-serif; font-size: 9.5pt; font-weight: bold;">$36.00</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;">(13,922)</div>
                      </td>
                      <td style="width: 13.93%; vertical-align: top;">
                        <div style="text-align: right; margin-right: 3.9pt; font-family: Verdana,sans-serif; font-size: 9.5pt; font-weight: bold;">$77.21</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 October 31, 2024</div>
                      </td>
                      <td style="width: 2.32%; vertical-align: top;">&#160;</td>
                      <td style="width: 13.93%; vertical-align: top; border-top: #000000 0.50pt solid; border-bottom: #000000 1.50pt solid;">
                        <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 9.5pt; font-weight: bold;">1,560,034</div>
                      </td>
                      <td style="width: 13.93%; vertical-align: top; border-top: #000000 0.50pt solid; border-bottom: #000000 1.50pt solid;">
                        <div style="text-align: right; margin-right: 3.9pt; font-family: Verdana,sans-serif; font-size: 9.5pt; font-weight: bold;">$61.08</div>
                      </td>
                      <td style="width: 13.93%; vertical-align: top; border-top: #000000 0.50pt solid; border-bottom: #000000 1.50pt solid;">
                        <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">4.0</div>
                      </td>
                      <td style="width: 13.93%; vertical-align: top; border-top: #000000 0.50pt solid; border-bottom: #000000 1.50pt solid;">
                        <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">$70.2</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: 0.5pt solid rgb(0, 0, 0); text-align: right;">&#160;</td>
                      <td style="width: 13.93%; vertical-align: top; border-top: 0.5pt solid rgb(0, 0, 0); text-align: right;">&#160;</td>
                      <td style="width: 13.93%; vertical-align: top; border-top: 0.5pt solid rgb(0, 0, 0); text-align: right;">&#160;</td>
                      <td style="width: 13.93%; vertical-align: top; border-top: 0.5pt solid rgb(0, 0, 0); text-align: right;">&#160;</td>
                    </tr>
                    <tr>
                      <td style="width: 41.96%; vertical-align: top;">
                        <div style="text-align: left; font-family: Verdana, sans-serif; font-size: 9.5pt;">Vested or expected to vest at October 31, 2024</div>
                      </td>
                      <td style="width: 2.32%; vertical-align: top;">&#160;</td>
                      <td style="width: 13.93%; vertical-align: bottom; border-bottom: #000000 1.50pt solid;">
                        <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 9.5pt; font-weight: bold;">1,560,034</div>
                      </td>
                      <td style="width: 13.93%; vertical-align: bottom; border-bottom: #000000 1.50pt solid;">
                        <div style="text-align: right; margin-right: 3.9pt; font-family: Verdana,sans-serif; font-size: 9.5pt; font-weight: bold;">$61.08</div>
                      </td>
                      <td style="width: 13.93%; vertical-align: bottom; border-bottom: #000000 1.50pt solid;">
                        <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">4.0</div>
                      </td>
                      <td style="width: 13.93%; vertical-align: bottom; border-bottom: #000000 1.50pt solid;">
                        <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">$70.2</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: 1.5pt solid rgb(0, 0, 0); text-align: right;">&#160;</td>
                      <td style="width: 13.93%; vertical-align: top; border-top: 1.5pt solid rgb(0, 0, 0); text-align: right;">&#160;</td>
                      <td style="width: 13.93%; vertical-align: top; border-top: 1.5pt solid rgb(0, 0, 0); text-align: right;">&#160;</td>
                      <td style="width: 13.93%; vertical-align: top; border-top: 1.5pt solid rgb(0, 0, 0); text-align: right;">&#160;</td>
                    </tr>
                    <tr>
                      <td style="width: 41.96%; vertical-align: top;">
                        <div style="text-align: left; font-family: Verdana, sans-serif; font-size: 9.5pt;">Exercisable at October 31, 2024</div>
                      </td>
                      <td style="width: 2.32%; vertical-align: top;">&#160;</td>
                      <td style="width: 13.93%; vertical-align: top; border-bottom: #000000 1.50pt solid;">
                        <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 9.5pt; font-weight: bold;">870,321</div>
                      </td>
                      <td style="width: 13.93%; vertical-align: top; border-bottom: #000000 1.50pt solid;">
                        <div style="text-align: right; margin-right: 3.9pt; font-family: Verdana,sans-serif; font-size: 9.5pt; font-weight: bold;">$49.40</div>
                      </td>
                      <td style="width: 13.93%; vertical-align: top; border-bottom: #000000 1.50pt solid;">
                        <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">2.9</div>
                      </td>
                      <td style="width: 13.93%; vertical-align: top; border-bottom: #000000 1.50pt solid;">
                        <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">$49.3</div>
                      </td>
                    </tr>

                </table>
                <div><br>
                </div>
                <div style="text-align: justify; color: #000000; font-family: Verdana, sans-serif; font-size: 9.5pt;">The total intrinsic value of stock options exercised during the three and nine month periods ended October 31, 2024 was $3.7 million and
                  $16.2 million, respectively, compared to $0.5 million and $10.1 million during the same periods of fiscal 2024, respectively.</div>
                <div><br>
                </div>
                <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
                  <div style="text-align: center;" class="BRPFPageNumberArea"><font style="font-family: Verdana, Geneva, 'sans-serif'; font-size: 8pt; font-weight: normal; font-style: normal;">60</font></div>
                  <div class="BRPFPageBreak" style="page-break-after: always;">
                    <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;">Performance Share Units</div>
                <div><br>
                </div>
                <div style="text-align: justify; color: #000000; 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="0" id="zea5426219af549f9a0876e57f6dc3104" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;">

