<SEC-DOCUMENT>0000929638-25-004502.txt : 20251204
<SEC-HEADER>0000929638-25-004502.hdr.sgml : 20251204
<ACCEPTANCE-DATETIME>20251204103453
ACCESSION NUMBER:		0000929638-25-004502
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		17
CONFORMED PERIOD OF REPORT:	20240612
FILED AS OF DATE:		20251204
DATE AS OF CHANGE:		20251204

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
		EIN:				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:		251548571

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

	MAIL ADDRESS:	
		STREET 1:		120 RANDALL DRIVE
		CITY:			WATERLOO, ONTARIO, CANADA
		STATE:			XX
		ZIP:			N2V 1C6
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              <div style="font-weight: bold; text-align: center; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">Washington, D.C. 20549</div>
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              <div style="font-size: 12pt; font-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 2025<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="font-weight: bold; text-align: center; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">120 Randall Drive</div>
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              <div style="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="text-align: left; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif; font-size: 10pt;">The attached Quarterly Report to Shareholders for the quarter ended October 31, 2025 is furnished herewith as Exhibit 99.1.</div>

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      <div style="text-align: left; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif; font-size: 10pt;">The attached Press Release Issued December 3, 2025 is furnished herewith as Exhibit 99.2.</div>

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    <div><span style="font-family: 'Times New Roman',Times,serif;"> </span></div>

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<div><span style="font-family: 'Times New Roman',Times,serif;"> </span></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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    <td valign="top" colspan="2" style="width: 47%;">&#160; </td>

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              <div style="TEXT-ALIGN: left; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">By:</div>
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              <div style="TEXT-DECORATION: underline; TEXT-ALIGN: left; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">/s/ <span style="font-family: 'Times New Roman',Times,serif;">Peter V. Nguyen</span>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </div>
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                <div style="font-family: 'Times New Roman'; font-size: 14pt;"><span style="font-size: 10pt; font-family: 'Times New Roman',Times,serif;">Peter V. Nguyen</span><br/>
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              <div style="TEXT-ALIGN: left; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">Title:</div>
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    <td align="left" valign="top" style="font-family: 'Times New Roman', Times, serif; font-variant: normal; width: 94%; font-weight: normal; color: #000000; font-style: normal;">
              <div style="TEXT-ALIGN: left; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: -47.05pt; TEXT-INDENT: 0pt">General Counsel</div>
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      <div style="text-align: left; font-family: 'Times New Roman',Times,serif; font-size: 10pt;">Date:&#160; December 4, 2025</div>

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

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

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

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    <div style="font-weight: bold; text-align: center; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">EXHIBITS</div>

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        </span> </div>

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      <div>
<div><span style="font-family: 'Times New Roman',Times,serif; font-size: 10pt;">&#160; <span style="color: rgb(0, 0, 0); font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; word-spacing: 0px; background-color: rgb(255, 255, 255); text-decoration-style: initial; text-decoration-color: initial; display: inline ! important; float: none;"><br/>
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                <div style="text-align: left; color: rgb(0, 0, 0); font-weight: bold;">Exhibit No.</div>
              </td>

    <td style="width: 87%; vertical-align: top; border-bottom: 1px solid rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif; font-size: 10pt;">
                <div style="text-align: left; color: rgb(0, 0, 0); font-weight: bold;">Description</div>
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                <div style="text-align: left; color: rgb(0, 0, 0);">&#160;</div>
              </td>

    <td style="width: 87%; vertical-align: top; font-family: 'Times New Roman',Times,serif; font-size: 10pt;">
                <div style="text-align: left; color: rgb(0, 0, 0);">&#160;</div>
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    <td style="width: 13%; vertical-align: top; font-family: 'Times New Roman',Times,serif; font-size: 10pt;">
                <div style="text-align: left; color: rgb(0, 0, 0);"><a href="exhibit99-1.htm">99.1</a></div>
              </td>

    <td style="width: 87%; vertical-align: top; font-family: 'Times New Roman',Times,serif; font-size: 10pt;">
                <div style="text-align: left; color: rgb(0, 0, 0);"><a href="exhibit99-1.htm">Quarterly Report to Shareholders for the quarter ended October 31, 2025</a></div>
              </td>

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    <td style="width: 13%; vertical-align: top; font-family: 'Times New Roman',Times,serif; font-size: 10pt;">
                <div style="text-align: left; color: rgb(0, 0, 0);"><a href="exhibit99-2.htm">99.2</a></div>
              </td>

    <td style="width: 87%; vertical-align: top; font-family: 'Times New Roman',Times,serif; font-size: 10pt;">
                <div style="text-align: left; color: rgb(0, 0, 0);"><a href="exhibit99-2.htm">Press Release Issued December 3, 2025</a></div>
              </td>

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        </span> </div>

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      </span></div>
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<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>exhibit99-1.htm
<DESCRIPTION>QUARTERLY REPORT TO SHAREHOLDERS FOR THE QUARTER ENDED OCTOBER 31, 2025
<TEXT>
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    <div style="text-align: right; font-weight: bold;">Exhibit 99.1<br>
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    <div style="text-align: right; color: rgb(255, 255, 255); font-family: Verdana,Geneva,sans-serif; font-size: 1pt; font-variant: normal;">The Descartes Systems Group Inc. Quarterly Report to Shareholders</div>
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    <div style="text-align: right; font-family: Verdana, Geneva, sans-serif; font-size: 9pt; font-variant: small-caps; font-weight: bold;">US GAAP Financial Results for the Third Quarter of Fiscal 2026</div>
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    <div style="text-align: left; font-family: Verdana,Geneva,sans-serif; font-size: 10pt; font-variant: small-caps; font-weight: bold;">Table of Contents</div>
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          <td style="width: 90.04%; vertical-align: top;">
            <div style="text-align: left; font-family: Verdana, Geneva, sans-serif; font-size: 9pt; font-variant: small-caps;">Management&#8217;s Discussion and Analysis of Financial Condition and Results of Operations</div>
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          <td style="width: 9.96%; vertical-align: bottom;">
            <div style="text-align: right; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">3</div>
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            <div style="text-align: left; font-family: Verdana, Geneva, sans-serif; font-size: 9pt; font-variant: small-caps;">Overview</div>
          </td>
          <td style="width: 9.96%; vertical-align: bottom;">
            <div style="text-align: right; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">5</div>
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            <div style="text-align: left; font-family: Verdana, Geneva, sans-serif; font-size: 9pt; font-variant: small-caps;">Consolidated Operations</div>
          </td>
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            <div style="text-align: right; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">9</div>
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            <div style="text-align: left; font-family: Verdana, Geneva, sans-serif; font-size: 9pt; font-variant: small-caps;">Quarterly Operating Results</div>
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            <div style="text-align: right; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">17</div>
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            <div style="text-align: left; font-family: Verdana, Geneva, sans-serif; font-size: 9pt; font-variant: small-caps;">Liquidity and Capital Resources</div>
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          <td style="width: 9.96%; vertical-align: bottom;">
            <div style="text-align: right; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">18</div>
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            <div style="text-align: left; font-family: Verdana, Geneva, sans-serif; font-size: 9pt; font-variant: small-caps;">Commitments, Contingencies and Guarantees</div>
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            <div style="text-align: right; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">21</div>
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            <div style="text-align: left; font-family: Verdana, Geneva, sans-serif; font-size: 9pt; font-variant: small-caps;">Outstanding Share Data</div>
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            <div style="text-align: right; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">22</div>
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            <div style="text-align: left; font-family: Verdana, Geneva, sans-serif; font-size: 9pt; font-variant: small-caps;">Application of Critical Accounting Policies and Estimates</div>
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            <div style="text-align: right; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">23</div>
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            <div style="text-align: left; font-family: Verdana, Geneva, sans-serif; font-size: 9pt; font-variant: small-caps;">Change In / Initial Adoption of Accounting Policies</div>
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            <div style="text-align: right; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">23</div>
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            <div style="text-align: left; font-family: Verdana, Geneva, sans-serif; font-size: 9pt; font-variant: small-caps;">Controls and Procedures</div>
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            <div style="text-align: right; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">24</div>
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            <div style="text-align: left; font-family: Verdana, Geneva, sans-serif; font-size: 9pt; font-variant: small-caps;">Trends / Business Outlook</div>
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            <div style="text-align: right; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">24</div>
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            <div style="text-align: left; font-family: Verdana, Geneva, sans-serif; font-size: 9pt; font-variant: small-caps;">Certain Factors That May Affect Future Results</div>
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            <div style="text-align: right; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">28</div>
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            <div style="text-align: left; font-family: Verdana, Geneva, sans-serif; font-size: 9pt; font-variant: small-caps;">Condensed Consolidated Balance Sheets</div>
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            <div style="text-align: right; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">42</div>
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            <div style="text-align: left; font-family: Verdana, Geneva, sans-serif; font-size: 9pt; font-variant: small-caps;">Condensed Consolidated Statements of Operations</div>
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            <div style="text-align: right; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">43</div>
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            <div style="text-align: left; font-family: Verdana, Geneva, sans-serif; font-size: 9pt; font-variant: small-caps;">Condensed Consolidated Statements of Comprehensive Income</div>
          </td>
          <td style="width: 9.96%; vertical-align: bottom;">
            <div style="text-align: right; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">44</div>
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            <div style="text-align: left; font-family: Verdana, Geneva, sans-serif; font-size: 9pt; font-variant: small-caps;">Condensed Consolidated Statements of Shareholders&#8217; Equity</div>
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            <div style="text-align: right; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">45</div>
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            <div style="text-align: left; font-family: Verdana, Geneva, sans-serif; font-size: 9pt; font-variant: small-caps;">Condensed Consolidated Statements of Cash Flows</div>
          </td>
          <td style="width: 9.96%; vertical-align: bottom;">
            <div style="text-align: right; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">46</div>
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            <div style="text-align: left; font-family: Verdana, Geneva, sans-serif; font-size: 9pt; font-variant: small-caps;">Notes to Condensed Consolidated Financial Statements</div>
          </td>
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            <div style="text-align: right; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">47</div>
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            <div style="text-align: left; font-family: Verdana, Geneva, sans-serif; font-size: 9pt; font-variant: small-caps;">Corporate Information</div>
          </td>
          <td style="width: 9.96%; vertical-align: bottom;">
            <div style="text-align: right; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">70</div>
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    <div style="text-align: left; margin-right: 245pt; font-family: Verdana,Geneva,sans-serif; font-size: 10pt; 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, Geneva, sans-serif; font-size: 9pt;">This Management&#8217;s Discussion and Analysis of Financial Condition and Results of Operations (&#8220;MD&amp;A&#8221;) contains references to The Descartes Systems Group Inc.
      (&#8220;Descartes&#8221; or the &#8220;Company&#8221;) 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, Geneva, sans-serif; font-size: 9pt;">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, 2026, is referred to as the &#8220;current fiscal year,&#8221; &#8220;fiscal 2026,&#8221; &#8220;2026&#8221; or using similar words. Our previous fiscal year, which ended on January 31, 2025, is referred to as the
      &#8220;previous fiscal year,&#8221; &#8220;fiscal 2025,&#8221; &#8220;2025&#8221; or using similar words. Other fiscal years are referenced by the applicable year during which the fiscal year ends. For example, 2027 refers to the annual period ending January 31, 2027 and the &#8220;fourth
      quarter of 2027&#8221; refers to the quarter ending January 31, 2027.</div>
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    </div>
    <div style="text-align: justify; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">This MD&amp;A, which is prepared as of December 3, 2025, covers our quarter and nine month period ended October 31, 2025, as compared to our quarter and nine
      month period ended October 31, 2024. 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 2026 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 2025 that are included in our most recent annual report to
      shareholders (the &#8220;2025 Annual Report&#8221;), as filed on March 5, 2025.</div>
    <div><br>
    </div>
    <div style="text-align: justify; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">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, Geneva, sans-serif; font-size: 9pt;">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, 2025, pursuant to NI 51-102, this MD&amp;A updates the
      MD&amp;A included in the 2025 Annual Report.</div>
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    </div>
    <div style="text-align: justify; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">Additional information about us, including copies of our continuous disclosure materials such as our annual information form, is available on our website at
      http://www.descartes.com, through the EDGAR website at http://www.sec.gov or through the SEDAR+ website at http://www.sedarplus.com/.</div>
    <div><br>
    </div>
    <div style="text-align: justify; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">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;), or other potentially catastrophic events; our assessment of the potential impact of
      tariffs, sanctions and other actions by individual countries on global trade and our business; results of operations and financial condition; our expectations regarding the cyclical nature of our business; mix of revenues and potential variances from
      period to period; our plans to focus on generating services revenues yet to continue to allow customers to elect to license technology in lieu of subscribing to services; our expectations on losses of revenues and customers; our baseline calibration;
      our ability to keep our operating expenses at a level below our baseline revenues; our future business plans and business planning process; allocation of purchase price for completed acquisitions; our expectations regarding future restructuring
      charges and cost-reduction activities; expenses, including amortization of intangible assets and stock-based compensation; goodwill impairment tests and the possibility of future impairment adjustments; capital expenditures; acquisition-related
      costs, including the potential for further performance-based contingent consideration; our liability with respect to various</div>
    <div style="text-align: justify; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;"> <br>
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      <div class="BRPFPageNumberArea" style="text-align: center;"><font style="font-family: Verdana, Geneva, 'sans-serif'; font-size: 9pt; font-weight: normal; font-style: normal;">3</font></div>
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    <div style="text-align: justify; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">claims and suits arising in the ordinary course; any commitments referred to in the &#8220;Commitments, Contingencies and Guarantees&#8221; section of this MD&amp;A; our
      intention to actively explore future business combinations and other strategic transactions; our liability under indemnification obligations; our reinvestment of earnings of subsidiaries back into such subsidiaries; our dividend policy; the
      sufficiency of capital to meet working capital, capital expenditure, debt repayment requirements and our anticipated growth strategy; our ability to raise capital; our adoption of certain accounting standards; and other matters related to the
      foregoing. When used in this document, the words &#8220;believe,&#8221; &#8220;plan,&#8221; &#8220;expect,&#8221; &#8220;anticipate,&#8221; &#8220;intend,&#8221; &#8220;continue,&#8221; &#8220;may,&#8221; &#8220;will,&#8221; &#8220;should&#8221; or the negative of such terms and similar expressions are intended to identify forward-looking statements. These
      forward-looking statements are subject to risks and uncertainties and are based on assumptions that may cause future results to differ materially from those expected. The material assumptions made in making these forward-looking statements include
      the following: Descartes' ability to successfully identify and execute on acquisitions and to integrate acquired businesses and assets, and to predict expenses associated with and revenues from acquisitions; the impact of network failures,
      information security breaches or other cyber-security threats; disruptions in the movement of freight and a decline in shipment volumes including as a result of the impact of current and future trade barriers, including tariffs, further
      protectionistic measures and reactive countermeasures, the Russia-Ukraine 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-size: 9pt; font-family: Verdana, Geneva, sans-serif; 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 regulatory authorities across Canada from time to time. If any of such risks actually
      occur, they could materially adversely affect our business, financial condition or results of operations. In that case, the trading price of our common shares could decline, perhaps materially. Readers are cautioned not to place undue reliance upon
      any such forward-looking statements, which speak only as of the date made. Forward-looking statements are provided for the purpose of providing information about management&#8217;s current expectations and plans relating to the future. Readers are
      cautioned that such information may not be appropriate for other purposes. Except as required by applicable law, we do not undertake or accept any obligation or undertaking to release publicly any updates or revisions to any forward-looking
      statements to reflect any change in our expectations or any change in events, conditions, assumptions or circumstances on which any such statements are based.</div>
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          <div style="text-align: left; font-family: Verdana,Geneva,sans-serif; font-size: 10pt; font-variant: small-caps; font-weight: bold;">Overview</div>
          <div style="text-align: left; font-family: Verdana,Geneva,sans-serif; font-size: 10pt; font-variant: small-caps; font-weight: bold;"> <br>
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          </div>
          <div style="text-align: justify; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">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>
          </div>
          <div style="text-align: justify; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">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>
        </div>
        <div> <br>
        </div>
      </div>
      <div style="float: right; width: 48%;" class="BRPFTCR">
        <div>
          <div style="text-align: justify; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">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, Geneva, sans-serif; font-size: 9pt;">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, Geneva, sans-serif; font-size: 9pt;">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, Geneva, sans-serif; font-size: 9pt;">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: justify; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">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, Geneva, sans-serif; font-size: 9pt;">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, Geneva, sans-serif; font-size: 9pt;">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, Geneva, sans-serif; font-size: 9pt;">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 tariff/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, Geneva, sans-serif; font-size: 9pt; font-style: italic; font-weight: bold;">Solutions</div>
          <div style="text-align: justify; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">Descartes&#8217; Logistics Technology Platform unites a growing global community of logistics-focused parties, allowing them to transact business while
            leveraging a broad array of applications designed to help logistics-intensive businesses thrive.</div>
          <div><br>
          </div>
          <div style="text-align: justify; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">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>
          <div style="text-align: justify; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">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, Geneva, sans-serif; font-size: 9pt;">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, Geneva, sans-serif; font-size: 9pt;">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, Geneva, sans-serif; font-size: 9pt;">Descartes&#8217; Logistics Application Suite offers a wide array of modular, cloud-based, interoperable web and wireless logistics management applications.
            These solutions embody Descartes&#8217; deep domain expertise, not merely &#8220;check box&#8221; functionality. These solutions deliver value for a broad range of logistics-intensive organizations, whether they purchase transportation, run their own fleet,
            operate globally or locally, or work across air, ocean or ground transportation. Descartes&#8217; comprehensive suite of solutions includes:</div>
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                  <div style="font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">Routing, Mobile and Telematics;</div>
                </td>
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          </table>
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                  <div style="font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">Transportation Management;</div>
                </td>
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          </table>
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                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">Ecommerce, Shipping &amp; Fulfillment;</div>
                </td>
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                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">Customs &amp; Regulatory Compliance;</div>
                </td>
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          </table>
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                  <div style="font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">Global Trade Intelligence;</div>
                </td>
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                <td style="width: 18pt; vertical-align: top; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">&#8226;</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">B2B Messaging &amp; Connectivity; and</div>
                </td>
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                <td style="width: 18pt; vertical-align: top; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">&#8226;</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">Broker &amp; Forwarder Enterprise Systems.</div>
                </td>
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          </table>
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        <div>
          <div style="text-align: justify; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">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, Geneva, sans-serif; font-size: 9pt;">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, Geneva, sans-serif; font-size: 9pt;">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, Geneva, sans-serif; font-size: 9pt; font-style: italic; font-weight: bold;">Sales and Distribution</div>
          <div style="text-align: justify; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">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>
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        <div>
          <div style="text-align: justify; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">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, Geneva, sans-serif; font-size: 9pt; font-style: italic; font-weight: bold;">United by Design</div>
          <div style="text-align: justify; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">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, Geneva, sans-serif; font-size: 9pt;">&#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, Geneva, sans-serif; font-size: 9pt;">Descartes has partnering relationships with multiple parties across the following three categories:</div>
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                  <div style="font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">Technology Partners &#8211; Complementary hardware, software, network, and embedded technology providers that extend the functional breadth of Descartes&#8217; solution
                    capabilities;</div>
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                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">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>
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                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">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>
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          <div><br>
          </div>
          <div style="text-align: justify; font-family: Verdana, Geneva, sans-serif; font-size: 9pt; font-style: italic; font-weight: bold;">Marketing</div>
          <div style="text-align: justify; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">Our marketing efforts are focused on growing demand for our solutions and establishing Descartes as a thought leader and innovator across</div>
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        <div>
          <div style="text-align: justify; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">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, Geneva, sans-serif; font-size: 9pt; font-style: italic; font-weight: bold;">Fiscal 2026 Highlights</div>
          <div><br>
          </div>
          <div style="text-align: justify; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">On March 24, 2025, Descartes acquired all of the shares of SEP 3GTMS Topco, Inc. and its subsidiaries (collectively referred to as &#8220;3GTMS&#8221;), a provider of
            transportation management solutions. The purchase price for the acquisition was approximately $112.7 million, net of cash acquired, which was funded from cash on hand.</div>
          <div><br>
          </div>
          <div style="text-align: justify; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">On June 4, 2025, we announced that William Green had been appointed as Descartes&#8217; Executive Vice President, Global Sales, in accordance with our
            leadership succession plan. We also announced that Andrew Roszko, Chief Commercial Officer departed the company in the second quarter of fiscal 2026 to pursue another opportunity.</div>
          <div><br>
          </div>
          <div style="text-align: justify; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">On June 18, 2025, Descartes acquired all of the shares of PackageRoute Holdco, Inc. and its subsidiary (collectively referred to as &#8220;PackageRoute&#8221;),<font style="font-size: 9pt; font-family: Verdana, Geneva, sans-serif;">&#160;</font>a provider of final-mile carrier solutions. The purchase price for the acquisition was approximately $1.9 million, net of cash acquired, which was funded from cash on
            hand.</div>
          <div><br>
          </div>
          <div style="text-align: justify; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">On August 1, 2025, Descartes acquired all of the shares of Finale, Inc. (&#8220;Finale&#8221;), a US-based provider of cloud-based inventory management solutions
            designed to support ecommerce businesses across their growth lifecycle. The purchase price for the acquisition was approximately $39.2 million, net of cash acquired, which was funded from cash on hand, plus potential performance-based
            contingent consideration of up to $15.0 million based on Finale achieving revenue-based targets over the first two years post-acquisition.</div>
          <div><br>
          </div>
          <div style="text-align: justify; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">On December 3, 2025, Descartes announced that Edward Gardner would succeed Allan Brett as Descartes' Chief Financial Officer following the filing of
            Descartes' financial statements for its fiscal year ending January 31, 2026. Mr. Brett will continue his employment with Descartes thereafter in a senior advisory role to the executive team as he begins a move towards retirement.</div>
        </div>
      </div>
      <div style="float: right; width: 48%; font-family: Verdana,Geneva,'sans-serif'; font-size: 9pt;" class="BRPFTCR">
        <div style="text-align: justify;">On December 3, 2025, Descartes announced that it had filed with the Toronto Stock Exchange (TSX) a notice of intention (the &#8220;Application&#8221;) to commence a normal course issuer bid (the &#8220;NCIB&#8221;). If the Application is
          accepted by the TSX, Descartes would be permitted to repurchase for cancellation, at its discretion during the 12 months following such acceptance, up to 10% of the &#8220;public float&#8221; (calculated in accordance with the rules of the TSX) of Descartes&#8217;
          issued and outstanding common shares. If the Application is accepted by the TSX, any purchases under the NCIB will be conducted in the open market (or as otherwise permitted), subject to the terms and limitations applicable to such NCIB, and will
          be made through the facilities of the TSX, Nasdaq, other designated exchanges and/or alternative Canadian trading systems, or by such other means as may be permitted by the Ontario Securities Commission or other applicable Canadian Securities
          Administrators.</div>
      </div>
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            <td valign="bottom" style="vertical-align: bottom; padding-bottom: 1px;" colspan="1" class="cftguttercell">&#160;</td>
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            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; padding-bottom: 1px;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; padding-bottom: 1px;" colspan="1" class="cftguttercell">&#160;</td>
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            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; padding-bottom: 1px;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; padding-bottom: 1px;" colspan="1" class="cftguttercell">&#160;</td>
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            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; padding-bottom: 1px;" colspan="1" class="cftfncell">&#160;</td>
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            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; padding-bottom: 1px;" colspan="1" class="cftfncell">&#160;</td>
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            <td valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
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            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
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            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
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            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
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            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
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            <td valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 1px;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 1px solid rgb(0, 0, 0);" colspan="1" class="cftcurrcell">&#160;</td>
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            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 1px;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 1px;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 1px solid rgb(0, 0, 0);" colspan="1" class="cftcurrcell">&#160;</td>
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            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 1px;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 1px;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 1px solid rgb(0, 0, 0);" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 1px solid rgb(0, 0, 0);" colspan="1" class="cftnumcell">
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            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 1px;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 1px;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 1px solid rgb(0, 0, 0);" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 1px solid rgb(0, 0, 0);" colspan="1" class="cftnumcell">
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            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 1px;" colspan="1" class="cftfncell">&#160;</td>
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            <td valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
              <div style="font-family: Verdana,Geneva,sans-serif; font-size: 9pt; font-weight: bold;">145.2</div>
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            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
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            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
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            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
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            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
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            <td valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
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            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
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            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
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            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
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            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
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            <td valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
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            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
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            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
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            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
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            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
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            <td style="vertical-align: bottom; width: 1%; padding: 0px 0px 1px; text-align: right;" colspan="1" class="cftguttercell">&#160;</td>
            <td style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 1px solid rgb(0, 0, 0);" colspan="1" class="cftcurrcell">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 1px solid rgb(0, 0, 0);" colspan="1" class="cftnumcell">
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            <td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: bottom; width: 1%; padding-top: 0px; padding-right: 0px; padding-left: 0px; text-align: right;" colspan="1" class="cftguttercell">&#160;</td>
            <td style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 1px solid rgb(0, 0, 0);" colspan="1" class="cftcurrcell">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 1px solid rgb(0, 0, 0);" colspan="1" class="cftnumcell">
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            <td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; width: 1%; padding-top: 0px; padding-right: 0px; padding-left: 0px; text-align: left;" colspan="1" class="cftfncell">&#160;</td>
            <td style="vertical-align: bottom; width: 1%; padding: 0px 0px 1px; text-align: right;" colspan="1" class="cftguttercell">&#160;</td>
            <td style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 1px solid rgb(0, 0, 0);" colspan="1" class="cftcurrcell">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 1px solid rgb(0, 0, 0);" colspan="1" class="cftnumcell">
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            <td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; width: 1%; padding-top: 0px; padding-right: 0px; padding-left: 0px; text-align: left;" colspan="1" class="cftfncell">&#160;</td>
            <td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: bottom; width: 1%; padding-top: 0px; padding-right: 0px; padding-left: 0px; text-align: right;" colspan="1" class="cftguttercell">&#160;</td>
            <td style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 1px solid rgb(0, 0, 0);" colspan="1" class="cftcurrcell">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 1px solid rgb(0, 0, 0);" colspan="1" class="cftnumcell">
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            <td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; width: 1%; padding-top: 0px; padding-right: 0px; padding-left: 0px; text-align: left;" colspan="1" class="cftfncell">&#160;</td>
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          <tr>
            <td valign="bottom" style="vertical-align: top; width: 52%;">
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            </td>
            <td valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
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            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
              <div style="font-family: Verdana,Geneva,sans-serif; font-size: 9pt;">45.8</div>
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            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
              <div style="font-family: Verdana,Geneva,sans-serif; font-size: 9pt; font-weight: bold;">151.0</div>
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            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
              <div style="font-family: Verdana,Geneva,sans-serif; font-size: 9pt;">134.0</div>
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            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
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          <tr>
            <td valign="bottom" style="vertical-align: top; width: 52%;">
              <div style="text-align: left; margin-left: 9pt; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">Investment income</div>
            </td>
            <td valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
              <div style="font-family: Verdana,Geneva,sans-serif; font-size: 9pt; font-weight: bold;">2.0</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
              <div style="font-family: Verdana,Geneva,sans-serif; font-size: 9pt;">2.9</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
              <div style="font-family: Verdana,Geneva,sans-serif; font-size: 9pt; font-weight: bold;">5.5</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
              <div style="font-family: Verdana,Geneva,sans-serif; font-size: 9pt;">9.7</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
          </tr>
          <tr>
            <td style="vertical-align: top; width: 52%; padding: 0px 0px 1px;">
              <div style="text-align: left; margin-left: 9pt; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">Interest expense</div>
            </td>
            <td style="vertical-align: bottom; width: 1%; padding: 0px 0px 1px; text-align: right;" colspan="1" class="cftguttercell">&#160;</td>
            <td style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 1px solid rgb(0, 0, 0);" colspan="1" class="cftcurrcell">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 1px solid rgb(0, 0, 0);" colspan="1" class="cftnumcell">
              <div style="font-family: Verdana,Geneva,sans-serif; font-size: 9pt; font-weight: bold;">(0.2</div>
            </td>
            <td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; width: 1%; padding-top: 0px; padding-right: 0px; padding-left: 0px; text-align: left;" colspan="1" class="cftfncell">
              <div style="font-family: Verdana,Geneva,sans-serif; font-size: 9pt; font-weight: bold;">)</div>
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            <td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: bottom; width: 1%; padding-top: 0px; padding-right: 0px; padding-left: 0px; text-align: right;" colspan="1" class="cftguttercell">&#160;</td>
            <td style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 1px solid rgb(0, 0, 0);" colspan="1" class="cftcurrcell">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 1px solid rgb(0, 0, 0);" colspan="1" class="cftnumcell">
              <div style="font-family: Verdana,Geneva,sans-serif; font-size: 9pt;">(0.2</div>
            </td>
            <td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; width: 1%; padding-top: 0px; padding-right: 0px; padding-left: 0px; text-align: left;" colspan="1" class="cftfncell">
              <div style="font-family: Verdana,Geneva,sans-serif; font-size: 9pt;">)</div>
            </td>
            <td style="vertical-align: bottom; width: 1%; padding: 0px 0px 1px; text-align: right;" colspan="1" class="cftguttercell">&#160;</td>
            <td style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 1px solid rgb(0, 0, 0);" colspan="1" class="cftcurrcell">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 1px solid rgb(0, 0, 0);" colspan="1" class="cftnumcell">
              <div style="font-family: Verdana,Geneva,sans-serif; font-size: 9pt; font-weight: bold;">(0.7</div>
            </td>
            <td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; width: 1%; padding-top: 0px; padding-right: 0px; padding-left: 0px; text-align: left;" colspan="1" class="cftfncell">
              <div style="font-family: Verdana,Geneva,sans-serif; font-size: 9pt; font-weight: bold;">)</div>
            </td>
            <td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: bottom; width: 1%; padding-top: 0px; padding-right: 0px; padding-left: 0px; text-align: right;" colspan="1" class="cftguttercell">&#160;</td>
            <td style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 1px solid rgb(0, 0, 0);" colspan="1" class="cftcurrcell">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 1px solid rgb(0, 0, 0);" colspan="1" class="cftnumcell">
              <div style="font-family: Verdana,Geneva,sans-serif; font-size: 9pt;">(0.8</div>
            </td>
            <td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; width: 1%; padding-top: 0px; padding-right: 0px; padding-left: 0px; text-align: left;" colspan="1" class="cftfncell">
              <div style="font-family: Verdana,Geneva,sans-serif; font-size: 9pt;">)</div>
            </td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: top; width: 52%;">
              <div style="text-align: left; text-indent: -9pt; margin-left: 9pt; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">Income before income taxes</div>
            </td>
            <td valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
              <div style="font-family: Verdana,Geneva,sans-serif; font-size: 9pt; font-weight: bold;">58.4</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
              <div style="font-family: Verdana,Geneva,sans-serif; font-size: 9pt;">48.5</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
              <div style="font-family: Verdana,Geneva,sans-serif; font-size: 9pt; font-weight: bold;">155.8</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
              <div style="font-family: Verdana,Geneva,sans-serif; font-size: 9pt;">142.9</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: top; width: 52%;">
              <div style="text-align: left; text-indent: -9pt; margin-left: 9pt; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">Income tax expense (recovery)</div>
            </td>
            <td valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: top; width: 52%;">
              <div style="text-align: left; text-indent: 9pt; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">Current</div>
            </td>
            <td valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
              <div style="font-family: Verdana,Geneva,sans-serif; font-size: 9pt; font-weight: bold;">10.9</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
              <div style="font-family: Verdana,Geneva,sans-serif; font-size: 9pt;">18.3</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
              <div style="font-family: Verdana,Geneva,sans-serif; font-size: 9pt; font-weight: bold;">28.8</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
              <div style="font-family: Verdana,Geneva,sans-serif; font-size: 9pt;">42.1</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
          </tr>
          <tr>
            <td style="vertical-align: top; width: 52%; padding: 0px 0px 1px;">
              <div style="text-align: left; text-indent: 9pt; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">Deferred</div>
            </td>
            <td style="vertical-align: bottom; width: 1%; padding: 0px 0px 1px; text-align: right;" colspan="1" class="cftguttercell">&#160;</td>
            <td style="border-bottom: 1px solid; vertical-align: bottom; width: 1%; text-align: left;" colspan="1" class="cftcurrcell">&#160;</td>
            <td style="border-bottom: 1px solid; vertical-align: bottom; width: 9%; text-align: right;" colspan="1" class="cftnumcell">
              <div style="font-family: Verdana,Geneva,sans-serif; font-size: 9pt; font-weight: bold;">3.6</div>
            </td>
            <td style="border-bottom: 1px solid; vertical-align: bottom; white-space: nowrap; width: 1%; padding-top: 0px; padding-right: 0px; padding-left: 0px; text-align: left;" colspan="1" class="cftfncell">&#160;</td>
            <td style="border-bottom: 1px solid; vertical-align: bottom; width: 1%; padding-top: 0px; padding-right: 0px; padding-left: 0px; text-align: right;" colspan="1" class="cftguttercell">&#160;</td>
            <td style="border-bottom: 1px solid; vertical-align: bottom; width: 1%; text-align: left;" colspan="1" class="cftcurrcell">&#160;</td>
            <td style="border-bottom: 1px solid; vertical-align: bottom; width: 9%; text-align: right;" colspan="1" class="cftnumcell">
              <div style="font-family: Verdana,Geneva,sans-serif; font-size: 9pt;">(6.4</div>
            </td>
            <td style="border-bottom: 1px solid; vertical-align: bottom; white-space: nowrap; width: 1%; padding-top: 0px; padding-right: 0px; padding-left: 0px; text-align: left;" colspan="1" class="cftfncell">
              <div style="font-family: Verdana,Geneva,sans-serif; font-size: 9pt;">)</div>
            </td>
            <td style="vertical-align: bottom; width: 1%; padding: 0px 0px 1px; text-align: right;" colspan="1" class="cftguttercell">&#160;</td>
            <td style="border-bottom: 1px solid; vertical-align: bottom; width: 1%; text-align: left;" colspan="1" class="cftcurrcell">&#160;</td>
            <td style="border-bottom: 1px solid; vertical-align: bottom; width: 9%; text-align: right;" colspan="1" class="cftnumcell">
              <div style="font-family: Verdana,Geneva,sans-serif; font-size: 9pt; font-weight: bold;">8.8</div>
            </td>
            <td style="border-bottom: 1px solid; vertical-align: bottom; white-space: nowrap; width: 1%; padding-top: 0px; padding-right: 0px; padding-left: 0px; text-align: left;" colspan="1" class="cftfncell">&#160;</td>
            <td style="border-bottom: 1px solid; vertical-align: bottom; width: 1%; padding-top: 0px; padding-right: 0px; padding-left: 0px; text-align: right;" colspan="1" class="cftguttercell">&#160;</td>
            <td style="border-bottom: 1px solid; vertical-align: bottom; width: 1%; text-align: left;" colspan="1" class="cftcurrcell">&#160;</td>
            <td style="border-bottom: 1px solid; vertical-align: bottom; width: 9%; text-align: right;" colspan="1" class="cftnumcell">
              <div style="font-family: Verdana,Geneva,sans-serif; font-size: 9pt;">(5.1</div>
            </td>
            <td style="border-bottom: 1px solid; vertical-align: bottom; white-space: nowrap; width: 1%; padding-top: 0px; padding-right: 0px; padding-left: 0px; text-align: left;" colspan="1" class="cftfncell">
              <div style="font-family: Verdana,Geneva,sans-serif; font-size: 9pt;">)</div>
            </td>
          </tr>
          <tr>
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              <div style="text-align: left; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">Net income</div>
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            <td style="border-bottom: 2px solid rgb(0, 0, 0); vertical-align: bottom; width: 1%; text-align: left;" colspan="1" class="cftcurrcell">&#160;</td>
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            <td valign="bottom" style="vertical-align: top;" colspan="2">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" style="vertical-align: top;" colspan="2">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" style="vertical-align: top;" colspan="2">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" style="vertical-align: top;" colspan="2">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom;" colspan="1" class="cftfncell">&#160;</td>
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              <div style="text-align: left; margin-left: 9pt; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">BASIC</div>
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            <td valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
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            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
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            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
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            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
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            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
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            <td style="vertical-align: bottom; width: 1%; padding: 0px 0px 2px; text-align: right;" colspan="1" class="cftguttercell">&#160;</td>
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            <td style="border-bottom: 2px solid rgb(0, 0, 0); vertical-align: bottom; width: 9%; text-align: right;" colspan="1" class="cftnumcell">
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            <td style="border-bottom: 2px solid rgb(0, 0, 0); vertical-align: bottom; width: 1%; padding-top: 0px; padding-right: 0px; padding-left: 0px; text-align: right;" colspan="1" class="cftguttercell">&#160;</td>
            <td style="border-bottom: 2px solid rgb(0, 0, 0); vertical-align: bottom; width: 1%; text-align: left;" colspan="1" class="cftcurrcell">&#160;</td>
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            <td style="border-bottom: 2px solid rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; width: 1%; padding-top: 0px; padding-right: 0px; padding-left: 0px; text-align: left;" colspan="1" class="cftfncell">&#160;</td>
            <td style="vertical-align: bottom; width: 1%; padding: 0px 0px 2px; text-align: right;" colspan="1" class="cftguttercell">&#160;</td>
            <td style="border-bottom: 2px solid rgb(0, 0, 0); vertical-align: bottom; width: 1%; text-align: left;" colspan="1" class="cftcurrcell">&#160;</td>
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            <td style="border-bottom: 2px solid rgb(0, 0, 0); vertical-align: bottom; width: 1%; text-align: left;" colspan="1" class="cftcurrcell">&#160;</td>
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              <div style="text-align: left; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">WEIGHTED AVERAGE SHARES OUTSTANDING (thousands)</div>
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            <td valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
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            <td valign="bottom" style="vertical-align: top; width: 52%;">
              <div style="text-align: left; margin-left: 9pt; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">BASIC</div>
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            <td valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
              <div style="font-family: Verdana,Geneva,sans-serif; font-size: 9pt; font-weight: bold;">85,960</div>
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            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
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              <div style="font-family: Verdana,Geneva,sans-serif; font-size: 9pt;">85,501</div>
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            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
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            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
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              <div style="font-family: Verdana,Geneva,sans-serif; font-size: 9pt;">85,403</div>
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            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
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              <div style="text-align: left; margin-left: 9pt; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">DILUTED</div>
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            <td style="vertical-align: bottom; width: 1%; padding: 0px 0px 2px; text-align: right;" colspan="1" class="cftguttercell">&#160;</td>
            <td style="border-bottom: 2px solid rgb(0, 0, 0); vertical-align: bottom; width: 1%; text-align: left;" colspan="1" class="cftcurrcell">&#160;</td>
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              <div style="font-family: Verdana,Geneva,sans-serif; font-size: 9pt; font-weight: bold;">87,610</div>
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            <td style="border-bottom: 2px solid rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; width: 1%; padding-top: 0px; padding-right: 0px; padding-left: 0px; text-align: left;" colspan="1" class="cftfncell">&#160;</td>
            <td style="border-bottom: 2px solid rgb(0, 0, 0); vertical-align: bottom; width: 1%; padding-top: 0px; padding-right: 0px; padding-left: 0px; text-align: right;" colspan="1" class="cftguttercell">&#160;</td>
            <td style="border-bottom: 2px solid rgb(0, 0, 0); vertical-align: bottom; width: 1%; text-align: left;" colspan="1" class="cftcurrcell">&#160;</td>
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              <div style="font-family: Verdana,Geneva,sans-serif; font-size: 9pt;">87,342</div>
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            <td style="vertical-align: bottom; width: 1%; padding: 0px 0px 2px; text-align: right;" colspan="1" class="cftguttercell">&#160;</td>
            <td style="border-bottom: 2px solid rgb(0, 0, 0); vertical-align: bottom; width: 1%; text-align: left;" colspan="1" class="cftcurrcell">&#160;</td>
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              <div style="font-family: Verdana,Geneva,sans-serif; font-size: 9pt; font-weight: bold;">87,587</div>
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            <td style="border-bottom: 2px solid rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; width: 1%; padding-top: 0px; padding-right: 0px; padding-left: 0px; text-align: left;" colspan="1" class="cftfncell">&#160;</td>
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            <td style="border-bottom: 2px solid rgb(0, 0, 0); vertical-align: bottom; width: 1%; text-align: left;" colspan="1" class="cftcurrcell">&#160;</td>
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              <div style="font-family: Verdana,Geneva,sans-serif; font-size: 9pt;">87,231</div>
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    <div style="text-align: justify; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;"><font style="font-size: 9pt; font-family: Verdana, Geneva, sans-serif; font-weight: bold;">Total revenues </font>consist of <font style="font-size: 9pt; font-family: Verdana, Geneva, sans-serif; font-weight: bold; font-style: italic;">license revenues, services revenues </font>and <font style="font-size: 9pt; font-family: Verdana, Geneva, sans-serif; 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, Geneva, sans-serif; font-size: 9pt;">Our<font style="font-size: 9pt; font-family: Verdana, Geneva, sans-serif; font-weight: bold;">&#160;</font>total revenues were $536.2 million and $483.5 million for
      the first three quarters of 2026 and 2025, respectively. The increase in revenues in the first three quarters of 2026 compared to the same period of 2025 was primarily due to a full period of contribution from the acquisitions completed in 2025<font style="font-size: 9pt; font-family: Verdana, Geneva, sans-serif;"> (</font>OCR Services, Inc (&#8220;OCR&#8221;), Aerospace Software Developments (&#8220;ASD&#8221;), BoxTop Technologies Limited (&#8220;BoxTop&#8221;), Assure Assist, Inc., doing business as MyCarrierPortal (&#8220;MCP&#8221;),
      and Sellercloud LLC and certain assets of Sellercloud Europe Ltd. (collectively referred to as &#8220;Sellercloud&#8221;), collectively, the &#8220;2025 Acquisitions&#8221;), which contributed an incremental $26.7 million in revenues in the first three quarters of</div>
    <div style="text-align: justify; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;"> <br>
    </div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" class="BRPFPageBreakArea">
      <div class="BRPFPageNumberArea" style="text-align: center;"><font style="font-family: Verdana, Geneva, 'sans-serif'; font-size: 9pt; font-weight: normal; font-style: normal;">9</font></div>
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    <div style="text-align: justify; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">2026. Revenues were also positively impacted by the partial period of contribution from the acquisitions completed in 2026 (3GTMS, PackageRoute, and Finale,
      collectively, the &#8220;2026 Acquisitions&#8221;), which contributed an incremental $17.2 million in revenues in the first three quarters of 2026. The principal contributor to the balance of the increase in revenues in the first three quarters of 2026 compared
      to the same period of 2025 was growth from new and existing customers.</div>
    <div><br>
    </div>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="zc337902db64a412aaf0b35c412d56f89">

        <tr>
          <td style="width: 100%; vertical-align: top;">
            <div style="text-align: justify; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">For the third quarter of 2026 and 2025, our total revenues were $187.7 million and $168.8 million,</div>
            <div style="text-align: justify; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">respectively. The increase in revenues in the third quarter of 2026 compared to the same period of 2025 was primarily due to the partial period of
              contribution from the 2026 Acquisitions, which contributed an incremental $8.3 million in revenues in the third quarter of 2026. Revenues were also positively impacted by a full period of contribution from the 2025 Acquisitions, which
              contributed an incremental $5.5 million in revenues in the third quarter of 2026. The principal contributor to the balance of the increase in revenues in the third quarter of 2026 compared to the same period of 2025 was growth from new and
              existing customers.</div>
            <div style="text-align: justify; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">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>
    <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: 53.69%; vertical-align: top;">&#160;</td>
          <td colspan="2" style="width: 22.45%; vertical-align: top; border-top: #000000 1px solid;">
            <div style="text-align: right; font-family: Verdana, Geneva, sans-serif; font-size: 9pt; font-weight: bold;">Third Quarter of</div>
          </td>
          <td style="width: 1.41%; vertical-align: top;">&#160;</td>
          <td colspan="2" style="width: 22.45%; vertical-align: top; border-top: #000000 1px solid;">
            <div style="text-align: right; font-family: Verdana, Geneva, sans-serif; font-size: 9pt; font-weight: bold;">First Three</div>
            <div style="text-align: right; font-family: Verdana, Geneva, sans-serif; font-size: 9pt; 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 1px solid;">
            <div style="text-align: right; font-family: Verdana, Geneva, sans-serif; font-size: 9pt; font-weight: bold;">2026</div>
          </td>
          <td style="width: 11.22%; vertical-align: top; border-bottom: #000000 1px solid;">
            <div style="text-align: right; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">2025</div>
          </td>
          <td style="width: 1.41%; vertical-align: top;">&#160;</td>
          <td style="width: 11.22%; vertical-align: top; border-bottom: #000000 1px solid;">
            <div style="text-align: right; font-family: Verdana, Geneva, sans-serif; font-size: 9pt; font-weight: bold;">2026</div>
          </td>
          <td style="width: 11.22%; vertical-align: top; border-bottom: #000000 1px solid;">
            <div style="text-align: right; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">2025</div>
          </td>
        </tr>
        <tr>
          <td style="width: 53.69%; vertical-align: top;">
            <div style="text-align: left; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">License</div>
          </td>
          <td style="width: 11.22%; vertical-align: top;">
            <div style="text-align: right; font-family: Verdana, Geneva, sans-serif; font-size: 9pt; font-weight: bold;">1.9</div>
          </td>
          <td style="width: 11.22%; vertical-align: top;">
            <div style="text-align: right; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">3.5</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, Geneva, sans-serif; font-size: 9pt; font-weight: bold;">2.4</div>
          </td>
          <td style="width: 11.22%; vertical-align: top;">
            <div style="text-align: right; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">5.4</div>
          </td>
        </tr>
        <tr>
          <td style="width: 53.69%; vertical-align: top;">
            <div style="text-align: left; font-family: Verdana, Geneva, sans-serif; font-size: 9pt; 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, Geneva, sans-serif; font-size: 9pt; 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, Geneva, sans-serif; font-size: 9pt; font-style: italic;">2%</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, Geneva, sans-serif; font-size: 9pt; font-style: italic; font-weight: bold;">-</div>
          </td>
          <td style="width: 11.22%; vertical-align: top;">
            <div style="text-align: right; font-family: Verdana, Geneva, sans-serif; font-size: 9pt; 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, Geneva, sans-serif; font-size: 9pt;">Services</div>
          </td>
          <td style="width: 11.22%; vertical-align: top;">
            <div style="text-align: right; font-family: Verdana, Geneva, sans-serif; font-size: 9pt; font-weight: bold;">173.7</div>
          </td>
          <td style="width: 11.22%; vertical-align: top;">
            <div style="text-align: right; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">149.7</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, Geneva, sans-serif; font-size: 9pt; font-weight: bold;">497.1</div>
          </td>
          <td style="width: 11.22%; vertical-align: top;">
            <div style="text-align: right; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">433.7</div>
          </td>
        </tr>
        <tr>
          <td style="width: 53.69%; vertical-align: top;">
            <div style="text-align: left; font-family: Verdana, Geneva, sans-serif; font-size: 9pt; 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, Geneva, sans-serif; font-size: 9pt; font-style: italic; font-weight: bold;">93%</div>
          </td>
          <td style="width: 11.22%; vertical-align: top;">
            <div style="text-align: right; font-family: Verdana, Geneva, sans-serif; font-size: 9pt; font-style: italic;">89%</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, Geneva, sans-serif; font-size: 9pt; font-style: italic; font-weight: bold;">93%</div>
          </td>
          <td style="width: 11.22%; vertical-align: top;">
            <div style="text-align: right; font-family: Verdana, Geneva, sans-serif; font-size: 9pt; font-style: italic;">90%</div>
          </td>
        </tr>
        <tr>
          <td style="width: 53.69%; vertical-align: top;">&#160;</td>
          <td style="width: 11.22%; vertical-align: top;">&#160;</td>
          <td style="width: 11.22%; vertical-align: top;">&#160;</td>
          <td style="width: 1.41%; vertical-align: top;">&#160;</td>
          <td style="width: 11.22%; vertical-align: top;">&#160;</td>
          <td style="width: 11.22%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 53.69%; vertical-align: top;">
            <div style="text-align: left; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">Professional services and other</div>
          </td>
          <td style="width: 11.22%; vertical-align: top;">
            <div style="text-align: right; font-family: Verdana, Geneva, sans-serif; font-size: 9pt; font-weight: bold;">12.1</div>
          </td>
          <td style="width: 11.22%; vertical-align: top;">
            <div style="text-align: right; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">15.6</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, Geneva, sans-serif; font-size: 9pt; font-weight: bold;">36.7</div>
          </td>
          <td style="width: 11.22%; vertical-align: top;">
            <div style="text-align: right; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">44.4</div>
          </td>
        </tr>
        <tr>
          <td style="width: 53.69%; vertical-align: top; padding-bottom: 1px;">
            <div style="text-align: left; font-family: Verdana, Geneva, sans-serif; font-size: 9pt; font-style: italic;">Percentage of total revenues</div>
          </td>
          <td style="width: 11.22%; vertical-align: top; border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; font-family: Verdana, Geneva, sans-serif; font-size: 9pt; font-style: italic; font-weight: bold;">6%</div>
          </td>
          <td style="width: 11.22%; vertical-align: top; border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; font-family: Verdana, Geneva, sans-serif; font-size: 9pt; font-style: italic;">9%</div>
          </td>
          <td style="width: 1.41%; vertical-align: top; padding-bottom: 1px;">&#160;</td>
          <td style="width: 11.22%; vertical-align: top; border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; font-family: Verdana, Geneva, sans-serif; font-size: 9pt; font-style: italic; font-weight: bold;">7%</div>
          </td>
          <td style="width: 11.22%; vertical-align: top; border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; font-family: Verdana, Geneva, sans-serif; font-size: 9pt; font-style: italic;">9%</div>
          </td>
        </tr>
        <tr>
          <td style="width: 53.69%; vertical-align: top;">
            <div style="text-align: left; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">Total revenues</div>
          </td>
          <td style="width: 11.22%; vertical-align: top; border-top: #000000 1px solid; border-bottom: #000000 2px double;">
            <div style="text-align: right; font-family: Verdana, Geneva, sans-serif; font-size: 9pt; font-weight: bold;">187.7</div>
          </td>
          <td style="width: 11.22%; vertical-align: top; border-top: #000000 1px solid; border-bottom: #000000 2px double;">
            <div style="text-align: right; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">168.8</div>
          </td>
          <td style="width: 1.41%; vertical-align: top;">&#160;</td>
          <td style="width: 11.22%; vertical-align: top; border-top: #000000 1px solid; border-bottom: #000000 2px double;">
            <div style="text-align: right; font-family: Verdana, Geneva, sans-serif; font-size: 9pt; font-weight: bold;">536.2</div>
          </td>
          <td style="width: 11.22%; vertical-align: top; border-top: #000000 1px solid; border-bottom: #000000 2px double;">
            <div style="text-align: right; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">483.5</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <div style="text-align: justify; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">Our<font style="font-size: 9pt; font-family: Verdana, Geneva, sans-serif; font-weight: bold;">&#160;</font><font style="font-size: 9pt; font-family: Verdana, Geneva, sans-serif; font-weight: bold; font-style: italic;">license revenues</font> were $2.4 million and $5.4 million for the first three quarters of 2026 and 2025, respectively, representing less than 1% and 1% of total revenues in the first three
      quarters of 2026 and 2025, respectively. For the third quarter of 2026 and 2025, our license revenues were $1.9 million and $3.5 million, respectively, representing 1% and 2% of total revenues in the third quarter of 2026 and 2025, 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, Geneva, sans-serif; font-size: 9pt;">Our<font style="font-size: 9pt; font-family: Verdana, Geneva, sans-serif; font-weight: bold;">&#160;</font><font style="font-size: 9pt; font-family: Verdana, Geneva, sans-serif; font-weight: bold; font-style: italic;">services revenues</font> were $497.1 million and $433.7 million for the first three quarters of 2026 and 2025, respectively, representing 93% and 90% of total revenues in the first three quarters
      of 2026 and 2025, respectively. The increase in services revenues in the first three quarters of 2026 compared to the same period of 2025 was primarily due to a full period of contribution from the 2025 Acquisitions, which contributed an incremental
      $26.0 million in services revenues in the first three quarters of 2026. Revenues were also positively impacted by growth in services revenues from new and existing customers, which contributed an incremental $22.1 million in services revenues in the
      first three quarters of 2026. The growth in services revenues in the first three quarters of 2026 from new and existing customers was driven by sales of our global trade intelligence and transportation management solutions. The principal contributor
      to the balance of the increase in services revenues in the first three quarters of 2026 compared to the same period of 2025 was the partial period of contribution from the 2026 Acquisitions.</div>
    <div><br>
    </div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" class="BRPFPageBreakArea">
      <div class="BRPFPageNumberArea" style="text-align: center;"><font style="font-family: Verdana, Geneva, 'sans-serif'; font-size: 9pt; font-weight: normal; font-style: normal;">10</font></div>
      <div style="page-break-after: always;" class="BRPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div style="text-align: justify; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">For the third quarter of 2026 and 2025, our services revenues were $173.7 million and $149.7 million, respectively, representing 93% and 89% of total revenues
      in the third quarter of 2026 and 2025, respectively. The increase in services revenues in the third quarter of 2026 compared to the same period of 2025 was primarily due to growth in services revenues from new and existing customers, which
      contributed an incremental $11.0 million in services revenues in the third quarter of 2026. Revenues were also positively impacted by the partial period of contribution from the 2026 Acquisitions, which contributed an incremental $7.6 million in
      services revenues in the third quarter of 2026. The principal contributor to the balance of the increase in services revenues in the third quarter of 2026 was a full period of contribution from the 2025 Acquisitions.</div>
    <div><br>
    </div>
    <div style="text-align: justify; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">Our <font style="font-size: 9pt; font-family: Verdana, Geneva, sans-serif; font-weight: bold; font-style: italic;">professional services and other revenues</font>
      were $36.7 million and $44.4 million for the first three quarters of 2026 and 2025, respectively, representing 7% and 9% of total revenues for the first three quarters of 2026 and 2025, respectively. The decrease in revenues in the first three
      quarters of 2026 compared to the same period of 2025 was primarily due to lower hardware revenues, partially offset by a full period of contribution of professional services and other revenues from the 2025 Acquisitions and the partial period of
      contribution from the 2026 Acquisitions.</div>
    <div><br>
    </div>
    <div style="text-align: justify; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">For the third quarter of 2026 and 2025, our professional services and other revenues were $12.1 million and $15.6 million, respectively, representing 6% and 9%
      of our total revenues in the third quarter of 2026 and 2025, respectively. The decrease in revenues in the third quarter of 2026 compared to the same period of 2025 was primarily due to lower hardware revenues, partially offset by the partial period
      of contribution of professional services and other revenues from the 2026 Acquisitions and a full period of contribution from the 2025 Acquisitions.</div>
    <div><br>
    </div>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="zfd1a8871aaac43c8b37960d889d5021a">

        <tr>
          <td colspan="6" style="width: 100%; vertical-align: top;">
            <div style="text-align: justify; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">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-size: 9pt; font-family: Verdana, Geneva, sans-serif; font-style: italic;">&#160;</font>(in millions of dollars and as a percentage of total revenues):</div>
          </td>
        </tr>
        <tr>
          <td style="width: 56.14%; vertical-align: top;">&#160;</td>
          <td colspan="2" style="width: 21.25%; vertical-align: top; border-top: #000000 1px solid;">
            <div style="text-align: right; font-family: Verdana, Geneva, sans-serif; font-size: 9pt; font-weight: bold;">Third Quarter of</div>
          </td>
          <td style="border-top: 0px; vertical-align: top; width: 1.37%;">&#160;</td>
          <td colspan="2" style="width: 21.25%; vertical-align: top; border-top: #000000 1px solid;">
            <div style="text-align: right; font-family: Verdana, Geneva, sans-serif; font-size: 9pt; font-weight: bold;">First Three Quarters of</div>
          </td>
        </tr>
        <tr>
          <td style="width: 56.14%; vertical-align: top; padding-bottom: 1px;">&#160;</td>
          <td style="width: 12.48%; vertical-align: top; border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; font-family: Verdana, Geneva, sans-serif; font-size: 9pt; font-weight: bold;">2026</div>
          </td>
          <td style="width: 8.77%; vertical-align: top; border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">2025</div>
          </td>
          <td style="width: 1.37%; vertical-align: top; padding-bottom: 1px;">&#160;</td>
          <td style="width: 10.62%; vertical-align: top; border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; font-family: Verdana, Geneva, sans-serif; font-size: 9pt; font-weight: bold;">2026</div>
          </td>
          <td style="width: 10.62%; vertical-align: top; border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">2025</div>
          </td>
        </tr>
        <tr>
          <td style="width: 56.14%; vertical-align: top;">
            <div style="text-align: left; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">United States</div>
          </td>
          <td style="width: 12.48%; vertical-align: top;">
            <div style="text-align: right; font-family: Verdana, Geneva, sans-serif; font-size: 9pt; font-weight: bold;">129.3</div>
          </td>
          <td style="width: 8.77%; vertical-align: top;">
            <div style="text-align: right; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">114.4</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, Geneva, sans-serif; font-size: 9pt; font-weight: bold;">364.2</div>
          </td>
          <td style="width: 10.62%; vertical-align: top;">
            <div style="text-align: right; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">325.6</div>
          </td>
        </tr>
        <tr>
          <td style="width: 56.14%; vertical-align: top;">
            <div style="text-align: left; font-family: Verdana, Geneva, sans-serif; font-size: 9pt; 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, Geneva, sans-serif; font-size: 9pt; font-style: italic; font-weight: bold;">69%</div>
          </td>
          <td style="width: 8.77%; vertical-align: top;">
            <div style="text-align: right; font-family: Verdana, Geneva, sans-serif; font-size: 9pt; 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, Geneva, sans-serif; font-size: 9pt; font-style: italic; font-weight: bold;">68%</div>
          </td>
          <td style="width: 10.62%; vertical-align: top;">
            <div style="text-align: right; font-family: Verdana, Geneva, sans-serif; font-size: 9pt; 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, Geneva, sans-serif; font-size: 9pt;">Europe, Middle-East and Africa (&#8220;EMEA&#8221;)</div>
          </td>
          <td style="width: 12.48%; vertical-align: bottom;">
            <div style="text-align: right; font-family: Verdana, Geneva, sans-serif; font-size: 9pt; font-weight: bold;">42.7</div>
          </td>
          <td style="width: 8.77%; vertical-align: bottom;">
            <div style="text-align: right; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">39.8</div>
          </td>
          <td style="width: 1.37%; vertical-align: bottom;">&#160;</td>
          <td style="width: 10.62%; vertical-align: bottom;">
            <div style="text-align: right; font-family: Verdana, Geneva, sans-serif; font-size: 9pt; font-weight: bold;">125.4</div>
          </td>
          <td style="width: 10.62%; vertical-align: bottom;">
            <div style="text-align: right; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">113.4</div>
          </td>
        </tr>
        <tr>
          <td style="width: 56.14%; vertical-align: top;">
            <div style="text-align: left; font-family: Verdana, Geneva, sans-serif; font-size: 9pt; 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, Geneva, sans-serif; font-size: 9pt; 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, Geneva, sans-serif; font-size: 9pt; font-style: italic;">23%</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, Geneva, sans-serif; font-size: 9pt; font-style: italic; font-weight: bold;">23%</div>
          </td>
          <td style="width: 10.62%; vertical-align: top;">
            <div style="text-align: right; font-family: Verdana, Geneva, sans-serif; font-size: 9pt; 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, Geneva, sans-serif; font-size: 9pt;">Canada</div>
          </td>
          <td style="width: 12.48%; vertical-align: top;">
            <div style="text-align: right; font-family: Verdana, Geneva, sans-serif; font-size: 9pt; font-weight: bold;">10.6</div>
          </td>
          <td style="width: 8.77%; vertical-align: top;">
            <div style="text-align: right; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">9.6</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, Geneva, sans-serif; font-size: 9pt; font-weight: bold;">31.3</div>
          </td>
          <td style="width: 10.62%; vertical-align: top;">
            <div style="text-align: right; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">29.9</div>
          </td>
        </tr>
        <tr>
          <td style="width: 56.14%; vertical-align: top;">
            <div style="text-align: left; font-family: Verdana, Geneva, sans-serif; font-size: 9pt; 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, Geneva, sans-serif; font-size: 9pt; font-style: italic; font-weight: bold;">5%</div>
          </td>
          <td style="width: 8.77%; vertical-align: top;">
            <div style="text-align: right; font-family: Verdana, Geneva, sans-serif; font-size: 9pt; 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, Geneva, sans-serif; font-size: 9pt; 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, Geneva, sans-serif; font-size: 9pt; 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, Geneva, sans-serif; font-size: 9pt;">Asia Pacific</div>
          </td>
          <td style="width: 12.48%; vertical-align: top;">
            <div style="text-align: right; font-family: Verdana, Geneva, sans-serif; font-size: 9pt; font-weight: bold;">5.1</div>
          </td>
          <td style="width: 8.77%; vertical-align: top;">
            <div style="text-align: right; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">5.0</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, Geneva, sans-serif; font-size: 9pt; font-weight: bold;">15.3</div>
          </td>
          <td style="width: 10.62%; vertical-align: top;">
            <div style="text-align: right; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">14.6</div>
          </td>
        </tr>
        <tr>
          <td style="width: 56.14%; vertical-align: top;">
            <div style="text-align: left; font-family: Verdana, Geneva, sans-serif; font-size: 9pt; 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, Geneva, sans-serif; font-size: 9pt; 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, Geneva, sans-serif; font-size: 9pt; 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, Geneva, sans-serif; font-size: 9pt; 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, Geneva, sans-serif; font-size: 9pt; 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; padding-bottom: 2px;">
            <div style="text-align: left; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">Total revenues</div>
          </td>
          <td style="width: 12.48%; vertical-align: top; border-top: 1px solid rgb(0, 0, 0); border-bottom: 2px double rgb(0, 0, 0);">
            <div style="text-align: right; font-family: Verdana, Geneva, sans-serif; font-size: 9pt; font-weight: bold;">187.7</div>
          </td>
          <td style="width: 8.77%; vertical-align: top; border-top: 1px solid rgb(0, 0, 0); border-bottom: 2px double rgb(0, 0, 0);">
            <div style="text-align: right; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">168.8</div>
          </td>
          <td style="width: 1.37%; vertical-align: top; padding-bottom: 2px;">&#160;</td>
          <td style="width: 10.62%; vertical-align: top; border-top: 1px solid rgb(0, 0, 0); border-bottom: 2px double rgb(0, 0, 0);">
            <div style="text-align: right; font-family: Verdana, Geneva, sans-serif; font-size: 9pt; font-weight: bold;">536.2</div>
          </td>
          <td style="width: 10.62%; vertical-align: top; border-top: 1px solid rgb(0, 0, 0); border-bottom: 2px double rgb(0, 0, 0);">
            <div style="text-align: right; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">483.5</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" class="BRPFPageBreakArea">
      <div class="BRPFPageNumberArea" style="text-align: center;"><font style="font-family: Verdana, Geneva, 'sans-serif'; font-size: 9pt; font-weight: normal; font-style: normal;">11</font></div>
      <div style="page-break-after: always;" class="BRPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div style="text-align: justify; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;"><font style="font-size: 9pt; font-family: Verdana, Geneva, sans-serif; font-weight: bold; font-style: italic;">Revenues from the United States</font> were
      $364.2 million and $325.6 million for the first three quarters of 2026 and 2025, respectively. For the third quarter of 2026 and 2025, revenues from the United States were $129.3 million and $114.4 million, respectively. The increase in the first
      three quarters and third quarter of 2026 as compared to the same periods of 2025 was primarily due to a full period of contribution from the 2025 Acquisitions, which contributed an incremental $22.5 million and $5.0 million in revenues in the first
      three quarters and third quarter of 2026, respectively. Revenues were also positively impacted by the partial period of contribution from the 2026 Acquisitions, which contributed an incremental $15.1 million and $7.5 million in revenues in the first
      three quarters and third quarter of 2026, respectively.</div>
    <div><br>
    </div>
    <div style="text-align: justify; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;"><font style="font-size: 9pt; font-family: Verdana, Geneva, sans-serif; font-weight: bold; font-style: italic;">Revenues from the EMEA</font>&#160;<font style="font-size: 9pt; font-family: Verdana, Geneva, sans-serif; font-weight: bold; font-style: italic;">region</font> were $125.4 million and $113.4 million for the first three quarters of 2026 and 2025, respectively. For the third quarter of 2026
      and 2025, revenues from the EMEA region were $42.7 million and $39.8 million, respectively. The increase in the first three quarters and third quarter of 2026 compared to the same periods of 2025 was primarily due to growth in revenues from new and
      existing customers, which contributed an incremental $8.3 million and $2.5 million in revenues in the first three quarters and third quarter of 2026, respectively. Revenues were also positively impacted by a full period of contribution from the 2025
      Acquisitions, which contributed an incremental $3.7 million and $0.3 million in revenues in the first three quarters and third quarter of 2026, respectively.</div>
    <div><br>
    </div>
    <div style="text-align: justify; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;"><font style="font-size: 9pt; font-family: Verdana, Geneva, sans-serif; font-weight: bold; font-style: italic;">Revenues from Canada</font> were $31.3 million
      and $29.9 million for the first three quarters of 2026 and 2025, respectively. For the third quarter of 2026 and 2025, revenues from Canada were $10.6 million and $9.6 million, respectively. The increase in the first three quarters and third quarter
      of 2026 compared to the same periods of 2025 was primarily due to the partial period of contribution from the 2026 Acquisitions, which contributed an incremental $2.0 million and $0.8 million in revenues in the first three quarters and third quarter
      of 2026, partially offset by lower professional services and other revenues from new and existing customers. Revenues were also positively impacted by a full period of contribution from the 2025 Acquisitions.</div>
    <div><br>
    </div>
    <div style="text-align: justify; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;"><font style="font-size: 9pt; font-family: Verdana, Geneva, sans-serif; font-weight: bold; font-style: italic;">Revenues from the Asia Pacific region</font> were
      $15.3 million and $14.6 million for the first three quarters of 2026 and 2025, respectively. For the third quarter of 2026 and 2025, revenues from the Asia Pacific region were $5.1 million and $5.0 million, respectively. The increase in the first
      three quarters and third quarter of 2026 compared to the same periods of 2025 was primarily due to growth in revenues from new and existing customers, which contributed an incremental $0.6 million and $0.1 million in revenues in the first three
      quarters and third quarter of 2026, respectively. Revenues were also positively impacted by a full period of contribution from the 2025 Acquisitions.</div>
    <div><br>
    </div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" class="BRPFPageBreakArea">
      <div class="BRPFPageNumberArea" style="text-align: center;"><font style="font-family: Verdana, Geneva, 'sans-serif'; font-size: 9pt; font-weight: normal; font-style: normal;">12</font></div>
      <div style="page-break-after: always;" class="BRPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="zb60c8dcecd3b4e18b10a917909b89fc0">

        <tr>
          <td colspan="6" style="width: 100%; vertical-align: top;">
            <div style="text-align: justify; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">The following table provides analysis of cost of revenues (in millions of dollars) and the related gross margins for the periods indicated:</div>
          </td>
        </tr>
        <tr>
          <td style="width: 56.14%; vertical-align: top;">&#160;</td>
          <td colspan="2" style="width: 21.25%; vertical-align: top; border-top: #000000 1px solid;">
            <div style="text-align: right; font-family: Verdana, Geneva, sans-serif; font-size: 9pt; font-weight: bold;">Third Quarter of</div>
          </td>
          <td style="width: 1.37%; vertical-align: top;">&#160;</td>
          <td colspan="2" style="width: 21.25%; vertical-align: top; border-top: #000000 1px solid;">
            <div style="text-align: right; font-family: Verdana, Geneva, sans-serif; font-size: 9pt; 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 1px solid;">
            <div style="text-align: right; font-family: Verdana, Geneva, sans-serif; font-size: 9pt; font-weight: bold;">2026</div>
          </td>
          <td style="width: 10.62%; vertical-align: top; border-bottom: #000000 1px solid;">
            <div style="text-align: right; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">2025</div>
          </td>
          <td style="width: 1.37%; vertical-align: top;">&#160;</td>
          <td style="width: 10.62%; vertical-align: top; border-bottom: #000000 1px solid;">
            <div style="text-align: right; font-family: Verdana, Geneva, sans-serif; font-size: 9pt; font-weight: bold;">2026</div>
          </td>
          <td style="width: 10.62%; vertical-align: top; border-bottom: #000000 1px solid;">
            <div style="text-align: right; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">2025</div>
          </td>
        </tr>
        <tr>
          <td style="width: 56.14%; vertical-align: top;">
            <div style="text-align: left; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;"><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, Geneva, sans-serif; font-size: 9pt;">License revenues</div>
          </td>
          <td style="width: 10.62%; vertical-align: top;">
            <div style="text-align: right; font-family: Verdana, Geneva, sans-serif; font-size: 9pt; font-weight: bold;">1.9</div>
          </td>
          <td style="width: 10.62%; vertical-align: top;">
            <div style="text-align: right; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">3.5</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, Geneva, sans-serif; font-size: 9pt; font-weight: bold;">2.4</div>
          </td>
          <td style="width: 10.62%; vertical-align: top;">
            <div style="text-align: right; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">5.4</div>
          </td>
        </tr>
        <tr>
          <td style="width: 56.14%; vertical-align: top;">
            <div style="text-align: left; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">Cost of license revenues</div>
          </td>
          <td style="width: 10.62%; vertical-align: top; border-bottom: #000000 1px solid;">
            <div style="text-align: right; font-family: Verdana, Geneva, sans-serif; font-size: 9pt; font-weight: bold;">0.2</div>
          </td>
          <td style="width: 10.62%; vertical-align: top; border-bottom: #000000 1px solid;">
            <div style="text-align: right; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">0.2</div>
          </td>
          <td style="width: 1.37%; vertical-align: top;">&#160;</td>
          <td style="width: 10.62%; vertical-align: top; border-bottom: #000000 1px solid;">
            <div style="text-align: right; font-family: Verdana, Geneva, sans-serif; font-size: 9pt; font-weight: bold;">0.6</div>
          </td>
          <td style="width: 10.62%; vertical-align: top; border-bottom: #000000 1px solid;">
            <div style="text-align: right; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">0.5</div>
          </td>
        </tr>
        <tr>
          <td style="width: 56.14%; vertical-align: top;">
            <div style="text-align: left; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">Gross margin</div>
          </td>
          <td style="width: 10.62%; vertical-align: top; border-top: #000000 1px solid; border-bottom: #000000 2px double;">
            <div style="text-align: right; font-family: Verdana, Geneva, sans-serif; font-size: 9pt; font-weight: bold;">1.7</div>
          </td>
          <td style="width: 10.62%; vertical-align: top; border-top: #000000 1px solid; border-bottom: #000000 2px double;">
            <div style="text-align: right; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">3.3</div>
          </td>
          <td style="width: 1.37%; vertical-align: top;">&#160;</td>
          <td style="width: 10.62%; vertical-align: top; border-top: #000000 1px solid; border-bottom: #000000 2px double;">
            <div style="text-align: right; font-family: Verdana, Geneva, sans-serif; font-size: 9pt; font-weight: bold;">1.8</div>
          </td>
          <td style="width: 10.62%; vertical-align: top; border-top: #000000 1px solid; border-bottom: #000000 2px double;">
            <div style="text-align: right; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">4.9</div>
          </td>
        </tr>
        <tr>
          <td style="width: 56.14%; vertical-align: top;">
            <div style="text-align: left; font-family: Verdana, Geneva, sans-serif; font-size: 9pt; font-style: italic;">Gross margin percentage</div>
          </td>
          <td style="width: 10.62%; vertical-align: top; border-top: #000000 2px double;">
            <div style="text-align: right; font-family: Verdana, Geneva, sans-serif; font-size: 9pt; font-style: italic; font-weight: bold;">89%</div>
          </td>
          <td style="width: 10.62%; vertical-align: top; border-top: #000000 2px double;">
            <div style="text-align: right; font-family: Verdana, Geneva, sans-serif; font-size: 9pt; font-style: italic;">94%</div>
          </td>
          <td style="width: 1.37%; vertical-align: top;">&#160;</td>
          <td style="width: 10.62%; vertical-align: top; border-top: #000000 2px double;">
            <div style="text-align: right; font-family: Verdana, Geneva, sans-serif; font-size: 9pt; font-style: italic; font-weight: bold;">75%</div>
          </td>
          <td style="width: 10.62%; vertical-align: top; border-top: #000000 2px double;">
            <div style="text-align: right; font-family: Verdana, Geneva, sans-serif; font-size: 9pt; font-style: italic;">91%</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, Geneva, sans-serif; font-size: 9pt;"><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, Geneva, sans-serif; font-size: 9pt;">Services revenues</div>
          </td>
          <td style="width: 10.62%; vertical-align: top;">
            <div style="text-align: right; font-family: Verdana, Geneva, sans-serif; font-size: 9pt; font-weight: bold;">173.7</div>
          </td>
          <td style="width: 10.62%; vertical-align: top;">
            <div style="text-align: right; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">149.7</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, Geneva, sans-serif; font-size: 9pt; font-weight: bold;">497.1</div>
          </td>
          <td style="width: 10.62%; vertical-align: top;">
            <div style="text-align: right; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">433.7</div>
          </td>
        </tr>
        <tr>
          <td style="width: 56.14%; vertical-align: top;">
            <div style="text-align: left; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">Cost of services revenues</div>
          </td>
          <td style="width: 10.62%; vertical-align: top; border-bottom: #000000 1px solid;">
            <div style="text-align: right; font-family: Verdana, Geneva, sans-serif; font-size: 9pt; font-weight: bold;">34.6</div>
          </td>
          <td style="width: 10.62%; vertical-align: top; border-bottom: #000000 1px solid;">
            <div style="text-align: right; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">32.6</div>
          </td>
          <td style="width: 1.37%; vertical-align: top;">&#160;</td>
          <td style="width: 10.62%; vertical-align: top; border-bottom: #000000 1px solid;">
            <div style="text-align: right; font-family: Verdana, Geneva, sans-serif; font-size: 9pt; font-weight: bold;">101.2</div>
          </td>
          <td style="width: 10.62%; vertical-align: top; border-bottom: #000000 1px solid;">
            <div style="text-align: right; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">91.1</div>
          </td>
        </tr>
        <tr>
          <td style="width: 56.14%; vertical-align: top;">
            <div style="text-align: left; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">Gross margin</div>
          </td>
          <td style="width: 10.62%; vertical-align: top; border-top: #000000 1px solid; border-bottom: #000000 2px double;">
            <div style="text-align: right; font-family: Verdana, Geneva, sans-serif; font-size: 9pt; font-weight: bold;">139.1</div>
          </td>
          <td style="width: 10.62%; vertical-align: top; border-top: #000000 1px solid; border-bottom: #000000 2px double;">
            <div style="text-align: right; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">117.1</div>
          </td>
          <td style="width: 1.37%; vertical-align: top;">&#160;</td>
          <td style="width: 10.62%; vertical-align: top; border-top: #000000 1px solid; border-bottom: #000000 2px double;">
            <div style="text-align: right; font-family: Verdana, Geneva, sans-serif; font-size: 9pt; font-weight: bold;">395.9</div>
          </td>
          <td style="width: 10.62%; vertical-align: top; border-top: #000000 1px solid; border-bottom: #000000 2px double;">
            <div style="text-align: right; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">342.6</div>
          </td>
        </tr>
        <tr>
          <td style="width: 56.14%; vertical-align: top;">
            <div style="text-align: left; font-family: Verdana, Geneva, sans-serif; font-size: 9pt; font-style: italic;">Gross margin percentage</div>
          </td>
          <td style="width: 10.62%; vertical-align: top; border-top: #000000 2px double;">
            <div style="text-align: right; font-family: Verdana, Geneva, sans-serif; font-size: 9pt; font-style: italic; font-weight: bold;">80%</div>
          </td>
          <td style="width: 10.62%; vertical-align: top; border-top: #000000 2px double;">
            <div style="text-align: right; font-family: Verdana, Geneva, sans-serif; font-size: 9pt; font-style: italic;">78%</div>
          </td>
          <td style="width: 1.37%; vertical-align: top;">&#160;</td>
          <td style="width: 10.62%; vertical-align: top; border-top: #000000 2px double;">
            <div style="text-align: right; font-family: Verdana, Geneva, sans-serif; font-size: 9pt; font-style: italic; font-weight: bold;">80%</div>
          </td>
          <td style="width: 10.62%; vertical-align: top; border-top: #000000 2px double;">
            <div style="text-align: right; font-family: Verdana, Geneva, sans-serif; font-size: 9pt; font-style: italic;">79%</div>
          </td>
        </tr>
        <tr>
          <td style="width: 56.14%; vertical-align: top;" rowspan="1">&#160;</td>
          <td style="width: 10.62%; vertical-align: top; border-top: #000000 2px double;" rowspan="1">&#160;</td>
          <td style="width: 10.62%; vertical-align: top; border-top: #000000 2px double;" rowspan="1">&#160;</td>
          <td style="width: 1.37%; vertical-align: top;" rowspan="1">&#160;</td>
          <td style="width: 10.62%; vertical-align: top; border-top: #000000 2px double;" rowspan="1">&#160;</td>
          <td style="width: 10.62%; vertical-align: top; border-top: #000000 2px double;" rowspan="1">&#160;</td>
        </tr>
        <tr>
          <td style="width: 56.14%; vertical-align: top;">
            <div style="text-align: left; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;"><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, Geneva, sans-serif; font-size: 9pt;">Professional services and other revenues</div>
          </td>
          <td style="width: 10.62%; vertical-align: top;">
            <div style="text-align: right; font-family: Verdana, Geneva, sans-serif; font-size: 9pt; font-weight: bold;">12.1</div>
          </td>
          <td style="width: 10.62%; vertical-align: top;">
            <div style="text-align: right; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">15.6</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, Geneva, sans-serif; font-size: 9pt; font-weight: bold;">36.7</div>
          </td>
          <td style="width: 10.62%; vertical-align: top;">
            <div style="text-align: right; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">44.4</div>
          </td>
        </tr>
        <tr>
          <td style="width: 56.14%; vertical-align: top;">
            <div style="text-align: left; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">Cost of professional services and other revenues</div>
          </td>
          <td style="width: 10.62%; vertical-align: top; border-bottom: #000000 1px solid;">
            <div style="text-align: right; font-family: Verdana, Geneva, sans-serif; font-size: 9pt; font-weight: bold;">7.7</div>
          </td>
          <td style="width: 10.62%; vertical-align: top; border-bottom: #000000 1px solid;">
            <div style="text-align: right; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">10.4</div>
          </td>
          <td style="width: 1.37%; vertical-align: top;">&#160;</td>
          <td style="width: 10.62%; vertical-align: top; border-bottom: #000000 1px solid;">
            <div style="text-align: right; font-family: Verdana, Geneva, sans-serif; font-size: 9pt; font-weight: bold;">22.0</div>
          </td>
          <td style="width: 10.62%; vertical-align: top; border-bottom: #000000 1px solid;">
            <div style="text-align: right; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">27.5</div>
          </td>
        </tr>
        <tr>
          <td style="width: 56.14%; vertical-align: top;">
            <div style="text-align: left; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">Gross margin</div>
          </td>
          <td style="width: 10.62%; vertical-align: top; border-top: #000000 1px solid; border-bottom: #000000 2px double;">
            <div style="text-align: right; font-family: Verdana, Geneva, sans-serif; font-size: 9pt; font-weight: bold;">4.4</div>
          </td>
          <td style="width: 10.62%; vertical-align: top; border-top: #000000 1px solid; border-bottom: #000000 2px double;">
            <div style="text-align: right; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">5.2</div>
          </td>
          <td style="width: 1.37%; vertical-align: top;">&#160;</td>
          <td style="width: 10.62%; vertical-align: top; border-top: #000000 1px solid; border-bottom: #000000 2px double;">
            <div style="text-align: right; font-family: Verdana, Geneva, sans-serif; font-size: 9pt; font-weight: bold;">14.7</div>
          </td>
          <td style="width: 10.62%; vertical-align: top; border-top: #000000 1px solid; border-bottom: #000000 2px double;">
            <div style="text-align: right; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">16.9</div>
          </td>
        </tr>
        <tr>
          <td style="width: 56.14%; vertical-align: top;">
            <div style="text-align: left; font-family: Verdana, Geneva, sans-serif; font-size: 9pt; font-style: italic;">Gross margin percentage</div>
          </td>
          <td style="width: 10.62%; vertical-align: top; border-top: #000000 2px double;">
            <div style="text-align: right; font-family: Verdana, Geneva, sans-serif; font-size: 9pt; font-style: italic; font-weight: bold;">36%</div>
          </td>
          <td style="width: 10.62%; vertical-align: top; border-top: #000000 2px double;">
            <div style="text-align: right; font-family: Verdana, Geneva, sans-serif; font-size: 9pt; font-style: italic;">33%</div>
          </td>
          <td style="width: 1.37%; vertical-align: top;">&#160;</td>
          <td style="width: 10.62%; vertical-align: top; border-top: #000000 2px double;">
            <div style="text-align: right; font-family: Verdana, Geneva, sans-serif; font-size: 9pt; font-style: italic; font-weight: bold;">40%</div>
          </td>
          <td style="width: 10.62%; vertical-align: top; border-top: #000000 2px double;">
            <div style="text-align: right; font-family: Verdana, Geneva, sans-serif; font-size: 9pt; font-style: italic;">38%</div>
          </td>
        </tr>
        <tr>
          <td style="width: 56.14%; vertical-align: top;" rowspan="1">&#160;</td>
          <td style="width: 10.62%; vertical-align: top; border-top: #000000 2px double;" rowspan="1">&#160;</td>
          <td style="width: 10.62%; vertical-align: top; border-top: #000000 2px double;" rowspan="1">&#160;</td>
          <td style="width: 1.37%; vertical-align: top;" rowspan="1">&#160;</td>
          <td style="width: 10.62%; vertical-align: top; border-top: #000000 2px double;" rowspan="1">&#160;</td>
          <td style="width: 10.62%; vertical-align: top; border-top: #000000 2px double;" rowspan="1">&#160;</td>
        </tr>
        <tr>
          <td style="width: 56.14%; vertical-align: top;">
            <div style="text-align: left; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;"><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, Geneva, sans-serif; font-size: 9pt;">Revenues</div>
          </td>
          <td style="width: 10.62%; vertical-align: top;">
            <div style="text-align: right; font-family: Verdana, Geneva, sans-serif; font-size: 9pt; font-weight: bold;">187.7</div>
          </td>
          <td style="width: 10.62%; vertical-align: top;">
            <div style="text-align: right; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">168.8</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, Geneva, sans-serif; font-size: 9pt; font-weight: bold;">536.2</div>
          </td>
          <td style="width: 10.62%; vertical-align: top;">
            <div style="text-align: right; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">483.5</div>
          </td>
        </tr>
        <tr>
          <td style="width: 56.14%; vertical-align: top;">
            <div style="text-align: left; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">Cost of revenues</div>
          </td>
          <td style="width: 10.62%; vertical-align: top; border-bottom: #000000 1px solid;">
            <div style="text-align: right; font-family: Verdana, Geneva, sans-serif; font-size: 9pt; font-weight: bold;">42.5</div>
          </td>
          <td style="width: 10.62%; vertical-align: top; border-bottom: #000000 1px solid;">
            <div style="text-align: right; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">43.2</div>
          </td>
          <td style="width: 1.37%; vertical-align: top;">&#160;</td>
          <td style="width: 10.62%; vertical-align: top; border-bottom: #000000 1px solid;">
            <div style="text-align: right; font-family: Verdana, Geneva, sans-serif; font-size: 9pt; font-weight: bold;">123.8</div>
          </td>
          <td style="width: 10.62%; vertical-align: top; border-bottom: #000000 1px solid;">
            <div style="text-align: right; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">119.1</div>
          </td>
        </tr>
        <tr>
          <td style="width: 56.14%; vertical-align: top;">
            <div style="text-align: left; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">Gross margin</div>
          </td>
          <td style="width: 10.62%; vertical-align: top; border-top: #000000 1px solid; border-bottom: #000000 2px double;">
            <div style="text-align: right; font-family: Verdana, Geneva, sans-serif; font-size: 9pt; font-weight: bold;">145.2</div>
          </td>
          <td style="width: 10.62%; vertical-align: top; border-top: #000000 1px solid; border-bottom: #000000 2px double;">
            <div style="text-align: right; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">125.6</div>
          </td>
          <td style="width: 1.37%; vertical-align: top;">&#160;</td>
          <td style="width: 10.62%; vertical-align: top; border-top: #000000 1px solid; border-bottom: #000000 2px double;">
            <div style="text-align: right; font-family: Verdana, Geneva, sans-serif; font-size: 9pt; font-weight: bold;">412.4</div>
          </td>
          <td style="width: 10.62%; vertical-align: top; border-top: #000000 1px solid; border-bottom: #000000 2px double;">
            <div style="text-align: right; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">364.4</div>
          </td>
        </tr>
        <tr>
          <td style="width: 56.14%; vertical-align: top;">
            <div style="text-align: left; font-family: Verdana, Geneva, sans-serif; font-size: 9pt; font-style: italic;">Gross margin percentage</div>
          </td>
          <td style="width: 10.62%; vertical-align: top; border-top: #000000 2px double;">
            <div style="text-align: right; font-family: Verdana, Geneva, sans-serif; font-size: 9pt; font-style: italic; font-weight: bold;">77%</div>
          </td>
          <td style="width: 10.62%; vertical-align: top; border-top: #000000 2px double;">
            <div style="text-align: right; font-family: Verdana, Geneva, sans-serif; font-size: 9pt; font-style: italic;">74%</div>
          </td>
          <td style="width: 1.37%; vertical-align: top;">&#160;</td>
          <td style="width: 10.62%; vertical-align: top; border-top: #000000 2px double;">
            <div style="text-align: right; font-family: Verdana, Geneva, sans-serif; font-size: 9pt; font-style: italic; font-weight: bold;">77%</div>
          </td>
          <td style="width: 10.62%; vertical-align: top; border-top: #000000 2px double;">
            <div style="text-align: right; font-family: Verdana, Geneva, sans-serif; font-size: 9pt; font-style: italic;">75%</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <div style="text-align: justify; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;"><font style="font-size: 9pt; font-family: Verdana, Geneva, sans-serif; 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, Geneva, sans-serif; font-size: 9pt;"><font style="font-size: 9pt; font-family: Verdana, Geneva, sans-serif; font-weight: bold; font-style: italic;">Gross margin percentage for license revenues</font>
      was 75% and 91% for the first three quarters of 2026 and 2025, respectively, and 89% and 94% for the third quarter of 2026 and 2025, 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, Geneva, sans-serif; font-size: 9pt;"><font style="font-size: 9pt; font-family: Verdana, Geneva, sans-serif; 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, Geneva, sans-serif; font-size: 9pt;"><font style="font-size: 9pt; font-family: Verdana, Geneva, sans-serif; font-weight: bold; font-style: italic;">Gross margin percentage for services revenues</font><font style="font-size: 9pt; font-family: Verdana, Geneva, sans-serif; font-style: italic;">&#160;</font>was 80% and 79% for the first three quarters of 2026 and 2025, respectively, and 80% and 78% for the third quarter of 2026 and 2025, respectively.</div>
    <div><br>
    </div>
    <div style="text-align: justify; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;"><font style="font-size: 9pt; font-family: Verdana, Geneva, sans-serif; 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, Geneva, sans-serif; font-size: 9pt;"><font style="font-size: 9pt; font-family: Verdana, Geneva, sans-serif; font-weight: bold; font-style: italic;">Gross margin percentage for professional services
        and other revenues</font><font style="font-size: 9pt; font-family: Verdana, Geneva, sans-serif; font-style: italic;">&#160;</font>was 40% and 38% for the first three quarters of 2026 and 2025, respectively, and 36% and 33% for the third quarter of 2026
      and 2025, 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 style="text-align: justify; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;"> <br>
    </div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" class="BRPFPageBreakArea">
      <div class="BRPFPageNumberArea" style="text-align: center;"><font style="font-family: Verdana, Geneva, 'sans-serif'; font-size: 9pt; font-weight: normal; font-style: normal;">13</font></div>
      <div style="page-break-after: always;" class="BRPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div style="text-align: justify; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">the sales mix. The margin in the first three quarters and third quarter of 2026 was positively impacted by a decreased 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, Geneva, sans-serif; font-size: 9pt;"><font style="font-size: 9pt; font-family: Verdana, Geneva, sans-serif; font-weight: bold; font-style: italic;">Operating expenses</font>, consisting of sales
      and marketing, research and development and general and administrative expenses, were $191.8 million and $174.5 million for the first three quarters of 2026 and 2025, respectively. Operating expenses were higher in the first three quarters of 2026
      compared to the same period of 2025 primarily due to increased headcount-related costs associated with the partial period of costs from the 2026 Acquisitions and a full period of headcount-related costs from the 2025 Acquisitions, which added
      approximately $5.5 million and $5.4 million, respectively.</div>
    <div><br>
    </div>
    <div style="text-align: justify; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">For the third quarter of 2026 and 2025, operating expenses were $67.2 million and $60.5 million, respectively. Operating expenses were higher in the third
      quarter of 2026 compared to the same period of 2025 primarily due to increased headcount-related costs associated with the partial period of costs from the 2026 Acquisitions and a full period of headcount-related costs from the 2025 Acquisitions,
      which added approximately $2.1 million and $1.0 million, respectively.</div>
    <div><br>
    </div>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="za89b3821c60e44eda3f2c90c5209d10d">

        <tr>
          <td colspan="6" style="width: 100%; vertical-align: top;">
            <div style="text-align: justify; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">The following table provides analysis of operating expenses (in millions of dollars and as a percentage of total revenues) for the periods indicated:</div>
          </td>
        </tr>
        <tr>
          <td style="width: 56.14%; vertical-align: top;">&#160;</td>
          <td colspan="2" style="width: 21.25%; vertical-align: top; border-top: #000000 1px solid;">
            <div style="text-align: right; font-family: Verdana, Geneva, sans-serif; font-size: 9pt; font-weight: bold;">Third Quarter of</div>
          </td>
          <td style="width: 1.37%; vertical-align: top;">&#160;</td>
          <td colspan="2" style="width: 21.25%; vertical-align: top; border-top: #000000 1px solid;">
            <div style="text-align: right; font-family: Verdana, Geneva, sans-serif; font-size: 9pt; 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 1px solid;">
            <div style="text-align: right; font-family: Verdana, Geneva, sans-serif; font-size: 9pt; font-weight: bold;">2026</div>
          </td>
          <td style="width: 10.62%; vertical-align: top; border-bottom: #000000 1px solid;">
            <div style="text-align: right; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">2025</div>
          </td>
          <td style="width: 1.37%; vertical-align: top;">&#160;</td>
          <td style="width: 10.62%; vertical-align: top; border-bottom: #000000 1px solid;">
            <div style="text-align: right; font-family: Verdana, Geneva, sans-serif; font-size: 9pt; font-weight: bold;">2026</div>
          </td>
          <td style="width: 10.62%; vertical-align: top; border-bottom: #000000 1px solid;">
            <div style="text-align: right; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">2025</div>
          </td>
        </tr>
        <tr>
          <td style="width: 56.14%; vertical-align: top;">
            <div style="text-align: left; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">Total revenues</div>
          </td>
          <td style="width: 10.62%; vertical-align: top; border-top: #000000 1px solid; border-bottom: #000000 1px solid;">
            <div style="text-align: right; font-family: Verdana, Geneva, sans-serif; font-size: 9pt; font-weight: bold;">187.7</div>
          </td>
          <td style="width: 10.62%; vertical-align: top; border-top: #000000 1px solid; border-bottom: #000000 1px solid;">
            <div style="text-align: right; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">168.8</div>
          </td>
          <td style="width: 1.37%; vertical-align: top;">&#160;</td>
          <td style="width: 10.62%; vertical-align: top; border-top: #000000 1px solid; border-bottom: #000000 1px solid;">
            <div style="text-align: right; font-family: Verdana, Geneva, sans-serif; font-size: 9pt; font-weight: bold;">536.2</div>
          </td>
          <td style="width: 10.62%; vertical-align: top; border-top: #000000 1px solid; border-bottom: #000000 1px solid;">
            <div style="text-align: right; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">483.5</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 1px solid;">&#160;</td>
          <td style="width: 10.62%; vertical-align: top; border-top: #000000 1px solid;">&#160;</td>
          <td style="width: 1.37%; vertical-align: top;">&#160;</td>
          <td style="width: 10.62%; vertical-align: top; border-top: #000000 1px solid;">&#160;</td>
          <td style="width: 10.62%; vertical-align: top; border-top: #000000 1px solid;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 56.14%; vertical-align: top;">
            <div style="text-align: left; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">Sales and marketing expenses</div>
          </td>
          <td style="width: 10.62%; vertical-align: top;">
            <div style="text-align: right; font-family: Verdana, Geneva, sans-serif; font-size: 9pt; font-weight: bold;">22.3</div>
          </td>
          <td style="width: 10.62%; vertical-align: top;">
            <div style="text-align: right; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">19.1</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, Geneva, sans-serif; font-size: 9pt; font-weight: bold;">61.7</div>
          </td>
          <td style="width: 10.62%; vertical-align: top;">
            <div style="text-align: right; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">55.6</div>
          </td>
        </tr>
        <tr>
          <td style="width: 56.14%; vertical-align: top;">
            <div style="text-align: left; font-family: Verdana, Geneva, sans-serif; font-size: 9pt; 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, Geneva, sans-serif; font-size: 9pt; font-style: italic; font-weight: bold;">12%</div>
          </td>
          <td style="width: 10.62%; vertical-align: top;">
            <div style="text-align: right; font-family: Verdana, Geneva, sans-serif; font-size: 9pt; font-style: italic;">11%</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, Geneva, sans-serif; font-size: 9pt; font-style: italic; font-weight: bold;">12%</div>
          </td>
          <td style="width: 10.62%; vertical-align: top;">
            <div style="text-align: right; font-family: Verdana, Geneva, sans-serif; font-size: 9pt; font-style: italic;">11%</div>
          </td>
        </tr>
        <tr>
          <td style="width: 56.14%; vertical-align: top;">&#160;</td>
          <td style="width: 10.62%; vertical-align: top;">&#160;</td>
          <td style="width: 10.62%; vertical-align: top;">&#160;</td>
          <td style="width: 1.37%; vertical-align: top;">&#160;</td>
          <td style="width: 10.62%; vertical-align: top;">&#160;</td>
          <td style="width: 10.62%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 56.14%; vertical-align: top;">
            <div style="text-align: left; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">Research and development expenses</div>
          </td>
          <td style="width: 10.62%; vertical-align: top;">
            <div style="text-align: right; font-family: Verdana, Geneva, sans-serif; font-size: 9pt; font-weight: bold;">26.6</div>
          </td>
          <td style="width: 10.62%; vertical-align: top;">
            <div style="text-align: right; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">24.5</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, Geneva, sans-serif; font-size: 9pt; font-weight: bold;">78.4</div>
          </td>
          <td style="width: 10.62%; vertical-align: top;">
            <div style="text-align: right; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">70.6</div>
          </td>
        </tr>
        <tr>
          <td style="width: 56.14%; vertical-align: top;">
            <div style="text-align: left; font-family: Verdana, Geneva, sans-serif; font-size: 9pt; 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, Geneva, sans-serif; font-size: 9pt; font-style: italic; font-weight: bold;">14%</div>
          </td>
          <td style="width: 10.62%; vertical-align: top;">
            <div style="text-align: right; font-family: Verdana, Geneva, sans-serif; font-size: 9pt; 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, Geneva, sans-serif; font-size: 9pt; font-style: italic; font-weight: bold;">14%</div>
          </td>
          <td style="width: 10.62%; vertical-align: top;">
            <div style="text-align: right; font-family: Verdana, Geneva, sans-serif; font-size: 9pt; 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, Geneva, sans-serif; font-size: 9pt;">General and administrative expenses</div>
          </td>
          <td style="width: 10.62%; vertical-align: top;">
            <div style="text-align: right; font-family: Verdana, Geneva, sans-serif; font-size: 9pt; font-weight: bold;">18.3</div>
          </td>
          <td style="width: 10.62%; vertical-align: top;">
            <div style="text-align: right; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">16.9</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, Geneva, sans-serif; font-size: 9pt; font-weight: bold;">51.7</div>
          </td>
          <td style="width: 10.62%; vertical-align: top;">
            <div style="text-align: right; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">48.3</div>
          </td>
        </tr>
        <tr>
          <td style="width: 56.14%; vertical-align: top;">
            <div style="text-align: left; font-family: Verdana, Geneva, sans-serif; font-size: 9pt; 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, Geneva, sans-serif; font-size: 9pt; 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, Geneva, sans-serif; font-size: 9pt; 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, Geneva, sans-serif; font-size: 9pt; 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, Geneva, sans-serif; font-size: 9pt; 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 1px solid;">&#160;</td>
          <td style="width: 10.62%; vertical-align: top; border-bottom: #000000 1px solid;">&#160;</td>
          <td style="width: 1.37%; vertical-align: top;">&#160;</td>
          <td style="width: 10.62%; vertical-align: top; border-bottom: #000000 1px solid;">&#160;</td>
          <td style="width: 10.62%; vertical-align: top; border-bottom: #000000 1px solid;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 56.14%; vertical-align: top;">
            <div style="text-align: left; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">Total operating expenses</div>
            <div style="text-align: left; font-family: Verdana, Geneva, sans-serif; font-size: 9pt; font-style: italic;">Percentage of total revenues</div>
          </td>
          <td style="width: 10.62%; vertical-align: top; border-top: #000000 1px solid; border-bottom: #000000 2px double;">
            <div style="text-align: right; margin-left: 9pt; font-family: Verdana, Geneva, sans-serif; font-size: 9pt; font-weight: bold;">67.2 <font style="font-size: 9pt; font-family: Verdana, Geneva, sans-serif; font-style: italic;">36%</font></div>
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          <td style="width: 10.62%; vertical-align: top; border-top: #000000 1px solid; border-bottom: #000000 2px double;">
            <div style="text-align: right; margin-left: 9pt; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">60.5 <font style="font-size: 9pt; font-family: Verdana, Geneva, sans-serif; font-style: italic;">36%</font></div>
          </td>
          <td style="width: 1.37%; vertical-align: top;">&#160;</td>
          <td style="width: 10.62%; vertical-align: top; border-top: #000000 1px solid; border-bottom: #000000 2px double;">
            <div style="text-align: right; margin-left: 9pt; font-family: Verdana, Geneva, sans-serif; font-size: 9pt; font-weight: bold;">191.8 <font style="font-size: 9pt; font-family: Verdana, Geneva, sans-serif; font-style: italic;">36%</font></div>
          </td>
          <td style="width: 10.62%; vertical-align: top; border-top: #000000 1px solid; border-bottom: #000000 2px double;">
            <div style="text-align: right; margin-left: 9pt; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">174.5 <font style="font-size: 9pt; font-family: Verdana, Geneva, sans-serif; font-style: italic;">36%</font></div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <div style="text-align: justify; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;"><font style="font-size: 9pt; font-family: Verdana, Geneva, sans-serif; font-weight: bold; font-style: italic;">Sales and marketing</font>&#160;<font style="font-size: 9pt; font-family: Verdana, Geneva, sans-serif; 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 $61.7 million and $55.6 million for the first three quarters of
      2026 and 2025, respectively, representing 12% and 11% of total revenues in the first three quarters of 2026 and 2025, respectively. For the third quarter of 2026 and 2025, sales and marketing expenses were $22.3 million and $19.1 million,
      respectively, representing 12% and 11% of total revenues in the third quarter of 2026 and 2025, respectively. The increase in sales and marketing expenses in the first three quarters and third quarter of 2026 compared to the same periods of 2025 was
      primarily due to increased headcount-related costs<font style="font-size: 9pt; font-family: Verdana, Geneva, sans-serif;">&#160;</font>associated with the partial period of costs from the 2026 Acquisitions and a full period of headcount-related costs from
      the 2025 Acquisitions, partially offset by the impact of the restructuring activities undertaken in 2026.</div>
    <div><br>
    </div>
    <div style="text-align: justify; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;"><font style="font-size: 9pt; font-family: Verdana, Geneva, sans-serif; font-weight: bold; font-style: italic;">Research and development</font>&#160;<font style="font-size: 9pt; font-family: Verdana, Geneva, sans-serif; font-weight: bold; font-style: italic;">expenses</font> consist primarily of salaries, stock-based compensation and other personnel-related costs of technical and engineering
      personnel associated with our research and product development activities, as well as costs for third-party outsourced development providers. We expensed all costs related to research and development in the first three quarters of 2026 and 2025.</div>
    <div style="text-align: justify; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;"> <br>
    </div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" class="BRPFPageBreakArea">
      <div class="BRPFPageNumberArea" style="text-align: center;"><font style="font-family: Verdana, Geneva, 'sans-serif'; font-size: 9pt; font-weight: normal; font-style: normal;">14</font></div>
      <div style="page-break-after: always;" class="BRPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div style="text-align: justify; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">Research and development expenses were $78.4 million and $70.6 million for the first three quarters of 2026 and 2025, respectively, representing 14% and 15% of
      total revenues in the first three quarters of 2026 and 2025, respectively. For the third quarter of 2026 and 2025, research and development expenses were $26.6 million and $24.5 million, respectively, representing 14% and 15% of total revenues in the
      third quarter of 2026 and 2025, respectively. The increase in research and development expenses in the first three quarters and third quarter of 2026 compared to the same periods of 2025 was primarily due to increased headcount-related costs<font style="font-size: 9pt; font-family: Verdana, Geneva, sans-serif;">&#160;</font>associated with the partial period of costs from the 2026 Acquisitions and a full period of headcount-related costs from the 2025 Acquisitions<font style="font-size: 9pt; font-family: Verdana, Geneva, sans-serif;">, </font>partially offset by the impact of the restructuring activities undertaken in 2026.</div>
    <div><br>
    </div>
    <div style="text-align: justify; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;"><font style="font-size: 9pt; font-family: Verdana, Geneva, sans-serif; font-weight: bold; font-style: italic;">General and administrative</font>&#160;<font style="font-size: 9pt; font-family: Verdana, Geneva, sans-serif; font-weight: bold; font-style: italic;">expenses</font> consist primarily of salaries, stock-based compensation and other personnel-related costs of administrative personnel, as well
      as professional fees and other administrative expenses. General and administrative costs were $51.7 million and $48.3 million for the first three quarters of 2026 and 2025, respectively, representing 10% of total revenues in both the first three
      quarters of 2026 and 2025. General and administrative expenses were $18.3 million and $16.9 million for the third quarter of 2026 and 2025, respectively, representing 10% of total revenues in both the third quarter of 2026 and 2025. The increase in
      general and administrative expenses in the first three quarters and third quarter of 2026 compared to the same periods of 2025 was primarily due to increased headcount-related costs, excluding costs from the 2026 Acquisitions and 2025 Acquisitions.</div>
    <div><br>
    </div>
    <div style="text-align: justify; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;"><font style="font-size: 9pt; font-family: Verdana, Geneva, sans-serif; font-weight: bold; font-style: italic;">Other charges </font>consist primarily of
      acquisition-related costs with respect to completed and prospective acquisitions, 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 $9.3 million and $5.9 million for
      the first three quarters of 2026 and 2025, respectively, and $0.7 million and $1.8 million for the third quarter of 2026 and 2025, respectively. The increase in other charges in the first three quarters compared to the same periods of 2025 was
      primarily a result of costs of $4.4 million related to restructuring activities undertaken in 2026. The decrease in other charges in the third quarter of 2026 compared with the same period of 2025 was primarily due to a decrease in
      acquisition-related professional fees.</div>
    <div><br>
    </div>
    <div style="text-align: justify; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;"><font style="font-size: 9pt; font-family: Verdana, Geneva, sans-serif; font-weight: bold; font-style: italic;">Amortization of intangible assets</font> is
      amortization of the value attributable to intangible assets, including customer agreements and relationships, non-compete covenants, existing technologies and trade names, in each case associated with acquisitions completed by us as of the end of
      each reporting period. Intangible assets with a finite life are amortized to income over their useful life. The amount of amortization expense in a fiscal period is dependent on our acquisition activities. Amortization of intangible assets was $60.3
      million and $50.0 million in the first three quarters of 2026 and 2025, respectively, and $20.7 million and $17.5 million in the third quarter of 2026 and 2025, respectively. Amortization expense increased in the first three quarters and third
      quarter of 2026 compared to the same periods of 2025 primarily due to a full period of contribution from the 2025 Acquisitions, which resulted in an incremental $7.7 million and $1.8 million of amortization expense, respectively. Amortization expense
      also increased in the first three quarters and third quarter of 2026 compared to the same periods of 2025 due to the partial period of contribution from the 2026 Acquisitions, which resulted in an incremental $5.5 million and $2.7 million of
      amortization expense, respectively, partially offset by<font style="font-size: 9pt; font-family: Verdana, Geneva, sans-serif;">&#160;</font>certain assets being fully amortized in the current year. As at October 31, 2025, the unamortized portion of all
      intangible assets amounted to $351.0 million.</div>
    <div><br>
    </div>
    <div style="text-align: justify; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">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="clear: both; margin-top: 10pt; margin-bottom: 10pt;" class="BRPFPageBreakArea">
      <div class="BRPFPageNumberArea" style="text-align: center;"><font style="font-family: Verdana, Geneva, 'sans-serif'; font-size: 9pt; font-weight: normal; font-style: normal;">15</font></div>
      <div style="page-break-after: always;" class="BRPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div style="text-align: justify; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;"><font style="font-size: 9pt; font-family: Verdana, Geneva, sans-serif; font-weight: bold; font-style: italic;">Investment and other income</font> was $5.5
      million and $9.7 million for the first three quarters of 2026 and 2025, respectively, and $2.0 million and $2.9 million in the third quarter of 2026 and 2025, respectively. The decrease in investment and other income in the first three quarters and
      third quarter of 2026 compared to the same periods of 2025 was primarily due to lower average interest rates and cash balances.</div>
    <div><br>
    </div>
    <div style="text-align: justify; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;"><font style="font-size: 9pt; font-family: Verdana, Geneva, sans-serif; font-weight: bold; font-style: italic;">Interest expense</font> was $0.7 million and $0.8
      million for the first three quarters of 2026 and 2025, respectively, and $0.2 million in both the third quarter of 2026 and 2025. 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 and third quarter of 2026 and 2025, respectively.</div>
    <div><br>
    </div>
    <div style="text-align: justify; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;"><font style="font-size: 9pt; font-family: Verdana, Geneva, sans-serif; font-weight: bold; font-style: italic;">Income tax expense</font><font style="font-size: 9pt; font-family: Verdana, Geneva, sans-serif; font-weight: bold;">&#160;</font>is comprised of current and deferred income tax expense. Income tax expense for the first three quarters of 2026 and 2025 was 24.1% and 25.9% of income before income taxes,
      or $37.6 million and $37.0 million, respectively. Income tax expense for the third quarter of 2026 and 2025 was 24.8% and 24.5% of income before income taxes, or $14.5 million and $11.9 million, respectively.&#160;The income tax rate as a percentage of
      income before income taxes decreased in the first three quarters of 2026 compared to the same period of 2025 primarily as a result of a recovery of tax credits in Canada and the US related to current and prior years and the release of an uncertain
      tax position. The income tax rate as a percentage of income before income taxes increased in the third quarter of 2026 compared to the same period of 2025 primarily due to decreased tax deduction in the US during the current quarter.</div>
    <div><br>
    </div>
    <div style="text-align: justify; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;"><font style="font-size: 9pt; font-family: Verdana, Geneva, sans-serif; font-weight: bold; font-style: italic;">Income tax expense &#8211; current</font> was $28.8
      million and $42.1 million for the first three quarters of 2026 and 2025, respectively, and $10.9 million and $18.3 million in the third quarter of 2026 and 2025, respectively. Current income tax expense decreased in the first three quarters and third
      quarter of 2026 compared to the same periods of 2025 primarily due to the availability of tax attributes in the United States in the first three quarters and third quarter of 2026 resulting from the One Big Beautiful Bill Act of 2025 (&#8220;OBBBA&#8221;) which
      includes, among other provisions, changes to the US corporate income tax system including the restoration of immediate expensing of qualifying domestic research and development cost and permanent extensions of certain provisions within the Tax Cuts
      and Jobs Act.</div>
    <div><br>
    </div>
    <div style="text-align: justify; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;"><font style="font-size: 9pt; font-family: Verdana, Geneva, sans-serif; font-weight: bold; font-style: italic;">Income tax expense (recovery) &#8211; deferred</font>
      was $8.8 million and ($5.1) million in the first three quarters of 2026 and 2025, respectively, and $3.6 million and ($6.4) million in the third quarter of 2026 and 2025, respectively. Deferred income tax expense increased in the first three quarters
      and third quarter of 2026 compared to the same periods of 2025 primarily due to an increase in the utilization of available tax attributes in the United States resulting from the OBBBA.</div>
    <div><br>
    </div>
    <div style="text-align: justify; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;"><font style="font-size: 9pt; font-family: Verdana, Geneva, sans-serif; font-weight: bold; font-style: italic;">Net income</font> was $118.2 million and $105.9
      million for the first three quarters of 2026 and 2025, respectively and $43.9 million and $36.6 million in the third quarter of 2026 and 2025, respectively. Net income in the first three quarters and third quarter of 2026 compared to the same periods
      of 2025 was positively impacted by the growth in services revenues.</div>
    <div><br>
    </div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" class="BRPFPageBreakArea">
      <div class="BRPFPageNumberArea" style="text-align: center;"><font style="font-family: Verdana, Geneva, 'sans-serif'; font-size: 9pt; font-weight: normal; font-style: normal;">16</font></div>
      <div style="page-break-after: always;" class="BRPFPageBreak">
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    </div>
    <div>
      <hr align="left" noshade="noshade" style="height: 1px; width: 55%; color: #000000; background-color: #000000; text-align: left; margin-left: 0px; margin-right: auto; border: none;"> </div>
    <div><br>
    </div>
    <div style="text-align: left; font-family: Verdana,Geneva,sans-serif; font-size: 10pt; font-variant: small-caps; font-weight: bold;">Quarterly Operating Results</div>
    <div style="text-align: left; font-family: Verdana,Geneva,sans-serif; font-size: 10pt; font-variant: small-caps; font-weight: bold;"> <br>
    </div>
    <div>
      <div>
        <hr align="left" noshade="noshade" style="height: 1px; width: 55%; color: #000000; background-color: #000000; text-align: left; margin-left: 0px; margin-right: auto; border: none;"> </div>
    </div>
    <div><br>
    </div>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="z45cc6a7b4e844cedb4c0792f1ac5b63e">