                    <tr>
                      <td style="width: 41.96%; vertical-align: top;">&#160;</td>
                      <td style="width: 2.32%; vertical-align: top;">&#160;</td>
                      <td style="width: 13.93%; vertical-align: bottom; border-top: #000000 0.50pt solid; border-bottom: #000000 0.50pt solid;">
                        <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">Number of PSUs Outstanding</div>
                      </td>
                      <td style="width: 13.93%; vertical-align: bottom; border-top: #000000 0.50pt solid; border-bottom: #000000 0.50pt solid;">
                        <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">Weighted-</div>
                        <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">Average Granted Date Fair Value</div>
                      </td>
                      <td style="width: 13.93%; vertical-align: bottom; border-top: #000000 0.50pt solid; border-bottom: #000000 0.50pt solid;">
                        <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">Weighted- Average Remaining Contractual Life (years)</div>
                      </td>
                      <td style="width: 13.93%; vertical-align: bottom; border-top: #000000 0.50pt solid; border-bottom: #000000 0.50pt solid;">
                        <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">Aggregate Intrinsic</div>
                        <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">&#160;Value</div>
                        <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">&#160;(in millions)</div>
                      </td>
                    </tr>
                    <tr>
                      <td style="width: 41.96%; vertical-align: top;">
                        <div style="text-align: left; font-family: Verdana, sans-serif; font-size: 9.5pt;">Balance at January 31, 2024</div>
                      </td>
                      <td style="width: 2.32%; vertical-align: top;">&#160;</td>
                      <td style="width: 13.93%; vertical-align: top;">
                        <div style="text-align: right; margin-right: 3.9pt; font-family: Verdana,sans-serif; font-size: 9.5pt;">988,543</div>
                      </td>
                      <td style="width: 13.93%; vertical-align: top;">
                        <div style="text-align: right; margin-right: 3.9pt; font-family: Verdana,sans-serif; font-size: 9.5pt;">$53.81</div>
                      </td>
                      <td style="width: 13.93%; vertical-align: top;">
                        <div style="text-align: right; margin-right: 3.6pt; font-family: Verdana, sans-serif; font-size: 9.5pt;">4.5</div>
                      </td>
                      <td style="width: 13.93%; vertical-align: top;">
                        <div style="text-align: right; margin-right: 3.6pt; font-family: Verdana, sans-serif; font-size: 9.5pt;">$86.3</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; margin-right: 3.9pt; font-family: Verdana,sans-serif; font-size: 9.5pt; font-weight: bold;">92,873</div>
                      </td>
                      <td style="width: 13.93%; vertical-align: top;">
                        <div style="text-align: right; margin-right: 3.9pt; font-family: Verdana,sans-serif; font-size: 9.5pt; font-weight: bold;">$110.92</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; margin-right: 3.9pt; font-family: Verdana,sans-serif; font-size: 9.5pt; font-weight: bold;">40,477</div>
                      </td>
                      <td style="width: 13.93%; vertical-align: top;">
                        <div style="text-align: right; margin-right: 3.9pt; font-family: Verdana,sans-serif; font-size: 9.5pt; font-weight: bold;">$80.95</div>
                      </td>
                      <td style="width: 13.93%; vertical-align: top; text-align: right;">&#160;</td>
                      <td style="width: 13.93%; vertical-align: top; text-align: right;">&#160;</td>
                    </tr>
                    <tr>
                      <td style="width: 41.96%; vertical-align: top;">
                        <div style="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; margin-right: 3.9pt; font-family: Verdana,sans-serif; font-size: 9.5pt; font-weight: bold;">(103,504)</div>
                      </td>
                      <td style="width: 13.93%; vertical-align: top;">
                        <div style="text-align: right; margin-right: 3.9pt; font-family: Verdana,sans-serif; font-size: 9.5pt; font-weight: bold;">$13.61</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;">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; margin-right: 3.9pt; font-family: Verdana,sans-serif; font-size: 9.5pt; font-weight: bold;">(3,428)</div>
                      </td>
                      <td style="width: 13.93%; vertical-align: top;">
                        <div style="text-align: right; margin-right: 3.9pt; font-family: Verdana,sans-serif; font-size: 9.5pt; font-weight: bold;">$81.50</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 October 31, 2024</div>
                      </td>
                      <td style="width: 2.32%; vertical-align: top;">&#160;</td>
                      <td style="width: 13.93%; vertical-align: top; border-top: #000000 0.50pt solid; border-bottom: #000000 1.50pt solid;">
                        <div style="text-align: right; margin-right: 3.9pt; font-family: Verdana,sans-serif; font-size: 9.5pt; font-weight: bold;">1,014,961</div>
                      </td>
                      <td style="width: 13.93%; vertical-align: top; border-top: #000000 0.50pt solid; border-bottom: #000000 1.50pt solid;">
                        <div style="text-align: right; margin-right: 3.9pt; font-family: Verdana,sans-serif; font-size: 9.5pt; font-weight: bold;">$63.65</div>
                      </td>
                      <td style="width: 13.93%; vertical-align: top; border-top: #000000 0.50pt solid; border-bottom: #000000 1.50pt solid;">
                        <div style="text-align: right; margin-right: 3.9pt; font-family: Verdana,sans-serif; font-size: 9.5pt; font-weight: bold;">4.8</div>
                      </td>
                      <td style="width: 13.93%; vertical-align: top; border-top: #000000 0.50pt solid; border-bottom: #000000 1.50pt solid;">
                        <div style="text-align: right; margin-right: 3.9pt; font-family: Verdana,sans-serif; font-size: 9.5pt; font-weight: bold;">$107.6</div>
                      </td>
                    </tr>
                    <tr>
                      <td style="width: 41.96%; vertical-align: top;">&#160;</td>
                      <td style="width: 2.32%; vertical-align: top;">&#160;</td>
                      <td style="width: 13.93%; vertical-align: top; border-top: 0.5pt solid rgb(0, 0, 0); text-align: right;">&#160;</td>
                      <td style="width: 13.93%; vertical-align: top; border-top: 0.5pt solid rgb(0, 0, 0); text-align: right;">&#160;</td>
                      <td style="width: 13.93%; vertical-align: top; border-top: 0.5pt solid rgb(0, 0, 0); text-align: right;">&#160;</td>
                      <td style="width: 13.93%; vertical-align: top; border-top: 0.5pt solid rgb(0, 0, 0); text-align: right;">&#160;</td>
                    </tr>
                    <tr>
                      <td style="width: 41.96%; vertical-align: top;">
                        <div style="text-align: left; font-family: Verdana, sans-serif; font-size: 9.5pt;">Vested or expected to vest at October 31, 2024</div>
                      </td>
                      <td style="width: 2.32%; vertical-align: top;">&#160;</td>
                      <td style="width: 13.93%; vertical-align: bottom; border-bottom: #000000 1.50pt solid;">
                        <div style="text-align: right; margin-right: 3.9pt; font-family: Verdana,sans-serif; font-size: 9.5pt; font-weight: bold;">1,014,961</div>
                      </td>
                      <td style="width: 13.93%; vertical-align: bottom; border-bottom: #000000 1.50pt solid;">
                        <div style="text-align: right; margin-right: 3.9pt; font-family: Verdana,sans-serif; font-size: 9.5pt; font-weight: bold;">$63.65</div>
                      </td>
                      <td style="width: 13.93%; vertical-align: bottom; border-bottom: #000000 1.50pt solid;">
                        <div style="text-align: right; margin-right: 3.9pt; font-family: Verdana,sans-serif; font-size: 9.5pt; font-weight: bold;">4.8</div>
                      </td>
                      <td style="width: 13.93%; vertical-align: bottom; border-bottom: #000000 1.50pt solid;">
                        <div style="text-align: right; margin-right: 3.9pt; font-family: Verdana,sans-serif; font-size: 9.5pt; font-weight: bold;">$107.6</div>
                      </td>
                    </tr>
                    <tr>
                      <td style="width: 41.96%; vertical-align: top;">&#160;</td>
                      <td style="width: 2.32%; vertical-align: top;">&#160;</td>
                      <td style="width: 13.93%; vertical-align: top; border-top: 1.5pt solid rgb(0, 0, 0); text-align: right;">&#160;</td>
                      <td style="width: 13.93%; vertical-align: top; border-top: 1.5pt solid rgb(0, 0, 0); text-align: right;">&#160;</td>
                      <td style="width: 13.93%; vertical-align: top; border-top: 1.5pt solid rgb(0, 0, 0); text-align: right;">&#160;</td>
                      <td style="width: 13.93%; vertical-align: top; border-top: 1.5pt solid rgb(0, 0, 0); text-align: right;">&#160;</td>
                    </tr>
                    <tr>
                      <td style="width: 41.96%; vertical-align: top;">
                        <div style="text-align: left; font-family: Verdana, sans-serif; font-size: 9.5pt;">Exercisable at October 31, 2024</div>
                      </td>
                      <td style="width: 2.32%; vertical-align: top;">&#160;</td>
                      <td style="width: 13.93%; vertical-align: top; border-bottom: #000000 2.25pt solid;">
                        <div style="text-align: right; margin-right: 3.9pt; font-family: Verdana,sans-serif; font-size: 9.5pt; font-weight: bold;">732,391</div>
                      </td>
                      <td style="width: 13.93%; vertical-align: top; border-bottom: #000000 2.25pt solid;">
                        <div style="text-align: right; margin-right: 3.9pt; font-family: Verdana,sans-serif; font-size: 9.5pt; font-weight: bold;">$48.24</div>
                      </td>
                      <td style="width: 13.93%; vertical-align: top; border-bottom: #000000 2.25pt solid;">
                        <div style="text-align: right; margin-right: 3.9pt; font-family: Verdana,sans-serif; font-size: 9.5pt; font-weight: bold;">3.5</div>
                      </td>
                      <td style="width: 13.93%; vertical-align: top; border-bottom: #000000 2.25pt solid;">
                        <div style="text-align: right; margin-right: 3.9pt; font-family: Verdana,sans-serif; font-size: 9.5pt; font-weight: bold;">$77.6</div>
                      </td>
                    </tr>

                </table>
                <div><br>
                </div>
                <div style="text-align: justify; color: #000000; 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
                  October 31, 2024) that would have been received by PSU holders if all PSUs had been vested on October 31, 2024.</div>
                <div><br>
                </div>
                <div style="text-align: justify; color: #000000; font-family: Verdana, sans-serif; font-size: 9.5pt;">As of October 31, 2024, $13.3 million of total unrecognized compensation costs related to non-vested awards is expected to be recognized
                  over a weighted average period of 1.8 years. The total fair value of PSUs vested during the three and nine month periods ended October 31, 2024 was nil and $6.1 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;">Restricted Share Units</div>
                <div><br>
                </div>
                <div style="text-align: justify; color: #000000; 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="0" id="zaeabc783ff394573a07b0a5663518b3a" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;">