        <tr>
          <td style="width: 100%; vertical-align: top;">
            <div style="text-align: justify; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">The following table provides an analysis of our unaudited operating results (in millions of dollars, except per share and weighted average number of
              share amounts) for each of the quarters indicated:</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <table cellspacing="0" cellpadding="0" 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: 26.17%; vertical-align: top; border-right: #000000 1px solid;">&#160;</td>
          <td colspan="3" style="width: 27.61%; vertical-align: top; border-left: #000000 1px solid; border-right: #000000 1px solid; border-top: #000000 1px solid; border-bottom: #000000 1px solid;">
            <div style="text-align: center; font-family: Verdana, Geneva, sans-serif; font-size: 9pt; font-weight: bold;">Fiscal</div>
            <div style="text-align: center; font-family: Verdana, Geneva, sans-serif; font-size: 9pt; font-weight: bold;">2026</div>
          </td>
          <td colspan="4" style="width: 36.78%; vertical-align: top; border-left: #000000 1px solid; border-right: #000000 1px solid; border-top: #000000 1px solid; border-bottom: #000000 1px solid;">
            <div style="text-align: center; font-family: Verdana, Geneva, sans-serif; font-size: 9pt; font-weight: bold;">Fiscal</div>
            <div style="text-align: center; font-family: Verdana, Geneva, sans-serif; font-size: 9pt; font-weight: bold;">2025</div>
          </td>
          <td style="width: 9.44%; vertical-align: top; border-left: #000000 1px solid; border-right: #000000 1px solid; border-top: #000000 1px solid; border-bottom: #000000 1px solid;">
            <div style="text-align: center; font-family: Verdana, Geneva, sans-serif; font-size: 9pt; font-weight: bold;">Fiscal 2024</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 1px solid; border-bottom: #000000 1px solid;">
            <div style="text-align: right; font-family: Verdana, Geneva, sans-serif; font-size: 9pt; font-weight: bold;">Third Quarter</div>
          </td>
          <td style="width: 9.2%; vertical-align: top; border-top: #000000 1px solid; border-bottom: #000000 1px solid;">
            <div style="text-align: right; font-family: Verdana, Geneva, sans-serif; font-size: 9pt; font-weight: bold;">Second Quarter</div>
          </td>
          <td style="width: 9.22%; vertical-align: top; border-top: #000000 1px solid; border-bottom: #000000 1px solid;">
            <div style="text-align: right; font-family: Verdana, Geneva, sans-serif; font-size: 9pt; font-weight: bold;">First Quarter</div>
          </td>
          <td style="width: 9.2%; vertical-align: top; border-top: #000000 1px solid; border-bottom: #000000 1px solid;">
            <div style="text-align: right; font-family: Verdana, Geneva, sans-serif; font-size: 9pt; font-weight: bold;">Fourth Quarter</div>
          </td>
          <td style="width: 9.21%; vertical-align: top; border-top: #000000 1px solid; border-bottom: #000000 1px solid;">
            <div style="text-align: right; font-family: Verdana, Geneva, sans-serif; font-size: 9pt; font-weight: bold;">Third Quarter</div>
          </td>
          <td style="width: 9.18%; vertical-align: top; border-top: #000000 1px solid; border-bottom: #000000 1px solid;">
            <div style="text-align: right; font-family: Verdana, Geneva, sans-serif; font-size: 9pt; font-weight: bold;">Second Quarter</div>
          </td>
          <td style="width: 9.18%; vertical-align: top; border-top: #000000 1px solid; border-bottom: #000000 1px solid;">
            <div style="text-align: right; font-family: Verdana, Geneva, sans-serif; font-size: 9pt; font-weight: bold;">First Quarter</div>
          </td>
          <td style="width: 9.44%; vertical-align: top; border-top: #000000 1px solid; border-bottom: #000000 1px solid;">
            <div style="text-align: right; font-family: Verdana, Geneva, sans-serif; font-size: 9pt; 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, Geneva, sans-serif; font-size: 9pt;">Revenues</div>
          </td>
          <td style="width: 9.19%; vertical-align: top; border-top: #000000 1px solid;">
            <div style="text-align: right; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">187.7</div>
          </td>
          <td style="width: 9.2%; vertical-align: top; border-top: #000000 1px solid;">
            <div style="text-align: right; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">179.8</div>
          </td>
          <td style="width: 9.22%; vertical-align: top; border-top: #000000 1px solid;">
            <div style="text-align: right; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">168.7</div>
          </td>
          <td style="width: 9.2%; vertical-align: top; border-top: #000000 1px solid;">
            <div style="text-align: right; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">167.5</div>
          </td>
          <td style="width: 9.21%; vertical-align: top; border-top: #000000 1px solid;">
            <div style="text-align: right; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">168.8</div>
          </td>
          <td style="width: 9.18%; vertical-align: top; border-top: #000000 1px solid;">
            <div style="text-align: right; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">163.4</div>
          </td>
          <td style="width: 9.18%; vertical-align: top; border-top: #000000 1px solid;">
            <div style="text-align: right; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">151.3</div>
          </td>
          <td style="width: 9.44%; vertical-align: top; border-top: #000000 1px solid;">
            <div style="text-align: right; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">148.2</div>
          </td>
        </tr>
        <tr>
          <td style="width: 26.17%; vertical-align: top;">
            <div style="text-align: left; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">Gross margin</div>
          </td>
          <td style="width: 9.19%; vertical-align: top;">
            <div style="text-align: right; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">145.2</div>
          </td>
          <td style="width: 9.2%; vertical-align: top;">
            <div style="text-align: right; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">138.2</div>
          </td>
          <td style="width: 9.22%; vertical-align: top;">
            <div style="text-align: right; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">129.0</div>
          </td>
          <td style="width: 9.2%; vertical-align: top;">
            <div style="text-align: right; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">128.0</div>
          </td>
          <td style="width: 9.21%; vertical-align: top;">
            <div style="text-align: right; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">125.6</div>
          </td>
          <td style="width: 9.18%; vertical-align: top;">
            <div style="text-align: right; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">122.9</div>
          </td>
          <td style="width: 9.18%; vertical-align: top;">
            <div style="text-align: right; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">115.9</div>
          </td>
          <td style="width: 9.44%; vertical-align: top;">
            <div style="text-align: right; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">112.1</div>
          </td>
        </tr>
        <tr>
          <td style="width: 26.17%; vertical-align: top;">
            <div style="text-align: left; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">Operating expenses</div>
          </td>
          <td style="width: 9.19%; vertical-align: top;">
            <div style="text-align: right; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">67.2</div>
          </td>
          <td style="width: 9.2%; vertical-align: top;">
            <div style="text-align: right; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">64.4</div>
          </td>
          <td style="width: 9.22%; vertical-align: top;">
            <div style="text-align: right; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">60.3</div>
          </td>
          <td style="width: 9.2%; vertical-align: top;">
            <div style="text-align: right; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">59.9</div>
          </td>
          <td style="width: 9.21%; vertical-align: top;">
            <div style="text-align: right; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">60.5</div>
          </td>
          <td style="width: 9.18%; vertical-align: top;">
            <div style="text-align: right; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">59.4</div>
          </td>
          <td style="width: 9.18%; vertical-align: top;">
            <div style="text-align: right; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">54.6</div>
          </td>
          <td style="width: 9.44%; vertical-align: top;">
            <div style="text-align: right; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">52.4</div>
          </td>
        </tr>
        <tr>
          <td style="width: 26.17%; vertical-align: top;">
            <div style="text-align: left; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">Net income</div>
          </td>
          <td style="width: 9.19%; vertical-align: top;">
            <div style="text-align: right; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">43.9</div>
          </td>
          <td style="width: 9.2%; vertical-align: top;">
            <div style="text-align: right; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">38.0</div>
          </td>
          <td style="width: 9.22%; vertical-align: top;">
            <div style="text-align: right; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">36.2</div>
          </td>
          <td style="width: 9.2%; vertical-align: top;">
            <div style="text-align: right; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">37.4</div>
          </td>
          <td style="width: 9.21%; vertical-align: top;">
            <div style="text-align: right; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">36.6</div>
          </td>
          <td style="width: 9.18%; vertical-align: top;">
            <div style="text-align: right; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">34.7</div>
          </td>
          <td style="width: 9.18%; vertical-align: top;">
            <div style="text-align: right; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">34.7</div>
          </td>
          <td style="width: 9.44%; vertical-align: top;">
            <div style="text-align: right; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">31.8</div>
          </td>
        </tr>
        <tr>
          <td style="width: 26.17%; vertical-align: top;">
            <div style="text-align: left; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">Basic earnings per share</div>
          </td>
          <td style="width: 9.19%; vertical-align: top;">
            <div style="text-align: right; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">0.51</div>
          </td>
          <td style="width: 9.2%; vertical-align: top;">
            <div style="text-align: right; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">0.44</div>
          </td>
          <td style="width: 9.22%; vertical-align: top;">
            <div style="text-align: right; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">0.42</div>
          </td>
          <td style="width: 9.2%; vertical-align: top;">
            <div style="text-align: right; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">0.44</div>
          </td>
          <td style="width: 9.21%; vertical-align: top;">
            <div style="text-align: right; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">0.43</div>
          </td>
          <td style="width: 9.18%; vertical-align: top;">
            <div style="text-align: right; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">0.41</div>
          </td>
          <td style="width: 9.18%; vertical-align: top;">
            <div style="text-align: right; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">0.41</div>
          </td>
          <td style="width: 9.44%; vertical-align: top;">
            <div style="text-align: right; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">0.37</div>
          </td>
        </tr>
        <tr>
          <td style="width: 26.17%; vertical-align: top;">
            <div style="text-align: left; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">Diluted earnings per share</div>
          </td>
          <td style="width: 9.19%; vertical-align: top;">
            <div style="text-align: right; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">0.50</div>
          </td>
          <td style="width: 9.2%; vertical-align: top;">
            <div style="text-align: right; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">0.43</div>
          </td>
          <td style="width: 9.22%; vertical-align: top;">
            <div style="text-align: right; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">0.41</div>
          </td>
          <td style="width: 9.2%; vertical-align: top;">
            <div style="text-align: right; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">0.43</div>
          </td>
          <td style="width: 9.21%; vertical-align: top;">
            <div style="text-align: right; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">0.42</div>
          </td>
          <td style="width: 9.18%; vertical-align: top;">
            <div style="text-align: right; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">0.40</div>
          </td>
          <td style="width: 9.18%; vertical-align: top;">
            <div style="text-align: right; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">0.40</div>
          </td>
          <td style="width: 9.44%; vertical-align: top;">
            <div style="text-align: right; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">0.37</div>
          </td>
        </tr>
        <tr>
          <td style="width: 26.17%; vertical-align: top;">
            <div style="text-align: left; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">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, Geneva, sans-serif; font-size: 9pt;">&#160;&#160;Basic</div>
          </td>
          <td style="width: 9.19%; vertical-align: top;">
            <div style="text-align: right; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">85,960</div>
          </td>
          <td style="width: 9.2%; vertical-align: top;">
            <div style="text-align: right; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">85,833</div>
          </td>
          <td style="width: 9.22%; vertical-align: top;">
            <div style="text-align: right; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">&#160;&#160;&#160;85,677</div>
          </td>
          <td style="width: 9.2%; vertical-align: top;">
            <div style="text-align: right; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">85,564</div>
          </td>
          <td style="width: 9.21%; vertical-align: top;">
            <div style="text-align: right; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">85,501</div>
          </td>
          <td style="width: 9.18%; vertical-align: top;">
            <div style="text-align: right; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">85,430</div>
          </td>
          <td style="width: 9.18%; vertical-align: top;">
            <div style="text-align: right; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">85,274</div>
          </td>
          <td style="width: 9.44%; vertical-align: top;">
            <div style="text-align: right; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">85,136</div>
          </td>
        </tr>
        <tr>
          <td style="width: 26.17%; vertical-align: top;">
            <div style="text-align: left; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">&#160;&#160;Diluted</div>
          </td>
          <td style="width: 9.19%; vertical-align: top;">
            <div style="text-align: right; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">87,610</div>
          </td>
          <td style="width: 9.2%; vertical-align: top;">
            <div style="text-align: right; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">87,590</div>
          </td>
          <td style="width: 9.22%; vertical-align: top;">
            <div style="text-align: right; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">87,577</div>
          </td>
          <td style="width: 9.2%; vertical-align: top;">
            <div style="text-align: right; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">87,579</div>
          </td>
          <td style="width: 9.21%; vertical-align: top;">
            <div style="text-align: right; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">87,342</div>
          </td>
          <td style="width: 9.18%; vertical-align: top;">
            <div style="text-align: right; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">87,241</div>
          </td>
          <td style="width: 9.18%; vertical-align: top;">
            <div style="text-align: right; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">87,116</div>
          </td>
          <td style="width: 9.44%; vertical-align: top;">
            <div style="text-align: right; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">85,953</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <div style="text-align: justify; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">Revenues over the comparative periods have been positively impacted by the ten acquisitions that we have completed since the beginning of fiscal 2024 through
      the end of the third quarter of fiscal 2026. 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, Geneva, sans-serif; font-size: 9pt;">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, Geneva, sans-serif; font-size: 9pt;">Revenues increased in the third quarter of 2026 compared to the second quarter of 2026 primarily due to growth in revenues from new and existing customers,
      which contributed an incremental $7.0 million in revenues in the third quarter of 2026.<font style="font-size: 9pt; font-family: Verdana, Geneva, sans-serif;">&#160;</font>Operating expenses increased in the third quarter of 2026 compared to the second
      quarter of 2026 primarily due to increased stock-based compensation and professional fees, which collectively contributed an incremental $1.7 million in operating expenses. Net income was positively impacted in the third quarter of 2026 compared to
      the second quarter of 2026 by a decrease of $4.4 million in other charges resulting primarily from costs related to restructuring activities undertaken in 2026, partially offset by an increase of $3.0 million in income tax expense.</div>
    <div><br>
    </div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" class="BRPFPageBreakArea">
      <div class="BRPFPageNumberArea" style="text-align: center;"><font style="font-family: Verdana, Geneva, 'sans-serif'; font-size: 9pt; font-weight: normal; font-style: normal;">17</font></div>
      <div style="page-break-after: always;" class="BRPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <hr align="left" noshade="noshade" style="height: 1px; width: 55%; color: #000000; background-color: #000000; text-align: left; margin-left: 0px; margin-right: auto; border: none;">
    <div style="text-align: left; font-family: Verdana,Geneva,sans-serif; font-size: 10pt; font-variant: small-caps; font-weight: bold;"><br>
      Liquidity and Capital Resources</div>
    <div style="text-align: left; font-family: Verdana,Geneva,sans-serif; font-size: 10pt; font-variant: small-caps; font-weight: bold;"> <br>
    </div>
    <div>
      <div>
        <hr align="left" noshade="noshade" style="height: 1px; width: 55%; color: #000000; background-color: #000000; text-align: left; margin-left: 0px; margin-right: auto; border: none;"> </div>
    </div>
    <div><br>
    </div>
    <div style="text-align: justify; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;"><font style="font-size: 9pt; font-family: Verdana, Geneva, sans-serif; font-weight: bold; font-style: italic;">Cash. </font>We had $278.8 million and $236.1
      million in cash as at October 31, 2025 and January 31, 2025, respectively. All cash was held in interest-bearing bank accounts, primarily with major Canadian, US and European banks. The cash balance increased from January 31, 2025 to October 31, 2025
      by $42.7 million primarily due to cash generated from operations partially offset by cash used for acquisitions.</div>
    <div><br>
    </div>
    <div style="text-align: justify; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;"><font style="font-size: 9pt; font-family: Verdana, Geneva, sans-serif; font-weight: bold; font-style: italic;">Credit facility.</font> The facility is a $350.0
      million revolving operating credit facility to be available for general corporate purposes, including the financing of ongoing working capital needs and acquisitions. The credit facility has a five-year maturity with no fixed repayment dates prior to
      the end of the term ending December 2027. With the approval of the lenders, the credit facility can be expanded to a total of $500.0 million. Borrowings under the credit facility are secured by a first charge over substantially all of Descartes&#8217;
      assets. Depending on the type of advance, interest rates under the revolving operating portion of the credit facility are based on the Canada or US prime rate, Canadian 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, Geneva, sans-serif; font-size: 9pt;">As at October 31, 2025, $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, 2025 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, Geneva, sans-serif; font-size: 9pt;"><font style="font-size: 9pt; font-family: Verdana, Geneva, sans-serif; font-weight: bold; font-style: italic;">Short-form base shelf prospectus.&#160;</font>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, Geneva, sans-serif; font-size: 9pt;"><font style="font-size: 9pt; font-family: Verdana, Geneva, sans-serif; font-weight: bold; font-style: italic;">Normal-course issuer bid (NCIB).</font><font style="font-size: 9pt; font-family: Verdana, Geneva, sans-serif;">&#160;</font>On December 3, 2025, Descartes announced that it had filed with the TSX a notice of intention to commence an NCIB. If the NCIB Application is accepted by the TSX, Descartes
      would be permitted to repurchase for cancellation, at its discretion during the 12 months following such acceptance, up to 10% of the &#8220;public float&#8221; (calculated in accordance with the rules of the TSX) of Descartes&#8217; issued and outstanding common
      shares. If the Application is accepted by the TSX, any purchases under the NCIB will be conducted in the open market (or as otherwise permitted), subject to the terms and limitations applicable to such NCIB, and will be made through the facilities of
      the TSX, Nasdaq, other designated exchanges and/or alternative Canadian trading systems, or by such other means as may be permitted by the Ontario Securities Commission or other applicable Canadian Securities Administrators.</div>
    <div><br>
    </div>
    <div style="text-align: justify; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;"><font style="font-size: 9pt; font-family: Verdana, Geneva, sans-serif; font-weight: bold; font-style: italic;">Working capital.</font> As at October 31, 2025,
      our working capital surplus (current assets less current liabilities) was $182.4 million. Current assets primarily include $278.8 million of cash, $64.8 million of current trade receivables and $34.8 million of prepaid expenses and other. Current
      liabilities primarily include $76.0 million of accrued liabilities, $117.1 million of deferred revenue and $15.9 million of accounts payable. Our working capital has increased from January 31, 2025 to October 31, 2025 by $46.9 million, primarily due
      to cash generated from operations partially offset by cash used for acquisitions.</div>
    <div><br>
    </div>
    <div style="text-align: justify; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">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</div>
    <div style="text-align: justify; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;"> <br>
    </div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" class="BRPFPageBreakArea">
      <div class="BRPFPageNumberArea" style="text-align: center;"><font style="font-family: Verdana, Geneva, 'sans-serif'; font-size: 9pt; font-weight: normal; font-style: normal;">18</font></div>
      <div style="page-break-after: always;" class="BRPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div style="text-align: justify; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">that, considering the above, we have sufficient liquidity to fund our current cash requirements for working capital, contractual commitments, capital
      expenditures and other operating needs. We also believe that we have the ability to generate sufficient amounts of cash in the long term to meet planned growth targets and to fund strategic transactions. Should additional future financing be
      undertaken, the proceeds from any such transaction could be utilized to fund strategic transactions or for general corporate purposes, including the repayment of outstanding debt. We expect, from time to time, to continue to consider select strategic
      transactions to create value and improve performance, which may include acquisitions, dispositions, restructurings, joint ventures and partnerships, and we may undertake further financing transactions, including draws on our credit facility, other
      debt instruments or equity offerings, in connection with any such potential strategic transaction.</div>
    <div><br>
    </div>
    <div style="text-align: justify; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">With respect to earnings of our non-Canadian subsidiaries, our intention is that these earnings will be reinvested in each subsidiary indefinitely. Of the
      $278.8 million of cash as at October 31, 2025, $116.1 million was held by our foreign subsidiaries, most significantly in the United States with lesser amounts held in other countries in the EMEA and Asia Pacific regions. To date, we have not
      encountered significant legal or practical restrictions on the abilities of our subsidiaries to repatriate money to Canada, even if such restrictions may exist in respect of certain foreign jurisdictions where we have subsidiaries. In the future, if
      we elect to repatriate the unremitted earnings of our foreign subsidiaries in the form of dividends, or if the shares of the foreign subsidiaries are sold or transferred, then we could be subject to additional Canadian or foreign income taxes, net of
      the impact of any available foreign tax credits, which would result in a higher effective tax rate. We have not provided for foreign withholding taxes or deferred income tax liabilities related to unremitted earnings of our non-Canadian subsidiaries,
      since such earnings are considered permanently invested in those subsidiaries or are not subject to withholding taxes.</div>
    <div><br>
    </div>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="z6c66476ff40a40d59aa85a90f0f32ad0">

        <tr>
          <td style="width: 100%; vertical-align: top;">
            <div style="text-align: justify; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">The table set forth below provides a summary of cash flows for the periods indicated in millions of dollars:</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman',Times,serif; font-size: 10pt; text-align: left; color: rgb(0, 0, 0); width: 100%;" id="zf4fcbcab2a5a4e7686787681f19b6441" class="cfttable">

        <tr>
          <td valign="bottom" style="vertical-align: top;">&#160;</td>
          <td style="vertical-align: bottom;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="vertical-align: top; border-top: 1px solid rgb(0, 0, 0);" colspan="6">
            <div style="text-align: right; font-family: Verdana, Geneva, sans-serif; font-size: 9pt; font-weight: bold;">Third Quarter of</div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0);" colspan="1" class="cftfncell">&#160;</td>
          <td style="vertical-align: bottom;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="vertical-align: top; border-top: 1px solid rgb(0, 0, 0);" colspan="6">
            <div style="text-align: right; font-family: Verdana, Geneva, sans-serif; font-size: 9pt; font-weight: bold;">First Three Quarters of</div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0);" colspan="1" class="cftfncell">&#160;</td>
        </tr>
        <tr>
          <td style="vertical-align: top; padding: 0px 0px 1px;">&#160;</td>
          <td style="vertical-align: bottom; padding: 0px 0px 1px;" colspan="1" class="cftguttercell">&#160;</td>
          <td style="vertical-align: top; border-bottom: 1px solid rgb(0, 0, 0);" colspan="2">
            <div style="text-align: right; font-family: Verdana, Geneva, sans-serif; font-size: 9pt; font-weight: bold;"> 2026</div>
          </td>
          <td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; padding-top: 0px; padding-right: 0px; padding-left: 0px; text-align: left;" colspan="1" class="cftfncell">&#160;</td>
          <td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: bottom; padding-top: 0px; padding-right: 0px; padding-left: 0px;" colspan="1" class="cftguttercell">&#160;</td>
          <td style="vertical-align: top; border-bottom: 1px solid rgb(0, 0, 0);" colspan="2">
            <div style="text-align: right; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">2025</div>
          </td>
          <td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; padding-top: 0px; padding-right: 0px; padding-left: 0px; text-align: left;" colspan="1" class="cftfncell">&#160;</td>
          <td style="vertical-align: bottom; padding: 0px 0px 1px;" colspan="1" class="cftguttercell">&#160;</td>
          <td style="vertical-align: top; border-bottom: 1px solid rgb(0, 0, 0);" colspan="2">
            <div style="text-align: right; font-family: Verdana, Geneva, sans-serif; font-size: 9pt; font-weight: bold;">2026</div>
          </td>
          <td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; padding-top: 0px; padding-right: 0px; padding-left: 0px; text-align: left;" colspan="1" class="cftfncell">&#160;</td>
          <td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: bottom; padding-top: 0px; padding-right: 0px; padding-left: 0px;" colspan="1" class="cftguttercell">&#160;</td>
          <td style="vertical-align: top; border-bottom: 1px solid rgb(0, 0, 0);" colspan="2">
            <div style="text-align: right; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">2025</div>
          </td>
          <td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; padding-top: 0px; padding-right: 0px; padding-left: 0px; text-align: left;" colspan="1" class="cftfncell">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: top; width: 52%;">
            <div style="text-align: justify; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">Cash provided by operating activities</div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
            <div style="font-family: Verdana, Geneva, sans-serif; font-size: 9pt; font-weight: bold;">73.4</div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
            <div style="font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">60.1</div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
            <div style="font-family: Verdana, Geneva, sans-serif; font-size: 9pt; font-weight: bold;">190.3</div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
            <div style="font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">158.5</div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: top; width: 52%;">
            <div style="text-align: justify; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">Additions to property and equipment</div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
            <div style="font-family: Verdana, Geneva, sans-serif; font-size: 9pt; font-weight: bold;">(1.2</div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">
            <div style="font-family: Verdana, Geneva, sans-serif; font-size: 9pt; font-weight: bold;">)</div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
            <div style="font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">(1.3</div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">
            <div style="font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">)</div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
            <div style="font-family: Verdana, Geneva, sans-serif; font-size: 9pt; font-weight: bold;">(4.3</div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">
            <div style="font-family: Verdana, Geneva, sans-serif; font-size: 9pt; font-weight: bold;">)</div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
            <div style="font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">(4.7</div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">
            <div style="font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">)</div>
          </td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: top; width: 52%;">
            <div style="text-align: left; text-indent: -7.5pt; margin-left: 7.5pt; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">Acquisition of subsidiaries, net of cash acquired</div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
            <div style="font-family: Verdana, Geneva, sans-serif; font-size: 9pt; font-weight: bold;">(37.0</div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">
            <div style="font-family: Verdana, Geneva, sans-serif; font-size: 9pt; font-weight: bold;">)</div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
            <div style="font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">(132.8</div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">
            <div style="font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">)</div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
            <div style="font-family: Verdana, Geneva, sans-serif; font-size: 9pt; font-weight: bold;">(151.6</div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">
            <div style="font-family: Verdana, Geneva, sans-serif; font-size: 9pt; font-weight: bold;">)</div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
            <div style="font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">(286.5</div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">
            <div style="font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">)</div>
          </td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: top; width: 52%;">
            <div style="text-align: left; text-indent: -7.5pt; margin-left: 7.5pt; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">Payment of debt issuance costs</div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
            <div style="font-family: Verdana, Geneva, sans-serif; font-size: 9pt; font-weight: bold;">-</div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
            <div style="font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">-</div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
            <div style="font-family: Verdana, Geneva, sans-serif; font-size: 9pt; font-weight: bold;">-</div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
            <div style="font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">-</div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: top; width: 52%;">
            <div style="text-align: left; text-indent: -7.5pt; margin-left: 7.5pt; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">Issuance of common shares, net of issuance costs</div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
            <div style="font-family: Verdana, Geneva, sans-serif; font-size: 9pt; font-weight: bold;">2.9</div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
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          </td>
          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
            <div style="font-family: Verdana, Geneva, sans-serif; font-size: 9pt; font-weight: bold;">11.3</div>
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          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
            <div style="font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">9.9</div>
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          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: top; width: 52%;">
            <div style="text-align: left; text-indent: -7.5pt; margin-left: 7.5pt; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">Payment of withholding taxes on net share settlements</div>
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          <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
            <div style="font-family: Verdana, Geneva, sans-serif; font-size: 9pt; font-weight: bold;">-</div>
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          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
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          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
            <div style="font-family: Verdana, Geneva, sans-serif; font-size: 9pt; font-weight: bold;">(6.5</div>
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          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">
            <div style="font-family: Verdana, Geneva, sans-serif; font-size: 9pt; font-weight: bold;">)</div>
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          <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
            <div style="font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">(6.7</div>
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          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">
            <div style="font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">)</div>
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        <tr>
          <td valign="bottom" style="vertical-align: top; width: 52%;">
            <div style="text-align: justify; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">Payment of contingent consideration</div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
            <div style="font-family: Verdana, Geneva, sans-serif; font-size: 9pt; font-weight: bold;">-</div>
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          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
            <div style="font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">-</div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
            <div style="font-family: Verdana, Geneva, sans-serif; font-size: 9pt; font-weight: bold;">(1.2</div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">
            <div style="font-family: Verdana, Geneva, sans-serif; font-size: 9pt; font-weight: bold;">)</div>
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          <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
            <div style="font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">(9.2</div>
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          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">
            <div style="font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">)</div>
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        </tr>
        <tr>
          <td style="vertical-align: top; width: 52%; padding: 0px 0px 1px;">
            <div style="text-align: justify; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">Effect of foreign exchange rate on cash</div>
          </td>
          <td style="vertical-align: bottom; width: 1%; padding: 0px 0px 1px;" colspan="1" class="cftguttercell">&#160;</td>
          <td style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 1px solid rgb(0, 0, 0);" colspan="1" class="cftcurrcell">&#160;</td>
          <td style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 1px solid rgb(0, 0, 0);" colspan="1" class="cftnumcell">
            <div style="font-family: Verdana, Geneva, sans-serif; font-size: 9pt; font-weight: bold;">0.1</div>
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          <td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; width: 1%; padding-top: 0px; padding-right: 0px; padding-left: 0px; text-align: left;" colspan="1" class="cftfncell">&#160;</td>
          <td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: bottom; width: 1%; padding-top: 0px; padding-right: 0px; padding-left: 0px;" colspan="1" class="cftguttercell">&#160;</td>
          <td style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 1px solid rgb(0, 0, 0);" colspan="1" class="cftcurrcell">&#160;</td>
          <td style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 1px solid rgb(0, 0, 0);" colspan="1" class="cftnumcell">
            <div style="font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">0.2</div>
          </td>
          <td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; width: 1%; padding-top: 0px; padding-right: 0px; padding-left: 0px; text-align: left;" colspan="1" class="cftfncell">&#160;</td>
          <td style="vertical-align: bottom; width: 1%; padding: 0px 0px 1px;" colspan="1" class="cftguttercell">&#160;</td>
          <td style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 1px solid rgb(0, 0, 0);" colspan="1" class="cftcurrcell">&#160;</td>
          <td style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 1px solid rgb(0, 0, 0);" colspan="1" class="cftnumcell">
            <div style="font-family: Verdana, Geneva, sans-serif; font-size: 9pt; font-weight: bold;">4.7</div>
          </td>
          <td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; width: 1%; padding-top: 0px; padding-right: 0px; padding-left: 0px; text-align: left;" colspan="1" class="cftfncell">&#160;</td>
          <td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: bottom; width: 1%; padding-top: 0px; padding-right: 0px; padding-left: 0px;" colspan="1" class="cftguttercell">&#160;</td>
          <td style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 1px solid rgb(0, 0, 0);" colspan="1" class="cftcurrcell">&#160;</td>
          <td style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 1px solid rgb(0, 0, 0);" colspan="1" class="cftnumcell">
            <div style="font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">(1.0</div>
          </td>
          <td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; width: 1%; padding-top: 0px; padding-right: 0px; padding-left: 0px; text-align: left;" colspan="1" class="cftfncell">
            <div style="font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">)</div>
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        <tr>
          <td valign="bottom" style="vertical-align: top; width: 52%;">
            <div style="text-align: justify; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">Net change in cash</div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
            <div style="font-family: Verdana, Geneva, sans-serif; font-size: 9pt; font-weight: bold;">38.2</div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
            <div style="font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">(71.4</div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">
            <div style="font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">)</div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
            <div style="font-family: Verdana, Geneva, sans-serif; font-size: 9pt; font-weight: bold;">42.7</div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
            <div style="font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">(139.7</div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">
            <div style="font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">)</div>
          </td>
        </tr>
        <tr>
          <td style="vertical-align: top; width: 52%; padding: 0px 0px 1px;">
            <div style="text-align: justify; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">Cash, beginning of period</div>
          </td>
          <td style="vertical-align: bottom; width: 1%; padding: 0px 0px 1px;" colspan="1" class="cftguttercell">&#160;</td>
          <td style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 1px solid rgb(0, 0, 0);" colspan="1" class="cftcurrcell">&#160;</td>
          <td style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 1px solid rgb(0, 0, 0);" colspan="1" class="cftnumcell">
            <div style="font-family: Verdana, Geneva, sans-serif; font-size: 9pt; font-weight: bold;">240.6</div>
          </td>
          <td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; width: 1%; padding-top: 0px; padding-right: 0px; padding-left: 0px; text-align: left;" colspan="1" class="cftfncell">&#160;</td>
          <td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: bottom; width: 1%; padding-top: 0px; padding-right: 0px; padding-left: 0px;" colspan="1" class="cftguttercell">&#160;</td>
          <td style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 1px solid rgb(0, 0, 0);" colspan="1" class="cftcurrcell">&#160;</td>
          <td style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 1px solid rgb(0, 0, 0);" colspan="1" class="cftnumcell">
            <div style="font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">252.7</div>
          </td>
          <td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; width: 1%; padding-top: 0px; padding-right: 0px; padding-left: 0px; text-align: left;" colspan="1" class="cftfncell">&#160;</td>
          <td style="vertical-align: bottom; width: 1%; padding: 0px 0px 1px;" colspan="1" class="cftguttercell">&#160;</td>
          <td style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 1px solid rgb(0, 0, 0);" colspan="1" class="cftcurrcell">&#160;</td>
          <td style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 1px solid rgb(0, 0, 0);" colspan="1" class="cftnumcell">
            <div style="font-family: Verdana, Geneva, sans-serif; font-size: 9pt; font-weight: bold;">236.1</div>
          </td>
          <td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; width: 1%; padding-top: 0px; padding-right: 0px; padding-left: 0px; text-align: left;" colspan="1" class="cftfncell">&#160;</td>
          <td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: bottom; width: 1%; padding-top: 0px; padding-right: 0px; padding-left: 0px;" colspan="1" class="cftguttercell">&#160;</td>
          <td style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 1px solid rgb(0, 0, 0);" colspan="1" class="cftcurrcell">&#160;</td>
          <td style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 1px solid rgb(0, 0, 0);" colspan="1" class="cftnumcell">
            <div style="font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">321.0</div>
          </td>
          <td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; width: 1%; padding-top: 0px; padding-right: 0px; padding-left: 0px; text-align: left;" colspan="1" class="cftfncell">&#160;</td>
        </tr>
        <tr>
          <td style="vertical-align: top; width: 52%; padding: 0px 0px 2px;">
            <div style="text-align: justify; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">Cash, end of period</div>
          </td>
          <td style="vertical-align: bottom; width: 1%; padding: 0px 0px 2px;" colspan="1" class="cftguttercell">&#160;</td>
          <td style="border-bottom: 2px solid rgb(0, 0, 0); vertical-align: bottom; width: 1%; text-align: left;" colspan="1" class="cftcurrcell">&#160;</td>
          <td style="border-bottom: 2px solid rgb(0, 0, 0); vertical-align: bottom; width: 9%; text-align: right;" colspan="1" class="cftnumcell">
            <div style="font-family: Verdana, Geneva, sans-serif; font-size: 9pt; font-weight: bold;">278.8</div>
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          <td style="border-bottom: 2px solid rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; width: 1%; padding-top: 0px; padding-right: 0px; padding-left: 0px; text-align: left;" colspan="1" class="cftfncell">&#160;</td>
          <td style="border-bottom: 2px solid rgb(0, 0, 0); vertical-align: bottom; width: 1%; padding-top: 0px; padding-right: 0px; padding-left: 0px;" colspan="1" class="cftguttercell">&#160;</td>
          <td style="border-bottom: 2px solid rgb(0, 0, 0); vertical-align: bottom; width: 1%; text-align: left;" colspan="1" class="cftcurrcell">&#160;</td>
          <td style="border-bottom: 2px solid rgb(0, 0, 0); vertical-align: bottom; width: 9%; text-align: right;" colspan="1" class="cftnumcell">
            <div style="font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">181.3</div>
          </td>
          <td style="border-bottom: 2px solid rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; width: 1%; padding-top: 0px; padding-right: 0px; padding-left: 0px; text-align: left;" colspan="1" class="cftfncell">&#160;</td>
          <td style="vertical-align: bottom; width: 1%; padding: 0px 0px 2px;" colspan="1" class="cftguttercell">&#160;</td>
          <td style="border-bottom: 2px solid rgb(0, 0, 0); vertical-align: bottom; width: 1%; text-align: left;" colspan="1" class="cftcurrcell">&#160;</td>
          <td style="border-bottom: 2px solid rgb(0, 0, 0); vertical-align: bottom; width: 9%; text-align: right;" colspan="1" class="cftnumcell">
            <div style="font-family: Verdana, Geneva, sans-serif; font-size: 9pt; font-weight: bold;">278.8</div>
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          <td style="border-bottom: 2px solid rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; width: 1%; padding-top: 0px; padding-right: 0px; padding-left: 0px; text-align: left;" colspan="1" class="cftfncell">&#160;</td>
          <td style="border-bottom: 2px solid rgb(0, 0, 0); vertical-align: bottom; width: 1%; padding-top: 0px; padding-right: 0px; padding-left: 0px;" colspan="1" class="cftguttercell">&#160;</td>
          <td style="border-bottom: 2px solid rgb(0, 0, 0); vertical-align: bottom; width: 1%; text-align: left;" colspan="1" class="cftcurrcell">&#160;</td>
          <td style="border-bottom: 2px solid rgb(0, 0, 0); vertical-align: bottom; width: 9%; text-align: right;" colspan="1" class="cftnumcell">
            <div style="font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">181.3</div>
          </td>
          <td style="border-bottom: 2px solid rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; width: 1%; padding-top: 0px; padding-right: 0px; padding-left: 0px; text-align: left;" colspan="1" class="cftfncell">&#160;</td>
        </tr>

    </table>
    <div><br>
    </div>
    <div style="text-align: justify; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;"><font style="font-size: 9pt; font-family: Verdana, Geneva, sans-serif; font-weight: bold; font-style: italic;">Cash provided by operating activities</font> was
      $190.3 million and $158.5 million for the first three quarters of 2026 and 2025, respectively, and $73.4 million and $60.1 million for the third quarter of 2026 and 2025, respectively. For the first three quarters of 2026, the $190.3 million of cash
      provided by operating activities resulted from $118.2 million of net income, plus adjustments for $88.4 million of non-cash items included in net income and less $16.3 million of cash used by changes in our operating assets and liabilities. 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. Cash provided by operating activities increased in the first three quarters of 2026 compared to the same period of 2025 due to an increase in net income adjusted for non-cash items partially offset by
      an increase in cash used by changes in our operating assets and liabilities.<font style="font-size: 9pt; font-family: Verdana, Geneva, sans-serif;">&#160;</font></div>
    <div><br>
    </div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" class="BRPFPageBreakArea">
      <div class="BRPFPageNumberArea" style="text-align: center;"><font style="font-family: Verdana, Geneva, 'sans-serif'; font-size: 9pt; font-weight: normal; font-style: normal;">19</font></div>
      <div style="page-break-after: always;" class="BRPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div style="text-align: justify; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">For the third quarter of 2026, the $73.4 million of cash provided by operating activities resulted from $43.9 million of net income, plus adjustments for $31.7
      million of non-cash items included in net income and less $2.2 million of cash used by changes in our operating assets and liabilities. 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. Cash provided by operating activities increased in the
      third quarter of 2026 compared to the same period of 2025 primarily due to an increase in net income adjusted for non-cash items partially offset by an increase in cash used by changes in our operating assets and liabilities.</div>
    <div><br>
    </div>
    <div style="text-align: justify; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;"><font style="font-size: 9pt; font-family: Verdana, Geneva, sans-serif; font-weight: bold; font-style: italic;">Additions to property and equipment</font> were
      $4.3 million and $4.7 million for the first three quarters of 2026 and 2025, respectively, and $1.2 million and $1.3 million for the third quarter of 2026 and 2025, respectively. Additions to property and equipment decreased in the first three
      quarters and third quarter of 2026 compared to the same periods of 2025 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, Geneva, sans-serif; font-size: 9pt;"><font style="font-size: 9pt; font-family: Verdana, Geneva, sans-serif; font-weight: bold; font-style: italic;">Acquisition of subsidiaries, net of cash acquired</font>
      were $151.6 million and $286.5 million for the first three quarters of 2026 and 2025, respectively, and $37.0 million and $132.8 million for the third quarter of 2026 and 2025, respectively. Acquisitions in the first three quarters of 2026 related to
      3GTMS, PackageRoute and Finale. Acquisitions in the first three quarters of 2025 related to OCR, ASD, BoxTop, MCP and Sellercloud.</div>
    <div><br>
    </div>
    <div style="text-align: justify; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;"><font style="font-size: 9pt; font-family: Verdana, Geneva, sans-serif; font-weight: bold; font-style: italic;">Payment of debt issuance costs </font>were
      nominal for both the first three quarters of 2026 and 2025 and nil and nominal for the third quarter of 2026 and 2025, respectively. 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, Geneva, sans-serif; font-size: 9pt;"><font style="font-size: 9pt; font-family: Verdana, Geneva, sans-serif; font-weight: bold; font-style: italic;">Issuance of common shares, net of issuance costs
      </font>were $11.3 million and $9.9 million for the first three quarters of 2026 and 2025, respectively, and $2.9 million and $2.4 million for the third quarter of 2026 and 2025, respectively. In the first three quarters and third quarter of 2026 and
      2025, 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, Geneva, sans-serif; font-size: 9pt;"><font style="font-size: 9pt; font-family: Verdana, Geneva, sans-serif; font-weight: bold; font-style: italic;">Payment of withholding taxes on net share
        settlements </font>was $6.5 million and $6.7 million for the first three quarters of 2026 and 2025, respectively, and nil in both the third quarter of 2026 and 2025. For the first three quarters of 2026 and 2025, the Company reduced issuances by
      66,922 and 73,588 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-size: 9pt; font-family: Verdana, Geneva, sans-serif;"> </font><br>
    </div>
    <div style="text-align: justify; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;"><font style="font-size: 9pt; font-family: Verdana, Geneva, sans-serif; font-weight: bold; font-style: italic;">Payment of contingent consideration</font> was
      $1.2 million and $9.2 million for the first three quarters of 2026 and 2025, respectively, and nil for both the third quarter of 2026 and 2025. Contingent consideration paid in the first three quarters of 2026 totaled $1.2 million, substantially all
      of which related to the portion of the earn-out arrangements accrued for at the time of acquisition. 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. In the first three quarters of 2026, the contingent consideration paid related to the acquisition of
      Trans-Soft, LLC, doing business as Supply Vision (&#8220;Supply Vision&#8221;). In the first three quarters of 2025, the contingent consideration paid related to the acquisitions of Supply Vision and NetCHB, LLC.</div>
    <div><br>
    </div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" class="BRPFPageBreakArea">
      <div class="BRPFPageNumberArea" style="text-align: center;"><font style="font-family: Verdana, Geneva, 'sans-serif'; font-size: 9pt; font-weight: normal; font-style: normal;">20</font></div>
      <div style="page-break-after: always;" class="BRPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div style="text-align: left; font-family: Verdana,Geneva,sans-serif; font-size: 10pt; font-variant: small-caps; font-weight: bold;">
      <hr align="left" noshade="noshade" style="height: 1px; width: 55%; color: #000000; background-color: #000000; text-align: left; margin-left: 0px; margin-right: auto; border: none;">
      <div><br>
      </div>
      Commitments, Contingencies and Guarantees</div>
    <div style="text-align: left; font-family: Verdana,Geneva,sans-serif; font-size: 10pt; font-variant: small-caps; font-weight: bold;"> <br>
    </div>
    <div style="text-align: left; font-family: Verdana,Geneva,sans-serif; font-size: 10pt; font-variant: small-caps; font-weight: bold;">
      <hr align="left" noshade="noshade" style="height: 1px; width: 55%; color: #000000; background-color: #000000; text-align: left; margin-left: 0px; margin-right: auto; border: none;"> </div>
    <div>
      <div><br>
      </div>
    </div>
    <div style="text-align: justify; font-family: Verdana, Geneva, sans-serif; font-size: 9pt; font-style: italic; font-weight: bold;">Commitments</div>
    <table cellspacing="0" cellpadding="0" border="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="zc4a497cdab924ca89870484abc14d27a">