                    <tr>
                      <td style="width: 41.96%; vertical-align: top;">&#160;</td>
                      <td style="width: 2.32%; vertical-align: top;">&#160;</td>
                      <td style="width: 13.93%; vertical-align: bottom; border-top: #000000 0.50pt solid; border-bottom: #000000 0.50pt solid;">
                        <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">Number of RSUs Outstanding</div>
                      </td>
                      <td style="width: 13.93%; vertical-align: bottom; border-top: #000000 0.50pt solid; border-bottom: #000000 0.50pt solid;">
                        <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">Weighted-</div>
                        <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">Average Granted Date Fair Value</div>
                      </td>
                      <td style="width: 13.93%; vertical-align: bottom; border-top: #000000 0.50pt solid; border-bottom: #000000 0.50pt solid;">
                        <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">Weighted- Average Remaining Contractual Life (years)</div>
                      </td>
                      <td style="width: 13.93%; vertical-align: bottom; border-top: #000000 0.50pt solid; border-bottom: #000000 0.50pt solid;">
                        <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">Aggregate Intrinsic</div>
                        <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">&#160;Value</div>
                        <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">&#160;(in millions)</div>
                      </td>
                    </tr>
                    <tr>
                      <td style="width: 41.96%; vertical-align: top;">
                        <div style="text-align: left; font-family: Verdana, sans-serif; font-size: 9.5pt;">Balance at January 31, 2024</div>
                      </td>
                      <td style="width: 2.32%; vertical-align: top;">&#160;</td>
                      <td style="width: 13.93%; vertical-align: top;">
                        <div style="text-align: right; margin-right: 3.9pt; font-family: Verdana,sans-serif; font-size: 9.5pt;">482,094</div>
                      </td>
                      <td style="width: 13.93%; vertical-align: top;">
                        <div style="text-align: right; margin-right: 3.9pt; font-family: Verdana,sans-serif; font-size: 9.5pt;">$40.19</div>
                      </td>
                      <td style="width: 13.93%; vertical-align: top;">
                        <div style="text-align: right; margin-right: 6pt; font-family: Verdana,sans-serif; font-size: 9.5pt;">4.8</div>
                      </td>
                      <td style="width: 13.93%; vertical-align: top;">
                        <div style="text-align: right; margin-right: 4.5pt; font-family: Verdana, sans-serif; font-size: 9.5pt;">$42.1</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; margin-right: 3.9pt; font-family: Verdana,sans-serif; font-size: 9.5pt; font-weight: bold;">62,597</div>
                      </td>
                      <td style="width: 13.93%; vertical-align: top;">
                        <div style="text-align: right; margin-right: 3.9pt; font-family: Verdana,sans-serif; font-size: 9.5pt; font-weight: bold;">$89.59</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; margin-right: 3.9pt; font-family: Verdana,sans-serif; font-size: 9.5pt; font-weight: bold;">(51,752)</div>
                      </td>
                      <td style="width: 13.93%; vertical-align: top;">
                        <div style="text-align: right; margin-right: 3.9pt; font-family: Verdana,sans-serif; font-size: 9.5pt; font-weight: bold;">$11.26</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;">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; margin-right: 3.9pt; font-family: Verdana,sans-serif; font-size: 9.5pt; font-weight: bold;">(829)</div>
                      </td>
                      <td style="width: 13.93%; vertical-align: top;">
                        <div style="text-align: right; margin-right: 3.9pt; font-family: Verdana,sans-serif; font-size: 9.5pt; font-weight: bold;">$71.48</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 October 31, 2024</div>
                      </td>
                      <td style="width: 2.32%; vertical-align: top;">&#160;</td>
                      <td style="width: 13.93%; vertical-align: top; border-top: #000000 0.50pt solid; border-bottom: #000000 1.50pt solid;">
                        <div style="text-align: right; margin-right: 3.9pt; font-family: Verdana,sans-serif; font-size: 9.5pt; font-weight: bold;">492,110</div>
                      </td>
                      <td style="width: 13.93%; vertical-align: top; border-top: #000000 0.50pt solid; border-bottom: #000000 1.50pt solid;">
                        <div style="text-align: right; margin-right: 3.9pt; font-family: Verdana,sans-serif; font-size: 9.5pt; font-weight: bold;">$49.04</div>
                      </td>
                      <td style="width: 13.93%; vertical-align: top; border-top: #000000 0.50pt solid; border-bottom: #000000 1.50pt solid;">
                        <div style="text-align: right; margin-right: 3.9pt; font-family: Verdana,sans-serif; font-size: 9.5pt; font-weight: bold;">5.2</div>
                      </td>
                      <td style="width: 13.93%; vertical-align: top; border-top: #000000 0.50pt solid; border-bottom: #000000 1.50pt solid;">
                        <div style="text-align: right; margin-right: 3.9pt; font-family: Verdana,sans-serif; font-size: 9.5pt; font-weight: bold;">$52.2</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: 0.5pt solid rgb(0, 0, 0); text-align: right;">&#160;</td>
                      <td style="width: 13.93%; vertical-align: top; border-top: 0.5pt solid rgb(0, 0, 0); text-align: right;">&#160;</td>
                      <td style="width: 13.93%; vertical-align: top; border-top: 0.5pt solid rgb(0, 0, 0); text-align: right;">&#160;</td>
                      <td style="width: 13.93%; vertical-align: top; border-top: 0.5pt solid rgb(0, 0, 0); text-align: right;">&#160;</td>
                    </tr>
                    <tr>
                      <td style="width: 41.96%; vertical-align: top;">
                        <div style="text-align: left; font-family: Verdana, sans-serif; font-size: 9.5pt;">Vested or expected to vest at October 31, 2024</div>
                      </td>
                      <td style="width: 2.32%; vertical-align: top;">&#160;</td>
                      <td style="width: 13.93%; vertical-align: bottom; border-bottom: #000000 1.50pt solid;">
                        <div style="text-align: right; margin-right: 3.9pt; font-family: Verdana,sans-serif; font-size: 9.5pt; font-weight: bold;">492,110</div>
                      </td>
                      <td style="width: 13.93%; vertical-align: bottom; border-bottom: #000000 1.50pt solid;">
                        <div style="text-align: right; margin-right: 3.9pt; font-family: Verdana,sans-serif; font-size: 9.5pt; font-weight: bold;">$49.04</div>
                      </td>
                      <td style="width: 13.93%; vertical-align: bottom; border-bottom: #000000 1.50pt solid;">
                        <div style="text-align: right; margin-right: 3.9pt; font-family: Verdana,sans-serif; font-size: 9.5pt; font-weight: bold;">5.2</div>
                      </td>
                      <td style="width: 13.93%; vertical-align: bottom; border-bottom: #000000 1.50pt solid;">
                        <div style="text-align: right; margin-right: 3.9pt; font-family: Verdana,sans-serif; font-size: 9.5pt; font-weight: bold;">$52.2</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: 1.5pt solid rgb(0, 0, 0); text-align: right;">&#160;</td>
                      <td style="width: 13.93%; vertical-align: top; border-top: 1.5pt solid rgb(0, 0, 0); text-align: right;">&#160;</td>
                      <td style="width: 13.93%; vertical-align: top; border-top: 1.5pt solid rgb(0, 0, 0); text-align: right;">&#160;</td>
                      <td style="width: 13.93%; vertical-align: top; border-top: 1.5pt solid rgb(0, 0, 0); text-align: right;">&#160;</td>
                    </tr>
                    <tr>
                      <td style="width: 41.96%; vertical-align: top;">
                        <div style="text-align: left; font-family: Verdana, sans-serif; font-size: 9.5pt;">Exercisable at October 31, 2024</div>
                      </td>
                      <td style="width: 2.32%; vertical-align: top;">&#160;</td>
                      <td style="width: 13.93%; vertical-align: top; border-bottom: #000000 2.25pt solid;">
                        <div style="text-align: right; margin-right: 3.9pt; font-family: Verdana,sans-serif; font-size: 9.5pt; font-weight: bold;">367,938</div>
                      </td>
                      <td style="width: 13.93%; vertical-align: top; border-bottom: #000000 2.25pt solid;">
                        <div style="text-align: right; margin-right: 3.9pt; font-family: Verdana,sans-serif; font-size: 9.5pt; font-weight: bold;">$38.27</div>
                      </td>
                      <td style="width: 13.93%; vertical-align: top; border-bottom: #000000 2.25pt solid;">
                        <div style="text-align: right; margin-right: 3.9pt; font-family: Verdana,sans-serif; font-size: 9.5pt; font-weight: bold;">4.1</div>
                      </td>
                      <td style="width: 13.93%; vertical-align: top; border-bottom: #000000 2.25pt solid;">
                        <div style="text-align: right; margin-right: 3.9pt; font-family: Verdana,sans-serif; font-size: 9.5pt; font-weight: bold;">$39.0</div>
                      </td>
                    </tr>

                </table>
                <div><br>
                </div>
                <div style="text-align: justify; color: #000000; 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
                  October 31, 2024) that would have been received by RSU holders if all RSUs had been vested on October 31, 2024.</div>
                <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
                  <div style="text-align: center;" class="BRPFPageNumberArea"><font style="font-family: Verdana, Geneva, 'sans-serif'; font-size: 8pt; font-weight: normal; font-style: normal;">61</font></div>
                  <div class="BRPFPageBreak" style="page-break-after: always;">
                    <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; color: #000000; font-family: Verdana, sans-serif; font-size: 9.5pt;">As of October 31, 2024, $6.7 million of total unrecognized compensation costs related to non-vested awards is expected to be recognized
                  over a weighted average period of 1.9 years. The total fair value of RSUs vested during both the three and nine month periods ended October 31, 2024 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; color: #000000; font-family: Verdana, sans-serif; font-size: 9.5pt;">As at October 31, 2024, the total number of DSUs held by participating directors was 331,550 (311,081 at January 31, 2024), representing
                  an aggregate accrued liability of $34.0 million ($27.3 million at January 31, 2024). During the nine month period ended October 31, 2024, 20,469 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 and nine month periods ended October 31, 2024 was $1.5 million and $7.8 million, respectively, compared to ($0.1)
                  million and $2.2 million for the same periods in fiscal 2024, 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; color: #000000; 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="0" id="zbf765ef0a0604841abb3cad2c716d3c9" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;">

                    <tr>
                      <td style="width: 41.96%; vertical-align: top;">&#160;</td>
                      <td style="width: 2.32%; vertical-align: top;">&#160;</td>
                      <td style="width: 13.93%; vertical-align: top;">&#160;</td>
                      <td style="width: 13.93%; vertical-align: top;">&#160;</td>
                      <td style="width: 13.93%; vertical-align: bottom; border-top: #000000 0.50pt solid; border-bottom: #000000 0.50pt solid;">
                        <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">Number of CRSUs Outstanding</div>
                      </td>
                      <td style="width: 13.93%; vertical-align: bottom; border-top: #000000 0.50pt solid; border-bottom: #000000 0.50pt solid;">
                        <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">Weighted- Average Remaining Contractual Life (years)</div>
                      </td>
                    </tr>
                    <tr>
                      <td style="width: 41.96%; vertical-align: top;">
                        <div style="text-align: left; font-family: Verdana, sans-serif; font-size: 9.5pt;">Balance at January 31, 2024</div>
                      </td>
                      <td style="width: 2.32%; vertical-align: top;">&#160;</td>
                      <td style="width: 13.93%; vertical-align: top;">&#160;</td>
                      <td style="width: 13.93%; vertical-align: top;">&#160;</td>
                      <td style="width: 13.93%; vertical-align: top; border-top: #000000 0.50pt solid;">
                        <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 9.5pt;">11,370</div>
                      </td>
                      <td style="width: 13.93%; vertical-align: top; border-top: #000000 0.50pt solid;">
                        <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt;">1.8</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;">8,579</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;">(5,418)</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;">Forfeited</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;">(515)</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 October 31, 2024</div>
                      </td>
                      <td style="width: 2.32%; vertical-align: top;">&#160;</td>
                      <td style="width: 13.93%; vertical-align: top;">&#160;</td>
                      <td style="width: 13.93%; vertical-align: top;">&#160;</td>
                      <td style="width: 13.93%; vertical-align: top; border-top: #000000 0.50pt solid; border-bottom: #000000 1.50pt solid;">
                        <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 9.5pt; font-weight: bold;">14,016</div>
                      </td>
                      <td style="width: 13.93%; vertical-align: top; border-top: #000000 0.50pt solid; border-bottom: #000000 1.50pt solid;">
                        <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">1.9</div>
                      </td>
                    </tr>
                    <tr>
                      <td style="width: 41.96%; vertical-align: top;">&#160;</td>
                      <td style="width: 2.32%; vertical-align: top;">&#160;</td>
                      <td style="width: 13.93%; vertical-align: top;">&#160;</td>
                      <td style="width: 13.93%; vertical-align: top;">&#160;</td>
                      <td style="width: 13.93%; vertical-align: top; border-top: 0.5pt solid rgb(0, 0, 0); text-align: right;">&#160;</td>
                      <td style="width: 13.93%; vertical-align: top; border-top: 0.5pt solid rgb(0, 0, 0); text-align: right;">&#160;</td>
                    </tr>
                    <tr>
                      <td style="width: 41.96%; vertical-align: top;">
                        <div style="text-align: left; font-family: Verdana, sans-serif; font-size: 9.5pt;">Non-vested at October 31, 2024</div>
                      </td>
                      <td style="width: 2.32%; vertical-align: top;">&#160;</td>
                      <td style="width: 13.93%; vertical-align: bottom;">&#160;</td>
                      <td style="width: 13.93%; vertical-align: bottom;">&#160;</td>
                      <td style="width: 13.93%; vertical-align: bottom; border-bottom: #000000 1.50pt solid;">
                        <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 9.5pt; font-weight: bold;">14,016</div>
                      </td>
                      <td style="width: 13.93%; vertical-align: bottom; border-bottom: #000000 1.50pt solid;">
                        <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">1.9</div>
                      </td>
                    </tr>

                </table>
                <div><br>
                </div>
                <div style="text-align: justify; color: #000000; 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 $0.2 million at October 31, 2024 ($0.2 million at January 31, 2024). As at October 31, 2024, the unrecognized aggregate liability for the unvested CRSUs was $1.3 million ($0.8 million at January 31, 2024).
                  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 and nine month periods ended October 31, 2024 was
                  $0.2 million and $0.6 million, respectively, compared to $0.1 million and $0.5 million for the same periods in fiscal 2024, respectively.</div>
                <div><br>
                </div>
                <div style="text-align: left; font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;"><a name="z_Hlk182380132"></a><a name="z_Hlk71875128"></a><a name="z_Hlk103273086"></a><a name="z_Hlk174349808"></a><a name="z_Hlk182380208"></a>Note 17 - Income Taxes</div>
                <div><br>
                </div>
                <div style="text-align: justify; font-family: Verdana, sans-serif; font-size: 9.5pt;"><a name="z_Hlk182380118"></a><a name="z_Hlk166340945"></a>The effective tax rates (which is the provision for income taxes expressed as a percentage of
                  income before income taxes) were 24.5% and 25.9% for the three and nine month periods ended October 31, 2024, respectively, and 23.5% and 24.3% for the same periods in fiscal 2024, respectively. The increase in the three and nine month
                  periods ended October 31, 2024 compared to the same periods in fiscal 2024 was primarily due to a recovery related to changes in estimates in the United States and Canada in the comparative period.</div>
                <div><br>
                </div>
                <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
                  <div style="text-align: center;" class="BRPFPageNumberArea"><font style="font-family: Verdana, Geneva, 'sans-serif'; font-size: 8pt; font-weight: normal; font-style: normal;">62</font></div>
                  <div class="BRPFPageBreak" style="page-break-after: always;">
                    <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-weight: bold;">Note 18 &#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" id="z3019145cfd60445f9acca012009668e6" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;">

                    <tr>
                      <td style="width: 86.41%; vertical-align: top;">&#160;</td>
                      <td style="width: 13.59%; vertical-align: top; text-align: right;">&#160;</td>
                    </tr>
                    <tr>
                      <td style="width: 86.41%; vertical-align: top;">&#160;</td>
                      <td style="width: 13.59%; vertical-align: top; border-top: #000000 0.50pt solid; border-bottom: #000000 0.50pt solid;">
                        <div style="text-align: right; text-indent: 1.5pt; font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">Deferred Revenue</div>
                      </td>
                    </tr>
                    <tr>
                      <td style="width: 86.41%; vertical-align: top;">
                        <div style="text-align: left; text-indent: -36pt; margin-left: 36pt; font-family: Verdana, sans-serif; font-size: 9.5pt;">Balance at January 31, 2024</div>
                      </td>
                      <td style="width: 13.59%; vertical-align: bottom; border-top: #000000 0.50pt solid;">
                        <div style="text-align: right; text-indent: 1.5pt; font-family: Verdana,sans-serif; font-size: 9.5pt;">85,977</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;">(65,559)</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;">79,044</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;">3,138</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 0.50pt solid;">
                        <div style="text-align: right; text-indent: 1.5pt; font-family: Verdana,sans-serif; font-size: 9.5pt; font-weight: bold;">(245)</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 October 31, 2024</div>
                      </td>
                      <td style="width: 13.59%; vertical-align: bottom; border-top: #000000 0.50pt solid; border-bottom: #000000 1.50pt solid;">
                        <div style="text-align: right; text-indent: 1.5pt; font-family: Verdana,sans-serif; font-size: 9.5pt; font-weight: bold;">102,355</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 1.50pt solid;">
                        <div style="text-align: right; text-indent: 1.5pt; font-family: Verdana,sans-serif; font-size: 9.5pt; font-weight: bold;">101,140</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 1.50pt solid;">
                        <div style="text-align: right; text-indent: 1.5pt; font-family: Verdana,sans-serif; font-size: 9.5pt; font-weight: bold;">1,215</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 October 31, 2024, approximately $519.5 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" id="z75241bf3fabb4ab6ac6e27376e6b3b9c" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;">

                    <tr>
                      <td style="width: 86.41%; vertical-align: top;">&#160;</td>
                      <td style="width: 13.59%; vertical-align: top; border-top: #000000 0.50pt solid; border-bottom: #000000 0.50pt solid;">
                        <div style="text-align: right; text-indent: 1.5pt; font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">Contract Assets</div>
                      </td>
                    </tr>
                    <tr>
                      <td style="width: 86.41%; vertical-align: top;">
                        <div style="text-align: left; text-indent: -36pt; margin-left: 36pt; font-family: Verdana, sans-serif; font-size: 9.5pt;">Balance at January 31, 2024</div>
                      </td>
                      <td style="width: 13.59%; vertical-align: bottom; border-top: #000000 0.50pt solid;">
                        <div style="text-align: right; text-indent: 1.5pt; font-family: Verdana,sans-serif; font-size: 9.5pt;">3,029</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;">(1,270)</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;">6,465</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;">(20)</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 October 31, 2024</div>
                      </td>
                      <td style="width: 13.59%; vertical-align: bottom; border-top: #000000 0.50pt solid; border-bottom: #000000 1.50pt solid;">
                        <div style="text-align: right; text-indent: 1.5pt; font-family: Verdana,sans-serif; font-size: 9.5pt; font-weight: bold;">8,204</div>
                      </td>
                    </tr>