        <tr>
          <td colspan="6" style="vertical-align: top;">
            <div style="text-align: justify; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">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, 2025:</div>
            <div style="text-align: justify; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;"> <br>
            </div>
          </td>
        </tr>
        <tr>
          <td style="width: 40%; vertical-align: top;">&#160;</td>
          <td style="width: 11.9%; vertical-align: top; border-top: #000000 1px solid; border-bottom: #000000 1px solid;">
            <div style="text-align: right; font-family: Verdana, Geneva, sans-serif; font-size: 9pt; font-weight: bold;">Less than</div>
            <div style="text-align: right; font-family: Verdana, Geneva, sans-serif; font-size: 9pt; font-weight: bold;">1 year</div>
          </td>
          <td style="width: 12%; vertical-align: top; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; font-family: Verdana, Geneva, sans-serif; font-size: 9pt; font-weight: bold;">1-3 years</div>
          </td>
          <td style="width: 12%; vertical-align: top; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; font-family: Verdana, Geneva, sans-serif; font-size: 9pt; font-weight: bold;">4-5 years</div>
          </td>
          <td style="width: 12.14%; vertical-align: top; border-top: #000000 1px solid; border-bottom: #000000 1px solid;">
            <div style="text-align: right; font-family: Verdana, Geneva, sans-serif; font-size: 9pt; font-weight: bold;">More than</div>
            <div style="text-align: right; font-family: Verdana, Geneva, sans-serif; font-size: 9pt; font-weight: bold;">&#160;5 years</div>
          </td>
          <td style="width: 12%; vertical-align: top; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; font-family: Verdana, Geneva, sans-serif; font-size: 9pt; font-weight: bold;">Total</div>
          </td>
        </tr>
        <tr>
          <td style="width: 40%; vertical-align: top;">&#160;</td>
          <td style="width: 11.9%; vertical-align: top; border-top: #000000 1px solid;">&#160;</td>
          <td style="width: 12%; vertical-align: top; border-top: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 12%; vertical-align: top; border-top: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 12.14%; vertical-align: top; border-top: #000000 1px solid;">&#160;</td>
          <td style="width: 12%; vertical-align: top; border-top: 1px solid rgb(0, 0, 0);">&#160;</td>
        </tr>
        <tr>
          <td style="width: 40%; vertical-align: top;">
            <div style="text-align: left; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">Operating lease obligations</div>
          </td>
          <td style="width: 11.9%; vertical-align: top;">
            <div style="text-align: right; font-family: Verdana, Geneva, sans-serif; font-size: 9pt; font-weight: bold;">3.6</div>
          </td>
          <td style="width: 12%; vertical-align: top;">
            <div style="text-align: right; font-family: Verdana, Geneva, sans-serif; font-size: 9pt; font-weight: bold;">3.9</div>
          </td>
          <td style="width: 12%; vertical-align: top;">
            <div style="text-align: right; font-family: Verdana, Geneva, sans-serif; font-size: 9pt; font-weight: bold;">0.7</div>
          </td>
          <td style="width: 12.14%; vertical-align: top;">
            <div style="text-align: right; font-family: Verdana, Geneva, sans-serif; font-size: 9pt; font-weight: bold;">-</div>
          </td>
          <td style="width: 12%; vertical-align: top;">
            <div style="text-align: right; font-family: Verdana, Geneva, sans-serif; font-size: 9pt; font-weight: bold;">8.2</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <div style="text-align: justify; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;"><u>Lease Obligations</u></div>
    <div style="text-align: justify; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">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, Geneva, sans-serif; font-size: 9pt;"><u>Other Obligations</u></div>
    <div style="text-align: left; font-family: Verdana, Geneva, sans-serif; font-size: 9pt; 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, Geneva, sans-serif; font-size: 9pt;">As discussed in Note 2 to the audited consolidated financial statements for 2025 included in our 2025 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 $0.3 million and $1.1 million, respectively, at October 31, 2025. 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, 2025,
      we had equity derivatives for 302,915 Descartes common shares and a DSU liability for <font style="font-size: 9pt; font-family: Verdana, Geneva, sans-serif; color: #000000;">302,915 Descartes common shares, resulting in no net exposure</font>&#160;<font style="font-size: 9pt; font-family: Verdana, Geneva, sans-serif; color: #000000;">arising from changes to our share price</font>.</div>
    <div><br>
    </div>
    <div style="text-align: left; font-family: Verdana, Geneva, sans-serif; font-size: 9pt; font-style: italic; font-weight: bold;">Contingencies</div>
    <div style="text-align: justify; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">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, Geneva, sans-serif; font-size: 9pt;"><u>Product Warranties</u></div>
    <div style="text-align: justify; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">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, Geneva, sans-serif; font-size: 9pt;"><u>Business combination agreements</u></div>
    <div style="text-align: justify; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">In respect of our acquisitions of Finale, MCP and Sellercloud, up to $41.0 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 $11.1 million is accrued related to the fair value of this contingent consideration as at October 31, 2025.</div>
    <div><br>
    </div>
    <div style="text-align: left; font-family: Verdana, Geneva, sans-serif; font-size: 9pt; font-style: italic; font-weight: bold;">Guarantees</div>
    <div style="text-align: justify; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">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="clear: both; margin-top: 10pt; margin-bottom: 10pt;" class="BRPFPageBreakArea">
      <div class="BRPFPageNumberArea" style="text-align: center;"><font style="font-family: Verdana, Geneva, 'sans-serif'; font-size: 9pt; font-weight: normal; font-style: normal;">21</font></div>
      <div style="page-break-after: always;" class="BRPFPageBreak">
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    </div>
    <div style="text-align: justify; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;"><u>Intellectual property indemnification obligations</u></div>
    <div style="text-align: justify; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">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, Geneva, sans-serif; font-size: 9pt;"><u>Other indemnification agreements</u></div>
    <div style="text-align: justify; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">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, Geneva, sans-serif; font-size: 9pt;">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>
        <hr align="left" noshade="noshade" style="height: 1px; width: 55%; color: #000000; background-color: #000000; text-align: left; margin-left: 0px; margin-right: auto; border: none;"> </div>
    </div>
    <div style="text-align: left; font-family: Verdana,Geneva,sans-serif; font-size: 10pt; font-variant: small-caps; font-weight: bold;"> <br>
    </div>
    <div style="text-align: left; font-family: Verdana,Geneva,sans-serif; font-size: 10pt; font-variant: small-caps; font-weight: bold;">Outstanding Share Data</div>
    <div style="text-align: left; font-family: Verdana,Geneva,sans-serif; font-size: 10pt; font-variant: small-caps; font-weight: bold;"> <br>
    </div>
    <div>
      <div>
        <hr align="left" noshade="noshade" style="height: 1px; width: 55%; color: #000000; background-color: #000000; text-align: left; margin-left: 0px; margin-right: auto; border: none;"> </div>
    </div>
    <div><br>
    </div>
    <div style="text-align: justify; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">We have an unlimited number of common shares authorized for issuance. As of December 3, 2025, we had 85,986,823 common shares issued and outstanding.</div>
    <div><br>
    </div>
    <div style="text-align: justify; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">As of December 3, 2025, there were 1,550,806 options issued and outstanding, and 1,870,430 options remaining available for grant under all stock option plans.</div>
    <div><br>
    </div>
    <div style="text-align: justify; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">As of December 3, 2025, there were 1,012,268 performance share units (&#8220;PSUs&#8221;) and 473,999 restricted share units (&#8220;RSUs&#8221;) issued and outstanding, with a
      potential of up to a further 253,284 PSUs being earned if maximum performance is achieved in respect of the outstanding PSU awards. Also, as of December 3, 2025, there were 1,797,981 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, Geneva, sans-serif; font-size: 9pt;">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 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 style="text-align: justify; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;"> <br>
    </div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" class="BRPFPageBreakArea">
      <div class="BRPFPageNumberArea" style="text-align: center;"><font style="font-family: Verdana, Geneva, 'sans-serif'; font-size: 9pt; font-weight: normal; font-style: normal;">22</font></div>
      <div style="page-break-after: always;" class="BRPFPageBreak">
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    </div>
    <div>
      <hr align="left" noshade="noshade" style="height: 1px; width: 55%; color: #000000; background-color: #000000; text-align: left; margin-left: 0px; margin-right: auto; border: none;"> </div>
    <div><br>
    </div>
    <div style="text-align: left; font-family: Verdana,Geneva,sans-serif; font-size: 10pt; font-variant: small-caps; font-weight: bold;">Application of Critical Accounting Policies and Estimates</div>
    <div style="text-align: left; font-family: Verdana,Geneva,sans-serif; font-size: 10pt; font-variant: small-caps; font-weight: bold;"> <br>
    </div>
    <div>
      <div>
        <hr align="left" noshade="noshade" style="height: 1px; width: 55%; color: #000000; background-color: #000000; text-align: left; margin-left: 0px; margin-right: auto; border: none;"> </div>
    </div>
    <div><br>
    </div>
    <div style="text-align: justify; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">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 2025 included in our 2025 Annual Report.</div>
    <div><br>
    </div>
    <div style="text-align: justify; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">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, Geneva, sans-serif; font-size: 9pt;">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, 2025:</div>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z6e27a28f233048d6a6a480520cc68357">

        <tr>
          <td style="width: 18pt;"><br>
          </td>
          <td style="width: 18pt; vertical-align: top; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">&#8226;</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">Revenue recognition;</div>
          </td>
        </tr>

    </table>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z2bfae9e75e0549068aad0c85efa6d4f6">

        <tr>
          <td style="width: 18pt;"><br>
          </td>
          <td style="width: 18pt; vertical-align: top; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">&#8226;</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">Impairment of long-lived assets;</div>
          </td>
        </tr>

    </table>
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            <div style="font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">Goodwill;</div>
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            <div style="font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">Stock-based compensation;</div>
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            <div style="font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">Income taxes; and</div>
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            <div style="font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">Business combinations.</div>
          </td>
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    </table>
    <div><br>
    </div>
    <div style="text-align: justify; color: #000000; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">The significant accounting policies are unchanged from those disclosed in the Company&#8217;s 2025 Annual Report.</div>
    <div><br>
    </div>
    <div>
      <div>
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    </div>
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    <div style="text-align: left; font-family: Verdana,Geneva,sans-serif; font-size: 10pt; font-variant: small-caps; font-weight: bold;">Change In / Initial Adoption of Accounting Policies</div>
    <div style="text-align: left; font-family: Verdana,Geneva,sans-serif; font-size: 10pt; font-variant: small-caps; font-weight: bold;"> <br>
    </div>
    <div>
      <div>
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    </div>
    <div><br>
    </div>
    <div style="text-align: left; font-family: Verdana, Geneva, sans-serif; font-size: 9pt; font-style: italic; font-weight: bold;">Recently issued accounting pronouncements</div>
    <div style="text-align: justify; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">In July 2025, the FASB issued Accounting Standards Update 2025-05, &#8220;Financial Instruments&#8212;Credit Losses (Topic 326): Measurement of Credit Losses for Accounts
      Receivable and Contract Assets&#8221; (&#8220;ASU 2025-05&#8221;). The amendments in ASU 2025-05 provide all entities with a practical expedient when estimating expected credit losses on current accounts receivable and/or current contract assets arising from
      transactions under Topic 606.<font style="font-size: 9pt; font-family: Verdana, Geneva, sans-serif;">&#160;</font>The amendments are expected to provide decision-useful information to investors and other financial statement users while reducing the time
      and effort necessary to analyze and estimate credit losses for current accounts receivable and current contract assets. ASU 2025-05 is effective for annual reporting periods beginning after December 15, 2025, and interim reporting periods within
      those annual reporting periods. Early adoption is permitted in both interim and annual reporting periods in which financial statements have not yet been issued or made available for issuance. The Company expects to adopt this guidance in the first
      quarter of fiscal 2027. 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, Geneva, sans-serif; font-size: 9pt;">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-size: 9pt; font-family: Verdana, Geneva, sans-serif;">&#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 is our fiscal year that began on February 1, 2025 (fiscal 2026). Early adoption is permitted for annual financial statements that
      have not yet been issued or made</div>
    <div style="text-align: justify; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;"> <br>
    </div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" class="BRPFPageBreakArea">
      <div class="BRPFPageNumberArea" style="text-align: center;"><font style="font-family: Verdana, Geneva, 'sans-serif'; font-size: 9pt; font-weight: normal; font-style: normal;">23</font></div>
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    <div style="text-align: justify; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">available for issuance.<font style="font-size: 9pt; font-family: Verdana, Geneva, sans-serif;">&#160;</font>The Company will 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, Geneva, sans-serif; font-size: 9pt;">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; and issued a subsequent amendment to the initial guidance in January 2025, collectively referred to as &#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 within annual reporting periods beginning after December 15, 2027. Early adoption is permitted.<font style="font-size: 9pt; font-family: Verdana, Geneva, sans-serif;">&#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, Geneva, sans-serif; font-size: 9pt;">In September 2025, the FASB issued Accounting Standards Update 2025-06, &#8220;Intangibles&#8212;Goodwill and Other&#8212;Internal-Use Software (Subtopic 350-40): Targeted
      Improvements to the Accounting for Internal-Use Software&#8221; (&#8220;ASU 2025-06&#8221;). The amendments in ASU 2025-06 aim to modernize the accounting for software costs under Subtopic 350-40, Intangibles&#8212;Goodwill and Other&#8212;Internal-Use Software by removing all
      references to prescriptive and sequential software development stages (referred to as &#8220;project stages&#8221;) throughout Subtopic 350-40, in order to better align the accounting with how software is developed. ASU 2025-06 is effective for annual reporting
      periods beginning after December 15, 2027, and interim reporting periods within those annual reporting periods. Early adoption is permitted as of the beginning of an annual reporting period. The Company expects to adopt this guidance in the first
      quarter of our fiscal 2029. The adoption of this guidance is not expected to have a material impact on our results of operations or disclosures.</div>
    <div>
      <div><br>
      </div>
    </div>
    <div style="text-align: left; font-family: Verdana,Geneva,sans-serif; font-size: 10pt; font-variant: small-caps; font-weight: bold;">
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    </div>
    <div style="text-align: left; font-family: Verdana,Geneva,sans-serif; font-size: 10pt; font-variant: small-caps; font-weight: bold;">Controls and Procedures</div>
    <div style="text-align: left; font-family: Verdana,Geneva,sans-serif; font-size: 10pt; font-variant: small-caps; font-weight: bold;"> <br>
    </div>
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    </div>
    <div><br>
    </div>
    <div style="text-align: justify; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">During the period beginning on August 1, 2025 and ended on October 31, 2025, 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 style="text-align: left; font-family: Verdana,Geneva,sans-serif; font-size: 10pt; font-variant: small-caps; font-weight: bold;">
      <hr align="left" noshade="noshade" style="height: 1px; width: 55%; color: #000000; background-color: #000000; text-align: left; margin-left: 0px; margin-right: auto; border: none;"></div>
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    </div>
    <div style="text-align: left; font-family: Verdana,Geneva,sans-serif; font-size: 10pt; font-variant: small-caps; font-weight: bold;">Trends / Business Outlook</div>
    <div style="text-align: left; font-family: Verdana,Geneva,sans-serif; font-size: 10pt; font-variant: small-caps; font-weight: bold;"> <br>
    </div>
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    </div>
    <div><br>
    </div>
    <div style="text-align: justify; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">This section discusses our outlook for fiscal 2026 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, Geneva, sans-serif; font-size: 9pt;">Since the change in administration of the government of the United States of America on January 20, 2025, various executive orders have been discussed,
      communicated and/or issued. These have included the US&#8217;s imposition of various tariffs on many imports into the United States. The US has also eliminated duty-free de minimis treatment for low-value imports with tariffs extending to these imports,
      which has caused uncertainty for businesses, individuals and parcel carriers seeking to ship to the US. Some countries have implemented or indicated their intention to implement retaliatory measures against the United States, including
      counter-tariffs. China continues to increase its export controls on rare-earth elements and related technologies, which are critical for global manufacturing, and has used these export controls as a tool for trade negotiation. The US continues to
      engage in trade negotiations with various countries, with tariffs as an important negotiation point. The US has reached new trade agreements with various countries, resulting in new tariff rates on US imports and exports, and a frequently changing
      trade environment. These events have contributed to significant worldwide economic uncertainty and global</div>
    <div style="text-align: justify; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;"> <br>
    </div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" class="BRPFPageBreakArea">
      <div class="BRPFPageNumberArea" style="text-align: center;"><font style="font-family: Verdana, Geneva, 'sans-serif'; font-size: 9pt; font-weight: normal; font-style: normal;">24</font></div>
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    </div>
    <div style="text-align: justify; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">stock markets have reacted with increasing volatility. Changes in trade policies can have material impacts on our customers and the economy, including trade
      volumes, and where and how goods are manufactured, distributed and shipped. The imposition of tariffs and retaliatory tariffs may also risk increasing inflation to the extent those additional charges are passed on to end consumers.</div>
    <div><br>
    </div>
    <div style="text-align: justify; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">As economies adapt to ongoing uncertainty, global growth has slowed and the outlook for the shipping industry, in particular, is uncertain. Geopolitical
      tensions, trade wars, protectionist policies, industrial action, volatile fuel prices, climate change, 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 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, Geneva, sans-serif; font-size: 9pt;">In light of the economic uncertainty in the global trade environment, in the second quarter of 2026, we initiated a restructuring plan to reduce our cost base
      and further strengthen Descartes&#8217; financial position. The plan was designed to reduce our global workforce by approximately 7% and other operating expenditures. We expect the total cost of this plan to be approximately $4.3 million to $4.6 million
      and for the plan to be fully implemented over the next 3 months.<font style="font-size: 9pt; font-family: Verdana, Geneva, sans-serif;">&#160;</font>To date, $4.3 million has been recorded within other charges in conjunction with this restructuring plan,
      primarily comprised of workforce reduction charges.</div>
    <div><br>
    </div>
    <div style="text-align: justify; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">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, tariffs and retaliatory tariffs imposed as parts of trade disputes, vacation periods applicable to particular shipping or receiving nations, weather-related
      or global health events that impact shipping in particular geographies and amendments to international trade reshipments being processed, 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, Geneva, sans-serif; font-size: 9pt;">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, Geneva, sans-serif; font-size: 9pt;">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, Geneva, sans-serif; font-size: 9pt;">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,</div>
    <div style="text-align: justify; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;"> <br>
    </div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" class="BRPFPageBreakArea">
      <div class="BRPFPageNumberArea" style="text-align: center;"><font style="font-family: Verdana, Geneva, 'sans-serif'; font-size: 9pt; font-weight: normal; font-style: normal;">25</font></div>
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    </div>
    <div style="text-align: justify; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">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, Geneva, sans-serif; font-size: 9pt;">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 2026, our services revenues comprised 93% 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 2026 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, Geneva, sans-serif; font-size: 9pt;">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 7% of our aggregate annualized recurring revenues from the previous year in the ordinary course,
      excluding consideration of new customers. For fiscal 2026, given the uncertainty of the impact of ongoing trade wars on our customers&#8217; businesses, we anticipate that the amount of recurring revenues lost from the previous year could be higher than
      that, however, we can&#8217;t reliably provide a range of how much higher.</div>
    <div><br>
    </div>
    <div style="text-align: justify; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">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-size: 9pt; font-family: Verdana, Geneva, sans-serif; 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 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-size: 9pt; font-family: Verdana, Geneva, sans-serif; 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, 2025, using foreign exchange rates of $0.71 to CAD $1.00, $1.15 to EUR 1.00 and $1.32 to &#163;1.00, we estimated that our baseline revenues for the fourth quarter of 2026 are
      approximately $161.0 million and our baseline operating expenses are approximately $98.5 million. We consider this to be our baseline calibration of approximately $62.5 million for the fourth quarter of 2026, or approximately 39% of our baseline
      revenues as at November 1, 2025.</div>
    <div><br>
    </div>
    <div style="text-align: justify; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">We estimate that aggregate amortization expense for existing intangible assets will be $20.9 million for the fourth quarter of fiscal 2026, $68.7 million for
      2027, $61.3 million for 2028, $52.7 million for 2029,</div>
    <div style="text-align: justify; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;"> <br>
    </div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" class="BRPFPageBreakArea">
      <div class="BRPFPageNumberArea" style="text-align: center;"><font style="font-family: Verdana, Geneva, 'sans-serif'; font-size: 9pt; font-weight: normal; font-style: normal;">26</font></div>
      <div style="page-break-after: always;" class="BRPFPageBreak">
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    </div>
    <div style="text-align: justify; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">$40.7 million for 2030 and $106.7 million thereafter. Expected future amortization expense is based on the level of existing intangible assets at October 31,
      2025, 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, Geneva, sans-serif; font-size: 9pt;">We anticipate that stock-based compensation expense for the fourth quarter of fiscal 2026 for grants outstanding as at October 31, 2025 will be approximately
      $6.0 million, subject to any necessary adjustments resulting from actual stock-based compensation forfeitures and fluctuations in foreign exchange rates.<font style="font-size: 9pt; font-family: Verdana, Geneva, sans-serif;">&#160;</font>We may make
      additional grants of stock options from time to time, including during the remainder of fiscal 2026, as part of our regular compensation practices.</div>
    <div><br>
    </div>
    <div style="text-align: justify; color: #000000; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">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, 2025 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 2027. 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, Geneva, sans-serif; font-size: 9pt;">In the first three quarters of 2026, capital expenditures were $4.3 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 2026 primarily related to investments in our network and security
      infrastructure.</div>
    <div><br>
    </div>
    <div style="text-align: justify; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">In the fourth quarter of fiscal 2026, we estimate that payments of contingent consideration for earn-out arrangements accrued as at October 31, 2025 will be
      approximately $0.5 million, subject to any necessary adjustments resulting from the final earn-out calculations, which was fully accrued for at the time of acquisition and will be reflected in cash flow from financing activities. We update our
      estimates for the payment of contingent consideration on an ongoing basis as we gather further information about the performance of acquired companies.</div>
    <div><br>
    </div>
    <div style="text-align: justify; color: #000000; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">We conduct business in a variety of foreign currencies and, as a result, our foreign operations are subject to foreign exchange fluctuations.
      Our businesses operate in their local currency environment and use their local currency as their functional currency. Assets, including cash, and liabilities of foreign operations are translated into US dollars at the exchange rate in effect at the
      balance sheet date. Revenues and expenses of foreign operations are translated using daily exchange rates. Translation adjustments resulting from this process are accumulated in other comprehensive income (loss) as a separate component of
      shareholders&#8217; equity.</div>
    <div><br>
    </div>
    <div style="text-align: justify; color: #000000; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">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, Geneva, sans-serif; font-size: 9pt;">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 2026, approximately 73% of our revenues were in US dollars, 11% in euro, 5% in Canadian dollars, 7% in British pound sterling, and the balance in mixed currencies. For that same period, approximately 55% of our operating expenses
      were in US dollars, 13% in euro, 18% 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="clear: both; margin-top: 10pt; margin-bottom: 10pt;" class="BRPFPageBreakArea">
      <div class="BRPFPageNumberArea" style="text-align: center;"><font style="font-family: Verdana, Geneva, 'sans-serif'; font-size: 9pt; font-weight: normal; font-style: normal;">27</font></div>
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    </div>
    <div style="text-align: justify; color: #000000; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">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, Geneva, sans-serif; font-size: 9pt;">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, Geneva, sans-serif; font-size: 9pt;">We experienced an effective tax rate of approximately 24% in the first three quarters of fiscal 2026, which is slightly lower than our expected range of 25% to
      30%. For the fourth quarter of fiscal 2026, we anticipate an effective tax rate of between 24% to 28%.</div>
    <div><br>
    </div>
    <div style="text-align: justify; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">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, 2025, and subject to any further draws or repayments on the credit facility, we anticipate that interest expense will be approximately $0.2 million in the fourth quarter of fiscal 2026, 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, Geneva, sans-serif; font-size: 9pt;">Certain future commitments are set out above in the section of this MD&amp;A called &#8220;Commitments, Contingencies and Guarantees&#8221;. We believe that we have
      sufficient liquidity to fund our current operating and working capital requirements, including the payment of these commitments.</div>
    <div><br>
    </div>
    <div>
      <div>
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    </div>
    <div style="text-align: left; font-family: Verdana,Geneva,sans-serif; font-size: 10pt; font-variant: small-caps; font-weight: bold;"> <br>
    </div>
    <div style="text-align: left; font-family: Verdana,Geneva,sans-serif; font-size: 10pt; font-variant: small-caps; font-weight: bold;">Certain Factors That May Affect Future Results</div>
    <div style="text-align: left; font-family: Verdana,Geneva,sans-serif; font-size: 10pt; font-variant: small-caps; font-weight: bold;"> <br>
    </div>
    <div>
      <div>
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    </div>
    <div><br>
    </div>
    <div style="text-align: justify; font-family: Verdana, Geneva, sans-serif; font-size: 9pt; 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, Geneva, sans-serif; font-size: 9pt; 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="clear: both; margin-top: 10pt; margin-bottom: 10pt;" class="BRPFPageBreakArea">
      <div class="BRPFPageNumberArea" style="text-align: center;"><font style="font-family: Verdana, Geneva, 'sans-serif'; font-size: 9pt; font-weight: normal; font-style: normal;">28</font></div>
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    </div>
    <div style="text-align: justify; font-family: Verdana, Geneva, sans-serif; font-size: 9pt; 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, Geneva, sans-serif; font-size: 9pt;">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>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z7bfa0b89725b4f33886b647d82af7af1">

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          <td style="width: 36pt; vertical-align: top; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">&#8226;</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">System or network failure;</div>
          </td>
        </tr>

    </table>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z48d7628f6cab422ea67410e889dce691">

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          </td>
          <td style="width: 36pt; vertical-align: top; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">&#8226;</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">Software errors, failures and crashes;</div>
          </td>
        </tr>

    </table>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zabd7615d336145ad813e02aac9c8d5ba">

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          <td style="width: 36pt; vertical-align: top; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">&#8226;</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">Interruption in the supply of power;</div>
          </td>
        </tr>

    </table>
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          <td style="width: 18pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">&#8226;</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">Virus proliferation or malware;</div>
          </td>
        </tr>

    </table>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zcd2fc8b836be458ebf54091048e4dcaf">

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          </td>
          <td style="width: 36pt; vertical-align: top; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">&#8226;</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">Communications failures;</div>
          </td>
        </tr>

    </table>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z51b12f06ee05494d93c8949118a449de">

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          <td style="width: 18pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">&#8226;</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">Information or infrastructure security breaches;</div>
          </td>
        </tr>

    </table>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zbbbe5a5e6f6f4d31b4f87db1fadd0e44">

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          <td style="width: 36pt; vertical-align: top; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">&#8226;</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">Insufficient investment in infrastructure;</div>
          </td>
        </tr>

    </table>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z086c9c35f60647f1afdd0008f65dca74">

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          </td>
          <td style="width: 36pt; vertical-align: top; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">&#8226;</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">Earthquakes, fires, floods, natural disasters, or other force majeure events outside our control; and</div>
          </td>
        </tr>

    </table>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z89dd372896004fe7975665e88cca0b02">

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          </td>
          <td style="width: 36pt; vertical-align: top; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">&#8226;</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">Acts of war, sabotage, cyber-attacks, denial-of-service attacks and/or terrorism.</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <div style="text-align: justify; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">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, Geneva, sans-serif; font-size: 9pt;">Some jurisdictions have enacted laws requiring companies to notify individuals of data security breaches</div>
    <div style="text-align: justify; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">involving certain types of personal data and in some cases our agreements with certain customers require us to notify them in the event of a security incident.
      Such mandatory disclosures could lead to negative publicity and may cause our current and prospective customers to lose confidence in the effectiveness of our data security measures. Moreover, if a high-profile security breach occurs with respect to
      another SaaS provider, customers may lose trust in the security of the SaaS business model generally, which could adversely impact our ability to retain existing customers or attract new ones.</div>
    <div><br>
    </div>
    <div style="text-align: justify; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">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 or the networks of our third-party providers, 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,</div>
    <div style="text-align: justify; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;"> <br>
    </div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" class="BRPFPageBreakArea">
      <div class="BRPFPageNumberArea" style="text-align: center;"><font style="font-family: Verdana, Geneva, 'sans-serif'; font-size: 9pt; font-weight: normal; font-style: normal;">29</font></div>
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    </div>
    <div style="text-align: justify; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">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, Geneva, sans-serif; font-size: 9pt; 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, Geneva, sans-serif; font-size: 9pt;">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-size: 9pt; font-family: Verdana, Geneva, sans-serif;">&#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 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, Geneva, sans-serif; font-size: 9pt; font-style: italic; font-weight: bold;">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, Geneva, sans-serif; font-size: 9pt;">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>
    <div style="text-align: justify; font-family: Verdana, Geneva, sans-serif; font-size: 9pt; 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, Geneva, sans-serif; font-size: 9pt;">Businesses that we acquire may sell products or services that we have limited experience operating or managing. We may experience unanticipated challenges or
      difficulties identifying suitable acquisition candidates, integrating their businesses into our company, maintaining these businesses at their current levels or growing these businesses. Factors that may impair our ability to identify, successfully
      integrate, maintain or grow acquired businesses may include, but are not limited to:</div>
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          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">Challenges identifying suitable businesses to buy and negotiating the acquisition of those businesses on acceptable terms;</div>
          </td>
        </tr>

    </table>
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          <td style="width: 18pt; vertical-align: top; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">&#8226;</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">Challenges completing the acquisitions within our expected time frames and budgets;</div>
          </td>
        </tr>

    </table>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zd429b2b8617644379970734ef910fbde">

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          <td style="width: 18pt; vertical-align: top; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">&#8226;</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">Challenges in integrating acquired businesses with our business;</div>
          </td>
        </tr>

    </table>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z64283386df96420497921b870640d89d">

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          <td style="width: 18pt; vertical-align: top; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">&#8226;</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">Loss of customers of the acquired business;</div>
          </td>
        </tr>

    </table>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zacccc27b885a4f3bac13fe9ec19e538c">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 18pt; vertical-align: top; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">&#8226;</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">Loss of key personnel from the acquired business, such as former executive officers or key technical personnel;</div>
          </td>
        </tr>

    </table>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z88427a4eb2de4280ac30f21c51662488">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 18pt; vertical-align: top; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">&#8226;</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">Non-compatible business cultures;</div>
          </td>
        </tr>

    </table>
    <div> <br>
    </div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" class="BRPFPageBreakArea">
      <div class="BRPFPageNumberArea" style="text-align: center;"><font style="font-family: Verdana, Geneva, 'sans-serif'; font-size: 9pt; font-weight: normal; font-style: normal;">30</font></div>
      <div style="page-break-after: always;" class="BRPFPageBreak">
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        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 18pt; vertical-align: top; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">&#8226;</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">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>
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        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 18pt; vertical-align: top; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">&#8226;</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">Difficulties in gaining necessary approvals in international markets to expand acquired businesses as contemplated;</div>
          </td>
        </tr>

    </table>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zefb8ff42a4f645d3a149f1a27bde9abf">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 18pt; vertical-align: top; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">&#8226;</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">Our inability to obtain or maintain necessary security clearances to provide international shipment management services;</div>
          </td>
        </tr>

    </table>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z3e4c98b382ff426c850358b1828c32a5">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 18pt; vertical-align: top; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">&#8226;</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">Our failure to make appropriate capital investments in infrastructure to facilitate growth; and</div>
          </td>
        </tr>

    </table>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z723e81322dd947f3aac8d5f6bd0c0b8d">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 18pt; vertical-align: top; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">&#8226;</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">Other risk factors identified in this report.</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <div style="text-align: justify; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">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, Geneva, sans-serif; font-size: 9pt; 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, Geneva, sans-serif; font-size: 9pt;">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, Geneva, sans-serif; font-size: 9pt;">Acquisitions and other business initiatives involve a number of risks, including: substantial investment of funds, diversion of management&#8217;s attention from
      current operations; additional demands on resources, systems, procedures and controls; and disruption of our ongoing business. Acquisitions specifically involve risks, including: difficulties in integrating and retaining all or part of the acquired
      business, its customers and its personnel; assumption of disclosed and undisclosed liabilities; dealing with unfamiliar laws, customs and practices in foreign jurisdictions; and the effectiveness of the acquired company&#8217;s internal controls and
      procedures. In addition, we may not identify all risks or fully assess risks identified in connection with an investment. As well, by investing in such initiatives, we may deplete our cash resources or dilute our shareholder base by issuing
      additional shares. Furthermore, for acquisitions, there is a risk that our valuation assumptions, customer retention expectations and our models for an acquired product or business may be erroneous or inappropriate due to foreseen or unforeseen
      circumstances and thereby cause us to overvalue an acquisition target. There is also a risk that the contemplated benefits of an acquisition or other investment may not materialize as planned or may not materialize within the time period or to the
      extent anticipated. The individual or combined effect of these risks could have a material adverse effect on our business.</div>
    <div><br>
    </div>
    <div style="text-align: justify; font-family: Verdana, Geneva, sans-serif; font-size: 9pt; 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, Geneva, sans-serif; font-size: 9pt;">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, Geneva, sans-serif; font-size: 9pt;">We have in the past, and may in the future, made changes to our executive management team or board of directors. There can be no assurance that any such changes
      and the resulting transition will not have a</div>
    <div style="text-align: justify; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;"> <br>
    </div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" class="BRPFPageBreakArea">
      <div class="BRPFPageNumberArea" style="text-align: center;"><font style="font-family: Verdana, Geneva, 'sans-serif'; font-size: 9pt; font-weight: normal; font-style: normal;">31</font></div>
      <div style="page-break-after: always;" class="BRPFPageBreak">
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    </div>
    <div style="text-align: justify; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">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, Geneva, sans-serif; font-size: 9pt; 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, Geneva, sans-serif; font-size: 9pt;">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. 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, Geneva, sans-serif; font-size: 9pt; 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, Geneva, sans-serif; font-size: 9pt;">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, Geneva, sans-serif; font-size: 9pt; 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, Geneva, sans-serif; font-size: 9pt;">We depend on our installed customer base for a significant portion of our revenues. We have significant contracts with our license customers for ongoing support
      and maintenance, as well as significant service contracts that provide recurring services revenues to us. In addition, our installed customer base has historically generated additional new license and services revenues for us. Service contracts are
      generally renewable at a customer&#8217;s option and/or subject to cancellation rights, and there are generally no mandatory payment obligations or obligations to license additional software or subscribe for additional services.</div>
    <div><br>
    </div>
    <div style="text-align: justify; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">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, Geneva, sans-serif; font-size: 9pt; 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, Geneva, sans-serif; font-size: 9pt;">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</div>
    <div style="text-align: justify; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;"> <br>
    </div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" class="BRPFPageBreakArea">
      <div class="BRPFPageNumberArea" style="text-align: center;"><font style="font-family: Verdana, Geneva, 'sans-serif'; font-size: 9pt; font-weight: normal; font-style: normal;">32</font></div>
      <div style="page-break-after: always;" class="BRPFPageBreak">
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    </div>
    <div style="text-align: justify; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">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, Geneva, sans-serif; font-size: 9pt;">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, Geneva, sans-serif; font-size: 9pt;">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, Geneva, sans-serif; font-size: 9pt; 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, Geneva, sans-serif; font-size: 9pt;">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, Geneva, sans-serif; font-size: 9pt;">Current and potential competitors include supply chain application software vendors, customers that undertake internal software development efforts, value-added
      networks and business document exchanges, enterprise resource planning software vendors, regulatory filing companies, trade data vendors and general business application software vendors. Many of our current and potential competitors may have one or
      more of the following relative advantages:</div>
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        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 18pt; vertical-align: top; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">&#8226;</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">Established relationships with existing customers or prospects that we are targeting;</div>
          </td>
        </tr>

    </table>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="za92d12c111a5486c831ed289d94d1363">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 18pt; vertical-align: top; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">&#8226;</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">Superior product functionality and industry-specific expertise;</div>
          </td>
        </tr>

    </table>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z50f0029c5ab1460bb3088009731a1f4c">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 18pt; vertical-align: top; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">&#8226;</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">Broader range of products to offer and better product life cycle management;</div>
          </td>
        </tr>

    </table>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z4af9da7871554d0fb035eb399f8bc8ee">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 18pt; vertical-align: top; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">&#8226;</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">Larger installed base of customers;</div>
          </td>
        </tr>

    </table>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zdafd9841ff83491a9667cc06255dee3f">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 18pt; vertical-align: top; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">&#8226;</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">Greater financial, technical, marketing, sales, distribution and other resources;</div>
          </td>
        </tr>

    </table>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zcb6d1422f8ad4b2baca39f93cfdb2172">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 18pt; vertical-align: top; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">&#8226;</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">Better performance;</div>
          </td>
        </tr>

    </table>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z39ff528044464bab87a9a801e1374507">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 18pt; vertical-align: top; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">&#8226;</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">Lower cost structure and more profitable operations;</div>
          </td>
        </tr>

    </table>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zd9460b7e31c64a2994f738e2de7cefa1">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 18pt; vertical-align: top; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">&#8226;</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">Greater investment in infrastructure;</div>
          </td>
        </tr>

    </table>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zdedf566c6cbf4d5fa456def84f38a4cb">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 18pt; vertical-align: top; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">&#8226;</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">Greater worldwide presence;</div>
          </td>
        </tr>

    </table>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zb1c85c8e3dd24081bcd500049f8130ab">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 18pt; vertical-align: top; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">&#8226;</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">Early adoption of, or adaptation to changes in, technology, including artificial intelligence; or</div>
          </td>
        </tr>

    </table>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z4dc3788e53de492dbed5e1a9e637a337">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 18pt; vertical-align: top; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">&#8226;</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">Longer operating history; and/or greater name recognition.</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <div style="text-align: justify; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">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="clear: both; margin-top: 10pt; margin-bottom: 10pt;" class="BRPFPageBreakArea">
      <div class="BRPFPageNumberArea" style="text-align: center;"><font style="font-family: Verdana, Geneva, 'sans-serif'; font-size: 9pt; font-weight: normal; font-style: normal;">33</font></div>
      <div style="page-break-after: always;" class="BRPFPageBreak">
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    </div>
    <div style="text-align: justify; font-family: Verdana, Geneva, sans-serif; font-size: 9pt; 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, Geneva, sans-serif; font-size: 9pt;">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, Geneva, sans-serif; font-size: 9pt; 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, Geneva, sans-serif; font-size: 9pt;">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, Geneva, sans-serif; font-size: 9pt; font-style: italic; font-weight: bold;">Changes in the value of the US 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, Geneva, sans-serif; font-size: 9pt;">Historically, the largest percentage of our revenues has been denominated in US dollars. However, the majority of our international expenses, including the
      wages of our non-US employees and certain key supply agreements, have been denominated in Canadian dollars, British pounds, euros and other foreign currencies. Therefore, changes in the value of the US 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, Geneva, sans-serif; font-size: 9pt; 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, Geneva, sans-serif; font-size: 9pt;">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, Geneva, sans-serif; font-size: 9pt;">&#160;</div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" class="BRPFPageBreakArea">
      <div class="BRPFPageNumberArea" style="text-align: center;"><font style="font-family: Verdana, Geneva, 'sans-serif'; font-size: 9pt; font-weight: normal; font-style: normal;">34</font></div>
      <div style="page-break-after: always;" class="BRPFPageBreak">
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    </div>
    <div style="text-align: justify; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">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, Geneva, sans-serif; font-size: 9pt; 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, Geneva, sans-serif; font-size: 9pt;">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: Verdana, Geneva, sans-serif; font-size: 9pt;">&#8226;</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">Impairment of goodwill or intangible assets;</div>
          </td>
        </tr>

    </table>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z7ec06733a4354fa180d4975ffbf4c6e8">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 18pt; vertical-align: top; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">&#8226;</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">A reduction in the useful lives of intangible assets acquired;</div>
          </td>
        </tr>

    </table>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z19d4ce2574a042729dcc9511b8f9d8a3">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 18pt; vertical-align: top; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">&#8226;</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">Identification of assumed contingent liabilities after we finalize the purchase price allocation period;</div>
          </td>
        </tr>

    </table>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z30c5d606ef014651ba6d3ebbc0203df0">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 18pt; vertical-align: top; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">&#8226;</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">Charges to our operating results to eliminate certain pre-merger activities that duplicate those of the acquired company or to reduce our cost structure; and</div>
          </td>
        </tr>

    </table>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zd02f8587f999438180139dc45f672260">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 18pt; vertical-align: top; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">&#8226;</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">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, Geneva, sans-serif; font-size: 9pt;">Routine charges to our operating results associated with acquisitions include amortization of intangible assets, acquisition-related costs and restructuring
      charges. Acquisition-related costs primarily include retention bonuses, advisory services, brokerage services and administrative costs with respect to completed and prospective acquisitions.</div>
    <div><br>
    </div>
    <div style="text-align: justify; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">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, Geneva, sans-serif; font-size: 9pt; 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, Geneva, sans-serif; font-size: 9pt;">While our headquarters are in Canada, we currently have direct operations in the US, 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>
    <div style="text-align: justify; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;"> <br>
    </div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" class="BRPFPageBreakArea">
      <div class="BRPFPageNumberArea" style="text-align: center;"><font style="font-family: Verdana, Geneva, 'sans-serif'; font-size: 9pt; font-weight: normal; font-style: normal;">35</font></div>
      <div style="page-break-after: always;" class="BRPFPageBreak">
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    </div>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z4db2892699b34a0cbd4f034351d68b4c">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 18pt; vertical-align: top; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">&#8226;</td>
          <td style="width: auto; vertical-align: top; text-align: left;">
            <div style="font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">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" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z8d8a27d629594ac89d84ec454b125e98">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 18pt; vertical-align: top; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">&#8226;</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">Longer collection time from foreign clients, particularly in the EMEA region and the Asia Pacific region;</div>
          </td>
        </tr>

    </table>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z8ae09116946747ee987862a6fb182639">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 18pt; vertical-align: top; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">&#8226;</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">Difficulty in repatriating cash from certain foreign jurisdictions;</div>
          </td>
        </tr>

    </table>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z643864379efc470db1df1b2b5f892bcb">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 18pt; vertical-align: top; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">&#8226;</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">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" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zefe21099d83d4c06a9fd077c8af88059">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 18pt; vertical-align: top; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">&#8226;</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">Increased management, travel, infrastructure and legal compliance costs associated with having international operations;</div>
          </td>
        </tr>

    </table>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zaa34129be5e04fa8ae66be183a534019">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 18pt; vertical-align: top; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">&#8226;</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">Difficulties and costs of staffing and managing geographically disparate direct and indirect operations;</div>
          </td>
        </tr>

    </table>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zfdc38b9c777a4fa4b4d1c05ee2dae5c7">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 18pt; vertical-align: top; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">&#8226;</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">Volatility or fluctuations in foreign currency and tariff rates;</div>
          </td>
        </tr>

    </table>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zbd2a27e305a7427e91e93dbce7cde7cd">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 18pt; vertical-align: top; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">&#8226;</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">Multiple, and possibly overlapping, tax structures;</div>
          </td>
        </tr>

    </table>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z12179423b9e540a3a917f54e70ee08df">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 18pt; vertical-align: top; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">&#8226;</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">Complying with complicated and widely differing global laws and regulations in areas such as employment, tax, privacy and data protection;</div>
          </td>
        </tr>

    </table>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z6ffb3506b3784ec98ccdc935b7baf5a3">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 18pt; vertical-align: top; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">&#8226;</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">Trade restrictions;</div>
          </td>
        </tr>

    </table>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zede4d854933543ed8128aeded05b4674">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 18pt; vertical-align: top; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">&#8226;</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">Enhanced security procedures and requirements relating to certain jurisdictions;</div>
          </td>
        </tr>

    </table>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z23af57f92c494077bd7195abdcb0b481">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 18pt; vertical-align: top; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">&#8226;</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">The need to consider characteristics unique to technology systems used internationally;</div>
          </td>
        </tr>

    </table>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z3160566d4e224539afe062148bc0acb8">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 18pt; vertical-align: top; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">&#8226;</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">Economic or political instability in some markets; and</div>
          </td>
        </tr>

    </table>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z963dd59de67f4404905ef5780bb6120c">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 18pt; vertical-align: top; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">&#8226;</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">Other risk factors set out herein.</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <div style="text-align: justify; font-family: Verdana, Geneva, sans-serif; font-size: 9pt; 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, Geneva, sans-serif; font-size: 9pt;">The impacts of human activity on global climate change have attracted considerable public and scientific attention, as well as the attention of the US 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 governance matters, by Canada, the US, 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, Geneva, sans-serif; font-size: 9pt; 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, Geneva, sans-serif; font-size: 9pt;">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, Geneva, sans-serif; font-size: 9pt;">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</div>
    <div style="text-align: justify; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;"> <br>
    </div>
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      <div class="BRPFPageNumberArea" style="text-align: center;"><font style="font-family: Verdana, Geneva, 'sans-serif'; font-size: 9pt; font-weight: normal; font-style: normal;">36</font></div>
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    <div style="text-align: justify; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">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, Geneva, sans-serif; font-size: 9pt; 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, Geneva, sans-serif; font-size: 9pt;">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, Geneva, sans-serif; font-size: 9pt; 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, Geneva, sans-serif; font-size: 9pt;">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, Geneva, sans-serif; font-size: 9pt; 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, Geneva, sans-serif; font-size: 9pt;">We consider certain aspects of our internal operations, products, services and related documentation to be proprietary, and we primarily rely on a combination
      of patent, copyright, trademark and trade secret laws and other measures to protect our proprietary rights. Patent applications or issued patents, as well as trademark, copyright, and trade secret rights may not provide adequate protection or
      competitive advantage and may require significant resources to obtain and defend. We will also not be able to protect our intellectual property if we are unable to enforce our rights or if we do not detect unauthorized use of our intellectual
      property. Despite our precautions, it may be possible for unauthorized third parties to copy our products and use information that we regard as proprietary to create products and services that compete with ours. We also rely on contractual
      restrictions in our agreements with customers, employees, outsourced developers and others to protect our intellectual property rights. There can be no assurance that these agreements will not be breached, that we will have adequate remedies for any
      breach, or that our patents, copyrights, trademarks or trade secrets will not otherwise become known. Through an escrow arrangement, we have granted some of our customers a contingent future right to use our source code for software products solely
      for their internal maintenance services. If our source code is accessed through an escrow, the likelihood of misappropriation or other misuse of our intellectual property may increase.</div>
    <div><br>
    </div>
    <div style="text-align: justify; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">Moreover, the laws of some countries do not protect proprietary intellectual property rights as effectively as do the laws of the US 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</div>
    <div style="text-align: justify; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;"> <br>
    </div>
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      <div class="BRPFPageNumberArea" style="text-align: center;"><font style="font-family: Verdana, Geneva, 'sans-serif'; font-size: 9pt; font-weight: normal; font-style: normal;">37</font></div>
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    <div style="text-align: justify; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">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, Geneva, sans-serif; font-size: 9pt; 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, Geneva, sans-serif; font-size: 9pt;">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, Geneva, sans-serif; font-size: 9pt; 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, Geneva, sans-serif; font-size: 9pt;">Our business may be impacted from time to time by the general cyclical and seasonal nature of particular modes of transportation and the freight market in
      general, as well as the cyclical and seasonal nature of the industries that such markets serve. Factors which may create cyclical fluctuations in such modes of transportation or the freight market in general include legal and regulatory requirements,
      timing of contract renewals between our customers and their own customers, seasonal-based tariffs, vacation periods applicable to particular shipping or receiving nations, weather-related events that impact shipping in particular geographies and
      amendments to international trade agreements. Since some of our revenues from particular products and services are tied to the volume of shipments being processed, adverse fluctuations in the volume of global shipments or shipments in any particular
      mode of transportation may adversely affect our revenues. Declines in shipment volumes would likely have a material adverse effect on our business.</div>
    <div><br>
    </div>
    <div style="text-align: justify; font-family: Verdana, Geneva, sans-serif; font-size: 9pt; 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, Geneva, sans-serif; font-size: 9pt;">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>
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      <div class="BRPFPageNumberArea" style="text-align: center;"><font style="font-family: Verdana, Geneva, 'sans-serif'; font-size: 9pt; font-weight: normal; font-style: normal;">38</font></div>
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    <div style="text-align: justify; font-family: Verdana, Geneva, sans-serif; font-size: 9pt; 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, Geneva, sans-serif; font-size: 9pt;">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, Geneva, sans-serif; font-size: 9pt;">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, Geneva, sans-serif; font-size: 9pt; 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, Geneva, sans-serif; font-size: 9pt;">Our results of operations may vary from quarter to quarter in the future due to a variety of factors, many of which are outside of our control. Such factors
      include, but are not limited to:</div>
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          <td style="width: 36pt;"><br>
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          <td style="width: 18pt; vertical-align: top; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">&#8226;</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">Volatility or fluctuations in foreign currency exchange rates;</div>
          </td>
        </tr>

    </table>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z41ba391d3c9349beb4ea18a27b1f265d">

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          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 18pt; vertical-align: top; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">&#8226;</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">Volatility or fluctuations in interest rates;</div>
          </td>
        </tr>

    </table>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="za1cece1baa6d4482b5b0bebe5c9f0bb8">

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          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 18pt; vertical-align: top; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">&#8226;</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">Timing of acquisitions and related costs;</div>
          </td>
        </tr>

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          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 18pt; vertical-align: top; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">&#8226;</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">Timing of restructuring activities;</div>
          </td>
        </tr>

    </table>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z3a1ca462396149c9b0560122b129d063">

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          </td>
          <td style="width: 18pt; vertical-align: top; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">&#8226;</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">The introduction of enhanced products and services from competitors;</div>
          </td>
        </tr>

    </table>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zeb1cc67b0e0d4a3fab2d69dc4911bda5">

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          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 18pt; vertical-align: top; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">&#8226;</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">Our ability to introduce new products and updates to our existing products on a timely basis;</div>
          </td>
        </tr>

    </table>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z363e318e44ef452e8fba56ec7bdd0017">

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          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 18pt; vertical-align: top; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">&#8226;</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">The termination of any key customer contracts, whether by the customer or by us;</div>
          </td>
        </tr>

    </table>
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          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 18pt; vertical-align: top; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">&#8226;</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">Recognition and expensing of deferred tax assets;</div>
          </td>
        </tr>

    </table>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z37c883f9270d4ce2bc981af3244d3a8f">

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          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 18pt; vertical-align: top; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">&#8226;</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">Legal costs incurred in bringing or defending any litigation with customers or third-party providers, and any corresponding judgments or awards;</div>
          </td>
        </tr>

    </table>
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          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 18pt; vertical-align: top; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">&#8226;</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">Legal and compliance costs incurred to comply with regulatory requirements;</div>
          </td>
        </tr>

    </table>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="ze108d259f6f94582874b269292e7b05e">

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          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 18pt; vertical-align: top; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">&#8226;</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">Fluctuations in the demand for our services and products;</div>
          </td>
        </tr>

    </table>
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          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 18pt; vertical-align: top; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">&#8226;</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">The impact of stock-based compensation expense;</div>
          </td>
        </tr>

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          <td style="width: 36pt;"><br>
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          <td style="width: 18pt; vertical-align: top; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">&#8226;</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">Price and functionality competition in our industry;</div>
          </td>
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    </table>
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          <td style="width: 36pt;"><br>
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          <td style="width: 18pt; vertical-align: top; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">&#8226;</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">Changes in legislation and accounting standards;</div>
          </td>
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    </table>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z87f8efd88052497abfa772a6293591fa">

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          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 18pt; vertical-align: top; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">&#8226;</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">Our ability to satisfy contractual obligations in customer contracts and deliver services and products to the satisfaction of our customers; and</div>
          </td>
        </tr>

    </table>
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        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 18pt; vertical-align: top; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">&#8226;</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">Other risk factors discussed in this report.</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <div style="text-align: justify; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">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, Geneva, sans-serif; font-size: 9pt; 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, Geneva, sans-serif; font-size: 9pt;">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</div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" class="BRPFPageBreakArea">
      <div class="BRPFPageNumberArea" style="text-align: center;"><font style="font-family: Verdana, Geneva, 'sans-serif'; font-size: 9pt; font-weight: normal; font-style: normal;">39</font></div>
      <div style="page-break-after: always;" class="BRPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div><br>
    </div>
    <div style="text-align: justify; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">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, Geneva, sans-serif; font-size: 9pt; 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, Geneva, sans-serif; font-size: 9pt;">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, Geneva, sans-serif; font-size: 9pt; 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, Geneva, sans-serif; font-size: 9pt;">The trading price of our common shares may be subject to fluctuation in the future. This may make it more difficult for you to resell your common shares when
      you want at prices that you find attractive or make it more difficult for us to raise capital through the issuance of commons shares. Increases in our common share price may also increase our compensation expense pursuant to our existing director,
      officer and employee compensation arrangements. We enter into equity derivative contracts including floating-rate equity forwards to partially offset the potential fluctuations of certain share-based compensation expenses. Fluctuations in our common
      share price may be caused by events unrelated to our operating performance and beyond our control. Factors that may contribute to fluctuations include, but are not limited to:</div>
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        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 18pt; vertical-align: top; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">&#8226;</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">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: Verdana, Geneva, sans-serif; font-size: 9pt;">&#8226;</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">Changes in recommendations or financial estimates by industry or investment analysts;</div>
          </td>
        </tr>

    </table>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zd3e5ce7ded0e4967b393c73df365dd06">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 18pt; vertical-align: top; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">&#8226;</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">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: Verdana, Geneva, sans-serif; font-size: 9pt;">&#8226;</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">Outcomes of litigation or arbitration proceedings;</div>
          </td>
        </tr>

    </table>
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        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 18pt; vertical-align: top; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">&#8226;</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">Announcements of technological innovations or acquisitions by us or by our competitors;</div>
          </td>
        </tr>

    </table>
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        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 18pt; vertical-align: top; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">&#8226;</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">Introduction of new products or significant customer wins or losses by us or by our competitors;</div>
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        </tr>

    </table>
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        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 18pt; vertical-align: top; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">&#8226;</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">Developments with respect to our intellectual property rights or those of our competitors;</div>
          </td>
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        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 18pt; vertical-align: top; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">&#8226;</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">Fluctuations in the share prices of other companies in the technology and emerging growth sectors;</div>
          </td>
        </tr>

    </table>
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        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 18pt; vertical-align: top; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">&#8226;</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">General market conditions; and</div>
          </td>
        </tr>