                </table>
                <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 (primarily comprised of commissions) net of accumulated amortization is $18.7 million at October 31, 2024 ($18.6 million at
                  January 31, 2024). Capitalized contract costs are amortized consistent with the pattern of transfer to the customer for the goods and services to which the asset relates. For the three and nine month periods ended October 31, 2024, the
                  amount of amortization included in sales and marketing expenses was $1.7 million and $5.1 million, respectively, and $1.7 million and $4.9 million for the same periods in fiscal 2024, respectively.</div>
                <div><br>
                </div>
                <div style="text-align: left; font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">Note 19 - 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. Contingent consideration adjustments relate to changes in anticipated acquisition earnout payment accruals primarily as a result of increases or decreases to revenue performance and forecasts.
                  Revenue forecasts are updated on a quarterly basis and the related earnout payment accruals are updated accordingly.</div>
                <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
                  <div style="text-align: center;" class="BRPFPageNumberArea"><font style="font-family: Verdana, Geneva, 'sans-serif'; font-size: 8pt; font-weight: normal; font-style: normal;">63</font></div>
                  <div class="BRPFPageBreak" style="page-break-after: always;">
                    <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;">The following tables shows the components of other charges as follows:</div>
                <div><br>
                </div>
                <table cellspacing="0" cellpadding="0" id="zc9b024f64de246a58183da76bea0c396" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;">

                    <tr>
                      <td style="width: 47.55%; vertical-align: top;">&#160;</td>
                      <td style="width: 25.7%; vertical-align: top; border-top: #000000 0.50pt solid;" colspan="2">
                        <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">Three Months Ended</div>
                      </td>
                      <td style="width: 1.22%; vertical-align: top; text-align: right;">&#160;</td>
                      <td style="width: 25.54%; vertical-align: top; border-top: #000000 0.50pt solid;" colspan="2">
                        <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">Nine Months Ended</div>
                      </td>
                    </tr>
                    <tr>
                      <td style="width: 47.55%; vertical-align: top;">&#160;</td>
                      <td style="width: 13.46%; vertical-align: top; border-top: #000000 0.50pt solid;">
                        <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">October 31,</div>
                      </td>
                      <td style="width: 12.24%; vertical-align: top; border-top: #000000 0.50pt solid;">
                        <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt;">October 31,</div>
                      </td>
                      <td style="width: 1.22%; vertical-align: top; text-align: right;">&#160;</td>
                      <td style="width: 13.32%; vertical-align: top; border-top: #000000 0.50pt solid;">
                        <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">October 31,</div>
                      </td>
                      <td style="width: 12.22%; vertical-align: top; border-top: #000000 0.50pt solid;">
                        <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt;">October 31,</div>
                      </td>
                    </tr>
                    <tr>
                      <td style="width: 47.55%; vertical-align: top;">&#160;</td>
                      <td style="width: 13.46%; vertical-align: top; border-bottom: #000000 0.50pt solid;">
                        <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">2024</div>
                      </td>
                      <td style="width: 12.24%; vertical-align: top; border-bottom: #000000 0.50pt solid;">
                        <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt;">2023</div>
                      </td>
                      <td style="width: 1.22%; vertical-align: top; text-align: right;">&#160;</td>
                      <td style="width: 13.32%; vertical-align: top; border-bottom: #000000 0.50pt solid;">
                        <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">2024</div>
                      </td>
                      <td style="width: 12.22%; vertical-align: top; border-bottom: #000000 0.50pt solid;">
                        <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt;">2023</div>
                      </td>
                    </tr>
                    <tr>
                      <td style="width: 47.55%; 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: 13.46%; vertical-align: top;">
                        <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 9.5pt; font-weight: bold;">1,773</div>
                      </td>
                      <td style="width: 12.24%; vertical-align: top;">
                        <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 9.5pt;">841</div>
                      </td>
                      <td style="width: 1.22%; vertical-align: top; text-align: right;">&#160;</td>
                      <td style="width: 13.32%; vertical-align: top;">
                        <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 9.5pt; font-weight: bold;">5,162</div>
                      </td>
                      <td style="width: 12.22%; vertical-align: top;">
                        <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 9.5pt;">2,560</div>
                      </td>
                    </tr>
                    <tr>
                      <td style="width: 47.55%; 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: 13.46%; vertical-align: top;">
                        <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 9.5pt; font-weight: bold;">34</div>
                      </td>
                      <td style="width: 12.24%; vertical-align: top;">
                        <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 9.5pt;">7,790</div>
                      </td>
                      <td style="width: 1.22%; vertical-align: top; text-align: right;">&#160;</td>
                      <td style="width: 13.32%; vertical-align: top;">
                        <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 9.5pt; font-weight: bold;">575</div>
                      </td>
                      <td style="width: 12.22%; vertical-align: top;">
                        <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 9.5pt;">10,457</div>
                      </td>
                    </tr>
                    <tr>
                      <td style="width: 47.55%; vertical-align: top;">
                        <div style="text-align: left; font-family: Verdana, sans-serif; font-size: 9.5pt;">Restructuring plans</div>
                      </td>
                      <td style="width: 13.46%; vertical-align: top;">
                        <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 9.5pt; font-weight: bold;">23</div>
                      </td>
                      <td style="width: 12.24%; vertical-align: top;">
                        <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 9.5pt;">1,048</div>
                      </td>
                      <td style="width: 1.22%; vertical-align: top; text-align: right;">&#160;</td>
                      <td style="width: 13.32%; vertical-align: top;">
                        <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 9.5pt; font-weight: bold;">161</div>
                      </td>
                      <td style="width: 12.22%; vertical-align: top;">
                        <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 9.5pt;">1,050</div>
                      </td>
                    </tr>
                    <tr>
                      <td style="width: 47.55%; vertical-align: top;">&#160;</td>
                      <td style="width: 13.46%; vertical-align: top; border-top: #000000 0.25pt solid; border-bottom: #000000 1.50pt solid;">
                        <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 9.5pt; font-weight: bold;">1,830</div>
                      </td>
                      <td style="width: 12.24%; vertical-align: top; border-top: #000000 0.25pt solid; border-bottom: #000000 1.50pt solid;">
                        <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 9.5pt;">9,679</div>
                      </td>
                      <td style="width: 1.22%; vertical-align: top; text-align: right;">&#160;</td>
                      <td style="width: 13.32%; vertical-align: top; border-top: #000000 0.25pt solid; border-bottom: #000000 1.50pt solid;">
                        <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 9.5pt; font-weight: bold;">5,898</div>
                      </td>
                      <td style="width: 12.22%; vertical-align: top; border-top: #000000 0.25pt solid; border-bottom: #000000 1.50pt solid;">
                        <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 9.5pt;">14,067</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;">Fiscal 2024 Restructuring Plan</div>
                <div><br>
                </div>
                <div style="text-align: justify; font-family: Verdana, sans-serif; font-size: 9.5pt;">In the third quarter of fiscal 2024, management approved and began to implement the fiscal 2024 restructuring plan to reduce operating expenses and
                  increase operating margins. To date, $1.8 million has been recorded within other charges in conjunction with this restructuring plan. These charges are comprised of office closures and workforce reduction charges. As of October 31, 2024,
                  we expect total remaining office closures and workforce reduction costs to be nominal.</div>
                <div><br>
                </div>
                <div style="text-align: justify; font-family: Verdana, sans-serif; font-size: 9.5pt;">The following table shows the changes in the restructuring provision for the fiscal 2024 restructuring plan:</div>
                <div><br>
                </div>
                <table cellspacing="0" cellpadding="0" id="z9de135888fe74e49a15d56e269ef35b3" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;">