    </table>
    <div> <br>
    </div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" class="BRPFPageBreakArea">
      <div class="BRPFPageNumberArea" style="text-align: center;"><font style="font-family: Verdana, Geneva, 'sans-serif'; font-size: 9pt; font-weight: normal; font-style: normal;">40</font></div>
      <div style="page-break-after: always;" class="BRPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
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        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 18pt; vertical-align: top; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">&#8226;</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">Other risk factors set out in this report.</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <div style="text-align: justify; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">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, Geneva, sans-serif; font-size: 9pt; 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, Geneva, sans-serif; font-size: 9pt;">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, Geneva, sans-serif; font-size: 9pt; 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, Geneva, sans-serif; font-size: 9pt;">We account for goodwill in accordance with ASC Topic 350, &#8220;Intangibles &#8211; Goodwill and Other&#8221;, which among other things, requires that goodwill be tested for
      impairment at least annually. We have designated October 31<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">st</sup> for our annual impairment test. Should the fair value of our net assets, determined by our market capitalization, be less than the carrying value of our net assets at future
      annual impairment test dates, we may have to recognize goodwill impairment losses in our results of operations in future periods. This could impair our ability to achieve or maintain profitability in the future.</div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" class="BRPFPageBreakArea">
      <div class="BRPFPageNumberArea" style="text-align: center;"><font style="font-family: Verdana, Geneva, 'sans-serif'; font-size: 9pt; font-weight: normal; font-style: normal;">41</font></div>
      <div style="page-break-after: always;" class="BRPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
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    <div style="text-align: left; font-family: Verdana,Geneva,sans-serif; font-size: 10pt; font-variant: small-caps; font-weight: bold;">The Descartes Systems Group Inc.</div>
    <font style="font-size: 10pt;"> </font>
    <div style="text-align: left; font-family: Verdana,Geneva,sans-serif; font-size: 10pt; font-variant: small-caps; font-weight: bold;">Condensed Consolidated Balance Sheets</div>
    <div style="text-align: left; font-family: Verdana, Geneva, sans-serif; font-size: 9pt; font-variant: small-caps;">(US dollars in thousands; US GAAP; Unaudited)</div>
    <div>
      <div>
        <hr align="left" noshade="noshade" style="height: 1px; width: 100%; color: #000000; background-color: #000000; text-align: left; margin-left: 0px; margin-right: auto; border: none;"> </div>
    </div>
    <div><br>
    </div>
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          <td valign="bottom" style="vertical-align: top; font-size: 8pt;" colspan="1">&#160;</td>
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          <td valign="bottom" nowrap="nowrap" style="vertical-align: top; border-top: 1px solid rgb(0, 0, 0);" colspan="2">
            <div style="text-align: right; font-family: Verdana,Geneva,sans-serif; font-size: 8pt; font-weight: bold;">October 31,</div>
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          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); font-size: 8pt;" colspan="1" class="cftfncell">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); font-size: 8pt;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: top; border-top: 1px solid rgb(0, 0, 0);" colspan="2">
            <div style="text-align: right; font-family: Verdana,Geneva,sans-serif; font-size: 8pt;">January 31,</div>
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          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); font-size: 8pt;" colspan="1" class="cftfncell">&#160;</td>
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          <td style="vertical-align: top; padding: 0px 0px 1px; font-size: 8pt;" colspan="1">&#160;</td>
          <td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: bottom; padding-top: 0px; padding-right: 0px; padding-left: 0px; font-size: 8pt;" colspan="1" class="cftguttercell">&#160;</td>
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            <div style="text-align: right; font-family: Verdana,Geneva,sans-serif; font-size: 8pt; font-weight: bold;"> 2025</div>
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          <td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; padding-top: 0px; padding-right: 0px; padding-left: 0px; text-align: left; font-size: 8pt;" colspan="1" class="cftfncell">&#160;</td>
          <td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: bottom; padding-top: 0px; padding-right: 0px; padding-left: 0px; font-size: 8pt;" colspan="1" class="cftguttercell">&#160;</td>
          <td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: top;" colspan="2">
            <div style="text-align: right; font-family: Verdana,Geneva,sans-serif; font-size: 8pt;">2025</div>
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          <td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; padding-top: 0px; padding-right: 0px; padding-left: 0px; text-align: left; font-size: 8pt;" colspan="1" class="cftfncell">&#160;</td>
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          <td valign="bottom" style="vertical-align: top;" colspan="1">
            <div style="text-align: left; font-family: Verdana,Geneva,sans-serif; font-size: 8pt; font-weight: bold;">ASSETS</div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; font-size: 8pt;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="vertical-align: top; font-size: 8pt;" colspan="2">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; font-size: 8pt;" colspan="1" class="cftfncell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; font-size: 8pt;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="vertical-align: top; font-size: 8pt;" colspan="2">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; font-size: 8pt;" colspan="1" class="cftfncell">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: top;" colspan="1">
            <div style="text-align: left; font-family: Verdana,Geneva,sans-serif; font-size: 8pt;">CURRENT ASSETS</div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; font-size: 8pt;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="vertical-align: top; font-size: 8pt;" colspan="2">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; font-size: 8pt;" colspan="1" class="cftfncell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; font-size: 8pt;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="vertical-align: top; font-size: 8pt;" colspan="2">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; font-size: 8pt;" colspan="1" class="cftfncell">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: top; width: 76%;" colspan="1">
            <div style="text-align: left; margin-left: 13.5pt; font-family: Verdana,Geneva,sans-serif; font-size: 8pt;">Cash</div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; font-size: 8pt;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; font-size: 8pt;" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
            <div style="font-family: Verdana,Geneva,sans-serif; font-size: 8pt; font-weight: bold;">278,790</div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; font-size: 8pt;" colspan="1" class="cftfncell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; font-size: 8pt;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; font-size: 8pt;" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
            <div style="font-family: Verdana,Geneva,sans-serif; font-size: 8pt;">236,138</div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; font-size: 8pt;" colspan="1" class="cftfncell">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: top; width: 76%;" colspan="1">
            <div style="text-align: left; margin-left: 13.5pt; font-family: Verdana,Geneva,sans-serif; font-size: 8pt;">Accounts receivable (net)</div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; font-size: 8pt;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; font-size: 8pt;" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; font-size: 8pt;" colspan="1" class="cftnumcell">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; font-size: 8pt;" colspan="1" class="cftfncell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; font-size: 8pt;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; font-size: 8pt;" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; font-size: 8pt;" colspan="1" class="cftnumcell">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; font-size: 8pt;" colspan="1" class="cftfncell">&#160;</td>
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        <tr>
          <td valign="bottom" style="vertical-align: top; width: 76%;" colspan="1">
            <div style="text-align: left; margin-left: 27pt; font-family: Verdana,Geneva,sans-serif; font-size: 8pt;">Trade (Note 5)</div>
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          <td valign="bottom" style="vertical-align: bottom; width: 1%; font-size: 8pt;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; font-size: 8pt;" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
            <div style="font-family: Verdana,Geneva,sans-serif; font-size: 8pt; font-weight: bold;">64,815</div>
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          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; font-size: 8pt;" colspan="1" class="cftfncell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; font-size: 8pt;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; font-size: 8pt;" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
            <div style="font-family: Verdana,Geneva,sans-serif; font-size: 8pt;">53,953</div>
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          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; font-size: 8pt;" colspan="1" class="cftfncell">&#160;</td>
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        <tr>
          <td valign="bottom" style="vertical-align: top; width: 76%;" colspan="1">
            <div style="text-align: left; margin-left: 27pt; font-family: Verdana,Geneva,sans-serif; font-size: 8pt;">Other (Note 6)</div>
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          <td valign="bottom" style="vertical-align: bottom; width: 1%; font-size: 8pt;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; font-size: 8pt;" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
            <div style="font-family: Verdana,Geneva,sans-serif; font-size: 8pt; font-weight: bold;">22,731</div>
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          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; font-size: 8pt;" colspan="1" class="cftfncell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; font-size: 8pt;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; font-size: 8pt;" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
            <div style="font-family: Verdana,Geneva,sans-serif; font-size: 8pt;">16,931</div>
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          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; font-size: 8pt;" colspan="1" class="cftfncell">&#160;</td>
        </tr>
        <tr>
          <td style="vertical-align: top; width: 76%; padding-bottom: 1px;" colspan="1">
            <div style="text-align: left; margin-left: 13.5pt; font-family: Verdana,Geneva,sans-serif; font-size: 8pt;">Prepaid expenses and other (Note 7)</div>
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          <td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: bottom; width: 1%; font-size: 8pt;" colspan="1" class="cftguttercell">&#160;</td>
          <td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: bottom; width: 1%; text-align: left; font-size: 8pt;" colspan="1" class="cftcurrcell">&#160;</td>
          <td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: bottom; width: 9%; text-align: right;" colspan="1" class="cftnumcell">
            <div style="font-family: Verdana,Geneva,sans-serif; font-size: 8pt; font-weight: bold;">34,765</div>
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          <td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; width: 1%; text-align: left; font-size: 8pt;" colspan="1" class="cftfncell">&#160;</td>
          <td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: bottom; width: 1%; font-size: 8pt;" colspan="1" class="cftguttercell">&#160;</td>
          <td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: bottom; width: 1%; text-align: left; font-size: 8pt;" colspan="1" class="cftcurrcell">&#160;</td>
          <td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: bottom; width: 9%; text-align: right;" colspan="1" class="cftnumcell">
            <div style="font-family: Verdana,Geneva,sans-serif; font-size: 8pt;">45,544</div>
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          <td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; width: 1%; text-align: left; font-size: 8pt;" colspan="1" class="cftfncell">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: top; width: 76%; font-size: 8pt;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; font-size: 8pt;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; font-size: 8pt;" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
            <div style="font-family: Verdana,Geneva,sans-serif; font-size: 8pt; font-weight: bold;">401,101</div>
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          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; font-size: 8pt;" colspan="1" class="cftfncell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; font-size: 8pt;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; font-size: 8pt;" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
            <div style="font-family: Verdana,Geneva,sans-serif; font-size: 8pt;">352,566</div>
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          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; font-size: 8pt;" colspan="1" class="cftfncell">&#160;</td>
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        <tr>
          <td valign="bottom" style="vertical-align: top; width: 76%;" colspan="1">
            <div style="text-align: left; font-family: Verdana,Geneva,sans-serif; font-size: 8pt;">OTHER LONG-TERM ASSETS (Note 19)</div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; font-size: 8pt;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; font-size: 8pt;" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
            <div style="font-family: Verdana,Geneva,sans-serif; font-size: 8pt; font-weight: bold;">26,261</div>
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          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; font-size: 8pt;" colspan="1" class="cftfncell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; font-size: 8pt;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; font-size: 8pt;" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
            <div style="font-family: Verdana,Geneva,sans-serif; font-size: 8pt;">24,887</div>
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          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; font-size: 8pt;" colspan="1" class="cftfncell">&#160;</td>
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        <tr>
          <td valign="bottom" style="vertical-align: top; width: 76%;" colspan="1">
            <div style="text-align: left; font-family: Verdana,Geneva,sans-serif; font-size: 8pt;">PROPERTY AND EQUIPMENT, NET (Note 8)</div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; font-size: 8pt;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; font-size: 8pt;" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
            <div style="font-family: Verdana,Geneva,sans-serif; font-size: 8pt; font-weight: bold;">12,587</div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; font-size: 8pt;" colspan="1" class="cftfncell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; font-size: 8pt;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; font-size: 8pt;" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
            <div style="font-family: Verdana,Geneva,sans-serif; font-size: 8pt;">12,481</div>
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          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; font-size: 8pt;" colspan="1" class="cftfncell">&#160;</td>
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        <tr>
          <td valign="bottom" style="vertical-align: top; width: 76%;" colspan="1">
            <div style="text-align: left; font-family: Verdana,Geneva,sans-serif; font-size: 8pt;">RIGHT-OF-USE ASSETS (Note 13)</div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; font-size: 8pt;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; font-size: 8pt;" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
            <div style="font-family: Verdana,Geneva,sans-serif; font-size: 8pt; font-weight: bold;">7,449</div>
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          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; font-size: 8pt;" colspan="1" class="cftfncell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; font-size: 8pt;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; font-size: 8pt;" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
            <div style="font-family: Verdana,Geneva,sans-serif; font-size: 8pt;">7,623</div>
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          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; font-size: 8pt;" colspan="1" class="cftfncell">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: top; width: 76%;" colspan="1">
            <div style="text-align: left; font-family: Verdana,Geneva,sans-serif; font-size: 8pt;">DEFERRED INCOME TAXES</div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; font-size: 8pt;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; font-size: 8pt;" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
            <div style="font-family: Verdana,Geneva,sans-serif; font-size: 8pt; font-weight: bold;">6,119</div>
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          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; font-size: 8pt;" colspan="1" class="cftfncell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; font-size: 8pt;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; font-size: 8pt;" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
            <div style="font-family: Verdana,Geneva,sans-serif; font-size: 8pt;">3,802</div>
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          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; font-size: 8pt;" colspan="1" class="cftfncell">&#160;</td>
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        <tr>
          <td valign="bottom" style="vertical-align: top; width: 76%;" colspan="1">
            <div style="text-align: left; font-family: Verdana,Geneva,sans-serif; font-size: 8pt;">INTANGIBLE ASSETS, NET (Note 9)</div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; font-size: 8pt;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; font-size: 8pt;" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
            <div style="font-family: Verdana,Geneva,sans-serif; font-size: 8pt; font-weight: bold;">350,960</div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; font-size: 8pt;" colspan="1" class="cftfncell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; font-size: 8pt;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; font-size: 8pt;" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
            <div style="font-family: Verdana,Geneva,sans-serif; font-size: 8pt;">321,270</div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; font-size: 8pt;" colspan="1" class="cftfncell">&#160;</td>
        </tr>
        <tr>
          <td style="vertical-align: top; width: 76%; padding-bottom: 1px;" colspan="1">
            <div style="text-align: left; font-family: Verdana,Geneva,sans-serif; font-size: 8pt;">GOODWILL (Note 10)</div>
          </td>
          <td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: bottom; width: 1%; font-size: 8pt;" colspan="1" class="cftguttercell">&#160;</td>
          <td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: bottom; width: 1%; text-align: left; font-size: 8pt;" colspan="1" class="cftcurrcell">&#160;</td>
          <td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: bottom; width: 9%; text-align: right;" colspan="1" class="cftnumcell">
            <div style="font-family: Verdana,Geneva,sans-serif; font-size: 8pt; font-weight: bold;">1,016,339</div>
          </td>
          <td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; width: 1%; text-align: left; font-size: 8pt;" colspan="1" class="cftfncell">&#160;</td>
          <td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: bottom; width: 1%; font-size: 8pt;" colspan="1" class="cftguttercell">&#160;</td>
          <td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: bottom; width: 1%; text-align: left; font-size: 8pt;" colspan="1" class="cftcurrcell">&#160;</td>
          <td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: bottom; width: 9%; text-align: right;" colspan="1" class="cftnumcell">
            <div style="font-family: Verdana,Geneva,sans-serif; font-size: 8pt;">924,755</div>
          </td>
          <td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; width: 1%; text-align: left; font-size: 8pt;" colspan="1" class="cftfncell">&#160;</td>
        </tr>
        <tr>
          <td style="vertical-align: top; width: 76%; padding: 0px 0px 2px; font-size: 8pt;" colspan="1">&#160;</td>
          <td style="border-bottom: 2px solid rgb(0, 0, 0); vertical-align: bottom; width: 1%; padding-top: 0px; padding-right: 0px; padding-left: 0px; font-size: 8pt;" colspan="1" class="cftguttercell">&#160;</td>
          <td style="border-bottom: 2px solid rgb(0, 0, 0); vertical-align: bottom; width: 1%; text-align: left; font-size: 8pt;" colspan="1" class="cftcurrcell">&#160;</td>
          <td style="border-bottom: 2px solid rgb(0, 0, 0); vertical-align: bottom; width: 9%; text-align: right;" colspan="1" class="cftnumcell">
            <div style="font-family: Verdana,Geneva,sans-serif; font-size: 8pt; font-weight: bold;">1,820,816</div>
          </td>
          <td style="border-bottom: 2px solid rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; width: 1%; padding-top: 0px; padding-right: 0px; padding-left: 0px; text-align: left; font-size: 8pt;" colspan="1" class="cftfncell">&#160;</td>
          <td style="border-bottom: 2px solid rgb(0, 0, 0); vertical-align: bottom; width: 1%; padding-top: 0px; padding-right: 0px; padding-left: 0px; font-size: 8pt;" colspan="1" class="cftguttercell">&#160;</td>
          <td style="border-bottom: 2px solid rgb(0, 0, 0); vertical-align: bottom; width: 1%; text-align: left; font-size: 8pt;" colspan="1" class="cftcurrcell">&#160;</td>
          <td style="border-bottom: 2px solid rgb(0, 0, 0); vertical-align: bottom; width: 9%; text-align: right;" colspan="1" class="cftnumcell">
            <div style="font-family: Verdana,Geneva,sans-serif; font-size: 8pt;">1,647,384</div>
          </td>
          <td style="border-bottom: 2px solid rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; width: 1%; padding-top: 0px; padding-right: 0px; padding-left: 0px; text-align: left; font-size: 8pt;" colspan="1" class="cftfncell">&#160;</td>
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        <tr>
          <td valign="bottom" style="vertical-align: top; width: 76%;" colspan="1">
            <div style="text-align: left; font-family: Verdana,Geneva,sans-serif; font-size: 8pt; font-weight: bold;">LIABILITIES AND SHAREHOLDERS&#8217; EQUITY</div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; font-size: 8pt;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; font-size: 8pt;" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; font-size: 8pt;" colspan="1" class="cftnumcell">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; font-size: 8pt;" colspan="1" class="cftfncell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; font-size: 8pt;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; font-size: 8pt;" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; font-size: 8pt;" colspan="1" class="cftnumcell">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; font-size: 8pt;" colspan="1" class="cftfncell">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: top; width: 76%;" colspan="1">
            <div style="text-align: left; color: rgb(0, 0, 0); font-family: Verdana,Geneva,sans-serif; font-size: 8pt;">CURRENT LIABILITIES</div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; font-size: 8pt;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; font-size: 8pt;" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; font-size: 8pt;" colspan="1" class="cftnumcell">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; font-size: 8pt;" colspan="1" class="cftfncell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; font-size: 8pt;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; font-size: 8pt;" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; font-size: 8pt;" colspan="1" class="cftnumcell">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; font-size: 8pt;" colspan="1" class="cftfncell">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: top; padding-left: 1%; width: 76%;" colspan="1">
            <div style="text-align: left; font-family: Verdana,Geneva,sans-serif; font-size: 8pt;">Accounts payable</div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; font-size: 8pt;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; font-size: 8pt;" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
            <div style="font-family: Verdana,Geneva,sans-serif; font-size: 8pt; font-weight: bold;">15,931</div>
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          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; font-size: 8pt;" colspan="1" class="cftfncell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; font-size: 8pt;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; font-size: 8pt;" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
            <div style="font-family: Verdana,Geneva,sans-serif; font-size: 8pt;">20,650</div>
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          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; font-size: 8pt;" colspan="1" class="cftfncell">&#160;</td>
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        <tr>
          <td valign="bottom" style="vertical-align: top; padding-left: 1%; width: 76%;" colspan="1">
            <div style="text-align: left; font-family: Verdana,Geneva,sans-serif; font-size: 8pt;">Accrued liabilities (Note 11)</div>
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          <td valign="bottom" style="vertical-align: bottom; width: 1%; font-size: 8pt;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; font-size: 8pt;" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
            <div style="font-family: Verdana,Geneva,sans-serif; font-size: 8pt; font-weight: bold;">75,959</div>
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          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; font-size: 8pt;" colspan="1" class="cftfncell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; font-size: 8pt;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; font-size: 8pt;" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
            <div style="font-family: Verdana,Geneva,sans-serif; font-size: 8pt;">79,656</div>
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          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; font-size: 8pt;" colspan="1" class="cftfncell">&#160;</td>
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        <tr>
          <td valign="bottom" style="vertical-align: top; padding-left: 1%; width: 76%;" colspan="1">
            <div style="text-align: left; font-family: Verdana,Geneva,sans-serif; font-size: 8pt;">Lease obligations (Note 13)</div>
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          <td valign="bottom" style="vertical-align: bottom; width: 1%; font-size: 8pt;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; font-size: 8pt;" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
            <div style="font-family: Verdana,Geneva,sans-serif; font-size: 8pt; font-weight: bold;">3,241</div>
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          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; font-size: 8pt;" colspan="1" class="cftfncell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; font-size: 8pt;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; font-size: 8pt;" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
            <div style="font-family: Verdana,Geneva,sans-serif; font-size: 8pt;">3,178</div>
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          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; font-size: 8pt;" colspan="1" class="cftfncell">&#160;</td>
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        <tr>
          <td valign="bottom" style="vertical-align: top; padding-left: 1%; width: 76%;" colspan="1">
            <div style="text-align: left; font-family: Verdana,Geneva,sans-serif; font-size: 8pt;">Income taxes payable</div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; font-size: 8pt;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; font-size: 8pt;" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
            <div style="font-family: Verdana,Geneva,sans-serif; font-size: 8pt; font-weight: bold;">6,467</div>
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          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; font-size: 8pt;" colspan="1" class="cftfncell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; font-size: 8pt;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; font-size: 8pt;" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
            <div style="font-family: Verdana,Geneva,sans-serif; font-size: 8pt;">9,313</div>
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          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; font-size: 8pt;" colspan="1" class="cftfncell">&#160;</td>
        </tr>
        <tr>
          <td style="vertical-align: top; width: 76%; padding: 0px 0px 1px 1%;" colspan="1">
            <div style="text-align: left; font-family: Verdana,Geneva,sans-serif; font-size: 8pt;">Deferred revenue (Note 19)</div>
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          <td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: bottom; width: 1%; font-size: 8pt;" colspan="1" class="cftguttercell">&#160;</td>
          <td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: bottom; width: 1%; text-align: left; font-size: 8pt;" colspan="1" class="cftcurrcell">&#160;</td>
          <td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: bottom; width: 9%; text-align: right;" colspan="1" class="cftnumcell">
            <div style="font-family: Verdana,Geneva,sans-serif; font-size: 8pt; font-weight: bold;">117,068</div>
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          <td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; width: 1%; text-align: left; font-size: 8pt;" colspan="1" class="cftfncell">&#160;</td>
          <td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: bottom; width: 1%; font-size: 8pt;" colspan="1" class="cftguttercell">&#160;</td>
          <td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: bottom; width: 1%; text-align: left; font-size: 8pt;" colspan="1" class="cftcurrcell">&#160;</td>
          <td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: bottom; width: 9%; text-align: right;" colspan="1" class="cftnumcell">
            <div style="font-family: Verdana,Geneva,sans-serif; font-size: 8pt;">104,230</div>
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          <td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; width: 1%; text-align: left; font-size: 8pt;" colspan="1" class="cftfncell">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: top; width: 76%; font-size: 8pt;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; font-size: 8pt;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; font-size: 8pt;" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
            <div style="font-family: Verdana,Geneva,sans-serif; font-size: 8pt; font-weight: bold;">218,666</div>
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          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; font-size: 8pt;" colspan="1" class="cftfncell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; font-size: 8pt;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; font-size: 8pt;" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
            <div style="font-family: Verdana,Geneva,sans-serif; font-size: 8pt;">217,027</div>
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          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; font-size: 8pt;" colspan="1" class="cftfncell">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: top; width: 76%;" colspan="1">
            <div style="text-align: left; font-family: Verdana,Geneva,sans-serif; font-size: 8pt;">LEASE OBLIGATIONS (Note 13)</div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; font-size: 8pt;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; font-size: 8pt;" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
            <div style="font-family: Verdana,Geneva,sans-serif; font-size: 8pt; font-weight: bold;">4,362</div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; font-size: 8pt;" colspan="1" class="cftfncell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; font-size: 8pt;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; font-size: 8pt;" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
            <div style="font-family: Verdana,Geneva,sans-serif; font-size: 8pt;">4,718</div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; font-size: 8pt;" colspan="1" class="cftfncell">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: top; width: 76%;" colspan="1">
            <div style="text-align: left; font-family: Verdana,Geneva,sans-serif; font-size: 8pt;">DEFERRED REVENUE (Note 19)</div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; font-size: 8pt;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; font-size: 8pt;" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
            <div style="font-family: Verdana,Geneva,sans-serif; font-size: 8pt; font-weight: bold;">1,556</div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; font-size: 8pt;" colspan="1" class="cftfncell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; font-size: 8pt;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; font-size: 8pt;" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
            <div style="font-family: Verdana,Geneva,sans-serif; font-size: 8pt;">978</div>
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          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; font-size: 8pt;" colspan="1" class="cftfncell">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: top; width: 76%;" colspan="1">
            <div style="text-align: left; font-family: Verdana,Geneva,sans-serif; font-size: 8pt;">INCOME TAXES PAYABLE</div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; font-size: 8pt;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; font-size: 8pt;" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
            <div style="font-family: Verdana,Geneva,sans-serif; font-size: 8pt; font-weight: bold;">6,054</div>
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          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; font-size: 8pt;" colspan="1" class="cftfncell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; font-size: 8pt;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; font-size: 8pt;" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
            <div style="font-family: Verdana,Geneva,sans-serif; font-size: 8pt;">5,531</div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; font-size: 8pt;" colspan="1" class="cftfncell">&#160;</td>
        </tr>
        <tr>
          <td style="vertical-align: top; width: 76%; padding: 0px 0px 1px;" colspan="1">
            <div style="text-align: left; font-family: Verdana,Geneva,sans-serif; font-size: 8pt;">DEFERRED INCOME TAXES</div>
          </td>
          <td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: bottom; width: 1%; padding-top: 0px; padding-right: 0px; padding-left: 0px; font-size: 8pt;" colspan="1" class="cftguttercell">&#160;</td>
          <td style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 1px solid rgb(0, 0, 0); font-size: 8pt;" colspan="1" class="cftcurrcell">&#160;</td>
          <td style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 1px solid rgb(0, 0, 0);" colspan="1" class="cftnumcell">
            <div style="font-family: Verdana,Geneva,sans-serif; font-size: 8pt; font-weight: bold;">38,496</div>
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          <td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; width: 1%; padding-top: 0px; padding-right: 0px; padding-left: 0px; text-align: left; font-size: 8pt;" colspan="1" class="cftfncell">&#160;</td>
          <td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: bottom; width: 1%; padding-top: 0px; padding-right: 0px; padding-left: 0px; font-size: 8pt;" colspan="1" class="cftguttercell">&#160;</td>
          <td style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 1px solid rgb(0, 0, 0); font-size: 8pt;" colspan="1" class="cftcurrcell">&#160;</td>
          <td style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 1px solid rgb(0, 0, 0);" colspan="1" class="cftnumcell">
            <div style="font-family: Verdana,Geneva,sans-serif; font-size: 8pt;">34,127</div>
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          <td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; width: 1%; padding-top: 0px; padding-right: 0px; padding-left: 0px; text-align: left; font-size: 8pt;" colspan="1" class="cftfncell">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: top; width: 76%; font-size: 8pt;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; font-size: 8pt;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; font-size: 8pt;" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
            <div style="font-family: Verdana,Geneva,sans-serif; font-size: 8pt; font-weight: bold;">269,134</div>
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          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; font-size: 8pt;" colspan="1" class="cftfncell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; font-size: 8pt;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; font-size: 8pt;" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
            <div style="font-family: Verdana,Geneva,sans-serif; font-size: 8pt;">262,381</div>
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          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; font-size: 8pt;" colspan="1" class="cftfncell">&#160;</td>
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        <tr>
          <td valign="bottom" style="vertical-align: top; width: 76%;" colspan="1">
            <div style="text-align: left; font-family: Verdana,Geneva,sans-serif; font-size: 8pt;">LONG-TERM DEBT (Note 12)</div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; font-size: 8pt;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; font-size: 8pt;" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; font-size: 8pt;" colspan="1" class="cftnumcell">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; font-size: 8pt;" colspan="1" class="cftfncell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; font-size: 8pt;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; font-size: 8pt;" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; font-size: 8pt;" colspan="1" class="cftnumcell">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; font-size: 8pt;" colspan="1" class="cftfncell">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: top; width: 76%;" colspan="1">
            <div style="text-align: left; font-family: Verdana,Geneva,sans-serif; font-size: 8pt;">COMMITMENTS, CONTINGENCIES AND GUARANTEES (Note 14)</div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; font-size: 8pt;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; font-size: 8pt;" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; font-size: 8pt;" colspan="1" class="cftnumcell">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; font-size: 8pt;" colspan="1" class="cftfncell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; font-size: 8pt;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; font-size: 8pt;" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; font-size: 8pt;" colspan="1" class="cftnumcell">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; font-size: 8pt;" colspan="1" class="cftfncell">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: top; width: 76%;" colspan="1">
            <div style="text-align: left; font-family: Verdana,Geneva,sans-serif; font-size: 8pt;">SHAREHOLDERS&#8217; EQUITY (Note 15)</div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; font-size: 8pt;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; font-size: 8pt;" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; font-size: 8pt;" colspan="1" class="cftnumcell">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; font-size: 8pt;" colspan="1" class="cftfncell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; font-size: 8pt;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; font-size: 8pt;" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; font-size: 8pt;" colspan="1" class="cftnumcell">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; font-size: 8pt;" colspan="1" class="cftfncell">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 76%;" colspan="1">
            <div style="text-align: left; text-indent: -4.5pt; margin-left: 4.5pt; font-family: Verdana,Geneva,sans-serif; font-size: 8pt;">Common shares &#8211; unlimited shares authorized; Shares issued and outstanding totaled 85,986,823 at October 31, 2025
              (January 31, 2025 &#8211; 85,605,969)</div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; font-size: 8pt;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; font-size: 8pt;" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
            <div style="font-family: Verdana,Geneva,sans-serif; font-size: 8pt; font-weight: bold;">587,151</div>
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          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; font-size: 8pt;" colspan="1" class="cftfncell">&#160;</td>
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          <td valign="bottom" style="vertical-align: bottom; width: 1%; font-size: 8pt;" colspan="1" class="cftguttercell">&#160;</td>
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          <td valign="bottom" style="vertical-align: bottom; width: 1%; font-size: 8pt;" colspan="1" class="cftguttercell">&#160;</td>
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          <td valign="bottom" style="vertical-align: bottom; width: 1%; font-size: 8pt;" colspan="1" class="cftguttercell">&#160;</td>
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          <td style="vertical-align: top; width: 76%; padding: 0px 0px 1px;" colspan="1">
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          <td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: bottom; width: 1%; padding-top: 0px; padding-right: 0px; padding-left: 0px; font-size: 8pt;" colspan="1" class="cftguttercell">&#160;</td>
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          <td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; width: 1%; text-align: left; font-size: 8pt;" colspan="1" class="cftfncell">&#160;</td>
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          <td style="vertical-align: top; width: 76%; padding: 0px 0px 2px; font-size: 8pt;" colspan="1">&#160;</td>
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    <div style="text-align: left; font-family: Verdana, Geneva, sans-serif; font-size: 7pt; font-style: italic;">The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.</div>
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    <div style="text-align: left; font-family: Verdana, Geneva, sans-serif; font-size: 7pt; font-style: italic;"> <br>
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      <div class="BRPFPageNumberArea" style="text-align: center;"><font style="font-family: Verdana, Geneva, 'sans-serif'; font-size: 9pt; font-weight: normal; font-style: normal;">42</font></div>
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    <div style="text-align: left; font-family: Verdana,Geneva,sans-serif; font-size: 10pt; font-variant: small-caps; font-weight: bold;">The Descartes Systems Group Inc.</div>
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    <div style="text-align: left; font-family: Verdana,Geneva,sans-serif; font-size: 10pt; font-variant: small-caps; font-weight: bold;">Condensed Consolidated Statements of Operations</div>
    <div style="text-align: left; font-family: Verdana, Geneva, sans-serif; font-size: 9pt; font-variant: small-caps;">(US dollars in thousands, except per share and weighted average share amounts; US GAAP; Unaudited)</div>
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          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; font-size: 8pt;" colspan="1" class="cftfncell">&#160;</td>
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          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; font-size: 8pt;" colspan="1" class="cftfncell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; font-size: 8pt;" colspan="1" class="cftguttercell">&#160;</td>
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          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; font-size: 8pt;" colspan="1" class="cftfncell">&#160;</td>
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          <td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: bottom; padding-top: 0px; padding-right: 0px; padding-left: 0px; font-size: 8pt;" colspan="1" class="cftguttercell">&#160;</td>
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            <div style="text-align: right; font-family: Verdana,Geneva,sans-serif; font-size: 8pt; font-weight: bold;"> 2025</div>
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          <td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; padding-top: 0px; padding-right: 0px; padding-left: 0px; text-align: left; font-size: 8pt;" colspan="1" class="cftfncell">&#160;</td>
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          <td style="vertical-align: top; border-bottom: 1px solid rgb(0, 0, 0);" colspan="2">
            <div style="text-align: right; font-family: Verdana,Geneva,sans-serif; font-size: 8pt;">2024</div>
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          <td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; padding-top: 0px; padding-right: 0px; padding-left: 0px; text-align: left; font-size: 8pt;" colspan="1" class="cftfncell">&#160;</td>
          <td style="vertical-align: bottom; padding: 0px 0px 1px; font-size: 8pt;" colspan="1" class="cftguttercell">&#160;</td>
          <td style="vertical-align: top; border-bottom: 1px solid rgb(0, 0, 0);" colspan="2">
            <div style="text-align: right; font-family: Verdana,Geneva,sans-serif; font-size: 8pt; font-weight: bold;">2025</div>
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          <td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; padding-top: 0px; padding-right: 0px; padding-left: 0px; text-align: left; font-size: 8pt;" colspan="1" class="cftfncell">&#160;</td>
          <td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: bottom; padding-top: 0px; padding-right: 0px; padding-left: 0px; font-size: 8pt;" colspan="1" class="cftguttercell">&#160;</td>
          <td style="vertical-align: top; border-bottom: 1px solid rgb(0, 0, 0);" colspan="2">
            <div style="text-align: right; font-family: Verdana,Geneva,sans-serif; font-size: 8pt;">2024</div>
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          <td valign="bottom" style="vertical-align: top; font-size: 8pt;">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; font-size: 8pt;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="vertical-align: top; font-size: 8pt;" colspan="2">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; font-size: 8pt;" colspan="1" class="cftfncell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; font-size: 8pt;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="vertical-align: top; font-size: 8pt;" colspan="2">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; font-size: 8pt;" colspan="1" class="cftfncell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; font-size: 8pt;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="vertical-align: top; font-size: 8pt;" colspan="2">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; font-size: 8pt;" colspan="1" class="cftfncell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; font-size: 8pt;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="vertical-align: top; font-size: 8pt;" colspan="2">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; font-size: 8pt;" colspan="1" class="cftfncell">&#160;</td>
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          <td valign="bottom" style="vertical-align: top; width: 52%;">
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          <td valign="bottom" style="vertical-align: bottom; width: 1%; font-size: 8pt;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; font-size: 8pt;" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
            <div style="font-family: Verdana,Geneva,sans-serif; font-size: 8pt; font-weight: bold;">187,681</div>
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          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; font-size: 8pt;" colspan="1" class="cftfncell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; font-size: 8pt;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; font-size: 8pt;" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
            <div style="font-family: Verdana,Geneva,sans-serif; font-size: 8pt;">168,756</div>
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          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; font-size: 8pt;" colspan="1" class="cftfncell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; font-size: 8pt;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; font-size: 8pt;" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
            <div style="font-family: Verdana,Geneva,sans-serif; font-size: 8pt; font-weight: bold;">536,235</div>
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          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; font-size: 8pt;" colspan="1" class="cftfncell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; font-size: 8pt;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; font-size: 8pt;" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
            <div style="font-family: Verdana,Geneva,sans-serif; font-size: 8pt;">483,529</div>
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          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; font-size: 8pt;" colspan="1" class="cftfncell">&#160;</td>
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          <td style="vertical-align: top; width: 52%; padding: 0px 0px 1px;">
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          <td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: bottom; width: 1%; padding-top: 0px; padding-right: 0px; padding-left: 0px; font-size: 8pt;" colspan="1" class="cftguttercell">&#160;</td>
          <td style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 1px solid rgb(0, 0, 0); font-size: 8pt;" colspan="1" class="cftcurrcell">&#160;</td>
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            <div style="font-family: Verdana,Geneva,sans-serif; font-size: 8pt;">43,154</div>
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          <td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; width: 1%; padding-top: 0px; padding-right: 0px; padding-left: 0px; text-align: left; font-size: 8pt;" colspan="1" class="cftfncell">&#160;</td>
          <td style="vertical-align: bottom; width: 1%; padding: 0px 0px 1px; font-size: 8pt;" colspan="1" class="cftguttercell">&#160;</td>
          <td style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 1px solid rgb(0, 0, 0); font-size: 8pt;" colspan="1" class="cftcurrcell">&#160;</td>
          <td style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 1px solid rgb(0, 0, 0);" colspan="1" class="cftnumcell">
            <div style="font-family: Verdana,Geneva,sans-serif; font-size: 8pt; font-weight: bold;">123,807</div>
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          <td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; width: 1%; padding-top: 0px; padding-right: 0px; padding-left: 0px; text-align: left; font-size: 8pt;" colspan="1" class="cftfncell">&#160;</td>
          <td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: bottom; width: 1%; padding-top: 0px; padding-right: 0px; padding-left: 0px; font-size: 8pt;" colspan="1" class="cftguttercell">&#160;</td>
          <td style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 1px solid rgb(0, 0, 0); font-size: 8pt;" colspan="1" class="cftcurrcell">&#160;</td>
          <td style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 1px solid rgb(0, 0, 0);" colspan="1" class="cftnumcell">
            <div style="font-family: Verdana,Geneva,sans-serif; font-size: 8pt;">119,115</div>
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          <td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; width: 1%; padding-top: 0px; padding-right: 0px; padding-left: 0px; text-align: left; font-size: 8pt;" colspan="1" class="cftfncell">&#160;</td>
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          <td valign="bottom" style="vertical-align: top; width: 52%; padding-bottom: 1px;">
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          <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 1px; font-size: 8pt;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 1px solid rgb(0, 0, 0); font-size: 8pt;" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 1px solid rgb(0, 0, 0);" colspan="1" class="cftnumcell">
            <div style="font-family: Verdana,Geneva,sans-serif; font-size: 8pt; font-weight: bold;">145,209</div>
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          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 1px; font-size: 8pt;" colspan="1" class="cftfncell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 1px; font-size: 8pt;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 1px solid rgb(0, 0, 0); font-size: 8pt;" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 1px solid rgb(0, 0, 0);" colspan="1" class="cftnumcell">
            <div style="font-family: Verdana,Geneva,sans-serif; font-size: 8pt;">125,602</div>
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          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 1px; font-size: 8pt;" colspan="1" class="cftfncell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 1px; font-size: 8pt;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 1px solid rgb(0, 0, 0); font-size: 8pt;" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 1px solid rgb(0, 0, 0);" colspan="1" class="cftnumcell">
            <div style="font-family: Verdana,Geneva,sans-serif; font-size: 8pt; font-weight: bold;">412,428</div>
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          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 1px; font-size: 8pt;" colspan="1" class="cftfncell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 1px; font-size: 8pt;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 1px solid rgb(0, 0, 0); font-size: 8pt;" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 1px solid rgb(0, 0, 0);" colspan="1" class="cftnumcell">
            <div style="font-family: Verdana,Geneva,sans-serif; font-size: 8pt;">364,414</div>
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          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 1px; font-size: 8pt;" colspan="1" class="cftfncell">&#160;</td>
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        <tr>
          <td valign="bottom" style="vertical-align: top; width: 52%;">
            <div style="text-align: left; font-family: Verdana,Geneva,sans-serif; font-size: 8pt; font-weight: bold;">EXPENSES</div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; font-size: 8pt;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; font-size: 8pt;" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; font-size: 8pt;" colspan="1" class="cftnumcell">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; font-size: 8pt;" colspan="1" class="cftfncell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; font-size: 8pt;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; font-size: 8pt;" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; font-size: 8pt;" colspan="1" class="cftnumcell">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; font-size: 8pt;" colspan="1" class="cftfncell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; font-size: 8pt;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; font-size: 8pt;" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; font-size: 8pt;" colspan="1" class="cftnumcell">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; font-size: 8pt;" colspan="1" class="cftfncell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; font-size: 8pt;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; font-size: 8pt;" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; font-size: 8pt;" colspan="1" class="cftnumcell">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; font-size: 8pt;" colspan="1" class="cftfncell">&#160;</td>
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        <tr>
          <td valign="bottom" style="vertical-align: top; width: 52%;">
            <div style="text-align: left; margin-left: 13.5pt; font-family: Verdana,Geneva,sans-serif; font-size: 8pt;">Sales and marketing</div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; font-size: 8pt;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; font-size: 8pt;" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
            <div style="font-family: Verdana,Geneva,sans-serif; font-size: 8pt; font-weight: bold;">22,326</div>
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          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; font-size: 8pt;" colspan="1" class="cftfncell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; font-size: 8pt;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; font-size: 8pt;" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
            <div style="font-family: Verdana,Geneva,sans-serif; font-size: 8pt;">19,134</div>
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          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; font-size: 8pt;" colspan="1" class="cftfncell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; font-size: 8pt;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; font-size: 8pt;" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
            <div style="font-family: Verdana,Geneva,sans-serif; font-size: 8pt; font-weight: bold;">61,698</div>
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          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; font-size: 8pt;" colspan="1" class="cftfncell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; font-size: 8pt;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; font-size: 8pt;" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
            <div style="font-family: Verdana,Geneva,sans-serif; font-size: 8pt;">55,636</div>
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          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; font-size: 8pt;" colspan="1" class="cftfncell">&#160;</td>
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        <tr>
          <td valign="bottom" style="vertical-align: top; width: 52%;">
            <div style="text-align: left; margin-left: 13.5pt; font-family: Verdana,Geneva,sans-serif; font-size: 8pt;">Research and development</div>
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          <td valign="bottom" style="vertical-align: bottom; width: 1%; font-size: 8pt;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; font-size: 8pt;" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
            <div style="font-family: Verdana,Geneva,sans-serif; font-size: 8pt; font-weight: bold;">26,595</div>
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          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; font-size: 8pt;" colspan="1" class="cftfncell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; font-size: 8pt;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; font-size: 8pt;" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
            <div style="font-family: Verdana,Geneva,sans-serif; font-size: 8pt;">24,472</div>
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          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; font-size: 8pt;" colspan="1" class="cftfncell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; font-size: 8pt;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; font-size: 8pt;" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
            <div style="font-family: Verdana,Geneva,sans-serif; font-size: 8pt; font-weight: bold;">78,416</div>
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          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; font-size: 8pt;" colspan="1" class="cftfncell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; font-size: 8pt;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; font-size: 8pt;" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
            <div style="font-family: Verdana,Geneva,sans-serif; font-size: 8pt;">70,572</div>
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          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; font-size: 8pt;" colspan="1" class="cftfncell">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: top; width: 52%;">
            <div style="text-align: left; margin-left: 13.5pt; font-family: Verdana,Geneva,sans-serif; font-size: 8pt;">General and administrative</div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; font-size: 8pt;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; font-size: 8pt;" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
            <div style="font-family: Verdana,Geneva,sans-serif; font-size: 8pt; font-weight: bold;">18,282</div>
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          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; font-size: 8pt;" colspan="1" class="cftfncell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; font-size: 8pt;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; font-size: 8pt;" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
            <div style="font-family: Verdana,Geneva,sans-serif; font-size: 8pt;">16,858</div>
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          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; font-size: 8pt;" colspan="1" class="cftfncell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; font-size: 8pt;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; font-size: 8pt;" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
            <div style="font-family: Verdana,Geneva,sans-serif; font-size: 8pt; font-weight: bold;">51,741</div>
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          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; font-size: 8pt;" colspan="1" class="cftfncell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; font-size: 8pt;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; font-size: 8pt;" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
            <div style="font-family: Verdana,Geneva,sans-serif; font-size: 8pt;">48,328</div>
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          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; font-size: 8pt;" colspan="1" class="cftfncell">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: top; width: 52%;">
            <div style="text-align: left; margin-left: 13.5pt; font-family: Verdana,Geneva,sans-serif; font-size: 8pt;">Other charges (Note 20)</div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; font-size: 8pt;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; font-size: 8pt;" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
            <div style="font-family: Verdana,Geneva,sans-serif; font-size: 8pt; font-weight: bold;">728</div>
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          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; font-size: 8pt;" colspan="1" class="cftfncell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; font-size: 8pt;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; font-size: 8pt;" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
            <div style="font-family: Verdana,Geneva,sans-serif; font-size: 8pt;">1,830</div>
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          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; font-size: 8pt;" colspan="1" class="cftfncell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; font-size: 8pt;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; font-size: 8pt;" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
            <div style="font-family: Verdana,Geneva,sans-serif; font-size: 8pt; font-weight: bold;">9,296</div>
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          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; font-size: 8pt;" colspan="1" class="cftfncell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; font-size: 8pt;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; font-size: 8pt;" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
            <div style="font-family: Verdana,Geneva,sans-serif; font-size: 8pt;">5,898</div>
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          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; font-size: 8pt;" colspan="1" class="cftfncell">&#160;</td>
        </tr>
        <tr>
          <td style="vertical-align: top; width: 52%; padding: 0px 0px 1px;">
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          <td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: bottom; width: 1%; padding-top: 0px; padding-right: 0px; padding-left: 0px; font-size: 8pt;" colspan="1" class="cftguttercell">&#160;</td>
          <td style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 1px solid rgb(0, 0, 0); font-size: 8pt;" colspan="1" class="cftcurrcell">&#160;</td>
          <td style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 1px solid rgb(0, 0, 0);" colspan="1" class="cftnumcell">
            <div style="font-family: Verdana,Geneva,sans-serif; font-size: 8pt; font-weight: bold;">20,693</div>
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          <td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; width: 1%; padding-top: 0px; padding-right: 0px; padding-left: 0px; text-align: left; font-size: 8pt;" colspan="1" class="cftfncell">&#160;</td>
          <td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: bottom; width: 1%; padding-top: 0px; padding-right: 0px; padding-left: 0px; font-size: 8pt;" colspan="1" class="cftguttercell">&#160;</td>
          <td style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 1px solid rgb(0, 0, 0); font-size: 8pt;" colspan="1" class="cftcurrcell">&#160;</td>
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          <td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; width: 1%; padding-top: 0px; padding-right: 0px; padding-left: 0px; text-align: left; font-size: 8pt;" colspan="1" class="cftfncell">&#160;</td>
          <td style="vertical-align: bottom; width: 1%; padding: 0px 0px 1px; font-size: 8pt;" colspan="1" class="cftguttercell">&#160;</td>
          <td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: bottom; width: 1%; padding-top: 0px; padding-right: 0px; padding-left: 0px; text-align: left; font-size: 8pt;" colspan="1" class="cftcurrcell">&#160;</td>
          <td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: bottom; width: 9%; padding-top: 0px; padding-right: 0px; padding-left: 0px; text-align: right;" colspan="1" class="cftnumcell">
            <div style="font-family: Verdana,Geneva,sans-serif; font-size: 8pt; font-weight: bold;">60,311</div>
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          <td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; width: 1%; padding-top: 0px; padding-right: 0px; padding-left: 0px; text-align: left; font-size: 8pt;" colspan="1" class="cftfncell">&#160;</td>
          <td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: bottom; width: 1%; padding-top: 0px; padding-right: 0px; padding-left: 0px; font-size: 8pt;" colspan="1" class="cftguttercell">&#160;</td>
          <td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: bottom; width: 1%; padding-top: 0px; padding-right: 0px; padding-left: 0px; text-align: left; font-size: 8pt;" colspan="1" class="cftcurrcell">&#160;</td>
          <td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: bottom; width: 9%; padding-top: 0px; padding-right: 0px; padding-left: 0px; text-align: right;" colspan="1" class="cftnumcell">
            <div style="font-family: Verdana,Geneva,sans-serif; font-size: 8pt;">49,962</div>
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          <td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; width: 1%; padding-top: 0px; padding-right: 0px; padding-left: 0px; text-align: left; font-size: 8pt;" colspan="1" class="cftfncell">&#160;</td>
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        <tr>
          <td style="vertical-align: top; width: 52%; padding: 0px 0px 1px; font-size: 8pt;">&#160;</td>
          <td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: bottom; width: 1%; padding-top: 0px; padding-right: 0px; padding-left: 0px; font-size: 8pt;" colspan="1" class="cftguttercell">&#160;</td>
          <td style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 1px solid rgb(0, 0, 0); font-size: 8pt;" colspan="1" class="cftcurrcell">&#160;</td>
          <td style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 1px solid rgb(0, 0, 0);" colspan="1" class="cftnumcell">
            <div style="font-family: Verdana,Geneva,sans-serif; font-size: 8pt; font-weight: bold;">88,624</div>
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          <td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; width: 1%; padding-top: 0px; padding-right: 0px; padding-left: 0px; text-align: left; font-size: 8pt;" colspan="1" class="cftfncell">&#160;</td>
          <td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: bottom; width: 1%; padding-top: 0px; padding-right: 0px; padding-left: 0px; font-size: 8pt;" colspan="1" class="cftguttercell">&#160;</td>
          <td style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 1px solid rgb(0, 0, 0); font-size: 8pt;" colspan="1" class="cftcurrcell">&#160;</td>
          <td style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 1px solid rgb(0, 0, 0);" colspan="1" class="cftnumcell">
            <div style="font-family: Verdana,Geneva,sans-serif; font-size: 8pt;">79,813</div>
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          <td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; width: 1%; padding-top: 0px; padding-right: 0px; padding-left: 0px; text-align: left; font-size: 8pt;" colspan="1" class="cftfncell">&#160;</td>
          <td style="vertical-align: bottom; width: 1%; padding: 0px 0px 1px; font-size: 8pt;" colspan="1" class="cftguttercell">&#160;</td>
          <td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: bottom; width: 1%; padding-top: 0px; padding-right: 0px; padding-left: 0px; text-align: left; font-size: 8pt;" colspan="1" class="cftcurrcell">&#160;</td>
          <td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: bottom; width: 9%; padding-top: 0px; padding-right: 0px; padding-left: 0px; text-align: right;" colspan="1" class="cftnumcell">
            <div style="font-family: Verdana,Geneva,sans-serif; font-size: 8pt; font-weight: bold;">261,462</div>
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          <td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; width: 1%; padding-top: 0px; padding-right: 0px; padding-left: 0px; text-align: left; font-size: 8pt;" colspan="1" class="cftfncell">&#160;</td>
          <td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: bottom; width: 1%; padding-top: 0px; padding-right: 0px; padding-left: 0px; font-size: 8pt;" colspan="1" class="cftguttercell">&#160;</td>
          <td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: bottom; width: 1%; padding-top: 0px; padding-right: 0px; padding-left: 0px; text-align: left; font-size: 8pt;" colspan="1" class="cftcurrcell">&#160;</td>
          <td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: bottom; width: 9%; padding-top: 0px; padding-right: 0px; padding-left: 0px; text-align: right;" colspan="1" class="cftnumcell">
            <div style="font-family: Verdana,Geneva,sans-serif; font-size: 8pt;">230,396</div>
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          <td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; width: 1%; padding-top: 0px; padding-right: 0px; padding-left: 0px; text-align: left; font-size: 8pt;" colspan="1" class="cftfncell">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: top; width: 52%;">
            <div style="text-align: left; font-family: Verdana,Geneva,sans-serif; font-size: 8pt; font-weight: bold;">INCOME FROM OPERATIONS</div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; font-size: 8pt;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; font-size: 8pt;" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
            <div style="font-family: Verdana,Geneva,sans-serif; font-size: 8pt; font-weight: bold;">56,585</div>
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          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; font-size: 8pt;" colspan="1" class="cftfncell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; font-size: 8pt;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; font-size: 8pt;" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
            <div style="font-family: Verdana,Geneva,sans-serif; font-size: 8pt;">45,789</div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; font-size: 8pt;" colspan="1" class="cftfncell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; font-size: 8pt;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; font-size: 8pt;" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
            <div style="font-family: Verdana,Geneva,sans-serif; font-size: 8pt; font-weight: bold;">150,966</div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; font-size: 8pt;" colspan="1" class="cftfncell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; font-size: 8pt;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; font-size: 8pt;" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
            <div style="font-family: Verdana,Geneva,sans-serif; font-size: 8pt;">134,018</div>
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          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; font-size: 8pt;" colspan="1" class="cftfncell">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: top; width: 52%;">
            <div style="text-align: left; font-family: Verdana,Geneva,sans-serif; font-size: 8pt; font-weight: bold;">INTEREST EXPENSE</div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; font-size: 8pt;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; font-size: 8pt;" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
            <div style="font-family: Verdana,Geneva,sans-serif; font-size: 8pt; font-weight: bold;">(244</div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">
            <div style="font-family: Verdana,Geneva,sans-serif; font-size: 8pt; font-weight: bold;">)</div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; font-size: 8pt;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; font-size: 8pt;" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
            <div style="font-family: Verdana,Geneva,sans-serif; font-size: 8pt;">(244</div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">
            <div style="font-family: Verdana,Geneva,sans-serif; font-size: 8pt;">)</div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; font-size: 8pt;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; font-size: 8pt;" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
            <div style="font-family: Verdana,Geneva,sans-serif; font-size: 8pt; font-weight: bold;">(723</div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">
            <div style="font-family: Verdana,Geneva,sans-serif; font-size: 8pt; font-weight: bold;">)</div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; font-size: 8pt;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; font-size: 8pt;" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
            <div style="font-family: Verdana,Geneva,sans-serif; font-size: 8pt;">(760</div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">
            <div style="font-family: Verdana,Geneva,sans-serif; font-size: 8pt;">)</div>
          </td>
        </tr>
        <tr>
          <td style="vertical-align: top; width: 52%; padding: 0px 0px 1px;">
            <div style="text-align: left; font-family: Verdana,Geneva,sans-serif; font-size: 8pt; font-weight: bold;">INVESTMENT AND OTHER INCOME</div>
          </td>
          <td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: bottom; width: 1%; padding-top: 0px; padding-right: 0px; padding-left: 0px; font-size: 8pt;" colspan="1" class="cftguttercell">&#160;</td>
          <td style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 1px solid rgb(0, 0, 0); font-size: 8pt;" colspan="1" class="cftcurrcell">&#160;</td>
          <td style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 1px solid rgb(0, 0, 0);" colspan="1" class="cftnumcell">
            <div style="font-family: Verdana,Geneva,sans-serif; font-size: 8pt; font-weight: bold;">1,998</div>
          </td>
          <td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; width: 1%; padding-top: 0px; padding-right: 0px; padding-left: 0px; text-align: left; font-size: 8pt;" colspan="1" class="cftfncell">&#160;</td>
          <td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: bottom; width: 1%; padding-top: 0px; padding-right: 0px; padding-left: 0px; font-size: 8pt;" colspan="1" class="cftguttercell">&#160;</td>
          <td style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 1px solid rgb(0, 0, 0); font-size: 8pt;" colspan="1" class="cftcurrcell">&#160;</td>
          <td style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 1px solid rgb(0, 0, 0);" colspan="1" class="cftnumcell">
            <div style="font-family: Verdana,Geneva,sans-serif; font-size: 8pt;">2,883</div>
          </td>
          <td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; width: 1%; padding-top: 0px; padding-right: 0px; padding-left: 0px; text-align: left; font-size: 8pt;" colspan="1" class="cftfncell">&#160;</td>
          <td style="vertical-align: bottom; width: 1%; padding: 0px 0px 1px; font-size: 8pt;" colspan="1" class="cftguttercell">&#160;</td>
          <td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: bottom; width: 1%; padding-top: 0px; padding-right: 0px; padding-left: 0px; text-align: left; font-size: 8pt;" colspan="1" class="cftcurrcell">&#160;</td>
          <td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: bottom; width: 9%; padding-top: 0px; padding-right: 0px; padding-left: 0px; text-align: right;" colspan="1" class="cftnumcell">
            <div style="font-family: Verdana,Geneva,sans-serif; font-size: 8pt; font-weight: bold;">5,510</div>
          </td>
          <td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; width: 1%; padding-top: 0px; padding-right: 0px; padding-left: 0px; text-align: left; font-size: 8pt;" colspan="1" class="cftfncell">&#160;</td>
          <td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: bottom; width: 1%; padding-top: 0px; padding-right: 0px; padding-left: 0px; font-size: 8pt;" colspan="1" class="cftguttercell">&#160;</td>
          <td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: bottom; width: 1%; padding-top: 0px; padding-right: 0px; padding-left: 0px; text-align: left; font-size: 8pt;" colspan="1" class="cftcurrcell">&#160;</td>
          <td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: bottom; width: 9%; padding-top: 0px; padding-right: 0px; padding-left: 0px; text-align: right;" colspan="1" class="cftnumcell">
            <div style="font-family: Verdana,Geneva,sans-serif; font-size: 8pt;">9,657</div>
          </td>
          <td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; width: 1%; padding-top: 0px; padding-right: 0px; padding-left: 0px; text-align: left; font-size: 8pt;" colspan="1" class="cftfncell">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: top; width: 52%;">
            <div style="text-align: left; font-family: Verdana,Geneva,sans-serif; font-size: 8pt; font-weight: bold;">INCOME BEFORE INCOME TAXES</div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; font-size: 8pt;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; font-size: 8pt;" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
            <div style="font-family: Verdana,Geneva,sans-serif; font-size: 8pt; font-weight: bold;">58,339</div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; font-size: 8pt;" colspan="1" class="cftfncell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; font-size: 8pt;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; font-size: 8pt;" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
            <div style="font-family: Verdana,Geneva,sans-serif; font-size: 8pt;">48,428</div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; font-size: 8pt;" colspan="1" class="cftfncell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; font-size: 8pt;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; font-size: 8pt;" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
            <div style="font-family: Verdana,Geneva,sans-serif; font-size: 8pt; font-weight: bold;">155,753</div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; font-size: 8pt;" colspan="1" class="cftfncell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; font-size: 8pt;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; font-size: 8pt;" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
            <div style="font-family: Verdana,Geneva,sans-serif; font-size: 8pt;">142,915</div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; font-size: 8pt;" colspan="1" class="cftfncell">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: top; width: 52%;">
            <div style="text-align: left; font-family: Verdana,Geneva,sans-serif; font-size: 8pt;"><font style="font-family: Verdana,Geneva,sans-serif; font-weight: bold;">INCOME TAX EXPENSE (RECOVERY) </font>(Note 18)</div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; font-size: 8pt;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; font-size: 8pt;" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; font-size: 8pt;" colspan="1" class="cftnumcell">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; font-size: 8pt;" colspan="1" class="cftfncell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; font-size: 8pt;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; font-size: 8pt;" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; font-size: 8pt;" colspan="1" class="cftnumcell">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; font-size: 8pt;" colspan="1" class="cftfncell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; font-size: 8pt;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; font-size: 8pt;" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; font-size: 8pt;" colspan="1" class="cftnumcell">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; font-size: 8pt;" colspan="1" class="cftfncell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; font-size: 8pt;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; font-size: 8pt;" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; font-size: 8pt;" colspan="1" class="cftnumcell">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; font-size: 8pt;" colspan="1" class="cftfncell">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: top; width: 52%;">
            <div style="text-align: left; margin-left: 13.5pt; font-family: Verdana,Geneva,sans-serif; font-size: 8pt;">Current</div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; font-size: 8pt;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; font-size: 8pt;" colspan="1" class="cftcurrcell">&#160;</td>
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          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; font-size: 8pt;" colspan="1" class="cftfncell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; font-size: 8pt;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; font-size: 8pt;" colspan="1" class="cftcurrcell">&#160;</td>
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            <div style="font-family: Verdana,Geneva,sans-serif; font-size: 8pt;">18,310</div>
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          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; font-size: 8pt;" colspan="1" class="cftfncell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; font-size: 8pt;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; font-size: 8pt;" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
            <div style="font-family: Verdana,Geneva,sans-serif; font-size: 8pt; font-weight: bold;">28,774</div>
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          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; font-size: 8pt;" colspan="1" class="cftfncell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; font-size: 8pt;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; font-size: 8pt;" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
            <div style="font-family: Verdana,Geneva,sans-serif; font-size: 8pt;">42,105</div>
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          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; font-size: 8pt;" colspan="1" class="cftfncell">&#160;</td>
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        <tr>
          <td style="vertical-align: top; width: 52%; padding: 0px 0px 1px;">
            <div style="text-align: left; margin-left: 13.5pt; font-family: Verdana,Geneva,sans-serif; font-size: 8pt;">Deferred</div>
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          <td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: bottom; width: 1%; padding-top: 0px; padding-right: 0px; padding-left: 0px; font-size: 8pt;" colspan="1" class="cftguttercell">&#160;</td>
          <td style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 1px solid rgb(0, 0, 0); font-size: 8pt;" colspan="1" class="cftcurrcell">&#160;</td>
          <td style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 1px solid rgb(0, 0, 0);" colspan="1" class="cftnumcell">
            <div style="font-family: Verdana,Geneva,sans-serif; font-size: 8pt; font-weight: bold;">3,591</div>
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          <td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; width: 1%; padding-top: 0px; padding-right: 0px; padding-left: 0px; text-align: left; font-size: 8pt;" colspan="1" class="cftfncell">&#160;</td>
          <td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: bottom; width: 1%; padding-top: 0px; padding-right: 0px; padding-left: 0px; font-size: 8pt;" colspan="1" class="cftguttercell">&#160;</td>
          <td style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 1px solid rgb(0, 0, 0); font-size: 8pt;" colspan="1" class="cftcurrcell">&#160;</td>
          <td style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 1px solid rgb(0, 0, 0);" colspan="1" class="cftnumcell">
            <div style="font-family: Verdana,Geneva,sans-serif; font-size: 8pt;">(6,440</div>
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          <td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; width: 1%; padding-top: 0px; padding-right: 0px; padding-left: 0px; text-align: left;" colspan="1" class="cftfncell">
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          <td style="vertical-align: bottom; width: 1%; padding: 0px 0px 1px; font-size: 8pt;" colspan="1" class="cftguttercell">&#160;</td>
          <td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: bottom; width: 1%; padding-top: 0px; padding-right: 0px; padding-left: 0px; text-align: left; font-size: 8pt;" colspan="1" class="cftcurrcell">&#160;</td>
          <td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: bottom; width: 9%; padding-top: 0px; padding-right: 0px; padding-left: 0px; text-align: right;" colspan="1" class="cftnumcell">
            <div style="font-family: Verdana,Geneva,sans-serif; font-size: 8pt; font-weight: bold;">8,816</div>
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          <td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; width: 1%; padding-top: 0px; padding-right: 0px; padding-left: 0px; text-align: left; font-size: 8pt;" colspan="1" class="cftfncell">&#160;</td>
          <td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: bottom; width: 1%; padding-top: 0px; padding-right: 0px; padding-left: 0px; font-size: 8pt;" colspan="1" class="cftguttercell">&#160;</td>
          <td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: bottom; width: 1%; padding-top: 0px; padding-right: 0px; padding-left: 0px; text-align: left; font-size: 8pt;" colspan="1" class="cftcurrcell">&#160;</td>
          <td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: bottom; width: 9%; padding-top: 0px; padding-right: 0px; padding-left: 0px; text-align: right;" colspan="1" class="cftnumcell">
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          <td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; width: 1%; padding-top: 0px; padding-right: 0px; padding-left: 0px; text-align: left;" colspan="1" class="cftfncell">
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        <tr>
          <td style="vertical-align: top; width: 52%; padding: 0px 0px 1px; font-size: 8pt;">&#160;</td>
          <td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: bottom; width: 1%; padding-top: 0px; padding-right: 0px; padding-left: 0px; font-size: 8pt;" colspan="1" class="cftguttercell">&#160;</td>
          <td style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 1px solid rgb(0, 0, 0); font-size: 8pt;" colspan="1" class="cftcurrcell">&#160;</td>
          <td style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 1px solid rgb(0, 0, 0);" colspan="1" class="cftnumcell">
            <div style="font-family: Verdana,Geneva,sans-serif; font-size: 8pt; font-weight: bold;">14,440</div>
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          <td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; width: 1%; padding-top: 0px; padding-right: 0px; padding-left: 0px; text-align: left; font-size: 8pt;" colspan="1" class="cftfncell">&#160;</td>
          <td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: bottom; width: 1%; padding-top: 0px; padding-right: 0px; padding-left: 0px; font-size: 8pt;" colspan="1" class="cftguttercell">&#160;</td>
          <td style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 1px solid rgb(0, 0, 0); font-size: 8pt;" colspan="1" class="cftcurrcell">&#160;</td>
          <td style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 1px solid rgb(0, 0, 0);" colspan="1" class="cftnumcell">
            <div style="font-family: Verdana,Geneva,sans-serif; font-size: 8pt;">11,870</div>
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          <td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; width: 1%; padding-top: 0px; padding-right: 0px; padding-left: 0px; text-align: left; font-size: 8pt;" colspan="1" class="cftfncell">&#160;</td>
          <td style="vertical-align: bottom; width: 1%; padding: 0px 0px 1px; font-size: 8pt;" colspan="1" class="cftguttercell">&#160;</td>
          <td style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 1px solid rgb(0, 0, 0); font-size: 8pt;" colspan="1" class="cftcurrcell">&#160;</td>
          <td style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 1px solid rgb(0, 0, 0);" colspan="1" class="cftnumcell">
            <div style="font-family: Verdana,Geneva,sans-serif; font-size: 8pt; font-weight: bold;">37,590</div>
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          <td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; width: 1%; padding-top: 0px; padding-right: 0px; padding-left: 0px; text-align: left; font-size: 8pt;" colspan="1" class="cftfncell">&#160;</td>
          <td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: bottom; width: 1%; padding-top: 0px; padding-right: 0px; padding-left: 0px; font-size: 8pt;" colspan="1" class="cftguttercell">&#160;</td>
          <td style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 1px solid rgb(0, 0, 0); font-size: 8pt;" colspan="1" class="cftcurrcell">&#160;</td>
          <td style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 1px solid rgb(0, 0, 0);" colspan="1" class="cftnumcell">
            <div style="font-family: Verdana,Geneva,sans-serif; font-size: 8pt;">37,009</div>
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          <td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; width: 1%; padding-top: 0px; padding-right: 0px; padding-left: 0px; text-align: left; font-size: 8pt;" colspan="1" class="cftfncell">&#160;</td>
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        <tr>
          <td style="vertical-align: top; width: 52%; padding: 0px 0px 2px;">
            <div style="text-align: left; font-family: Verdana,Geneva,sans-serif; font-size: 8pt; font-weight: bold;">NET INCOME</div>
          </td>
          <td style="border-bottom: 2px solid rgb(0, 0, 0); vertical-align: bottom; width: 1%; padding-top: 0px; padding-right: 0px; padding-left: 0px; font-size: 8pt;" colspan="1" class="cftguttercell">&#160;</td>
          <td style="border-bottom: 2px solid rgb(0, 0, 0); vertical-align: bottom; width: 1%; text-align: left; font-size: 8pt;" colspan="1" class="cftcurrcell">&#160;</td>
          <td style="border-bottom: 2px solid rgb(0, 0, 0); vertical-align: bottom; width: 9%; text-align: right;" colspan="1" class="cftnumcell">
            <div style="font-family: Verdana,Geneva,sans-serif; font-size: 8pt; font-weight: bold;">43,899</div>
          </td>
          <td style="border-bottom: 2px solid rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; width: 1%; padding-top: 0px; padding-right: 0px; padding-left: 0px; text-align: left; font-size: 8pt;" colspan="1" class="cftfncell">&#160;</td>
          <td style="border-bottom: 2px solid rgb(0, 0, 0); vertical-align: bottom; width: 1%; padding-top: 0px; padding-right: 0px; padding-left: 0px; font-size: 8pt;" colspan="1" class="cftguttercell">&#160;</td>
          <td style="border-bottom: 2px solid rgb(0, 0, 0); vertical-align: bottom; width: 1%; text-align: left; font-size: 8pt;" colspan="1" class="cftcurrcell">&#160;</td>
          <td style="border-bottom: 2px solid rgb(0, 0, 0); vertical-align: bottom; width: 9%; text-align: right;" colspan="1" class="cftnumcell">
            <div style="font-family: Verdana,Geneva,sans-serif; font-size: 8pt;">36,558</div>
          </td>
          <td style="border-bottom: 2px solid rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; width: 1%; padding-top: 0px; padding-right: 0px; padding-left: 0px; text-align: left; font-size: 8pt;" colspan="1" class="cftfncell">&#160;</td>
          <td style="vertical-align: bottom; width: 1%; padding: 0px 0px 2px; font-size: 8pt;" colspan="1" class="cftguttercell">&#160;</td>
          <td style="border-bottom: 2px solid rgb(0, 0, 0); vertical-align: bottom; width: 1%; text-align: left; font-size: 8pt;" colspan="1" class="cftcurrcell">&#160;</td>
          <td style="border-bottom: 2px solid rgb(0, 0, 0); vertical-align: bottom; width: 9%; text-align: right;" colspan="1" class="cftnumcell">
            <div style="font-family: Verdana,Geneva,sans-serif; font-size: 8pt; font-weight: bold;">118,163</div>
          </td>
          <td style="border-bottom: 2px solid rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; width: 1%; padding-top: 0px; padding-right: 0px; padding-left: 0px; text-align: left; font-size: 8pt;" colspan="1" class="cftfncell">&#160;</td>
          <td style="border-bottom: 2px solid rgb(0, 0, 0); vertical-align: bottom; width: 1%; padding-top: 0px; padding-right: 0px; padding-left: 0px; font-size: 8pt;" colspan="1" class="cftguttercell">&#160;</td>
          <td style="border-bottom: 2px solid rgb(0, 0, 0); vertical-align: bottom; width: 1%; text-align: left; font-size: 8pt;" colspan="1" class="cftcurrcell">&#160;</td>
          <td style="border-bottom: 2px solid rgb(0, 0, 0); vertical-align: bottom; width: 9%; text-align: right;" colspan="1" class="cftnumcell">
            <div style="font-family: Verdana,Geneva,sans-serif; font-size: 8pt;">105,906</div>
          </td>
          <td style="border-bottom: 2px solid rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; width: 1%; padding-top: 0px; padding-right: 0px; padding-left: 0px; text-align: left; font-size: 8pt;" colspan="1" class="cftfncell">&#160;</td>
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          <td valign="bottom" style="vertical-align: top; width: 52%;">
            <div style="text-align: left; font-family: Verdana,Geneva,sans-serif; font-size: 8pt;"><font style="font-family: Verdana,Geneva,sans-serif; font-weight: bold;">EARNINGS PER SHARE </font>(Note 16)</div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; font-size: 8pt;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; font-size: 8pt;" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; font-size: 8pt;" colspan="1" class="cftnumcell">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; font-size: 8pt;" colspan="1" class="cftfncell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; font-size: 8pt;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; font-size: 8pt;" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; font-size: 8pt;" colspan="1" class="cftnumcell">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; font-size: 8pt;" colspan="1" class="cftfncell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; font-size: 8pt;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; font-size: 8pt;" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; font-size: 8pt;" colspan="1" class="cftnumcell">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; font-size: 8pt;" colspan="1" class="cftfncell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; font-size: 8pt;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; font-size: 8pt;" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; font-size: 8pt;" colspan="1" class="cftnumcell">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; font-size: 8pt;" colspan="1" class="cftfncell">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: top; width: 52%;">
            <div style="text-align: left; margin-left: 13.5pt; font-family: Verdana,Geneva,sans-serif; font-size: 8pt;">Basic</div>
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          <td valign="bottom" style="vertical-align: bottom; width: 1%; font-size: 8pt;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; font-size: 8pt;" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
            <div style="font-family: Verdana,Geneva,sans-serif; font-size: 8pt; font-weight: bold;">0.51</div>
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          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; font-size: 8pt;" colspan="1" class="cftfncell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; font-size: 8pt;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; font-size: 8pt;" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
            <div style="font-family: Verdana,Geneva,sans-serif; font-size: 8pt;">0.43</div>
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          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; font-size: 8pt;" colspan="1" class="cftfncell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; font-size: 8pt;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; font-size: 8pt;" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
            <div style="font-family: Verdana,Geneva,sans-serif; font-size: 8pt; font-weight: bold;">1.38</div>
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          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; font-size: 8pt;" colspan="1" class="cftfncell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; font-size: 8pt;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; font-size: 8pt;" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
            <div style="font-family: Verdana,Geneva,sans-serif; font-size: 8pt;">1.24</div>
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          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; font-size: 8pt;" colspan="1" class="cftfncell">&#160;</td>
        </tr>
        <tr>
          <td style="vertical-align: top; width: 52%; padding: 0px 0px 2px;">
            <div style="text-align: left; margin-left: 13.5pt; font-family: Verdana,Geneva,sans-serif; font-size: 8pt;">Diluted</div>
          </td>
          <td style="border-bottom: 2px solid rgb(0, 0, 0); vertical-align: bottom; width: 1%; padding-top: 0px; padding-right: 0px; padding-left: 0px; font-size: 8pt;" colspan="1" class="cftguttercell">&#160;</td>
          <td style="border-bottom: 2px solid rgb(0, 0, 0); vertical-align: bottom; width: 1%; text-align: left; font-size: 8pt;" colspan="1" class="cftcurrcell">&#160;</td>
          <td style="border-bottom: 2px solid rgb(0, 0, 0); vertical-align: bottom; width: 9%; text-align: right;" colspan="1" class="cftnumcell">
            <div style="font-family: Verdana,Geneva,sans-serif; font-size: 8pt; font-weight: bold;">0.50</div>
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          <td style="border-bottom: 2px solid rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; width: 1%; padding-top: 0px; padding-right: 0px; padding-left: 0px; text-align: left; font-size: 8pt;" colspan="1" class="cftfncell">&#160;</td>
          <td style="border-bottom: 2px solid rgb(0, 0, 0); vertical-align: bottom; width: 1%; padding-top: 0px; padding-right: 0px; padding-left: 0px; font-size: 8pt;" colspan="1" class="cftguttercell">&#160;</td>
          <td style="border-bottom: 2px solid rgb(0, 0, 0); vertical-align: bottom; width: 1%; text-align: left; font-size: 8pt;" colspan="1" class="cftcurrcell">&#160;</td>
          <td style="border-bottom: 2px solid rgb(0, 0, 0); vertical-align: bottom; width: 9%; text-align: right;" colspan="1" class="cftnumcell">
            <div style="font-family: Verdana,Geneva,sans-serif; font-size: 8pt;">0.42</div>
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          <td style="border-bottom: 2px solid rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; width: 1%; padding-top: 0px; padding-right: 0px; padding-left: 0px; text-align: left; font-size: 8pt;" colspan="1" class="cftfncell">&#160;</td>
          <td style="vertical-align: bottom; width: 1%; padding: 0px 0px 2px; font-size: 8pt;" colspan="1" class="cftguttercell">&#160;</td>
          <td style="border-bottom: 2px solid rgb(0, 0, 0); vertical-align: bottom; width: 1%; text-align: left; font-size: 8pt;" colspan="1" class="cftcurrcell">&#160;</td>
          <td style="border-bottom: 2px solid rgb(0, 0, 0); vertical-align: bottom; width: 9%; text-align: right;" colspan="1" class="cftnumcell">
            <div style="font-family: Verdana,Geneva,sans-serif; font-size: 8pt; font-weight: bold;">1.35</div>
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          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; font-size: 8pt;" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; font-size: 8pt;" colspan="1" class="cftnumcell">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; font-size: 8pt;" colspan="1" class="cftfncell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; font-size: 8pt;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; font-size: 8pt;" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; font-size: 8pt;" colspan="1" class="cftnumcell">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; font-size: 8pt;" colspan="1" class="cftfncell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; font-size: 8pt;" colspan="1" class="cftguttercell">&#160;</td>
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          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; font-size: 8pt;" colspan="1" class="cftnumcell">&#160;</td>
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          <td style="border-bottom: 2px solid rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; width: 1%; padding-top: 0px; padding-right: 0px; padding-left: 0px; text-align: left; font-size: 8pt;" colspan="1" class="cftfncell">&#160;</td>
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            <div style="font-family: Verdana,Geneva,sans-serif; font-size: 8pt;">87,231</div>
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    <div style="text-align: left; font-family: Verdana, Geneva, sans-serif; font-size: 7pt; font-style: italic;">The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.</div>
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    <div style="text-align: left; font-family: Verdana, Geneva, sans-serif; font-size: 7pt; font-style: italic;"> <br>
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      <div class="BRPFPageNumberArea" style="text-align: center;"><font style="font-family: Verdana, Geneva, 'sans-serif'; font-size: 9pt; font-weight: normal; font-style: normal;">43</font></div>
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    <div style="text-align: left; font-family: Verdana,Geneva,sans-serif; font-size: 10pt; font-variant: small-caps; font-weight: bold;">The Descartes Systems Group Inc.</div>
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            <td style="vertical-align: top; padding-bottom: 1px; font-size: 8pt;">&#160;</td>
            <td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: bottom; font-size: 8pt;" colspan="1" class="cftguttercell">&#160;</td>
            <td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: top;" colspan="2">
              <div style="text-align: right; font-family: Verdana,Geneva,sans-serif; font-size: 8pt; font-weight: bold;"> 2025</div>
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            <td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; text-align: left; font-size: 8pt;" colspan="1" class="cftfncell">&#160;</td>
            <td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: bottom; font-size: 8pt;" colspan="1" class="cftguttercell">&#160;</td>
            <td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: top;" colspan="2">
              <div style="text-align: right; font-family: Verdana,Geneva,sans-serif; font-size: 8pt;">2024</div>
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            <td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; text-align: left; font-size: 8pt;" colspan="1" class="cftfncell">&#160;</td>
            <td style="vertical-align: bottom; padding-bottom: 1px; font-size: 8pt;" colspan="1" class="cftguttercell">&#160;</td>
            <td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: top;" colspan="2">
              <div style="text-align: right; font-family: Verdana,Geneva,sans-serif; font-size: 8pt; font-weight: bold;">2025</div>
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            <td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; text-align: left; font-size: 8pt;" colspan="1" class="cftfncell">&#160;</td>
            <td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: bottom; font-size: 8pt;" colspan="1" class="cftguttercell">&#160;</td>
            <td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: top;" colspan="2">
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            <td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; text-align: left; font-size: 8pt;" colspan="1" class="cftfncell">&#160;</td>
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            <td valign="bottom" style="vertical-align: bottom; font-size: 8pt;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" style="vertical-align: top; font-size: 8pt;" colspan="2">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; font-size: 8pt;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; font-size: 8pt;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" style="vertical-align: top; font-size: 8pt;" colspan="2">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; font-size: 8pt;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; font-size: 8pt;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" style="vertical-align: top; font-size: 8pt;" colspan="2">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; font-size: 8pt;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; font-size: 8pt;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" style="vertical-align: top; font-size: 8pt;" colspan="2">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; font-size: 8pt;" colspan="1" class="cftfncell">&#160;</td>
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            <td valign="bottom" style="vertical-align: bottom; width: 1%; font-size: 8pt;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; font-size: 8pt;" colspan="1" class="cftcurrcell">&#160;</td>
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            <td valign="bottom" style="vertical-align: bottom; width: 1%; font-size: 8pt;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; font-size: 8pt;" colspan="1" class="cftcurrcell">&#160;</td>
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            <td valign="bottom" style="vertical-align: bottom; width: 1%; font-size: 8pt;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; font-size: 8pt;" colspan="1" class="cftcurrcell">&#160;</td>
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            <td valign="bottom" style="vertical-align: bottom; width: 1%; font-size: 8pt;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; font-size: 8pt;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
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            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; font-size: 8pt;" colspan="1" class="cftnumcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; font-size: 8pt;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; font-size: 8pt;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; font-size: 8pt;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; font-size: 8pt;" colspan="1" class="cftnumcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; font-size: 8pt;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; font-size: 8pt;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; font-size: 8pt;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; font-size: 8pt;" colspan="1" class="cftnumcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; font-size: 8pt;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; font-size: 8pt;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; font-size: 8pt;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; font-size: 8pt;" colspan="1" class="cftnumcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; font-size: 8pt;" colspan="1" class="cftfncell">&#160;</td>
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            <td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: bottom; width: 1%; text-align: left; font-size: 8pt;" colspan="1" class="cftcurrcell">&#160;</td>
            <td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: bottom; width: 9%; text-align: right;" colspan="1" class="cftnumcell">
              <div style="font-family: Verdana,Geneva,sans-serif; font-size: 8pt; font-weight: bold;">(1,001</div>
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              <div style="font-family: Verdana,Geneva,sans-serif; font-size: 8pt; font-weight: bold;">)</div>
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            <td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: bottom; width: 1%; font-size: 8pt;" colspan="1" class="cftguttercell">&#160;</td>
            <td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: bottom; width: 1%; text-align: left; font-size: 8pt;" colspan="1" class="cftcurrcell">&#160;</td>
            <td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: bottom; width: 9%; text-align: right;" colspan="1" class="cftnumcell">
              <div style="font-family: Verdana,Geneva,sans-serif; font-size: 8pt;">271</div>
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            <td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; width: 1%; text-align: left; font-size: 8pt;" colspan="1" class="cftfncell">&#160;</td>
            <td style="vertical-align: bottom; width: 1%; padding-bottom: 1px; font-size: 8pt;" colspan="1" class="cftguttercell">&#160;</td>
            <td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: bottom; width: 1%; text-align: left; font-size: 8pt;" colspan="1" class="cftcurrcell">&#160;</td>
            <td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: bottom; width: 9%; text-align: right;" colspan="1" class="cftnumcell">
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            <td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; width: 1%; text-align: left; font-size: 8pt;" colspan="1" class="cftfncell">&#160;</td>
            <td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: bottom; width: 1%; font-size: 8pt;" colspan="1" class="cftguttercell">&#160;</td>
            <td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: bottom; width: 1%; text-align: left; font-size: 8pt;" colspan="1" class="cftcurrcell">&#160;</td>
            <td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: bottom; width: 9%; text-align: right;" colspan="1" class="cftnumcell">
              <div style="font-family: Verdana,Geneva,sans-serif; font-size: 8pt;">(5,392</div>
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            <td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; width: 1%; text-align: left;" colspan="1" class="cftfncell">
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          <tr>
            <td style="vertical-align: top; width: 52%; padding: 0px 0px 1px;">
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            <td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: bottom; width: 1%; padding-top: 0px; padding-right: 0px; padding-left: 0px; font-size: 8pt;" colspan="1" class="cftguttercell">&#160;</td>
            <td style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 1px solid rgb(0, 0, 0); font-size: 8pt;" colspan="1" class="cftcurrcell">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 1px solid rgb(0, 0, 0);" colspan="1" class="cftnumcell">
              <div style="font-family: Verdana,Geneva,sans-serif; font-size: 8pt; font-weight: bold;">(1,001</div>
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            <td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; width: 1%; padding-top: 0px; padding-right: 0px; padding-left: 0px; text-align: left;" colspan="1" class="cftfncell">
              <div style="font-family: Verdana,Geneva,sans-serif; font-size: 8pt; font-weight: bold;">)</div>
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            <td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: bottom; width: 1%; padding-top: 0px; padding-right: 0px; padding-left: 0px; font-size: 8pt;" colspan="1" class="cftguttercell">&#160;</td>
            <td style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 1px solid rgb(0, 0, 0); font-size: 8pt;" colspan="1" class="cftcurrcell">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 1px solid rgb(0, 0, 0);" colspan="1" class="cftnumcell">
              <div style="font-family: Verdana,Geneva,sans-serif; font-size: 8pt;">271</div>
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            <td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; width: 1%; padding-top: 0px; padding-right: 0px; padding-left: 0px; text-align: left; font-size: 8pt;" colspan="1" class="cftfncell">&#160;</td>
            <td style="vertical-align: bottom; width: 1%; padding: 0px 0px 1px; font-size: 8pt;" colspan="1" class="cftguttercell">&#160;</td>
            <td style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 1px solid rgb(0, 0, 0); font-size: 8pt;" colspan="1" class="cftcurrcell">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 1px solid rgb(0, 0, 0);" colspan="1" class="cftnumcell">
              <div style="font-family: Verdana,Geneva,sans-serif; font-size: 8pt; font-weight: bold;">28,921</div>
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            <td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; width: 1%; padding-top: 0px; padding-right: 0px; padding-left: 0px; text-align: left; font-size: 8pt;" colspan="1" class="cftfncell">&#160;</td>
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            <td style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 1px solid rgb(0, 0, 0); font-size: 8pt;" colspan="1" class="cftcurrcell">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 1px solid rgb(0, 0, 0);" colspan="1" class="cftnumcell">
              <div style="font-family: Verdana,Geneva,sans-serif; font-size: 8pt;">(5,392</div>
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            <td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; width: 1%; padding-top: 0px; padding-right: 0px; padding-left: 0px; text-align: left;" colspan="1" class="cftfncell">
              <div style="font-family: Verdana,Geneva,sans-serif; font-size: 8pt;">)</div>
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          <tr>
            <td style="vertical-align: top; width: 52%; padding: 0px 0px 2px;">
              <div style="text-align: left; font-family: Verdana,Geneva,sans-serif; font-size: 8pt; font-weight: bold;">COMPREHENSIVE INCOME</div>
            </td>
            <td style="border-bottom: 2px solid rgb(0, 0, 0); vertical-align: bottom; width: 1%; padding-top: 0px; padding-right: 0px; padding-left: 0px; font-size: 8pt;" colspan="1" class="cftguttercell">&#160;</td>
            <td style="border-bottom: 2px solid rgb(0, 0, 0); vertical-align: bottom; width: 1%; text-align: left; font-size: 8pt;" colspan="1" class="cftcurrcell">&#160;</td>
            <td style="border-bottom: 2px solid rgb(0, 0, 0); vertical-align: bottom; width: 9%; text-align: right;" colspan="1" class="cftnumcell">
              <div style="font-family: Verdana,Geneva,sans-serif; font-size: 8pt; font-weight: bold;">42,898</div>
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            <td style="border-bottom: 2px solid rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; width: 1%; padding-top: 0px; padding-right: 0px; padding-left: 0px; text-align: left; font-size: 8pt;" colspan="1" class="cftfncell">&#160;</td>
            <td style="border-bottom: 2px solid rgb(0, 0, 0); vertical-align: bottom; width: 1%; padding-top: 0px; padding-right: 0px; padding-left: 0px; font-size: 8pt;" colspan="1" class="cftguttercell">&#160;</td>
            <td style="border-bottom: 2px solid rgb(0, 0, 0); vertical-align: bottom; width: 1%; text-align: left; font-size: 8pt;" colspan="1" class="cftcurrcell">&#160;</td>
            <td style="border-bottom: 2px solid rgb(0, 0, 0); vertical-align: bottom; width: 9%; text-align: right;" colspan="1" class="cftnumcell">
              <div style="font-family: Verdana,Geneva,sans-serif; font-size: 8pt;">36,829</div>
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            <td style="border-bottom: 2px solid rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; width: 1%; padding-top: 0px; padding-right: 0px; padding-left: 0px; text-align: left; font-size: 8pt;" colspan="1" class="cftfncell">&#160;</td>
            <td style="vertical-align: bottom; width: 1%; padding: 0px 0px 2px; font-size: 8pt;" colspan="1" class="cftguttercell">&#160;</td>
            <td style="border-bottom: 2px solid rgb(0, 0, 0); vertical-align: bottom; width: 1%; text-align: left; font-size: 8pt;" colspan="1" class="cftcurrcell">&#160;</td>
            <td style="border-bottom: 2px solid rgb(0, 0, 0); vertical-align: bottom; width: 9%; text-align: right;" colspan="1" class="cftnumcell">
              <div style="font-family: Verdana,Geneva,sans-serif; font-size: 8pt; font-weight: bold;">147,084</div>
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            <td style="border-bottom: 2px solid rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; width: 1%; padding-top: 0px; padding-right: 0px; padding-left: 0px; text-align: left; font-size: 8pt;" colspan="1" class="cftfncell">&#160;</td>
            <td style="border-bottom: 2px solid rgb(0, 0, 0); vertical-align: bottom; width: 1%; padding-top: 0px; padding-right: 0px; padding-left: 0px; font-size: 8pt;" colspan="1" class="cftguttercell">&#160;</td>
            <td style="border-bottom: 2px solid rgb(0, 0, 0); vertical-align: bottom; width: 1%; text-align: left; font-size: 8pt;" colspan="1" class="cftcurrcell">&#160;</td>
            <td style="border-bottom: 2px solid rgb(0, 0, 0); vertical-align: bottom; width: 9%; text-align: right;" colspan="1" class="cftnumcell">
              <div style="font-family: Verdana,Geneva,sans-serif; font-size: 8pt;">100,514</div>
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            <td style="border-bottom: 2px solid rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; width: 1%; padding-top: 0px; padding-right: 0px; padding-left: 0px; text-align: left; font-size: 8pt;" colspan="1" class="cftfncell">&#160;</td>
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    <div style="text-align: left; font-family: Verdana, Geneva, sans-serif; font-size: 7pt; font-style: italic;"> <br>
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    <div style="text-align: left; font-family: Verdana, Geneva, sans-serif; font-size: 7pt; 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>
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    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" class="BRPFPageBreakArea">
      <div class="BRPFPageNumberArea" style="text-align: center;"><font style="font-family: Verdana, Geneva, 'sans-serif'; font-size: 9pt; font-weight: normal; font-style: normal;">44</font></div>
      <div style="page-break-after: always;" class="BRPFPageBreak">
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    <div style="text-align: left; font-family: Verdana,Geneva,sans-serif; font-size: 10pt; font-variant: small-caps; font-weight: bold;">The Descartes Systems Group Inc.</div>
    <font style="font-size: 10pt;"> </font>
    <div style="text-align: left; font-family: Verdana,Geneva,sans-serif; font-size: 10pt; font-variant: small-caps; font-weight: bold;">Condensed Consolidated Statements of Shareholders&#8217; Equity</div>
    <div style="text-align: left; font-family: Verdana, Geneva, sans-serif; font-size: 9pt; font-variant: small-caps;">(US dollars in thousands; US GAAP; Unaudited)</div>
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          <td style="border-bottom: 1px solid rgb(0, 0, 0); border-top: 1px solid rgb(0, 0, 0); vertical-align: bottom; font-size: 8pt;" colspan="1" class="cftguttercell">&#160;</td>
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          <td valign="bottom" style="vertical-align: bottom; font-size: 8pt;" colspan="1" class="cftguttercell">&#160;</td>
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          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; font-size: 8pt;" colspan="1" class="cftfncell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; font-size: 8pt;" colspan="1" class="cftguttercell">&#160;</td>
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          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; font-size: 8pt;" colspan="1" class="cftfncell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; font-size: 8pt;" colspan="1" class="cftguttercell">&#160;</td>
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          <td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: bottom; padding-top: 0px; padding-right: 0px; padding-left: 0px; font-size: 8pt;" colspan="1" class="cftguttercell">&#160;</td>
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            <div style="text-align: right; font-family: Verdana,Geneva,sans-serif; font-size: 8pt; font-weight: bold;"> 2025</div>
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          <td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; padding-top: 0px; padding-right: 0px; padding-left: 0px; text-align: left; font-size: 8pt;" colspan="1" class="cftfncell">&#160;</td>
          <td style="vertical-align: bottom; padding: 0px 0px 1px; font-size: 8pt;" colspan="1" class="cftguttercell">&#160;</td>
          <td style="vertical-align: top; border-bottom: 1px solid rgb(0, 0, 0);" colspan="2">
            <div style="text-align: right; font-family: Verdana,Geneva,sans-serif; font-size: 8pt; font-weight: bold;">2025</div>
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          <td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; padding-top: 0px; padding-right: 0px; padding-left: 0px; text-align: left; font-size: 8pt;" colspan="1" class="cftfncell">&#160;</td>
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            <div style="text-align: right; font-family: Verdana,Geneva,sans-serif; font-size: 8pt;">2024</div>
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          <td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; padding-top: 0px; padding-right: 0px; padding-left: 0px; text-align: left; font-size: 8pt;" colspan="1" class="cftfncell">&#160;</td>
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          <td valign="bottom" style="vertical-align: top; font-size: 8pt;">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; font-size: 8pt;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="vertical-align: top; font-size: 8pt;" colspan="2">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; font-size: 8pt;" colspan="1" class="cftfncell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; font-size: 8pt;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="vertical-align: top; font-size: 8pt;" colspan="2">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; font-size: 8pt;" colspan="1" class="cftfncell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; font-size: 8pt;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="vertical-align: top; font-size: 8pt;" colspan="2">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; font-size: 8pt;" colspan="1" class="cftfncell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; font-size: 8pt;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="vertical-align: top; font-size: 8pt;" colspan="2">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; font-size: 8pt;" colspan="1" class="cftfncell">&#160;</td>
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          <td valign="bottom" style="vertical-align: top;">
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          <td valign="bottom" style="vertical-align: bottom; font-size: 8pt;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="vertical-align: top; font-size: 8pt;" colspan="2">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; font-size: 8pt;" colspan="1" class="cftfncell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; font-size: 8pt;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="vertical-align: top; font-size: 8pt;" colspan="2">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; font-size: 8pt;" colspan="1" class="cftfncell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; font-size: 8pt;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="vertical-align: top; font-size: 8pt;" colspan="2">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; font-size: 8pt;" colspan="1" class="cftfncell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; font-size: 8pt;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="vertical-align: top; font-size: 8pt;" colspan="2">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; font-size: 8pt;" colspan="1" class="cftfncell">&#160;</td>
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          <td valign="bottom" style="vertical-align: top; width: 52%;">
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          <td valign="bottom" style="vertical-align: bottom; width: 1%; font-size: 8pt;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; font-size: 8pt;" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
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          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; font-size: 8pt;" colspan="1" class="cftfncell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; font-size: 8pt;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; font-size: 8pt;" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
            <div style="font-family: Verdana,Geneva,sans-serif; font-size: 8pt;">561,850</div>
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          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; font-size: 8pt;" colspan="1" class="cftfncell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; font-size: 8pt;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; font-size: 8pt;" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
            <div style="font-family: Verdana,Geneva,sans-serif; font-size: 8pt; font-weight: bold;">568,339</div>
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          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; font-size: 8pt;" colspan="1" class="cftfncell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; font-size: 8pt;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; font-size: 8pt;" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
            <div style="font-family: Verdana,Geneva,sans-serif; font-size: 8pt;">551,164</div>
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          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; font-size: 8pt;" colspan="1" class="cftfncell">&#160;</td>
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        <tr>
          <td style="vertical-align: top; width: 52%; padding-bottom: 1px;">
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          </td>
          <td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: bottom; width: 1%; font-size: 8pt;" colspan="1" class="cftguttercell">&#160;</td>
          <td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: bottom; width: 1%; text-align: left; font-size: 8pt;" colspan="1" class="cftcurrcell">&#160;</td>
          <td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: bottom; width: 9%; text-align: right;" colspan="1" class="cftnumcell">
            <div style="font-family: Verdana,Geneva,sans-serif; font-size: 8pt; font-weight: bold;">3,793</div>
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          <td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; width: 1%; text-align: left; font-size: 8pt;" colspan="1" class="cftfncell">&#160;</td>
          <td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: bottom; width: 1%; font-size: 8pt;" colspan="1" class="cftguttercell">&#160;</td>
          <td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: bottom; width: 1%; text-align: left; font-size: 8pt;" colspan="1" class="cftcurrcell">&#160;</td>
          <td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: bottom; width: 9%; text-align: right;" colspan="1" class="cftnumcell">
            <div style="font-family: Verdana,Geneva,sans-serif; font-size: 8pt;">2,943</div>
          </td>
          <td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; width: 1%; text-align: left; font-size: 8pt;" colspan="1" class="cftfncell">&#160;</td>
          <td style="vertical-align: bottom; width: 1%; padding-bottom: 1px; font-size: 8pt;" colspan="1" class="cftguttercell">&#160;</td>
          <td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: bottom; width: 1%; text-align: left; font-size: 8pt;" colspan="1" class="cftcurrcell">&#160;</td>
          <td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: bottom; width: 9%; text-align: right;" colspan="1" class="cftnumcell">
            <div style="font-family: Verdana,Geneva,sans-serif; font-size: 8pt; font-weight: bold;">18,812</div>
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          <td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; width: 1%; text-align: left; font-size: 8pt;" colspan="1" class="cftfncell">&#160;</td>
          <td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: bottom; width: 1%; font-size: 8pt;" colspan="1" class="cftguttercell">&#160;</td>
          <td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: bottom; width: 1%; text-align: left; font-size: 8pt;" colspan="1" class="cftcurrcell">&#160;</td>
          <td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: bottom; width: 9%; text-align: right;" colspan="1" class="cftnumcell">
            <div style="font-family: Verdana,Geneva,sans-serif; font-size: 8pt;">13,629</div>
          </td>
          <td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; width: 1%; text-align: left; font-size: 8pt;" colspan="1" class="cftfncell">&#160;</td>
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        <tr>
          <td style="vertical-align: top; width: 52%; padding: 0px 0px 1px;">
            <div style="text-align: left; font-family: Verdana,Geneva,sans-serif; font-size: 8pt;">Balance, end of period</div>
          </td>
          <td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: bottom; width: 1%; padding-top: 0px; padding-right: 0px; padding-left: 0px; font-size: 8pt;" colspan="1" class="cftguttercell">&#160;</td>
          <td style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 1px solid rgb(0, 0, 0); font-size: 8pt;" colspan="1" class="cftcurrcell">&#160;</td>
          <td style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 1px solid rgb(0, 0, 0);" colspan="1" class="cftnumcell">
            <div style="font-family: Verdana,Geneva,sans-serif; font-size: 8pt; font-weight: bold;">587,151</div>
          </td>
          <td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; width: 1%; padding-top: 0px; padding-right: 0px; padding-left: 0px; text-align: left; font-size: 8pt;" colspan="1" class="cftfncell">&#160;</td>
          <td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: bottom; width: 1%; padding-top: 0px; padding-right: 0px; padding-left: 0px; font-size: 8pt;" colspan="1" class="cftguttercell">&#160;</td>
          <td style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 1px solid rgb(0, 0, 0); font-size: 8pt;" colspan="1" class="cftcurrcell">&#160;</td>
          <td style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 1px solid rgb(0, 0, 0);" colspan="1" class="cftnumcell">
            <div style="font-family: Verdana,Geneva,sans-serif; font-size: 8pt;">564,793</div>
          </td>
          <td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; width: 1%; padding-top: 0px; padding-right: 0px; padding-left: 0px; text-align: left; font-size: 8pt;" colspan="1" class="cftfncell">&#160;</td>
          <td style="vertical-align: bottom; width: 1%; padding: 0px 0px 1px; font-size: 8pt;" colspan="1" class="cftguttercell">&#160;</td>
          <td style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 1px solid rgb(0, 0, 0); font-size: 8pt;" colspan="1" class="cftcurrcell">&#160;</td>
          <td style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 1px solid rgb(0, 0, 0);" colspan="1" class="cftnumcell">
            <div style="font-family: Verdana,Geneva,sans-serif; font-size: 8pt; font-weight: bold;">587,151</div>
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          <td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; width: 1%; padding-top: 0px; padding-right: 0px; padding-left: 0px; text-align: left; font-size: 8pt;" colspan="1" class="cftfncell">&#160;</td>
          <td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: bottom; width: 1%; padding-top: 0px; padding-right: 0px; padding-left: 0px; font-size: 8pt;" colspan="1" class="cftguttercell">&#160;</td>
          <td style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 1px solid rgb(0, 0, 0); font-size: 8pt;" colspan="1" class="cftcurrcell">&#160;</td>
          <td style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 1px solid rgb(0, 0, 0);" colspan="1" class="cftnumcell">
            <div style="font-family: Verdana,Geneva,sans-serif; font-size: 8pt;">564,793</div>
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          <td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; width: 1%; padding-top: 0px; padding-right: 0px; padding-left: 0px; text-align: left; font-size: 8pt;" colspan="1" class="cftfncell">&#160;</td>
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        <tr>
          <td valign="bottom" style="vertical-align: top; width: 52%; font-size: 8pt;">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; font-size: 8pt;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; font-size: 8pt;" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; font-size: 8pt;" colspan="1" class="cftnumcell">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; font-size: 8pt;" colspan="1" class="cftfncell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; font-size: 8pt;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; font-size: 8pt;" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; font-size: 8pt;" colspan="1" class="cftnumcell">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; font-size: 8pt;" colspan="1" class="cftfncell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; font-size: 8pt;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; font-size: 8pt;" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; font-size: 8pt;" colspan="1" class="cftnumcell">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; font-size: 8pt;" colspan="1" class="cftfncell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; font-size: 8pt;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; font-size: 8pt;" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; font-size: 8pt;" colspan="1" class="cftnumcell">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; font-size: 8pt;" colspan="1" class="cftfncell">&#160;</td>
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        <tr>
          <td valign="bottom" style="vertical-align: top; width: 52%;">
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          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; font-size: 8pt;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; font-size: 8pt;" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; font-size: 8pt;" colspan="1" class="cftnumcell">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; font-size: 8pt;" colspan="1" class="cftfncell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; font-size: 8pt;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; font-size: 8pt;" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; font-size: 8pt;" colspan="1" class="cftnumcell">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; font-size: 8pt;" colspan="1" class="cftfncell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; font-size: 8pt;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; font-size: 8pt;" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; font-size: 8pt;" colspan="1" class="cftnumcell">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; font-size: 8pt;" colspan="1" class="cftfncell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; font-size: 8pt;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; font-size: 8pt;" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; font-size: 8pt;" colspan="1" class="cftnumcell">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; font-size: 8pt;" colspan="1" class="cftfncell">&#160;</td>
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        <tr>
          <td valign="bottom" style="vertical-align: top; width: 52%;">
            <div style="text-align: left; font-family: Verdana,Geneva,sans-serif; font-size: 8pt;">Balance, beginning of period</div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; font-size: 8pt;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; font-size: 8pt;" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
            <div style="font-family: Verdana,Geneva,sans-serif; font-size: 8pt; font-weight: bold;">498,811</div>
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          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; font-size: 8pt;" colspan="1" class="cftfncell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; font-size: 8pt;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; font-size: 8pt;" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
            <div style="font-family: Verdana,Geneva,sans-serif; font-size: 8pt;">494,060</div>
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          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; font-size: 8pt;" colspan="1" class="cftfncell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; font-size: 8pt;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; font-size: 8pt;" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
            <div style="font-family: Verdana,Geneva,sans-serif; font-size: 8pt; font-weight: bold;">503,133</div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; font-size: 8pt;" colspan="1" class="cftfncell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; font-size: 8pt;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; font-size: 8pt;" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
            <div style="font-family: Verdana,Geneva,sans-serif; font-size: 8pt;">494,701</div>
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          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; font-size: 8pt;" colspan="1" class="cftfncell">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: top; width: 52%;">
            <div style="text-align: left; margin-left: 13.5pt; font-family: Verdana,Geneva,sans-serif; font-size: 8pt;">Stock-based compensation expense (Note 17)</div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; font-size: 8pt;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; font-size: 8pt;" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
            <div style="font-family: Verdana,Geneva,sans-serif; font-size: 8pt; font-weight: bold;">5,941</div>
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          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; font-size: 8pt;" colspan="1" class="cftfncell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; font-size: 8pt;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; font-size: 8pt;" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
            <div style="font-family: Verdana,Geneva,sans-serif; font-size: 8pt;">5,298</div>
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          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; font-size: 8pt;" colspan="1" class="cftfncell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; font-size: 8pt;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; font-size: 8pt;" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
            <div style="font-family: Verdana,Geneva,sans-serif; font-size: 8pt; font-weight: bold;">14,760</div>
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          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; font-size: 8pt;" colspan="1" class="cftfncell">&#160;</td>
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          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
            <div style="font-family: Verdana,Geneva,sans-serif; font-size: 8pt;">14,575</div>
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          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; font-size: 8pt;" colspan="1" class="cftfncell">&#160;</td>
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          <td style="vertical-align: top; width: 52%; padding-bottom: 1px;">
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          <td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: bottom; width: 1%; font-size: 8pt;" colspan="1" class="cftguttercell">&#160;</td>
          <td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: bottom; width: 1%; text-align: left; font-size: 8pt;" colspan="1" class="cftcurrcell">&#160;</td>
          <td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: bottom; width: 9%; text-align: right;" colspan="1" class="cftnumcell">
            <div style="font-family: Verdana,Geneva,sans-serif; font-size: 8pt; font-weight: bold;">(836</div>
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          <td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; width: 1%; text-align: left;" colspan="1" class="cftfncell">
            <div style="font-family: Verdana,Geneva,sans-serif; font-size: 8pt; font-weight: bold;">)</div>
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          <td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: bottom; width: 1%; font-size: 8pt;" colspan="1" class="cftguttercell">&#160;</td>
          <td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: bottom; width: 1%; text-align: left; font-size: 8pt;" colspan="1" class="cftcurrcell">&#160;</td>
          <td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: bottom; width: 9%; text-align: right;" colspan="1" class="cftnumcell">
            <div style="font-family: Verdana,Geneva,sans-serif; font-size: 8pt;">(571</div>
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          <td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; width: 1%; text-align: left;" colspan="1" class="cftfncell">
            <div style="font-family: Verdana,Geneva,sans-serif; font-size: 8pt;">)</div>
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          <td style="vertical-align: bottom; width: 1%; padding-bottom: 1px; font-size: 8pt;" colspan="1" class="cftguttercell">&#160;</td>
          <td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: bottom; width: 1%; text-align: left; font-size: 8pt;" colspan="1" class="cftcurrcell">&#160;</td>
          <td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: bottom; width: 9%; text-align: right;" colspan="1" class="cftnumcell">
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          <td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; width: 1%; text-align: left;" colspan="1" class="cftfncell">
            <div style="font-family: Verdana,Geneva,sans-serif; font-size: 8pt; font-weight: bold;">)</div>
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          <td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: bottom; width: 1%; font-size: 8pt;" colspan="1" class="cftguttercell">&#160;</td>
          <td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: bottom; width: 1%; text-align: left; font-size: 8pt;" colspan="1" class="cftcurrcell">&#160;</td>
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          <td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; width: 1%; text-align: left;" colspan="1" class="cftfncell">
            <div style="font-family: Verdana,Geneva,sans-serif; font-size: 8pt;">)</div>
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        </tr>
        <tr>
          <td style="vertical-align: top; width: 52%; padding: 0px 0px 1px;">
            <div style="text-align: left; font-family: Verdana,Geneva,sans-serif; font-size: 8pt;">Balance, end of period</div>
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          <td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: bottom; width: 1%; padding-top: 0px; padding-right: 0px; padding-left: 0px; font-size: 8pt;" colspan="1" class="cftguttercell">&#160;</td>
          <td style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 1px solid rgb(0, 0, 0); font-size: 8pt;" colspan="1" class="cftcurrcell">&#160;</td>
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            <div style="font-family: Verdana,Geneva,sans-serif; font-size: 8pt; font-weight: bold;">503,916</div>
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          <td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; width: 1%; padding-top: 0px; padding-right: 0px; padding-left: 0px; text-align: left; font-size: 8pt;" colspan="1" class="cftfncell">&#160;</td>
          <td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: bottom; width: 1%; padding-top: 0px; padding-right: 0px; padding-left: 0px; font-size: 8pt;" colspan="1" class="cftguttercell">&#160;</td>
          <td style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 1px solid rgb(0, 0, 0); font-size: 8pt;" colspan="1" class="cftcurrcell">&#160;</td>
          <td style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 1px solid rgb(0, 0, 0);" colspan="1" class="cftnumcell">
            <div style="font-family: Verdana,Geneva,sans-serif; font-size: 8pt;">498,787</div>
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          <td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; width: 1%; padding-top: 0px; padding-right: 0px; padding-left: 0px; text-align: left; font-size: 8pt;" colspan="1" class="cftfncell">&#160;</td>
          <td style="vertical-align: bottom; width: 1%; padding: 0px 0px 1px; font-size: 8pt;" colspan="1" class="cftguttercell">&#160;</td>
          <td style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 1px solid rgb(0, 0, 0); font-size: 8pt;" colspan="1" class="cftcurrcell">&#160;</td>
          <td style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 1px solid rgb(0, 0, 0);" colspan="1" class="cftnumcell">
            <div style="font-family: Verdana,Geneva,sans-serif; font-size: 8pt; font-weight: bold;">503,916</div>
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          <td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; width: 1%; padding-top: 0px; padding-right: 0px; padding-left: 0px; text-align: left; font-size: 8pt;" colspan="1" class="cftfncell">&#160;</td>
          <td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: bottom; width: 1%; padding-top: 0px; padding-right: 0px; padding-left: 0px; font-size: 8pt;" colspan="1" class="cftguttercell">&#160;</td>
          <td style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 1px solid rgb(0, 0, 0); font-size: 8pt;" colspan="1" class="cftcurrcell">&#160;</td>
          <td style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 1px solid rgb(0, 0, 0);" colspan="1" class="cftnumcell">
            <div style="font-family: Verdana,Geneva,sans-serif; font-size: 8pt;">498,787</div>
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          <td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; width: 1%; padding-top: 0px; padding-right: 0px; padding-left: 0px; text-align: left; font-size: 8pt;" colspan="1" class="cftfncell">&#160;</td>
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        <tr>
          <td valign="bottom" style="vertical-align: top; width: 52%; font-size: 8pt;">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; font-size: 8pt;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; font-size: 8pt;" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; font-size: 8pt;" colspan="1" class="cftnumcell">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; font-size: 8pt;" colspan="1" class="cftfncell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; font-size: 8pt;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; font-size: 8pt;" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; font-size: 8pt;" colspan="1" class="cftnumcell">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; font-size: 8pt;" colspan="1" class="cftfncell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; font-size: 8pt;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; font-size: 8pt;" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; font-size: 8pt;" colspan="1" class="cftnumcell">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; font-size: 8pt;" colspan="1" class="cftfncell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; font-size: 8pt;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; font-size: 8pt;" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; font-size: 8pt;" colspan="1" class="cftnumcell">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; font-size: 8pt;" colspan="1" class="cftfncell">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: top; width: 52%;">
            <div style="text-align: left; font-family: Verdana,Geneva,sans-serif; font-size: 8pt; font-weight: bold;">Accumulated other comprehensive income (loss)</div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; font-size: 8pt;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; font-size: 8pt;" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; font-size: 8pt;" colspan="1" class="cftnumcell">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; font-size: 8pt;" colspan="1" class="cftfncell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; font-size: 8pt;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; font-size: 8pt;" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; font-size: 8pt;" colspan="1" class="cftnumcell">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; font-size: 8pt;" colspan="1" class="cftfncell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; font-size: 8pt;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; font-size: 8pt;" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; font-size: 8pt;" colspan="1" class="cftnumcell">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; font-size: 8pt;" colspan="1" class="cftfncell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; font-size: 8pt;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; font-size: 8pt;" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; font-size: 8pt;" colspan="1" class="cftnumcell">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; font-size: 8pt;" colspan="1" class="cftfncell">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: top; width: 52%;">
            <div style="text-align: left; font-family: Verdana,Geneva,sans-serif; font-size: 8pt;">Balance, beginning of period</div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; font-size: 8pt;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; font-size: 8pt;" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
            <div style="font-family: Verdana,Geneva,sans-serif; font-size: 8pt; font-weight: bold;">(20,575</div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">
            <div style="font-family: Verdana,Geneva,sans-serif; font-size: 8pt; font-weight: bold;">)</div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; font-size: 8pt;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; font-size: 8pt;" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
            <div style="font-family: Verdana,Geneva,sans-serif; font-size: 8pt;">(34,249</div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">
            <div style="font-family: Verdana,Geneva,sans-serif; font-size: 8pt;">)</div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; font-size: 8pt;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; font-size: 8pt;" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
            <div style="font-family: Verdana,Geneva,sans-serif; font-size: 8pt; font-weight: bold;">(50,497</div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">
            <div style="font-family: Verdana,Geneva,sans-serif; font-size: 8pt; font-weight: bold;">)</div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; font-size: 8pt;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; font-size: 8pt;" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
            <div style="font-family: Verdana,Geneva,sans-serif; font-size: 8pt;">(28,586</div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">
            <div style="font-family: Verdana,Geneva,sans-serif; font-size: 8pt;">)</div>
          </td>
        </tr>
        <tr>
          <td style="vertical-align: top; width: 52%; padding: 0px 0px 1px;">
            <div style="text-align: left; margin-left: 13.5pt; font-family: Verdana,Geneva,sans-serif; font-size: 8pt;">Other comprehensive income (loss), net of income taxes</div>
          </td>
          <td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: bottom; width: 1%; padding-top: 0px; padding-right: 0px; padding-left: 0px; font-size: 8pt;" colspan="1" class="cftguttercell">&#160;</td>
          <td style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 1px solid rgb(0, 0, 0); font-size: 8pt;" colspan="1" class="cftcurrcell">&#160;</td>
          <td style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 1px solid rgb(0, 0, 0);" colspan="1" class="cftnumcell">
            <div style="font-family: Verdana,Geneva,sans-serif; font-size: 8pt; font-weight: bold;">(1,001</div>
          </td>
          <td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; width: 1%; padding-top: 0px; padding-right: 0px; padding-left: 0px; text-align: left;" colspan="1" class="cftfncell">
            <div style="font-family: Verdana,Geneva,sans-serif; font-size: 8pt; font-weight: bold;">)</div>
          </td>
          <td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: bottom; width: 1%; padding-top: 0px; padding-right: 0px; padding-left: 0px; font-size: 8pt;" colspan="1" class="cftguttercell">&#160;</td>
          <td style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 1px solid rgb(0, 0, 0); font-size: 8pt;" colspan="1" class="cftcurrcell">&#160;</td>
          <td style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 1px solid rgb(0, 0, 0);" colspan="1" class="cftnumcell">
            <div style="font-family: Verdana,Geneva,sans-serif; font-size: 8pt;">271</div>
          </td>
          <td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; width: 1%; padding-top: 0px; padding-right: 0px; padding-left: 0px; text-align: left; font-size: 8pt;" colspan="1" class="cftfncell">&#160;</td>
          <td style="vertical-align: bottom; width: 1%; padding: 0px 0px 1px; font-size: 8pt;" colspan="1" class="cftguttercell">&#160;</td>
          <td style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 1px solid rgb(0, 0, 0); font-size: 8pt;" colspan="1" class="cftcurrcell">&#160;</td>
          <td style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 1px solid rgb(0, 0, 0);" colspan="1" class="cftnumcell">
            <div style="font-family: Verdana,Geneva,sans-serif; font-size: 8pt; font-weight: bold;">28,921</div>
          </td>
          <td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; width: 1%; padding-top: 0px; padding-right: 0px; padding-left: 0px; text-align: left; font-size: 8pt;" colspan="1" class="cftfncell">&#160;</td>
          <td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: bottom; width: 1%; padding-top: 0px; padding-right: 0px; padding-left: 0px; font-size: 8pt;" colspan="1" class="cftguttercell">&#160;</td>
          <td style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 1px solid rgb(0, 0, 0); font-size: 8pt;" colspan="1" class="cftcurrcell">&#160;</td>
          <td style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 1px solid rgb(0, 0, 0);" colspan="1" class="cftnumcell">
            <div style="font-family: Verdana,Geneva,sans-serif; font-size: 8pt;">(5,392</div>
          </td>
          <td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; width: 1%; padding-top: 0px; padding-right: 0px; padding-left: 0px; text-align: left;" colspan="1" class="cftfncell">
            <div style="font-family: Verdana,Geneva,sans-serif; font-size: 8pt;">)</div>
          </td>
        </tr>
        <tr>
          <td style="vertical-align: top; width: 52%; padding: 0px 0px 1px;">
            <div style="text-align: left; font-family: Verdana,Geneva,sans-serif; font-size: 8pt;">Balance, end of period</div>
          </td>
          <td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: bottom; width: 1%; padding-top: 0px; padding-right: 0px; padding-left: 0px; font-size: 8pt;" colspan="1" class="cftguttercell">&#160;</td>
          <td style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 1px solid rgb(0, 0, 0); font-size: 8pt;" colspan="1" class="cftcurrcell">&#160;</td>
          <td style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 1px solid rgb(0, 0, 0);" colspan="1" class="cftnumcell">
            <div style="font-family: Verdana,Geneva,sans-serif; font-size: 8pt; font-weight: bold;">(21,576</div>
          </td>
          <td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; width: 1%; padding-top: 0px; padding-right: 0px; padding-left: 0px; text-align: left;" colspan="1" class="cftfncell">
            <div style="font-family: Verdana,Geneva,sans-serif; font-size: 8pt; font-weight: bold;">)</div>
          </td>
          <td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: bottom; width: 1%; padding-top: 0px; padding-right: 0px; padding-left: 0px; font-size: 8pt;" colspan="1" class="cftguttercell">&#160;</td>
          <td style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 1px solid rgb(0, 0, 0); font-size: 8pt;" colspan="1" class="cftcurrcell">&#160;</td>
          <td style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 1px solid rgb(0, 0, 0);" colspan="1" class="cftnumcell">
            <div style="font-family: Verdana,Geneva,sans-serif; font-size: 8pt;">(33,978</div>
          </td>
          <td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; width: 1%; padding-top: 0px; padding-right: 0px; padding-left: 0px; text-align: left;" colspan="1" class="cftfncell">
            <div style="font-family: Verdana,Geneva,sans-serif; font-size: 8pt;">)</div>
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          <td style="vertical-align: bottom; width: 1%; padding: 0px 0px 1px; font-size: 8pt;" colspan="1" class="cftguttercell">&#160;</td>
          <td style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 1px solid rgb(0, 0, 0); font-size: 8pt;" colspan="1" class="cftcurrcell">&#160;</td>
          <td style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 1px solid rgb(0, 0, 0);" colspan="1" class="cftnumcell">
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          <td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; width: 1%; padding-top: 0px; padding-right: 0px; padding-left: 0px; text-align: left;" colspan="1" class="cftfncell">
            <div style="font-family: Verdana,Geneva,sans-serif; font-size: 8pt; font-weight: bold;">)</div>
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          <td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; width: 1%; padding-top: 0px; padding-right: 0px; padding-left: 0px; text-align: left;" colspan="1" class="cftfncell">
            <div style="font-family: Verdana,Geneva,sans-serif; font-size: 8pt;">)</div>
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          <td valign="bottom" style="vertical-align: top; width: 52%; font-size: 8pt;">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; font-size: 8pt;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; font-size: 8pt;" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; font-size: 8pt;" colspan="1" class="cftnumcell">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; font-size: 8pt;" colspan="1" class="cftfncell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; font-size: 8pt;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; font-size: 8pt;" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; font-size: 8pt;" colspan="1" class="cftnumcell">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; font-size: 8pt;" colspan="1" class="cftfncell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; font-size: 8pt;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; font-size: 8pt;" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; font-size: 8pt;" colspan="1" class="cftnumcell">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; font-size: 8pt;" colspan="1" class="cftfncell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; font-size: 8pt;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; font-size: 8pt;" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; font-size: 8pt;" colspan="1" class="cftnumcell">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; font-size: 8pt;" colspan="1" class="cftfncell">&#160;</td>
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          <td valign="bottom" style="vertical-align: top; width: 52%;">
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          <td valign="bottom" style="vertical-align: bottom; width: 1%; font-size: 8pt;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; font-size: 8pt;" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; font-size: 8pt;" colspan="1" class="cftnumcell">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; font-size: 8pt;" colspan="1" class="cftfncell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; font-size: 8pt;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; font-size: 8pt;" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; font-size: 8pt;" colspan="1" class="cftnumcell">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; font-size: 8pt;" colspan="1" class="cftfncell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; font-size: 8pt;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; font-size: 8pt;" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; font-size: 8pt;" colspan="1" class="cftnumcell">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; font-size: 8pt;" colspan="1" class="cftfncell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; font-size: 8pt;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; font-size: 8pt;" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; font-size: 8pt;" colspan="1" class="cftnumcell">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; font-size: 8pt;" colspan="1" class="cftfncell">&#160;</td>
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        <tr>
          <td valign="bottom" style="vertical-align: top; width: 52%;">
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          <td valign="bottom" style="vertical-align: bottom; width: 1%; font-size: 8pt;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; font-size: 8pt;" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
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          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; font-size: 8pt;" colspan="1" class="cftfncell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; font-size: 8pt;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; font-size: 8pt;" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
            <div style="font-family: Verdana,Geneva,sans-serif; font-size: 8pt;">290,103</div>
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          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; font-size: 8pt;" colspan="1" class="cftfncell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; font-size: 8pt;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; font-size: 8pt;" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
            <div style="font-family: Verdana,Geneva,sans-serif; font-size: 8pt; font-weight: bold;">364,028</div>
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          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; font-size: 8pt;" colspan="1" class="cftfncell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; font-size: 8pt;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; font-size: 8pt;" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
            <div style="font-family: Verdana,Geneva,sans-serif; font-size: 8pt;">220,755</div>
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          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; font-size: 8pt;" colspan="1" class="cftfncell">&#160;</td>
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        <tr>
          <td style="vertical-align: top; width: 52%;">
            <div style="text-align: left; margin-left: 13.7pt; font-family: Verdana,Geneva,sans-serif; font-size: 8pt;">Net income</div>
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          <td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: bottom; width: 1%; font-size: 8pt;" colspan="1" class="cftguttercell">&#160;</td>
          <td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: bottom; width: 1%; text-align: left; font-size: 8pt;" colspan="1" class="cftcurrcell">&#160;</td>
          <td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: bottom; width: 9%; text-align: right;" colspan="1" class="cftnumcell">
            <div style="font-family: Verdana,Geneva,sans-serif; font-size: 8pt; font-weight: bold;">43,899</div>
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          <td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; width: 1%; text-align: left; font-size: 8pt;" colspan="1" class="cftfncell">&#160;</td>
          <td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: bottom; width: 1%; font-size: 8pt;" colspan="1" class="cftguttercell">&#160;</td>
          <td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: bottom; width: 1%; text-align: left; font-size: 8pt;" colspan="1" class="cftcurrcell">&#160;</td>
          <td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: bottom; width: 9%; text-align: right;" colspan="1" class="cftnumcell">
            <div style="font-family: Verdana,Geneva,sans-serif; font-size: 8pt;">36,558</div>
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          <td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; width: 1%; text-align: left; font-size: 8pt;" colspan="1" class="cftfncell">&#160;</td>
          <td style="vertical-align: bottom; width: 1%; padding-bottom: 1px; font-size: 8pt;" colspan="1" class="cftguttercell">&#160;</td>
          <td style="vertical-align: bottom; width: 1%; text-align: left; border-bottom: 1px solid rgb(0, 0, 0); font-size: 8pt;" colspan="1" class="cftcurrcell">&#160;</td>
          <td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: bottom; width: 9%; text-align: right;" colspan="1" class="cftnumcell">
            <div style="font-family: Verdana,Geneva,sans-serif; font-size: 8pt; font-weight: bold;">118,163</div>
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          <td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; width: 1%; text-align: left; font-size: 8pt;" colspan="1" class="cftfncell">&#160;</td>
          <td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: bottom; width: 1%; font-size: 8pt;" colspan="1" class="cftguttercell">&#160;</td>
          <td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: bottom; width: 1%; text-align: left; font-size: 8pt;" colspan="1" class="cftcurrcell">&#160;</td>
          <td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: bottom; width: 9%; text-align: right;" colspan="1" class="cftnumcell">
            <div style="font-family: Verdana,Geneva,sans-serif; font-size: 8pt;">105,906</div>
          </td>
          <td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; width: 1%; text-align: left; font-size: 8pt;" colspan="1" class="cftfncell">&#160;</td>
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        <tr>
          <td style="vertical-align: top; width: 52%; padding: 0px 0px 1px;">
            <div style="text-align: left; font-family: Verdana,Geneva,sans-serif; font-size: 8pt;">Balance, end of period</div>
          </td>
          <td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: bottom; width: 1%; padding-top: 0px; padding-right: 0px; padding-left: 0px; font-size: 8pt;" colspan="1" class="cftguttercell">&#160;</td>
          <td style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 1px solid rgb(0, 0, 0); font-size: 8pt;" colspan="1" class="cftcurrcell">&#160;</td>
          <td style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 1px solid rgb(0, 0, 0);" colspan="1" class="cftnumcell">
            <div style="font-family: Verdana,Geneva,sans-serif; font-size: 8pt; font-weight: bold;">482,191</div>
          </td>
          <td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; width: 1%; padding-top: 0px; padding-right: 0px; padding-left: 0px; text-align: left; font-size: 8pt;" colspan="1" class="cftfncell">&#160;</td>
          <td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: bottom; width: 1%; padding-top: 0px; padding-right: 0px; padding-left: 0px; font-size: 8pt;" colspan="1" class="cftguttercell">&#160;</td>
          <td style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 1px solid rgb(0, 0, 0); font-size: 8pt;" colspan="1" class="cftcurrcell">&#160;</td>
          <td style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 1px solid rgb(0, 0, 0);" colspan="1" class="cftnumcell">
            <div style="font-family: Verdana,Geneva,sans-serif; font-size: 8pt;">326,661</div>
          </td>
          <td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; width: 1%; padding-top: 0px; padding-right: 0px; padding-left: 0px; text-align: left; font-size: 8pt;" colspan="1" class="cftfncell">&#160;</td>
          <td style="vertical-align: bottom; width: 1%; padding: 0px 0px 1px; font-size: 8pt;" colspan="1" class="cftguttercell">&#160;</td>
          <td style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 1px solid rgb(0, 0, 0); font-size: 8pt;" colspan="1" class="cftcurrcell">&#160;</td>
          <td style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 1px solid rgb(0, 0, 0);" colspan="1" class="cftnumcell">
            <div style="font-family: Verdana,Geneva,sans-serif; font-size: 8pt; font-weight: bold;">482,191</div>
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          <td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; width: 1%; padding-top: 0px; padding-right: 0px; padding-left: 0px; text-align: left; font-size: 8pt;" colspan="1" class="cftfncell">&#160;</td>
          <td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: bottom; width: 1%; padding-top: 0px; padding-right: 0px; padding-left: 0px; font-size: 8pt;" colspan="1" class="cftguttercell">&#160;</td>
          <td style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 1px solid rgb(0, 0, 0); font-size: 8pt;" colspan="1" class="cftcurrcell">&#160;</td>
          <td style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 1px solid rgb(0, 0, 0);" colspan="1" class="cftnumcell">
            <div style="font-family: Verdana,Geneva,sans-serif; font-size: 8pt;">326,661</div>
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          <td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; width: 1%; padding-top: 0px; padding-right: 0px; padding-left: 0px; text-align: left; font-size: 8pt;" colspan="1" class="cftfncell">&#160;</td>
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        <tr>
          <td valign="bottom" style="vertical-align: top; width: 52%; font-size: 8pt;">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; font-size: 8pt;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; font-size: 8pt;" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; font-size: 8pt;" colspan="1" class="cftnumcell">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; font-size: 8pt;" colspan="1" class="cftfncell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; font-size: 8pt;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; font-size: 8pt;" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; font-size: 8pt;" colspan="1" class="cftnumcell">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; font-size: 8pt;" colspan="1" class="cftfncell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; font-size: 8pt;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; font-size: 8pt;" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; font-size: 8pt;" colspan="1" class="cftnumcell">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; font-size: 8pt;" colspan="1" class="cftfncell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; font-size: 8pt;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; font-size: 8pt;" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; font-size: 8pt;" colspan="1" class="cftnumcell">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; font-size: 8pt;" colspan="1" class="cftfncell">&#160;</td>
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        <tr>
          <td style="vertical-align: top; width: 52%; padding: 0px 0px 2px;">
            <div style="text-align: left; font-family: Verdana,Geneva,sans-serif; font-size: 8pt; font-weight: bold;">Total Shareholders&#8217; Equity</div>
          </td>
          <td style="border-bottom: 2px solid rgb(0, 0, 0); vertical-align: bottom; width: 1%; padding-top: 0px; padding-right: 0px; padding-left: 0px; font-size: 8pt;" colspan="1" class="cftguttercell">&#160;</td>
          <td style="border-bottom: 2px solid rgb(0, 0, 0); vertical-align: bottom; width: 1%; text-align: left; font-size: 8pt;" colspan="1" class="cftcurrcell">&#160;</td>
          <td style="border-bottom: 2px solid rgb(0, 0, 0); vertical-align: bottom; width: 9%; text-align: right;" colspan="1" class="cftnumcell">
            <div style="font-family: Verdana,Geneva,sans-serif; font-size: 8pt; font-weight: bold;">1,551,682</div>
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          <td style="border-bottom: 2px solid rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; width: 1%; padding-top: 0px; padding-right: 0px; padding-left: 0px; text-align: left; font-size: 8pt;" colspan="1" class="cftfncell">&#160;</td>
          <td style="border-bottom: 2px solid rgb(0, 0, 0); vertical-align: bottom; width: 1%; padding-top: 0px; padding-right: 0px; padding-left: 0px; font-size: 8pt;" colspan="1" class="cftguttercell">&#160;</td>
          <td style="border-bottom: 2px solid rgb(0, 0, 0); vertical-align: bottom; width: 1%; text-align: left; font-size: 8pt;" colspan="1" class="cftcurrcell">&#160;</td>
          <td style="border-bottom: 2px solid rgb(0, 0, 0); vertical-align: bottom; width: 9%; text-align: right;" colspan="1" class="cftnumcell">
            <div style="font-family: Verdana,Geneva,sans-serif; font-size: 8pt;">1,356,263</div>
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          <td style="border-bottom: 2px solid rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; width: 1%; padding-top: 0px; padding-right: 0px; padding-left: 0px; text-align: left; font-size: 8pt;" colspan="1" class="cftfncell">&#160;</td>
          <td style="vertical-align: bottom; width: 1%; padding: 0px 0px 2px; font-size: 8pt;" colspan="1" class="cftguttercell">&#160;</td>
          <td style="border-bottom: 2px solid rgb(0, 0, 0); vertical-align: bottom; width: 1%; text-align: left; font-size: 8pt;" colspan="1" class="cftcurrcell">&#160;</td>
          <td style="border-bottom: 2px solid rgb(0, 0, 0); vertical-align: bottom; width: 9%; text-align: right;" colspan="1" class="cftnumcell">
            <div style="font-family: Verdana,Geneva,sans-serif; font-size: 8pt; font-weight: bold;">1,551,682</div>
          </td>
          <td style="border-bottom: 2px solid rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; width: 1%; padding-top: 0px; padding-right: 0px; padding-left: 0px; text-align: left; font-size: 8pt;" colspan="1" class="cftfncell">&#160;</td>
          <td style="border-bottom: 2px solid rgb(0, 0, 0); vertical-align: bottom; width: 1%; padding-top: 0px; padding-right: 0px; padding-left: 0px; font-size: 8pt;" colspan="1" class="cftguttercell">&#160;</td>
          <td style="border-bottom: 2px solid rgb(0, 0, 0); vertical-align: bottom; width: 1%; text-align: left; font-size: 8pt;" colspan="1" class="cftcurrcell">&#160;</td>
          <td style="border-bottom: 2px solid rgb(0, 0, 0); vertical-align: bottom; width: 9%; text-align: right;" colspan="1" class="cftnumcell">
            <div style="font-family: Verdana,Geneva,sans-serif; font-size: 8pt;">1,356,263</div>
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    <div style="text-align: left; font-family: Verdana, Geneva, sans-serif; font-size: 7pt; font-style: italic;">The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.</div>
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    <div style="text-align: left; font-family: Verdana,Geneva,sans-serif; font-size: 10pt; font-variant: small-caps; font-weight: bold;">The Descartes Systems Group Inc.</div>
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    <div style="text-align: left; font-family: Verdana,Geneva,sans-serif; font-size: 10pt; font-variant: small-caps; font-weight: bold;">Condensed Consolidated Statements of Cash Flows</div>
    <div style="text-align: left; font-family: Verdana, Geneva, sans-serif; font-size: 9pt; font-variant: small-caps;">(US dollars in thousands; US GAAP; Unaudited)</div>
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          <td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: bottom; padding-top: 0px; padding-right: 0px; padding-left: 0px; font-size: 8pt;" colspan="1" class="cftguttercell">&#160;</td>
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            <div style="text-align: right; font-family: Verdana,Geneva,sans-serif; font-size: 8pt; font-weight: bold;"> 2025</div>
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            <div style="text-align: right; font-family: Verdana,Geneva,sans-serif; font-size: 8pt;">2024</div>
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          <td style="vertical-align: bottom; padding: 0px 0px 1px; font-size: 8pt;" colspan="1" class="cftguttercell">&#160;</td>
          <td style="vertical-align: top; border-bottom: 1px solid rgb(0, 0, 0);" colspan="2">
            <div style="text-align: right; font-family: Verdana,Geneva,sans-serif; font-size: 8pt; font-weight: bold;">2025</div>
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          <td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; padding-top: 0px; padding-right: 0px; padding-left: 0px; text-align: left; font-size: 8pt;" colspan="1" class="cftfncell">&#160;</td>
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          <td valign="bottom" style="vertical-align: bottom; font-size: 8pt;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="vertical-align: top; font-size: 8pt;" colspan="2">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; font-size: 8pt;" colspan="1" class="cftfncell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; font-size: 8pt;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="vertical-align: top; font-size: 8pt;" colspan="2">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; font-size: 8pt;" colspan="1" class="cftfncell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; font-size: 8pt;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="vertical-align: top; font-size: 8pt;" colspan="2">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; font-size: 8pt;" colspan="1" class="cftfncell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; font-size: 8pt;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="vertical-align: top; font-size: 8pt;" colspan="2">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; font-size: 8pt;" colspan="1" class="cftfncell">&#160;</td>
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          <td valign="bottom" style="vertical-align: bottom; width: 1%; font-size: 8pt;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; font-size: 8pt;" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
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          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; font-size: 8pt;" colspan="1" class="cftfncell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; font-size: 8pt;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; font-size: 8pt;" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
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          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; font-size: 8pt;" colspan="1" class="cftfncell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; font-size: 8pt;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; font-size: 8pt;" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
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          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; font-size: 8pt;" colspan="1" class="cftfncell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; font-size: 8pt;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; font-size: 8pt;" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
            <div style="font-family: Verdana,Geneva,sans-serif; font-size: 8pt;">105,906</div>
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          <td valign="bottom" style="vertical-align: bottom; width: 1%; font-size: 8pt;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; font-size: 8pt;" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; font-size: 8pt;" colspan="1" class="cftnumcell">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; font-size: 8pt;" colspan="1" class="cftfncell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; font-size: 8pt;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; font-size: 8pt;" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; font-size: 8pt;" colspan="1" class="cftnumcell">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; font-size: 8pt;" colspan="1" class="cftfncell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; font-size: 8pt;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; font-size: 8pt;" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; font-size: 8pt;" colspan="1" class="cftnumcell">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; font-size: 8pt;" colspan="1" class="cftfncell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; font-size: 8pt;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; font-size: 8pt;" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; font-size: 8pt;" colspan="1" class="cftnumcell">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; font-size: 8pt;" colspan="1" class="cftfncell">&#160;</td>
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          <td valign="bottom" style="vertical-align: top; width: 52%;">
            <div style="text-align: left; margin-left: 13.5pt; font-family: Verdana,Geneva,sans-serif; font-size: 8pt;">Depreciation</div>
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          <td valign="bottom" style="vertical-align: bottom; width: 1%; font-size: 8pt;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; font-size: 8pt;" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
            <div style="font-family: Verdana,Geneva,sans-serif; font-size: 8pt; font-weight: bold;">1,479</div>
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          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; font-size: 8pt;" colspan="1" class="cftfncell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; font-size: 8pt;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; font-size: 8pt;" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
            <div style="font-family: Verdana,Geneva,sans-serif; font-size: 8pt;">1,393</div>
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          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; font-size: 8pt;" colspan="1" class="cftfncell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; font-size: 8pt;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; font-size: 8pt;" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
            <div style="font-family: Verdana,Geneva,sans-serif; font-size: 8pt; font-weight: bold;">4,430</div>
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          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; font-size: 8pt;" colspan="1" class="cftfncell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; font-size: 8pt;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; font-size: 8pt;" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
            <div style="font-family: Verdana,Geneva,sans-serif; font-size: 8pt;">4,137</div>
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          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; font-size: 8pt;" colspan="1" class="cftfncell">&#160;</td>
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          <td valign="bottom" style="vertical-align: top; width: 52%;">
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          <td valign="bottom" style="vertical-align: bottom; width: 1%; font-size: 8pt;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; font-size: 8pt;" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
            <div style="font-family: Verdana,Geneva,sans-serif; font-size: 8pt; font-weight: bold;">20,693</div>
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          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; font-size: 8pt;" colspan="1" class="cftfncell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; font-size: 8pt;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; font-size: 8pt;" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
            <div style="font-family: Verdana,Geneva,sans-serif; font-size: 8pt;">17,519</div>
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          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; font-size: 8pt;" colspan="1" class="cftfncell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; font-size: 8pt;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; font-size: 8pt;" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
            <div style="font-family: Verdana,Geneva,sans-serif; font-size: 8pt; font-weight: bold;">60,311</div>
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          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; font-size: 8pt;" colspan="1" class="cftfncell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; font-size: 8pt;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; font-size: 8pt;" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
            <div style="font-family: Verdana,Geneva,sans-serif; font-size: 8pt;">49,962</div>
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          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; font-size: 8pt;" colspan="1" class="cftfncell">&#160;</td>
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          <td valign="bottom" style="vertical-align: top; width: 52%;">
            <div style="text-align: left; margin-left: 13.5pt; font-family: Verdana,Geneva,sans-serif; font-size: 8pt;">Stock-based compensation expense (Note 17)</div>
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          <td valign="bottom" style="vertical-align: bottom; width: 1%; font-size: 8pt;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; font-size: 8pt;" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
            <div style="font-family: Verdana,Geneva,sans-serif; font-size: 8pt; font-weight: bold;">5,941</div>
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          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; font-size: 8pt;" colspan="1" class="cftfncell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; font-size: 8pt;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; font-size: 8pt;" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
            <div style="font-family: Verdana,Geneva,sans-serif; font-size: 8pt;">5,298</div>
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          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; font-size: 8pt;" colspan="1" class="cftfncell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; font-size: 8pt;" colspan="1" class="cftguttercell">&#160;</td>
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          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; font-size: 8pt;" colspan="1" class="cftfncell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; font-size: 8pt;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; font-size: 8pt;" colspan="1" class="cftcurrcell">&#160;</td>
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          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; font-size: 8pt;" colspan="1" class="cftfncell">&#160;</td>
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        <tr>
          <td valign="bottom" style="vertical-align: top; width: 52%;">
            <div style="text-align: left; margin-left: 13.5pt; font-family: Verdana,Geneva,sans-serif; font-size: 8pt;">Other non-cash operating activities</div>
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          <td valign="bottom" style="vertical-align: bottom; width: 1%; font-size: 8pt;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; font-size: 8pt;" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
            <div style="font-family: Verdana,Geneva,sans-serif; font-size: 8pt; font-weight: bold;">5</div>
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          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; font-size: 8pt;" colspan="1" class="cftfncell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; font-size: 8pt;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; font-size: 8pt;" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
            <div style="font-family: Verdana,Geneva,sans-serif; font-size: 8pt;">(42</div>
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          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">
            <div style="font-family: Verdana,Geneva,sans-serif; font-size: 8pt;">)</div>
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          <td valign="bottom" style="vertical-align: bottom; width: 1%; font-size: 8pt;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; font-size: 8pt;" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
            <div style="font-family: Verdana,Geneva,sans-serif; font-size: 8pt; font-weight: bold;">133</div>
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          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; font-size: 8pt;" colspan="1" class="cftfncell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; font-size: 8pt;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; font-size: 8pt;" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
            <div style="font-family: Verdana,Geneva,sans-serif; font-size: 8pt;">(1</div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">
            <div style="font-family: Verdana,Geneva,sans-serif; font-size: 8pt;">)</div>
          </td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: top; width: 52%;">
            <div style="text-align: left; margin-left: 13.5pt; font-family: Verdana,Geneva,sans-serif; font-size: 8pt;">Deferred tax expense (recovery)</div>
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          <td valign="bottom" style="vertical-align: bottom; width: 1%; font-size: 8pt;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; font-size: 8pt;" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
            <div style="font-family: Verdana,Geneva,sans-serif; font-size: 8pt; font-weight: bold;">3,591</div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; font-size: 8pt;" colspan="1" class="cftfncell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; font-size: 8pt;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; font-size: 8pt;" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
            <div style="font-family: Verdana,Geneva,sans-serif; font-size: 8pt;">(6,440</div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">
            <div style="font-family: Verdana,Geneva,sans-serif; font-size: 8pt;">)</div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; font-size: 8pt;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; font-size: 8pt;" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
            <div style="font-family: Verdana,Geneva,sans-serif; font-size: 8pt; font-weight: bold;">8,816</div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; font-size: 8pt;" colspan="1" class="cftfncell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; font-size: 8pt;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; font-size: 8pt;" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
            <div style="font-family: Verdana,Geneva,sans-serif; font-size: 8pt;">(5,096</div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">
            <div style="font-family: Verdana,Geneva,sans-serif; font-size: 8pt;">)</div>
          </td>
        </tr>
        <tr>
          <td style="vertical-align: top; width: 52%; padding-bottom: 1px;">
            <div style="text-align: left; margin-left: 13.5pt; font-family: Verdana,Geneva,sans-serif; font-size: 8pt;">Changes in operating assets and liabilities (Note 21)</div>
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          <td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: bottom; width: 1%; font-size: 8pt;" colspan="1" class="cftguttercell">&#160;</td>
          <td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: bottom; width: 1%; text-align: left; font-size: 8pt;" colspan="1" class="cftcurrcell">&#160;</td>
          <td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: bottom; width: 9%; text-align: right;" colspan="1" class="cftnumcell">
            <div style="font-family: Verdana,Geneva,sans-serif; font-size: 8pt; font-weight: bold;">(2,248</div>
          </td>
          <td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; width: 1%; text-align: left;" colspan="1" class="cftfncell">
            <div style="font-family: Verdana,Geneva,sans-serif; font-size: 8pt; font-weight: bold;">)</div>
          </td>
          <td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: bottom; width: 1%; font-size: 8pt;" colspan="1" class="cftguttercell">&#160;</td>
          <td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: bottom; width: 1%; text-align: left; font-size: 8pt;" colspan="1" class="cftcurrcell">&#160;</td>
          <td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: bottom; width: 9%; text-align: right;" colspan="1" class="cftnumcell">
            <div style="font-family: Verdana,Geneva,sans-serif; font-size: 8pt;">5,860</div>
          </td>
          <td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; width: 1%; text-align: left; font-size: 8pt;" colspan="1" class="cftfncell">&#160;</td>
          <td style="vertical-align: bottom; width: 1%; padding-bottom: 1px; font-size: 8pt;" colspan="1" class="cftguttercell">&#160;</td>
          <td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: bottom; width: 1%; text-align: left; font-size: 8pt;" colspan="1" class="cftcurrcell">&#160;</td>
          <td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: bottom; width: 9%; text-align: right;" colspan="1" class="cftnumcell">
            <div style="font-family: Verdana,Geneva,sans-serif; font-size: 8pt; font-weight: bold;">(16,314</div>
          </td>
          <td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; width: 1%; text-align: left;" colspan="1" class="cftfncell">
            <div style="font-family: Verdana,Geneva,sans-serif; font-size: 8pt; font-weight: bold;">)</div>
          </td>
          <td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: bottom; width: 1%; font-size: 8pt;" colspan="1" class="cftguttercell">&#160;</td>
          <td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: bottom; width: 1%; text-align: left; font-size: 8pt;" colspan="1" class="cftcurrcell">&#160;</td>
          <td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: bottom; width: 9%; text-align: right;" colspan="1" class="cftnumcell">
            <div style="font-family: Verdana,Geneva,sans-serif; font-size: 8pt;">(10,936</div>
          </td>
          <td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; width: 1%; text-align: left;" colspan="1" class="cftfncell">
            <div style="font-family: Verdana,Geneva,sans-serif; font-size: 8pt;">)</div>
          </td>
        </tr>
        <tr>
          <td style="vertical-align: top; width: 52%; padding: 0px 0px 1px;">
            <div style="text-align: left; font-family: Verdana,Geneva,sans-serif; font-size: 8pt;">Cash provided by operating activities</div>
          </td>
          <td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: bottom; width: 1%; padding-top: 0px; padding-right: 0px; padding-left: 0px; font-size: 8pt;" colspan="1" class="cftguttercell">&#160;</td>
          <td style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 1px solid rgb(0, 0, 0); font-size: 8pt;" colspan="1" class="cftcurrcell">&#160;</td>
          <td style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 1px solid rgb(0, 0, 0);" colspan="1" class="cftnumcell">
            <div style="font-family: Verdana,Geneva,sans-serif; font-size: 8pt; font-weight: bold;">73,360</div>
          </td>
          <td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; width: 1%; padding-top: 0px; padding-right: 0px; padding-left: 0px; text-align: left; font-size: 8pt;" colspan="1" class="cftfncell">&#160;</td>
          <td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: bottom; width: 1%; padding-top: 0px; padding-right: 0px; padding-left: 0px; font-size: 8pt;" colspan="1" class="cftguttercell">&#160;</td>
          <td style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 1px solid rgb(0, 0, 0); font-size: 8pt;" colspan="1" class="cftcurrcell">&#160;</td>
          <td style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 1px solid rgb(0, 0, 0);" colspan="1" class="cftnumcell">
            <div style="font-family: Verdana,Geneva,sans-serif; font-size: 8pt;">60,146</div>
          </td>
          <td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; width: 1%; padding-top: 0px; padding-right: 0px; padding-left: 0px; text-align: left; font-size: 8pt;" colspan="1" class="cftfncell">&#160;</td>
          <td style="vertical-align: bottom; width: 1%; padding: 0px 0px 1px; font-size: 8pt;" colspan="1" class="cftguttercell">&#160;</td>
          <td style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 1px solid rgb(0, 0, 0); font-size: 8pt;" colspan="1" class="cftcurrcell">&#160;</td>
          <td style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 1px solid rgb(0, 0, 0);" colspan="1" class="cftnumcell">
            <div style="font-family: Verdana,Geneva,sans-serif; font-size: 8pt; font-weight: bold;">190,299</div>
          </td>
          <td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; width: 1%; padding-top: 0px; padding-right: 0px; padding-left: 0px; text-align: left; font-size: 8pt;" colspan="1" class="cftfncell">&#160;</td>
          <td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: bottom; width: 1%; padding-top: 0px; padding-right: 0px; padding-left: 0px; font-size: 8pt;" colspan="1" class="cftguttercell">&#160;</td>
          <td style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 1px solid rgb(0, 0, 0); font-size: 8pt;" colspan="1" class="cftcurrcell">&#160;</td>
          <td style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 1px solid rgb(0, 0, 0);" colspan="1" class="cftnumcell">
            <div style="font-family: Verdana,Geneva,sans-serif; font-size: 8pt;">158,547</div>
          </td>
          <td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; width: 1%; padding-top: 0px; padding-right: 0px; padding-left: 0px; text-align: left; font-size: 8pt;" colspan="1" class="cftfncell">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: top; width: 52%;">
            <div style="text-align: left; font-family: Verdana,Geneva,sans-serif; font-size: 8pt; font-weight: bold;">INVESTING ACTIVITIES</div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; font-size: 8pt;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; font-size: 8pt;" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; font-size: 8pt;" colspan="1" class="cftnumcell">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; font-size: 8pt;" colspan="1" class="cftfncell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; font-size: 8pt;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; font-size: 8pt;" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; font-size: 8pt;" colspan="1" class="cftnumcell">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; font-size: 8pt;" colspan="1" class="cftfncell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; font-size: 8pt;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; font-size: 8pt;" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; font-size: 8pt;" colspan="1" class="cftnumcell">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; font-size: 8pt;" colspan="1" class="cftfncell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; font-size: 8pt;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; font-size: 8pt;" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; font-size: 8pt;" colspan="1" class="cftnumcell">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; font-size: 8pt;" colspan="1" class="cftfncell">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: top; width: 52%;">
            <div style="text-align: left; margin-left: 13.5pt; font-family: Verdana,Geneva,sans-serif; font-size: 8pt;">Additions to property and equipment</div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; font-size: 8pt;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; font-size: 8pt;" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
            <div style="font-family: Verdana,Geneva,sans-serif; font-size: 8pt; font-weight: bold;">(1,196</div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">
            <div style="font-family: Verdana,Geneva,sans-serif; font-size: 8pt; font-weight: bold;">)</div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; font-size: 8pt;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; font-size: 8pt;" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
            <div style="font-family: Verdana,Geneva,sans-serif; font-size: 8pt;">(1,313</div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">
            <div style="font-family: Verdana,Geneva,sans-serif; font-size: 8pt;">)</div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; font-size: 8pt;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; font-size: 8pt;" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
            <div style="font-family: Verdana,Geneva,sans-serif; font-size: 8pt; font-weight: bold;">(4,298</div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">
            <div style="font-family: Verdana,Geneva,sans-serif; font-size: 8pt; font-weight: bold;">)</div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; font-size: 8pt;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; font-size: 8pt;" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
            <div style="font-family: Verdana,Geneva,sans-serif; font-size: 8pt;">(4,653</div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">
            <div style="font-family: Verdana,Geneva,sans-serif; font-size: 8pt;">)</div>
          </td>
        </tr>
        <tr>
          <td style="vertical-align: top; width: 52%; padding-bottom: 1px;">
            <div style="text-align: left; margin-left: 13.5pt; font-family: Verdana,Geneva,sans-serif; font-size: 8pt;">Acquisition of subsidiaries, net of cash acquired (Note 3)</div>
          </td>
          <td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: bottom; width: 1%; font-size: 8pt;" colspan="1" class="cftguttercell">&#160;</td>
          <td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: bottom; width: 1%; text-align: left; font-size: 8pt;" colspan="1" class="cftcurrcell">&#160;</td>
          <td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: bottom; width: 9%; text-align: right;" colspan="1" class="cftnumcell">
            <div style="font-family: Verdana,Geneva,sans-serif; font-size: 8pt; font-weight: bold;">(37,016</div>
          </td>
          <td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; width: 1%; text-align: left;" colspan="1" class="cftfncell">
            <div style="font-family: Verdana,Geneva,sans-serif; font-size: 8pt; font-weight: bold;">)</div>
          </td>
          <td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: bottom; width: 1%; font-size: 8pt;" colspan="1" class="cftguttercell">&#160;</td>
          <td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: bottom; width: 1%; text-align: left; font-size: 8pt;" colspan="1" class="cftcurrcell">&#160;</td>
          <td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: bottom; width: 9%; text-align: right;" colspan="1" class="cftnumcell">
            <div style="font-family: Verdana,Geneva,sans-serif; font-size: 8pt;">(132,753</div>
          </td>
          <td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; width: 1%; text-align: left;" colspan="1" class="cftfncell">
            <div style="font-family: Verdana,Geneva,sans-serif; font-size: 8pt;">)</div>
          </td>
          <td style="vertical-align: bottom; width: 1%; padding-bottom: 1px; font-size: 8pt;" colspan="1" class="cftguttercell">&#160;</td>
          <td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: bottom; width: 1%; text-align: left; font-size: 8pt;" colspan="1" class="cftcurrcell">&#160;</td>
          <td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: bottom; width: 9%; text-align: right;" colspan="1" class="cftnumcell">
            <div style="font-family: Verdana,Geneva,sans-serif; font-size: 8pt; font-weight: bold;">(151,620</div>
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          <td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; width: 1%; text-align: left;" colspan="1" class="cftfncell">
            <div style="font-family: Verdana,Geneva,sans-serif; font-size: 8pt; font-weight: bold;">)</div>
          </td>
          <td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: bottom; width: 1%; font-size: 8pt;" colspan="1" class="cftguttercell">&#160;</td>
          <td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: bottom; width: 1%; text-align: left; font-size: 8pt;" colspan="1" class="cftcurrcell">&#160;</td>
          <td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: bottom; width: 9%; text-align: right;" colspan="1" class="cftnumcell">
            <div style="font-family: Verdana,Geneva,sans-serif; font-size: 8pt;">(286,468</div>
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          <td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; width: 1%; text-align: left;" colspan="1" class="cftfncell">
            <div style="font-family: Verdana,Geneva,sans-serif; font-size: 8pt;">)</div>
          </td>
        </tr>
        <tr>
          <td style="vertical-align: top; width: 52%; padding: 0px 0px 1px;">
            <div style="text-align: left; font-family: Verdana,Geneva,sans-serif; font-size: 8pt;">Cash used in investing activities</div>
          </td>
          <td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: bottom; width: 1%; padding-top: 0px; padding-right: 0px; padding-left: 0px; font-size: 8pt;" colspan="1" class="cftguttercell">&#160;</td>
          <td style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 1px solid rgb(0, 0, 0); font-size: 8pt;" colspan="1" class="cftcurrcell">&#160;</td>
          <td style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 1px solid rgb(0, 0, 0);" colspan="1" class="cftnumcell">
            <div style="font-family: Verdana,Geneva,sans-serif; font-size: 8pt; font-weight: bold;">(38,212</div>
          </td>
          <td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; width: 1%; padding-top: 0px; padding-right: 0px; padding-left: 0px; text-align: left;" colspan="1" class="cftfncell">
            <div style="font-family: Verdana,Geneva,sans-serif; font-size: 8pt; font-weight: bold;">)</div>
          </td>
          <td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: bottom; width: 1%; padding-top: 0px; padding-right: 0px; padding-left: 0px; font-size: 8pt;" colspan="1" class="cftguttercell">&#160;</td>
          <td style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 1px solid rgb(0, 0, 0); font-size: 8pt;" colspan="1" class="cftcurrcell">&#160;</td>
          <td style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 1px solid rgb(0, 0, 0);" colspan="1" class="cftnumcell">
            <div style="font-family: Verdana,Geneva,sans-serif; font-size: 8pt;">(134,066</div>
          </td>
          <td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; width: 1%; padding-top: 0px; padding-right: 0px; padding-left: 0px; text-align: left;" colspan="1" class="cftfncell">
            <div style="font-family: Verdana,Geneva,sans-serif; font-size: 8pt;">)</div>
          </td>
          <td style="vertical-align: bottom; width: 1%; padding: 0px 0px 1px; font-size: 8pt;" colspan="1" class="cftguttercell">&#160;</td>
          <td style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 1px solid rgb(0, 0, 0); font-size: 8pt;" colspan="1" class="cftcurrcell">&#160;</td>
          <td style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 1px solid rgb(0, 0, 0);" colspan="1" class="cftnumcell">
            <div style="font-family: Verdana,Geneva,sans-serif; font-size: 8pt; font-weight: bold;">(155,918</div>
          </td>
          <td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; width: 1%; padding-top: 0px; padding-right: 0px; padding-left: 0px; text-align: left;" colspan="1" class="cftfncell">
            <div style="font-family: Verdana,Geneva,sans-serif; font-size: 8pt; font-weight: bold;">)</div>
          </td>
          <td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: bottom; width: 1%; padding-top: 0px; padding-right: 0px; padding-left: 0px; font-size: 8pt;" colspan="1" class="cftguttercell">&#160;</td>
          <td style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 1px solid rgb(0, 0, 0); font-size: 8pt;" colspan="1" class="cftcurrcell">&#160;</td>
          <td style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 1px solid rgb(0, 0, 0);" colspan="1" class="cftnumcell">
            <div style="font-family: Verdana,Geneva,sans-serif; font-size: 8pt;">(291,121</div>
          </td>
          <td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; width: 1%; padding-top: 0px; padding-right: 0px; padding-left: 0px; text-align: left;" colspan="1" class="cftfncell">
            <div style="font-family: Verdana,Geneva,sans-serif; font-size: 8pt;">)</div>
          </td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: top; width: 52%;">
            <div style="text-align: left; font-family: Verdana,Geneva,sans-serif; font-size: 8pt; font-weight: bold;">FINANCING ACTIVITIES</div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; font-size: 8pt;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; font-size: 8pt;" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; font-size: 8pt;" colspan="1" class="cftnumcell">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; font-size: 8pt;" colspan="1" class="cftfncell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; font-size: 8pt;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; font-size: 8pt;" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; font-size: 8pt;" colspan="1" class="cftnumcell">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; font-size: 8pt;" colspan="1" class="cftfncell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; font-size: 8pt;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; font-size: 8pt;" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; font-size: 8pt;" colspan="1" class="cftnumcell">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; font-size: 8pt;" colspan="1" class="cftfncell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; font-size: 8pt;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; font-size: 8pt;" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; font-size: 8pt;" colspan="1" class="cftnumcell">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; font-size: 8pt;" colspan="1" class="cftfncell">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: top; width: 52%;">
            <div style="text-align: left; margin-left: 13.5pt; font-family: Verdana,Geneva,sans-serif; font-size: 8pt;">Payment of debt issuance costs</div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; font-size: 8pt;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; font-size: 8pt;" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
            <div style="font-family: Verdana,Geneva,sans-serif; font-size: 8pt; font-weight: bold;">-</div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; font-size: 8pt;" colspan="1" class="cftfncell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; font-size: 8pt;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; font-size: 8pt;" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
            <div style="font-family: Verdana,Geneva,sans-serif; font-size: 8pt;">(15</div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">
            <div style="font-family: Verdana,Geneva,sans-serif; font-size: 8pt;">)</div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; font-size: 8pt;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; font-size: 8pt;" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
            <div style="font-family: Verdana,Geneva,sans-serif; font-size: 8pt; font-weight: bold;">(38</div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">
            <div style="font-family: Verdana,Geneva,sans-serif; font-size: 8pt; font-weight: bold;">)</div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; font-size: 8pt;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; font-size: 8pt;" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
            <div style="font-family: Verdana,Geneva,sans-serif; font-size: 8pt;">(53</div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">
            <div style="font-family: Verdana,Geneva,sans-serif; font-size: 8pt;">)</div>
          </td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: top; width: 52%;">
            <div style="text-align: left; margin-left: 13.5pt; font-family: Verdana,Geneva,sans-serif; font-size: 8pt;">Issuance of common shares for cash, net of issuance costs (Note 15)</div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; font-size: 8pt;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; font-size: 8pt;" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
            <div style="font-family: Verdana,Geneva,sans-serif; font-size: 8pt; font-weight: bold;">2,957</div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; font-size: 8pt;" colspan="1" class="cftfncell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; font-size: 8pt;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; font-size: 8pt;" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
            <div style="font-family: Verdana,Geneva,sans-serif; font-size: 8pt;">2,373</div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; font-size: 8pt;" colspan="1" class="cftfncell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; font-size: 8pt;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; font-size: 8pt;" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
            <div style="font-family: Verdana,Geneva,sans-serif; font-size: 8pt; font-weight: bold;">11,323</div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; font-size: 8pt;" colspan="1" class="cftfncell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; font-size: 8pt;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; font-size: 8pt;" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
            <div style="font-family: Verdana,Geneva,sans-serif; font-size: 8pt;">9,887</div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; font-size: 8pt;" colspan="1" class="cftfncell">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: top; width: 52%;">
            <div style="text-align: left; margin-left: 13.5pt; font-family: Verdana,Geneva,sans-serif; font-size: 8pt;">Payment of withholding taxes on net share settlements</div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; font-size: 8pt;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; font-size: 8pt;" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
            <div style="font-family: Verdana,Geneva,sans-serif; font-size: 8pt; font-weight: bold;">-</div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; font-size: 8pt;" colspan="1" class="cftfncell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; font-size: 8pt;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; font-size: 8pt;" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
            <div style="font-family: Verdana,Geneva,sans-serif; font-size: 8pt;">-</div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; font-size: 8pt;" colspan="1" class="cftfncell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; font-size: 8pt;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; font-size: 8pt;" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
            <div style="font-family: Verdana,Geneva,sans-serif; font-size: 8pt; font-weight: bold;">(6,487</div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">
            <div style="font-family: Verdana,Geneva,sans-serif; font-size: 8pt; font-weight: bold;">)</div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; font-size: 8pt;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; font-size: 8pt;" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
            <div style="font-family: Verdana,Geneva,sans-serif; font-size: 8pt;">(6,745</div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">
            <div style="font-family: Verdana,Geneva,sans-serif; font-size: 8pt;">)</div>
          </td>
        </tr>
        <tr>
          <td style="vertical-align: top; width: 52%; padding-bottom: 1px;">
            <div style="text-align: left; margin-left: 13.5pt; font-family: Verdana,Geneva,sans-serif; font-size: 8pt;">Payment of contingent consideration (Note 4)</div>
          </td>
          <td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: bottom; width: 1%; font-size: 8pt;" colspan="1" class="cftguttercell">&#160;</td>
          <td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: bottom; width: 1%; text-align: left; font-size: 8pt;" colspan="1" class="cftcurrcell">&#160;</td>
          <td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: bottom; width: 9%; text-align: right;" colspan="1" class="cftnumcell">
            <div style="font-family: Verdana,Geneva,sans-serif; font-size: 8pt; font-weight: bold;">-</div>
          </td>
          <td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; width: 1%; text-align: left; font-size: 8pt;" colspan="1" class="cftfncell">&#160;</td>
          <td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: bottom; width: 1%; font-size: 8pt;" colspan="1" class="cftguttercell">&#160;</td>
          <td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: bottom; width: 1%; text-align: left; font-size: 8pt;" colspan="1" class="cftcurrcell">&#160;</td>
          <td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: bottom; width: 9%; text-align: right;" colspan="1" class="cftnumcell">
            <div style="font-family: Verdana,Geneva,sans-serif; font-size: 8pt;">-</div>
          </td>
          <td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; width: 1%; text-align: left; font-size: 8pt;" colspan="1" class="cftfncell">&#160;</td>
          <td style="vertical-align: bottom; width: 1%; padding-bottom: 1px; font-size: 8pt;" colspan="1" class="cftguttercell">&#160;</td>
          <td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: bottom; width: 1%; text-align: left; font-size: 8pt;" colspan="1" class="cftcurrcell">&#160;</td>
          <td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: bottom; width: 9%; text-align: right;" colspan="1" class="cftnumcell">
            <div style="font-family: Verdana,Geneva,sans-serif; font-size: 8pt; font-weight: bold;">(1,170</div>
          </td>
          <td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; width: 1%; text-align: left;" colspan="1" class="cftfncell">
            <div style="font-family: Verdana,Geneva,sans-serif; font-size: 8pt; font-weight: bold;">)</div>
          </td>
          <td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: bottom; width: 1%; font-size: 8pt;" colspan="1" class="cftguttercell">&#160;</td>
          <td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: bottom; width: 1%; text-align: left; font-size: 8pt;" colspan="1" class="cftcurrcell">&#160;</td>
          <td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: bottom; width: 9%; text-align: right;" colspan="1" class="cftnumcell">
            <div style="font-family: Verdana,Geneva,sans-serif; font-size: 8pt;">(9,223</div>
          </td>
          <td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; width: 1%; text-align: left;" colspan="1" class="cftfncell">
            <div style="font-family: Verdana,Geneva,sans-serif; font-size: 8pt;">)</div>
          </td>
        </tr>
        <tr>
          <td style="vertical-align: top; width: 52%; padding: 0px 0px 1px;">
            <div style="text-align: left; font-family: Verdana,Geneva,sans-serif; font-size: 8pt;">Cash provided by (used in) financing activities</div>
          </td>
          <td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: bottom; width: 1%; padding-top: 0px; padding-right: 0px; padding-left: 0px; font-size: 8pt;" colspan="1" class="cftguttercell">&#160;</td>
          <td style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 1px solid rgb(0, 0, 0); font-size: 8pt;" colspan="1" class="cftcurrcell">&#160;</td>
          <td style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 1px solid rgb(0, 0, 0);" colspan="1" class="cftnumcell">
            <div style="font-family: Verdana,Geneva,sans-serif; font-size: 8pt; font-weight: bold;">2,957</div>
          </td>
          <td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; width: 1%; padding-top: 0px; padding-right: 0px; padding-left: 0px; text-align: left; font-size: 8pt;" colspan="1" class="cftfncell">&#160;</td>
          <td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: bottom; width: 1%; padding-top: 0px; padding-right: 0px; padding-left: 0px; font-size: 8pt;" colspan="1" class="cftguttercell">&#160;</td>
          <td style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 1px solid rgb(0, 0, 0); font-size: 8pt;" colspan="1" class="cftcurrcell">&#160;</td>
          <td style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 1px solid rgb(0, 0, 0);" colspan="1" class="cftnumcell">
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          <td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; width: 1%; padding-top: 0px; padding-right: 0px; padding-left: 0px; text-align: left; font-size: 8pt;" colspan="1" class="cftfncell">&#160;</td>
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          <td style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 1px solid rgb(0, 0, 0); font-size: 8pt;" colspan="1" class="cftcurrcell">&#160;</td>
          <td style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 1px solid rgb(0, 0, 0);" colspan="1" class="cftnumcell">
            <div style="font-family: Verdana,Geneva,sans-serif; font-size: 8pt; font-weight: bold;">3,628</div>
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          <td style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 1px solid rgb(0, 0, 0); font-size: 8pt;" colspan="1" class="cftcurrcell">&#160;</td>
          <td style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 1px solid rgb(0, 0, 0);" colspan="1" class="cftnumcell">
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          <td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; width: 1%; padding-top: 0px; padding-right: 0px; padding-left: 0px; text-align: left;" colspan="1" class="cftfncell">
            <div style="font-family: Verdana,Geneva,sans-serif; font-size: 8pt;">)</div>
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        <tr>
          <td style="vertical-align: top; width: 52%; padding: 0px 0px 1px;">
            <div style="text-align: left; font-family: Verdana,Geneva,sans-serif; font-size: 8pt;">Effect of foreign exchange rate changes on cash</div>
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          <td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: bottom; width: 1%; padding-top: 0px; padding-right: 0px; padding-left: 0px; font-size: 8pt;" colspan="1" class="cftguttercell">&#160;</td>
          <td style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 1px solid rgb(0, 0, 0); font-size: 8pt;" colspan="1" class="cftcurrcell">&#160;</td>
          <td style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 1px solid rgb(0, 0, 0);" colspan="1" class="cftnumcell">
            <div style="font-family: Verdana,Geneva,sans-serif; font-size: 8pt; font-weight: bold;">53</div>
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          <td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; width: 1%; padding-top: 0px; padding-right: 0px; padding-left: 0px; text-align: left; font-size: 8pt;" colspan="1" class="cftfncell">&#160;</td>
          <td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: bottom; width: 1%; padding-top: 0px; padding-right: 0px; padding-left: 0px; font-size: 8pt;" colspan="1" class="cftguttercell">&#160;</td>
          <td style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 1px solid rgb(0, 0, 0); font-size: 8pt;" colspan="1" class="cftcurrcell">&#160;</td>
          <td style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 1px solid rgb(0, 0, 0);" colspan="1" class="cftnumcell">
            <div style="font-family: Verdana,Geneva,sans-serif; font-size: 8pt;">191</div>
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          <td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; width: 1%; padding-top: 0px; padding-right: 0px; padding-left: 0px; text-align: left; font-size: 8pt;" colspan="1" class="cftfncell">&#160;</td>
          <td style="vertical-align: bottom; width: 1%; padding: 0px 0px 1px; font-size: 8pt;" colspan="1" class="cftguttercell">&#160;</td>
          <td style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 1px solid rgb(0, 0, 0); font-size: 8pt;" colspan="1" class="cftcurrcell">&#160;</td>
          <td style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 1px solid rgb(0, 0, 0);" colspan="1" class="cftnumcell">
            <div style="font-family: Verdana,Geneva,sans-serif; font-size: 8pt; font-weight: bold;">4,643</div>
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          <td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; width: 1%; padding-top: 0px; padding-right: 0px; padding-left: 0px; text-align: left; font-size: 8pt;" colspan="1" class="cftfncell">&#160;</td>
          <td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: bottom; width: 1%; padding-top: 0px; padding-right: 0px; padding-left: 0px; font-size: 8pt;" colspan="1" class="cftguttercell">&#160;</td>
          <td style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 1px solid rgb(0, 0, 0); font-size: 8pt;" colspan="1" class="cftcurrcell">&#160;</td>
          <td style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 1px solid rgb(0, 0, 0);" colspan="1" class="cftnumcell">
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          <td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; width: 1%; padding-top: 0px; padding-right: 0px; padding-left: 0px; text-align: left;" colspan="1" class="cftfncell">
            <div style="font-family: Verdana,Geneva,sans-serif; font-size: 8pt;">)</div>
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        <tr>
          <td valign="bottom" style="vertical-align: top; width: 52%;">
            <div style="text-align: left; font-family: Verdana,Geneva,sans-serif; font-size: 8pt; font-weight: bold;">Increase (decrease) in cash</div>
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          <td valign="bottom" style="vertical-align: bottom; width: 1%; font-size: 8pt;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; font-size: 8pt;" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
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          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; font-size: 8pt;" colspan="1" class="cftfncell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; font-size: 8pt;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; font-size: 8pt;" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
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          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">
            <div style="font-family: Verdana,Geneva,sans-serif; font-size: 8pt;">)</div>
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          <td valign="bottom" style="vertical-align: bottom; width: 1%; font-size: 8pt;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; font-size: 8pt;" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
            <div style="font-family: Verdana,Geneva,sans-serif; font-size: 8pt; font-weight: bold;">42,652</div>
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          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; font-size: 8pt;" colspan="1" class="cftfncell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; font-size: 8pt;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; font-size: 8pt;" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
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          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">
            <div style="font-family: Verdana,Geneva,sans-serif; font-size: 8pt;">)</div>
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        <tr>
          <td style="vertical-align: top; width: 52%; padding: 0px 0px 1px;">
            <div style="text-align: left; font-family: Verdana,Geneva,sans-serif; font-size: 8pt; font-weight: bold;">Cash, beginning of period</div>
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          <td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: bottom; width: 1%; padding-top: 0px; padding-right: 0px; padding-left: 0px; font-size: 8pt;" colspan="1" class="cftguttercell">&#160;</td>
          <td style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 1px solid rgb(0, 0, 0); font-size: 8pt;" colspan="1" class="cftcurrcell">&#160;</td>
          <td style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 1px solid rgb(0, 0, 0);" colspan="1" class="cftnumcell">
            <div style="font-family: Verdana,Geneva,sans-serif; font-size: 8pt; font-weight: bold;">240,632</div>
          </td>
          <td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; width: 1%; padding-top: 0px; padding-right: 0px; padding-left: 0px; text-align: left; font-size: 8pt;" colspan="1" class="cftfncell">&#160;</td>
          <td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: bottom; width: 1%; padding-top: 0px; padding-right: 0px; padding-left: 0px; font-size: 8pt;" colspan="1" class="cftguttercell">&#160;</td>
          <td style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 1px solid rgb(0, 0, 0); font-size: 8pt;" colspan="1" class="cftcurrcell">&#160;</td>
          <td style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 1px solid rgb(0, 0, 0);" colspan="1" class="cftnumcell">
            <div style="font-family: Verdana,Geneva,sans-serif; font-size: 8pt;">252,653</div>
          </td>
          <td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; width: 1%; padding-top: 0px; padding-right: 0px; padding-left: 0px; text-align: left; font-size: 8pt;" colspan="1" class="cftfncell">&#160;</td>
          <td style="vertical-align: bottom; width: 1%; padding: 0px 0px 1px; font-size: 8pt;" colspan="1" class="cftguttercell">&#160;</td>
          <td style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 1px solid rgb(0, 0, 0); font-size: 8pt;" colspan="1" class="cftcurrcell">&#160;</td>
          <td style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 1px solid rgb(0, 0, 0);" colspan="1" class="cftnumcell">
            <div style="font-family: Verdana,Geneva,sans-serif; font-size: 8pt; font-weight: bold;">236,138</div>
          </td>
          <td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; width: 1%; padding-top: 0px; padding-right: 0px; padding-left: 0px; text-align: left; font-size: 8pt;" colspan="1" class="cftfncell">&#160;</td>
          <td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: bottom; width: 1%; padding-top: 0px; padding-right: 0px; padding-left: 0px; font-size: 8pt;" colspan="1" class="cftguttercell">&#160;</td>
          <td style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 1px solid rgb(0, 0, 0); font-size: 8pt;" colspan="1" class="cftcurrcell">&#160;</td>
          <td style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 1px solid rgb(0, 0, 0);" colspan="1" class="cftnumcell">
            <div style="font-family: Verdana,Geneva,sans-serif; font-size: 8pt;">320,952</div>
          </td>
          <td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; width: 1%; padding-top: 0px; padding-right: 0px; padding-left: 0px; text-align: left; font-size: 8pt;" colspan="1" class="cftfncell">&#160;</td>
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        <tr>
          <td style="vertical-align: top; width: 52%; padding: 0px 0px 2px;">
            <div style="text-align: left; font-family: Verdana,Geneva,sans-serif; font-size: 8pt; font-weight: bold;">Cash, end of period</div>
          </td>
          <td style="border-bottom: 2px solid rgb(0, 0, 0); vertical-align: bottom; width: 1%; padding-top: 0px; padding-right: 0px; padding-left: 0px; font-size: 8pt;" colspan="1" class="cftguttercell">&#160;</td>
          <td style="border-bottom: 2px solid rgb(0, 0, 0); vertical-align: bottom; width: 1%; text-align: left; font-size: 8pt;" colspan="1" class="cftcurrcell">&#160;</td>
          <td style="border-bottom: 2px solid rgb(0, 0, 0); vertical-align: bottom; width: 9%; text-align: right;" colspan="1" class="cftnumcell">
            <div style="font-family: Verdana,Geneva,sans-serif; font-size: 8pt; font-weight: bold;">278,790</div>
          </td>
          <td style="border-bottom: 2px solid rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; width: 1%; padding-top: 0px; padding-right: 0px; padding-left: 0px; text-align: left; font-size: 8pt;" colspan="1" class="cftfncell">&#160;</td>
          <td style="border-bottom: 2px solid rgb(0, 0, 0); vertical-align: bottom; width: 1%; padding-top: 0px; padding-right: 0px; padding-left: 0px; font-size: 8pt;" colspan="1" class="cftguttercell">&#160;</td>
          <td style="border-bottom: 2px solid rgb(0, 0, 0); vertical-align: bottom; width: 1%; text-align: left; font-size: 8pt;" colspan="1" class="cftcurrcell">&#160;</td>
          <td style="border-bottom: 2px solid rgb(0, 0, 0); vertical-align: bottom; width: 9%; text-align: right;" colspan="1" class="cftnumcell">
            <div style="font-family: Verdana,Geneva,sans-serif; font-size: 8pt;">181,282</div>
          </td>
          <td style="border-bottom: 2px solid rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; width: 1%; padding-top: 0px; padding-right: 0px; padding-left: 0px; text-align: left; font-size: 8pt;" colspan="1" class="cftfncell">&#160;</td>
          <td style="vertical-align: bottom; width: 1%; padding: 0px 0px 2px; font-size: 8pt;" colspan="1" class="cftguttercell">&#160;</td>
          <td style="border-bottom: 2px solid rgb(0, 0, 0); vertical-align: bottom; width: 1%; text-align: left; font-size: 8pt;" colspan="1" class="cftcurrcell">&#160;</td>
          <td style="border-bottom: 2px solid rgb(0, 0, 0); vertical-align: bottom; width: 9%; text-align: right;" colspan="1" class="cftnumcell">
            <div style="font-family: Verdana,Geneva,sans-serif; font-size: 8pt; font-weight: bold;">278,790</div>
          </td>
          <td style="border-bottom: 2px solid rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; width: 1%; padding-top: 0px; padding-right: 0px; padding-left: 0px; text-align: left; font-size: 8pt;" colspan="1" class="cftfncell">&#160;</td>
          <td style="border-bottom: 2px solid rgb(0, 0, 0); vertical-align: bottom; width: 1%; padding-top: 0px; padding-right: 0px; padding-left: 0px; font-size: 8pt;" colspan="1" class="cftguttercell">&#160;</td>
          <td style="border-bottom: 2px solid rgb(0, 0, 0); vertical-align: bottom; width: 1%; text-align: left; font-size: 8pt;" colspan="1" class="cftcurrcell">&#160;</td>
          <td style="border-bottom: 2px solid rgb(0, 0, 0); vertical-align: bottom; width: 9%; text-align: right;" colspan="1" class="cftnumcell">
            <div style="font-family: Verdana,Geneva,sans-serif; font-size: 8pt;">181,282</div>
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          <td style="border-bottom: 2px solid rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; width: 1%; padding-top: 0px; padding-right: 0px; padding-left: 0px; text-align: left; font-size: 8pt;" colspan="1" class="cftfncell">&#160;</td>
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        <tr>
          <td valign="bottom" style="vertical-align: top; width: 52%;">
            <div style="text-align: left; font-family: Verdana,Geneva,sans-serif; font-size: 8pt; font-weight: bold;">Supplemental disclosure of cash flow information:</div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; font-size: 8pt;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; font-size: 8pt;" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; font-size: 8pt;" colspan="1" class="cftnumcell">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; font-size: 8pt;" colspan="1" class="cftfncell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; font-size: 8pt;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; font-size: 8pt;" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; font-size: 8pt;" colspan="1" class="cftnumcell">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; font-size: 8pt;" colspan="1" class="cftfncell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; font-size: 8pt;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; font-size: 8pt;" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; font-size: 8pt;" colspan="1" class="cftnumcell">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; font-size: 8pt;" colspan="1" class="cftfncell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; font-size: 8pt;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; font-size: 8pt;" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; font-size: 8pt;" colspan="1" class="cftnumcell">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; font-size: 8pt;" colspan="1" class="cftfncell">&#160;</td>
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        <tr>
          <td valign="bottom" style="vertical-align: top; width: 52%;">
            <div style="text-align: left; margin-left: 13.5pt; font-family: Verdana,Geneva,sans-serif; font-size: 8pt;">Cash paid during the period for interest</div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; font-size: 8pt;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; font-size: 8pt;" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
            <div style="font-family: Verdana,Geneva,sans-serif; font-size: 8pt; font-weight: bold;">-</div>
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          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; font-size: 8pt;" colspan="1" class="cftfncell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; font-size: 8pt;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; font-size: 8pt;" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
            <div style="font-family: Verdana,Geneva,sans-serif; font-size: 8pt;">-</div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; font-size: 8pt;" colspan="1" class="cftfncell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; font-size: 8pt;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; font-size: 8pt;" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
            <div style="font-family: Verdana,Geneva,sans-serif; font-size: 8pt; font-weight: bold;">-</div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; font-size: 8pt;" colspan="1" class="cftfncell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; font-size: 8pt;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; font-size: 8pt;" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
            <div style="font-family: Verdana,Geneva,sans-serif; font-size: 8pt;">-</div>
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          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; font-size: 8pt;" colspan="1" class="cftfncell">&#160;</td>
        </tr>
        <tr>
          <td style="vertical-align: top; width: 52%; padding: 0px 0px 2px;">
            <div style="text-align: left; margin-left: 13.5pt; font-family: Verdana,Geneva,sans-serif; font-size: 8pt;">Cash paid during the period for income taxes</div>
          </td>
          <td style="border-bottom: 2px solid rgb(0, 0, 0); vertical-align: bottom; width: 1%; padding-top: 0px; padding-right: 0px; padding-left: 0px; font-size: 8pt;" colspan="1" class="cftguttercell">&#160;</td>
          <td style="border-bottom: 2px solid rgb(0, 0, 0); vertical-align: bottom; width: 1%; text-align: left; font-size: 8pt;" colspan="1" class="cftcurrcell">&#160;</td>
          <td style="border-bottom: 2px solid rgb(0, 0, 0); vertical-align: bottom; width: 9%; text-align: right;" colspan="1" class="cftnumcell">
            <div style="font-family: Verdana,Geneva,sans-serif; font-size: 8pt; font-weight: bold;">19,417</div>
          </td>
          <td style="border-bottom: 2px solid rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; width: 1%; padding-top: 0px; padding-right: 0px; padding-left: 0px; text-align: left; font-size: 8pt;" colspan="1" class="cftfncell">&#160;</td>
          <td style="border-bottom: 2px solid rgb(0, 0, 0); vertical-align: bottom; width: 1%; padding-top: 0px; padding-right: 0px; padding-left: 0px; font-size: 8pt;" colspan="1" class="cftguttercell">&#160;</td>
          <td style="border-bottom: 2px solid rgb(0, 0, 0); vertical-align: bottom; width: 1%; text-align: left; font-size: 8pt;" colspan="1" class="cftcurrcell">&#160;</td>
          <td style="border-bottom: 2px solid rgb(0, 0, 0); vertical-align: bottom; width: 9%; text-align: right;" colspan="1" class="cftnumcell">
            <div style="font-family: Verdana,Geneva,sans-serif; font-size: 8pt;">11,475</div>
          </td>
          <td style="border-bottom: 2px solid rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; width: 1%; padding-top: 0px; padding-right: 0px; padding-left: 0px; text-align: left; font-size: 8pt;" colspan="1" class="cftfncell">&#160;</td>
          <td style="vertical-align: bottom; width: 1%; padding: 0px 0px 2px; font-size: 8pt;" colspan="1" class="cftguttercell">&#160;</td>
          <td style="border-bottom: 2px solid rgb(0, 0, 0); vertical-align: bottom; width: 1%; text-align: left; font-size: 8pt;" colspan="1" class="cftcurrcell">&#160;</td>
          <td style="border-bottom: 2px solid rgb(0, 0, 0); vertical-align: bottom; width: 9%; text-align: right;" colspan="1" class="cftnumcell">
            <div style="font-family: Verdana,Geneva,sans-serif; font-size: 8pt; font-weight: bold;">42,558</div>
          </td>
          <td style="border-bottom: 2px solid rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; width: 1%; padding-top: 0px; padding-right: 0px; padding-left: 0px; text-align: left; font-size: 8pt;" colspan="1" class="cftfncell">&#160;</td>
          <td style="border-bottom: 2px solid rgb(0, 0, 0); vertical-align: bottom; width: 1%; padding-top: 0px; padding-right: 0px; padding-left: 0px; font-size: 8pt;" colspan="1" class="cftguttercell">&#160;</td>
          <td style="border-bottom: 2px solid rgb(0, 0, 0); vertical-align: bottom; width: 1%; text-align: left; font-size: 8pt;" colspan="1" class="cftcurrcell">&#160;</td>
          <td style="border-bottom: 2px solid rgb(0, 0, 0); vertical-align: bottom; width: 9%; text-align: right;" colspan="1" class="cftnumcell">
            <div style="font-family: Verdana,Geneva,sans-serif; font-size: 8pt;">35,660</div>
          </td>
          <td style="border-bottom: 2px solid rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; width: 1%; padding-top: 0px; padding-right: 0px; padding-left: 0px; text-align: left; font-size: 8pt;" colspan="1" class="cftfncell">&#160;</td>
        </tr>

    </table>
    <div><br>
    </div>
    <div style="text-align: left; font-family: Verdana, Geneva, sans-serif; font-size: 7pt; font-style: italic;">The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.</div>
    <div style="text-align: left; font-family: Verdana, Geneva, sans-serif; font-size: 7pt; font-style: italic;"> <br>
    </div>
    <div style="text-align: left; font-family: Verdana, Geneva, sans-serif; font-size: 7pt; font-style: italic;"> <br>
    </div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" class="BRPFPageBreakArea">
      <div class="BRPFPageNumberArea" style="text-align: center;"><font style="font-family: Verdana, Geneva, 'sans-serif'; font-size: 9pt; font-weight: normal; font-style: normal;">46</font></div>
      <div style="page-break-after: always;" class="BRPFPageBreak">
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    </div>
    <div style="text-align: justify; margin-right: 216pt; font-family: Verdana,Geneva,sans-serif; font-size: 10pt; font-variant: small-caps; font-weight: bold;">The Descartes Systems Group Inc.</div>
    <font style="font-size: 10pt;"> </font>
    <div style="text-align: left; font-family: Verdana,Geneva,sans-serif; font-size: 10pt; font-variant: small-caps; font-weight: bold;">Notes to Condensed Consolidated Financial Statements</div>
    <div>
      <div style="text-align: left; font-family: Verdana, Geneva, sans-serif; font-size: 9pt; font-variant: small-caps;">(Tabular amounts in thousands of US dollars, except per share amounts or as otherwise indicated; US GAAP; Unaudited)----</div>
    </div>
    <div>
      <hr align="left" noshade="noshade" style="height: 1px; width: 100%; color: #000000; background-color: #000000; text-align: left; margin-left: 0px; margin-right: auto; border: none;"> </div>
    <div style="text-align: left; font-family: Verdana, Geneva, sans-serif; font-size: 9pt; font-weight: bold;"> <br>
    </div>
    <div style="text-align: left; font-family: Verdana, Geneva, sans-serif; font-size: 9pt; font-weight: bold;">Note 1 - Description of the Business</div>
    <div><br>
    </div>
    <div style="text-align: justify; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">The Descartes Systems Group Inc. (&#8220;Descartes&#8221;, the &#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, Geneva, sans-serif; font-size: 9pt; font-weight: bold;">Note 2 &#8211;Basis of Presentation</div>
    <div><br>
    </div>
    <div style="text-align: justify; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">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, 2025.</div>
    <div><br>
    </div>
    <div style="text-align: justify; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">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,
      2026.</div>
    <div><br>
    </div>
    <div style="text-align: justify; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">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, 2026, is referred to as the &#8220;current fiscal year&#8221;, &#8220;fiscal 2026&#8221;, &#8220;2026&#8221; or using similar words. Our previous fiscal year, which ended on January 31, 2025, is referred to as the &#8220;previous fiscal year&#8221;, &#8220;fiscal 2025&#8221;, &#8220;2025&#8221; or using
      similar words. Other fiscal years are referenced by the applicable year during which the fiscal year ends. For example, &#8220;2027&#8221; refers to the annual period ending January 31, 2027 and the &#8220;fourth quarter of 2027&#8221; refers to the quarter ending January
      31, 2027.</div>
    <div><br>
    </div>
    <div style="text-align: justify; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">The significant accounting policies used in preparing these condensed consolidated financial statements are unchanged from those disclosed in the Company&#8217;s
      fiscal 2025 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, Geneva, sans-serif; font-size: 9pt; font-style: italic; font-weight: bold;">Recently issued accounting pronouncements</div>
    <div style="text-align: justify; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">In July 2025, the FASB issued Accounting Standards Update 2025-05, &#8220;Financial Instruments&#8212;Credit Losses (Topic 326): Measurement of Credit Losses for Accounts
      Receivable and Contract Assets&#8221; (&#8220;ASU</div>
    <div style="text-align: justify; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;"> <br>
    </div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" class="BRPFPageBreakArea">
      <div class="BRPFPageNumberArea" style="text-align: center;"><font style="font-family: Verdana, Geneva, 'sans-serif'; font-size: 9pt; font-weight: normal; font-style: normal;">47</font></div>
      <div style="page-break-after: always;" class="BRPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div style="text-align: justify; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">2025-05&#8221;). The amendments in ASU 2025-05 provide all entities with a practical expedient when estimating expected credit losses on current accounts receivable
      and/or current contract assets arising from transactions under Topic 606.<font style="font-size: 9pt; font-family: Verdana, Geneva, sans-serif;">&#160;</font>The amendments are expected to provide decision-useful information to investors and other
      financial statement users while reducing the time and effort necessary to analyze and estimate credit losses for current accounts receivable and current contract assets. ASU 2025-05 is effective for annual reporting periods beginning after December
      15, 2025, and interim reporting periods within those annual reporting periods. Early adoption is permitted in both interim and annual reporting periods in which financial statements have not yet been issued or made available for issuance. The Company
      expects to adopt this guidance in the first quarter of fiscal 2027. 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, Geneva, sans-serif; font-size: 9pt;">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-size: 9pt; font-family: Verdana, Geneva, sans-serif;">&#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 is our fiscal year that began on 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-size: 9pt; font-family: Verdana, Geneva, sans-serif;">&#160;</font>The Company will 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, Geneva, sans-serif; font-size: 9pt;">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; and issued a subsequent amendment to the initial guidance in January 2025, collectively referred to as &#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 within annual reporting periods beginning after December 15, 2027. Early adoption is permitted.<font style="font-size: 9pt; font-family: Verdana, Geneva, sans-serif;">&#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, Geneva, sans-serif; font-size: 9pt;">In September 2025, the FASB issued Accounting Standards Update 2025-06, &#8220;Intangibles&#8212;Goodwill and Other&#8212;Internal-Use Software (Subtopic 350-40): Targeted
      Improvements to the Accounting for Internal-Use Software&#8221; (&#8220;ASU 2025-06&#8221;). The amendments in ASU 2025-06 aim to modernize the accounting for software costs under Subtopic 350-40, Intangibles&#8212;Goodwill and Other&#8212;Internal-Use Software by removing all
      references to prescriptive and sequential software development stages (referred to as &#8220;project stages&#8221;) throughout Subtopic 350-40, in order to better align the accounting with how software is developed. ASU 2025-06 is effective for annual reporting
      periods beginning after December 15, 2027, and interim reporting periods within those annual reporting periods. Early adoption is permitted as of the beginning of an annual reporting period. The Company expects to adopt this guidance in the first
      quarter of our fiscal 2029. 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, Geneva, sans-serif; font-size: 9pt; font-weight: bold;">Note 3 &#8211; Acquisitions</div>
    <div><br>
    </div>
    <div style="text-align: justify; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;"><u>Fiscal 2026 Acquisitions</u></div>
    <div style="text-align: left; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">On March 24, 2025, Descartes acquired all of the shares of 3GTMS (&#8220;3GTMS&#8221;), a provider of transportation management solutions. The purchase price for the
      acquisition was approximately $112.7 million, net of cash acquired, which was funded from cash on hand. The gross contractual amount of trade receivables acquired was $3.4 million with a fair value of $2.8 million at the date of acquisition. Our
      acquisition date estimate of contractual cash flows not expected to be collected was $0.6 million. The completion of the initial purchase price allocation is pending the finalization of the fair value for trade receivables, accrued liability
      balances, deferred revenue as well as potential unrecorded liabilities. We expect to finalize the purchase price allocation on or before March 24, 2026.</div>
    <div><br>
    </div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" class="BRPFPageBreakArea">
      <div class="BRPFPageNumberArea" style="text-align: center;"><font style="font-family: Verdana, Geneva, 'sans-serif'; font-size: 9pt; font-weight: normal; font-style: normal;">48</font></div>
      <div style="page-break-after: always;" class="BRPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div style="text-align: justify; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">On June 18, 2025, Descartes acquired all of the shares of PackageRoute Holdco, Inc. (&#8220;PackageRoute&#8221;),<font style="font-size: 9pt; font-family: Verdana, Geneva, sans-serif;">&#160;</font>a provider of final-mile carrier solutions. The purchase price for the acquisition was approximately $1.9 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 contractual cash flows not expected to be collected was nominal. The completion of the initial purchase price allocation is pending the
      finalization of the fair value for trade receivables, accrued liability balances, deferred revenue as well as potential unrecorded liabilities. We expect to finalize the purchase price allocation on or before June 18, 2026.</div>
    <div><br>
    </div>
    <div style="text-align: justify; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">On August 1, 2025, Descartes acquired all of the shares of Finale, Inc. (&#8220;Finale&#8221;), a US-based provider of cloud-based inventory management solutions designed
      to support ecommerce businesses across their growth lifecycle. The purchase price for the acquisition was approximately $39.2 million, net of cash acquired, which was funded from cash on hand, plus potential performance-based contingent consideration
      of up to $15.0 million based on Finale achieving revenue-based targets over the first two years post-acquisition. The fair value of the contingent consideration was valued at $3.6 million at the acquisition date. The gross contractual amount of trade
      receivables acquired was $0.1 million with a fair value of $0.1 million at the date of acquisition. Our acquisition date estimate of contractual cash flows not expected to be collected was nominal. The completion of the initial purchase price
      allocation is pending the finalization of the fair value for trade receivables, accrued liability balances, deferred revenue as well as potential unrecorded liabilities. We expect to finalize the purchase price allocation on or before August 1, 2026.</div>
    <div><br>
    </div>
    <div style="text-align: justify; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">For the businesses acquired during fiscal 2026, we incurred acquisition-related costs of $0.1 million and $3.4 million for the three and nine month periods
      ended October 31, 2025, 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, 2025, we have recognized revenues of $8.3 million and $17.2 million, respectively, and net loss of $0.1 million and $1.2 million, respectively, from 3GTMS, PackageRoute, and Finale since the date of acquisition in our condensed consolidated
      statements of operations.</div>
    <div style="text-align: justify; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;"> <br>
    </div>
    <div style="text-align: justify; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;"> <br>
    </div>
    <div style="text-align: justify; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;"> <br>
    </div>
    <div style="text-align: justify; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;"> <br>
    </div>
    <div style="text-align: justify; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;"> <br>
    </div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" class="BRPFPageBreakArea">
      <div class="BRPFPageNumberArea" style="text-align: center;"><font style="font-family: Verdana, Geneva, 'sans-serif'; font-size: 9pt; font-weight: normal; font-style: normal;">49</font></div>
      <div style="page-break-after: always;" class="BRPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="z3817fe4e60e6458f99d8fd2549d785bd">