                    <tr>
                      <td style="width: 52.85%; vertical-align: top;">&#160;</td>
                      <td style="width: 15.72%; vertical-align: bottom; border-top: #000000 0.50pt solid; border-bottom: #000000 0.50pt solid;">
                        <div style="text-align: right; text-indent: 1.5pt; font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">Workforce</div>
                        <div style="text-align: right; text-indent: 1.5pt; font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">Reduction</div>
                      </td>
                      <td style="width: 15.72%; vertical-align: bottom; border-top: #000000 0.50pt solid; border-bottom: #000000 0.50pt solid;">
                        <div style="text-align: right; text-indent: 1.5pt; font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">Office Closures</div>
                      </td>
                      <td style="width: 15.72%; vertical-align: bottom; border-top: #000000 0.25pt solid; border-bottom: #000000 0.25pt solid;">
                        <div style="text-align: right; text-indent: 1.5pt; font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">Total</div>
                      </td>
                    </tr>
                    <tr>
                      <td style="width: 52.85%; vertical-align: top;">
                        <div style="text-align: left; font-family: Verdana, sans-serif; font-size: 9.5pt;">Balance at January 31, 2024</div>
                      </td>
                      <td style="width: 15.72%; vertical-align: top; border-top: #000000 0.50pt solid;">
                        <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 9.5pt;">442</div>
                      </td>
                      <td style="width: 15.72%; vertical-align: top; border-top: #000000 0.50pt solid;">
                        <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 9.5pt;">-</div>
                      </td>
                      <td style="width: 15.72%; vertical-align: top; border-top: #000000 0.50pt solid;">
                        <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 9.5pt;">442</div>
                      </td>
                    </tr>
                    <tr>
                      <td style="width: 52.85%; vertical-align: top;">
                        <div style="text-align: left; margin-left: 12pt; font-family: Verdana, sans-serif; font-size: 9.5pt;">Accruals and adjustments</div>
                      </td>
                      <td style="width: 15.72%; vertical-align: top;">
                        <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 9.5pt; font-weight: bold;">66</div>
                      </td>
                      <td style="width: 15.72%; vertical-align: top;">
                        <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 9.5pt; font-weight: bold;">95</div>
                      </td>
                      <td style="width: 15.72%; vertical-align: top;">
                        <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 9.5pt; font-weight: bold;">161</div>
                      </td>
                    </tr>
                    <tr>
                      <td style="width: 52.85%; vertical-align: top;">
                        <div style="text-align: left; margin-left: 12pt; font-family: Verdana, sans-serif; font-size: 9.5pt;">Cash draw downs</div>
                      </td>
                      <td style="width: 15.72%; vertical-align: top;">
                        <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 9.5pt; font-weight: bold;">(475)</div>
                      </td>
                      <td style="width: 15.72%; vertical-align: top;">
                        <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 9.5pt; font-weight: bold;">(95)</div>
                      </td>
                      <td style="width: 15.72%; vertical-align: top;">
                        <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 9.5pt; font-weight: bold;">(570)</div>
                      </td>
                    </tr>
                    <tr>
                      <td style="width: 52.85%; vertical-align: top;">
                        <div style="text-align: left; margin-left: 12pt; font-family: Verdana, sans-serif; font-size: 9.5pt;">Non-cash draw downs and foreign exchange</div>
                      </td>
                      <td style="width: 15.72%; vertical-align: top; border-bottom: #000000 0.50pt solid;">
                        <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 9.5pt; font-weight: bold;">(5)</div>
                      </td>
                      <td style="width: 15.72%; vertical-align: top; border-bottom: #000000 0.50pt solid;">
                        <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 9.5pt; font-weight: bold;">-</div>
                      </td>
                      <td style="width: 15.72%; vertical-align: top;">
                        <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 9.5pt; font-weight: bold;">(5)</div>
                      </td>
                    </tr>
                    <tr>
                      <td style="width: 52.85%; vertical-align: top;">
                        <div style="text-align: left; font-family: Verdana, sans-serif; font-size: 9.5pt;">Balance at October 31, 2024</div>
                      </td>
                      <td style="width: 15.72%; vertical-align: top; border-top: #000000 0.50pt solid; border-bottom: #000000 1.50pt solid;">
                        <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 9.5pt; font-weight: bold;">28</div>
                      </td>
                      <td style="width: 15.72%; vertical-align: top; border-top: #000000 0.50pt solid; border-bottom: #000000 1.50pt solid;">
                        <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 9.5pt; font-weight: bold;">-</div>
                      </td>
                      <td style="width: 15.72%; vertical-align: top; border-top: #000000 0.50pt solid; border-bottom: #000000 1.50pt solid;">
                        <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 9.5pt; font-weight: bold;">28</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 20 &#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 present cash provided by (used in) operating activities related to changes in assets and liabilities:</div>
                <div><br>
                </div>
                <table cellspacing="0" cellpadding="0" id="z3bc21d81aa354503a4eb4c5ebea066fa" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;">

                    <tr>
                      <td style="width: 46.43%; vertical-align: top;">&#160;</td>
                      <td style="width: 25.9%; vertical-align: top; border-top: #000000 0.50pt solid;" colspan="2">
                        <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">Three Months Ended</div>
                      </td>
                      <td style="width: 1.66%; vertical-align: top; text-align: right;">&#160;</td>
                      <td style="width: 26.01%; vertical-align: top; border-top: #000000 0.50pt solid;" colspan="2">
                        <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">Nine Months Ended</div>
                      </td>
                    </tr>
                    <tr>
                      <td style="width: 46.43%; vertical-align: top;">&#160;</td>
                      <td style="width: 13.39%; vertical-align: top; border-top: #000000 0.50pt solid;">
                        <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">October 31,</div>
                      </td>
                      <td style="width: 12.5%; vertical-align: top; border-top: #000000 0.50pt solid;">
                        <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt;">October 31,</div>
                      </td>
                      <td style="width: 1.66%; vertical-align: top; text-align: right;" rowspan="12">&#160;</td>
                      <td style="width: 13.51%; vertical-align: top; border-top: #000000 0.50pt solid;">
                        <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">October 31,</div>
                      </td>
                      <td style="width: 12.5%; vertical-align: top; border-top: #000000 0.50pt solid;">
                        <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt;">October 31,</div>
                      </td>
                    </tr>
                    <tr>
                      <td style="width: 46.43%; vertical-align: top;">&#160;</td>
                      <td style="width: 13.39%; vertical-align: top; border-bottom: #000000 0.50pt solid;">
                        <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">2024</div>
                      </td>
                      <td style="width: 12.5%; vertical-align: top; border-bottom: #000000 0.50pt solid;">
                        <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt;">2023</div>
                      </td>
                      <td style="width: 13.51%; vertical-align: top; border-bottom: #000000 0.50pt solid;">
                        <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">2024</div>
                      </td>
                      <td style="width: 12.5%; vertical-align: top; border-bottom: #000000 0.50pt solid;">
                        <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt;">2023</div>
                      </td>
                    </tr>
                    <tr>
                      <td style="width: 46.43%; vertical-align: top;">
                        <div style="text-align: left; margin-left: 7.5pt; font-family: Verdana, sans-serif; font-size: 9.5pt;">Trade accounts receivable</div>
                      </td>
                      <td style="width: 13.39%; vertical-align: top;">
                        <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 9.5pt; font-weight: bold;">4,004</div>
                      </td>
                      <td style="width: 12.5%; vertical-align: top;">
                        <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 9.5pt;">7,518</div>
                      </td>
                      <td style="width: 13.51%; vertical-align: top;">
                        <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 9.5pt; font-weight: bold;">3,012</div>
                      </td>
                      <td style="width: 12.5%; vertical-align: top;">
                        <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 9.5pt;">(1,652)</div>
                      </td>
                    </tr>
                    <tr>
                      <td style="width: 46.43%; vertical-align: top;">
                        <div style="text-align: left; margin-left: 7.5pt; font-family: Verdana, sans-serif; font-size: 9.5pt;">Other accounts receivable</div>
                      </td>
                      <td style="width: 13.39%; vertical-align: top;">
                        <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 9.5pt; font-weight: bold;">(1,519)</div>
                      </td>
                      <td style="width: 12.5%; vertical-align: top;">
                        <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 9.5pt;">(6,553)</div>
                      </td>
                      <td style="width: 13.51%; vertical-align: top;">
                        <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 9.5pt; font-weight: bold;">(2,120)</div>
                      </td>
                      <td style="width: 12.5%; vertical-align: top;">
                        <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 9.5pt;">(9,335)</div>
                      </td>
                    </tr>
                    <tr>
                      <td style="width: 46.43%; vertical-align: top;">
                        <div style="text-align: left; margin-left: 7.5pt; font-family: Verdana, sans-serif; font-size: 9.5pt;">Prepaid expenses and other</div>
                      </td>
                      <td style="width: 13.39%; vertical-align: top;">
                        <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 9.5pt; font-weight: bold;">(1,306)</div>
                      </td>
                      <td style="width: 12.5%; vertical-align: top;">
                        <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 9.5pt;">(1,020)</div>
                      </td>
                      <td style="width: 13.51%; vertical-align: top;">
                        <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 9.5pt; font-weight: bold;">(8,027)</div>
                      </td>
                      <td style="width: 12.5%; vertical-align: top;">
                        <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 9.5pt;">(2,562)</div>
                      </td>
                    </tr>
                    <tr>
                      <td style="width: 46.43%; vertical-align: top;">
                        <div style="text-align: left; margin-left: 7.5pt; font-family: Verdana, sans-serif; font-size: 9.5pt;">Inventory</div>
                      </td>
                      <td style="width: 13.39%; vertical-align: top;">
                        <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 9.5pt; font-weight: bold;">(74)</div>
                      </td>
                      <td style="width: 12.5%; vertical-align: top;">
                        <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 9.5pt;">37</div>
                      </td>
                      <td style="width: 13.51%; vertical-align: top;">
                        <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 9.5pt; font-weight: bold;">127</div>
                      </td>
                      <td style="width: 12.5%; vertical-align: top;">
                        <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 9.5pt;">402</div>
                      </td>
                    </tr>
                    <tr>
                      <td style="width: 46.43%; vertical-align: top;">
                        <div style="text-align: left; margin-left: 7.5pt; font-family: Verdana, sans-serif; font-size: 9.5pt;">Accounts payable</div>
                      </td>
                      <td style="width: 13.39%; vertical-align: top;">
                        <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 9.5pt; font-weight: bold;">(1,459)</div>
                      </td>
                      <td style="width: 12.5%; vertical-align: top;">
                        <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 9.5pt;">2,369</div>
                      </td>
                      <td style="width: 13.51%; vertical-align: top;">
                        <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 9.5pt; font-weight: bold;">1,790</div>
                      </td>
                      <td style="width: 12.5%; vertical-align: top;">
                        <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 9.5pt;">3,028</div>
                      </td>
                    </tr>
                    <tr>
                      <td style="width: 46.43%; vertical-align: top;">
                        <div style="text-align: left; margin-left: 7.5pt; font-family: Verdana, sans-serif; font-size: 9.5pt;">Accrued liabilities</div>
                      </td>
                      <td style="width: 13.39%; vertical-align: top;">
                        <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 9.5pt; font-weight: bold;">5,379</div>
                      </td>
                      <td style="width: 12.5%; vertical-align: top;">
                        <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 9.5pt;">10,137</div>
                      </td>
                      <td style="width: 13.51%; vertical-align: top;">
                        <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 9.5pt; font-weight: bold;">(16,270)</div>
                      </td>
                      <td style="width: 12.5%; vertical-align: top;">
                        <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 9.5pt;">12,568</div>
                      </td>
                    </tr>
                    <tr>
                      <td style="width: 46.43%; vertical-align: top;">
                        <div style="text-align: left; margin-left: 7.5pt; font-family: Verdana, sans-serif; font-size: 9.5pt;">Income taxes payable</div>
                      </td>
                      <td style="width: 13.39%; vertical-align: top;">
                        <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 9.5pt; font-weight: bold;">5,553</div>
                      </td>
                      <td style="width: 12.5%; vertical-align: top;">
                        <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 9.5pt;">918</div>
                      </td>
                      <td style="width: 13.51%; vertical-align: top;">
                        <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 9.5pt; font-weight: bold;">6,969</div>
                      </td>
                      <td style="width: 12.5%; vertical-align: top;">
                        <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 9.5pt;">(551)</div>
                      </td>
                    </tr>
                    <tr>
                      <td style="width: 46.43%; vertical-align: top;">
                        <div style="text-align: left; margin-left: 7.5pt; font-family: Verdana, sans-serif; font-size: 9.5pt;">Operating leases</div>
                      </td>
                      <td style="width: 13.39%; vertical-align: top;">
                        <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 9.5pt; font-weight: bold;">(76)</div>
                      </td>
                      <td style="width: 12.5%; vertical-align: top;">
                        <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 9.5pt;">531</div>
                      </td>
                      <td style="width: 13.51%; vertical-align: top;">
                        <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 9.5pt; font-weight: bold;">(292)</div>
                      </td>
                      <td style="width: 12.5%; vertical-align: top;">
                        <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 9.5pt;">413</div>
                      </td>
                    </tr>
                    <tr>
                      <td style="width: 46.43%; vertical-align: top;">
                        <div style="text-align: left; margin-left: 7.5pt; font-family: Verdana, sans-serif; font-size: 9.5pt;">Deferred revenue</div>
                      </td>
                      <td style="width: 13.39%; vertical-align: top;">
                        <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 9.5pt; font-weight: bold;">(4,642)</div>
                      </td>
                      <td style="width: 12.5%; vertical-align: top;">
                        <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 9.5pt;">(3,532)</div>
                      </td>
                      <td style="width: 13.51%; vertical-align: top;">
                        <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 9.5pt; font-weight: bold;">3,875</div>
                      </td>
                      <td style="width: 12.5%; vertical-align: top;">
                        <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 9.5pt;">12,324</div>
                      </td>
                    </tr>
                    <tr>
                      <td style="width: 46.43%; vertical-align: top;">
                        <div style="text-align: left; font-family: Verdana, sans-serif; font-size: 9.5pt;">Changes in operating assets and liabilities</div>
                      </td>
                      <td style="width: 13.39%; vertical-align: top; border-top: #000000 0.25pt solid; border-bottom: #000000 1.50pt solid;">
                        <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 9.5pt; font-weight: bold;">5,860</div>
                      </td>
                      <td style="width: 12.5%; vertical-align: top; border-top: #000000 0.25pt solid; border-bottom: #000000 1.50pt solid;">
                        <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 9.5pt;">10,405</div>
                      </td>
                      <td style="width: 13.51%; vertical-align: top; border-top: #000000 0.25pt solid; border-bottom: #000000 1.50pt solid;">
                        <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 9.5pt; font-weight: bold;">(10,936)</div>
                      </td>
                      <td style="width: 12.5%; vertical-align: top; border-top: #000000 0.25pt solid; border-bottom: #000000 1.50pt solid;">
                        <div style="text-align: right; font-family: Verdana,sans-serif; font-size: 9.5pt;">14,635</div>
                      </td>
                    </tr>

                </table>
                <div><br>
                </div>
                <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
                  <div style="text-align: center;" class="BRPFPageNumberArea"><font style="font-family: Verdana, Geneva, 'sans-serif'; font-size: 8pt; font-weight: normal; font-style: normal;">64</font></div>
                  <div class="BRPFPageBreak" style="page-break-after: always;">
                    <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 21 - 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" id="zad2e66bb5ae3402bb463fc8a073acdf9" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;">

                    <tr>
                      <td style="width: 46.25%; vertical-align: top;">&#160;</td>
                      <td style="width: 26.85%; vertical-align: top; border-top: #000000 0.50pt solid;" colspan="2">
                        <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">Three Months Ended</div>
                      </td>
                      <td style="width: 0.9%; vertical-align: top;">&#160;</td>
                      <td style="width: 26.01%; vertical-align: top; border-top: #000000 0.50pt solid;" colspan="2">
                        <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">Nine Months Ended</div>
                      </td>
                    </tr>
                    <tr>
                      <td style="width: 46.25%; vertical-align: top;">&#160;</td>
                      <td style="width: 14.32%; vertical-align: top; border-top: #000000 0.50pt solid;">
                        <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">October 31,</div>
                      </td>
                      <td style="width: 12.53%; vertical-align: top; border-top: #000000 0.50pt solid;">
                        <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt;">October 31,</div>
                      </td>
                      <td style="width: 0.9%; vertical-align: top;" rowspan="8">&#160;</td>
                      <td style="width: 13.43%; vertical-align: top; border-top: #000000 0.50pt solid;">
                        <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">October 31,</div>
                      </td>
                      <td style="width: 12.58%; vertical-align: top; border-top: #000000 0.50pt solid;">
                        <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt;">October 31,</div>
                      </td>
                    </tr>
                    <tr>
                      <td style="width: 46.25%; vertical-align: top;">&#160;</td>
                      <td style="width: 14.32%; vertical-align: top; border-bottom: #000000 0.50pt solid;">
                        <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">2024</div>
                      </td>
                      <td style="width: 12.53%; vertical-align: top; border-bottom: #000000 0.50pt solid;">
                        <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt;">2023</div>
                      </td>
                      <td style="width: 13.43%; vertical-align: top; border-bottom: #000000 0.50pt solid;">
                        <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">2024</div>
                      </td>
                      <td style="width: 12.58%; vertical-align: top; border-bottom: #000000 0.50pt solid;">
                        <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt;">2023</div>
                      </td>
                    </tr>
                    <tr>
                      <td style="width: 46.25%; vertical-align: top;">
                        <div style="text-align: left; font-family: Verdana, sans-serif; font-size: 9.5pt;">Revenues</div>
                      </td>
                      <td style="width: 14.32%; vertical-align: top;">&#160;</td>
                      <td style="width: 12.53%; vertical-align: top;">&#160;</td>
                      <td style="width: 13.43%; vertical-align: top;">&#160;</td>
                      <td style="width: 12.58%; vertical-align: top;">&#160;</td>
                    </tr>
                    <tr>
                      <td style="width: 46.25%; 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: 14.32%; vertical-align: top;">
                        <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">114,405</div>
                      </td>
                      <td style="width: 12.53%; vertical-align: top;">
                        <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt;">97,573</div>
                      </td>
                      <td style="width: 13.43%; vertical-align: top;">
                        <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">325,601</div>
                      </td>
                      <td style="width: 12.58%; vertical-align: top;">
                        <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt;">284,911</div>
                      </td>
                    </tr>
                    <tr>
                      <td style="width: 46.25%; 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: 14.32%; vertical-align: top;">
                        <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">39,825</div>
                      </td>
                      <td style="width: 12.53%; vertical-align: top;">
                        <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt;">33,784</div>
                      </td>
                      <td style="width: 13.43%; vertical-align: top;">
                        <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">113,385</div>
                      </td>
                      <td style="width: 12.58%; vertical-align: top;">
                        <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt;">101,091</div>
                      </td>
                    </tr>
                    <tr>
                      <td style="width: 46.25%; 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: 14.32%; vertical-align: top;">
                        <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">9,575</div>
                      </td>
                      <td style="width: 12.53%; vertical-align: top;">
                        <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt;">8,765</div>
                      </td>
                      <td style="width: 13.43%; vertical-align: top;">
                        <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">29,935</div>
                      </td>
                      <td style="width: 12.58%; vertical-align: top;">
                        <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt;">25,389</div>
                      </td>
                    </tr>
                    <tr>
                      <td style="width: 46.25%; 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: 14.32%; vertical-align: top; border-bottom: #000000 0.25pt solid;">
                        <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">4,951</div>
                      </td>
                      <td style="width: 12.53%; vertical-align: top; border-bottom: #000000 0.25pt solid;">
                        <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt;">4,576</div>
                      </td>
                      <td style="width: 13.43%; vertical-align: top; border-bottom: #000000 0.25pt solid;">
                        <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">14,608</div>
                      </td>
                      <td style="width: 12.58%; vertical-align: top; border-bottom: #000000 0.25pt solid;">
                        <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt;">13,314</div>
                      </td>
                    </tr>
                    <tr>
                      <td style="width: 46.25%; vertical-align: top;">&#160;</td>
                      <td style="width: 14.32%; vertical-align: top; border-top: #000000 0.25pt solid; border-bottom: #000000 1.50pt solid;">
                        <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">168,756</div>
                      </td>
                      <td style="width: 12.53%; vertical-align: top; border-top: #000000 0.25pt solid; border-bottom: #000000 1.50pt solid;">
                        <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt;">144,698</div>
                      </td>
                      <td style="width: 13.43%; vertical-align: top; border-top: #000000 0.25pt solid; border-bottom: #000000 1.50pt solid;">
                        <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">483,529</div>
                      </td>
                      <td style="width: 12.58%; vertical-align: top; border-top: #000000 0.25pt solid; border-bottom: #000000 1.50pt solid;">
                        <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt;">424,705</div>
                      </td>
                    </tr>

                </table>
                <div><br>
                </div>
                <table cellspacing="0" cellpadding="0" id="ze5bb24cdc6614e27b0ee124c9dd0acf0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;">

                    <tr>
                      <td style="width: 46.25%; vertical-align: top;">&#160;</td>
                      <td style="width: 26.85%; vertical-align: top; border-top: #000000 0.50pt solid;" colspan="2">
                        <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">Three Months Ended</div>
                      </td>
                      <td style="width: 0.9%; vertical-align: top;">&#160;</td>
                      <td style="width: 26.01%; vertical-align: top; border-top: #000000 0.50pt solid;" colspan="2">
                        <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">Nine Months Ended</div>
                      </td>
                    </tr>
                    <tr>
                      <td style="width: 46.25%; vertical-align: top;">&#160;</td>
                      <td style="width: 14.32%; vertical-align: top; border-top: #000000 0.50pt solid;">
                        <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">October 31,</div>
                      </td>
                      <td style="width: 12.53%; vertical-align: top; border-top: #000000 0.50pt solid;">
                        <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt;">October 31,</div>
                      </td>
                      <td style="width: 0.9%; vertical-align: top;" rowspan="7">&#160;</td>
                      <td style="width: 13.43%; vertical-align: top; border-top: #000000 0.50pt solid;">
                        <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">October 31,</div>
                      </td>
                      <td style="width: 12.58%; vertical-align: top; border-top: #000000 0.50pt solid;">
                        <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt;">October 31,</div>
                      </td>
                    </tr>
                    <tr>
                      <td style="width: 46.25%; vertical-align: top;">&#160;</td>
                      <td style="width: 14.32%; vertical-align: top; border-bottom: #000000 0.50pt solid;">
                        <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">2024</div>
                      </td>
                      <td style="width: 12.53%; vertical-align: top; border-bottom: #000000 0.50pt solid;">
                        <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt;">2023</div>
                      </td>
                      <td style="width: 13.43%; vertical-align: top; border-bottom: #000000 0.50pt solid;">
                        <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">2024</div>
                      </td>
                      <td style="width: 12.58%; vertical-align: top; border-bottom: #000000 0.50pt solid;">
                        <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt;">2023</div>
                      </td>
                    </tr>
                    <tr>
                      <td style="width: 46.25%; vertical-align: top;">
                        <div style="text-align: left; font-family: Verdana, sans-serif; font-size: 9.5pt;">Revenues</div>
                      </td>
                      <td style="width: 14.32%; vertical-align: top;">&#160;</td>
                      <td style="width: 12.53%; vertical-align: top;">&#160;</td>
                      <td style="width: 13.43%; vertical-align: top;">&#160;</td>
                      <td style="width: 12.58%; vertical-align: top;">&#160;</td>
                    </tr>
                    <tr>
                      <td style="width: 46.25%; 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: 14.32%; vertical-align: top;">
                        <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">149,675</div>
                      </td>
                      <td style="width: 12.53%; vertical-align: top;">
                        <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt;">130,420</div>
                      </td>
                      <td style="width: 13.43%; vertical-align: top;">
                        <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">433,754</div>
                      </td>
                      <td style="width: 12.58%; vertical-align: top;">
                        <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt;">385,274</div>
                      </td>
                    </tr>
                    <tr>
                      <td style="width: 46.25%; 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: 14.32%; vertical-align: top;">
                        <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">15,624</div>
                      </td>
                      <td style="width: 12.53%; vertical-align: top;">
                        <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt;">12,740</div>
                      </td>
                      <td style="width: 13.43%; vertical-align: top;">
                        <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">44,392</div>
                      </td>
                      <td style="width: 12.58%; vertical-align: top;">
                        <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt;">35,566</div>
                      </td>
                    </tr>
                    <tr>
                      <td style="width: 46.25%; 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: 14.32%; vertical-align: top;">
                        <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">3,457</div>
                      </td>
                      <td style="width: 12.53%; vertical-align: top;">
                        <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt;">1,538</div>
                      </td>
                      <td style="width: 13.43%; vertical-align: top;">
                        <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">5,383</div>
                      </td>
                      <td style="width: 12.58%; vertical-align: top;">
                        <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt;">3,865</div>
                      </td>
                    </tr>
                    <tr>
                      <td style="width: 46.25%; vertical-align: top;">&#160;</td>
                      <td style="width: 14.32%; vertical-align: top; border-top: #000000 0.25pt solid; border-bottom: #000000 1.50pt solid;">
                        <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">168,756</div>
                      </td>
                      <td style="width: 12.53%; vertical-align: top; border-top: #000000 0.25pt solid; border-bottom: #000000 1.50pt solid;">
                        <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt;">144,698</div>
                      </td>
                      <td style="width: 13.43%; vertical-align: top; border-top: #000000 0.25pt solid; border-bottom: #000000 1.50pt solid;">
                        <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">483,529</div>
                      </td>
                      <td style="width: 12.58%; vertical-align: top; border-top: #000000 0.25pt solid; border-bottom: #000000 1.50pt solid;">
                        <div style="text-align: right; font-family: Verdana, sans-serif; font-size: 9.5pt;">424,705</div>
                      </td>
                    </tr>

                </table>
                <div><br>
                </div>
                <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" id="z4f5c0a73e6704493879a729d9aa49ae0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;">

                    <tr>
                      <td style="width: 72.82%; vertical-align: top;">&#160;</td>
                      <td style="width: 13.59%; vertical-align: top; border-top: #000000 0.50pt solid;">
                        <div style="text-align: right; text-indent: -3pt; margin-left: 3pt; font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">October 31,</div>
                      </td>
                      <td style="width: 13.59%; vertical-align: top; border-top: #000000 0.50pt solid;">
                        <div style="text-align: right; text-indent: -3pt; margin-left: 3pt; font-family: Verdana, sans-serif; font-size: 9.5pt;">January 31,</div>
                      </td>
                    </tr>
                    <tr>
                      <td style="width: 72.82%; vertical-align: top;">&#160;</td>
                      <td style="width: 13.59%; vertical-align: top; border-bottom: #000000 0.50pt solid;">
                        <div style="text-align: right; text-indent: -3pt; margin-left: 3pt; font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">2024</div>
                      </td>
                      <td style="width: 13.59%; vertical-align: top; border-bottom: #000000 0.50pt solid;">
                        <div style="text-align: right; text-indent: -3pt; margin-left: 3pt; font-family: Verdana, sans-serif; font-size: 9.5pt;">2024</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;">258,001</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;">178,843</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;">54,390</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;">26,298</div>
                      </td>
                    </tr>
                    <tr>
                      <td style="width: 72.82%; vertical-align: top;">
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<DOCUMENT>
<TYPE>EX-101.PRE
<SEQUENCE>6
<FILENAME>dsgx-20241204_pre.xml
<DESCRIPTION>XBRL TAXONOMY EXTENSION PRESENTATION LINKBASE
<TEXT>
<XBRL>
<?xml version="1.0" encoding="us-ascii"?>
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end
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<TYPE>XML
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<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="include/report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
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<span style="display: none;">v3.24.3</span><table class="report" border="0" cellspacing="2" id="idm45836896058624">
<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>Dec. 04, 2024</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. 12,  2024<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>
<td class="text">N2V 1C6<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_AmendmentFlag">
<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>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>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_AmendmentFlag</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td>xbrli:booleanItemType</td>
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<td>na</td>
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<td><strong> Period Type:</strong></td>
<td>duration</td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_CoverAbstract">
<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>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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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td>xbrli:stringItemType</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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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></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>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_DocumentPeriodEndDate</td>
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<td>xbrli:dateItemType</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>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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<td>dei_</td>
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<td>dei:submissionTypeItemType</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>xbrli:normalizedStringItemType</td>
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<td><strong> Balance Type:</strong></td>
<td>na</td>
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<td>duration</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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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></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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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityCentralIndexKey">
<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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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
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<td><strong> Balance Type:</strong></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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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
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<td>dei:fileNumberItemType</td>
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<td>na</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>
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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>
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<td style="white-space:nowrap;">dei_EntityRegistrantName</td>
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<td>xbrli:normalizedStringItemType</td>
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<td>na</td>
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end
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<DESCRIPTION>IDEA: XBRL DOCUMENT
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            <endDate>2024-12-04</endDate>
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</TEXT>
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