        <tr>
          <td style="width: 100%; vertical-align: top;">
            <div style="text-align: justify; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">The preliminary purchase price allocations for the businesses acquired during 2026, which have not been finalized, are as follows:</div>
          </td>
        </tr>

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

        <tr>
          <td style="width: 53.22%; vertical-align: top;">&#160;</td>
          <td style="width: 11.7%; vertical-align: top; border-bottom: 1px solid rgb(0, 0, 0); text-align: right;">
            <div style="margin-right: 3pt; font-family: Verdana,Geneva,sans-serif; font-size: 9pt; font-weight: bold;">3GTMS</div>
          </td>
          <td style="width: 11.7%; vertical-align: top; border-bottom: 1px solid rgb(0, 0, 0); text-align: right;">
            <div style="margin-right: 3pt; font-family: Verdana,Geneva,sans-serif; font-size: 9pt; font-weight: bold;">Package- Route</div>
          </td>
          <td style="width: 11.7%; vertical-align: top; border-bottom: 1px solid rgb(0, 0, 0); text-align: right;">
            <div style="margin-right: 3pt; font-family: Verdana,Geneva,sans-serif; font-size: 9pt; font-weight: bold;">Finale</div>
          </td>
          <td style="width: 11.7%; vertical-align: top; border-bottom: 1px solid rgb(0, 0, 0); text-align: right;">
            <div style="margin-right: 3pt; font-family: Verdana,Geneva,sans-serif; font-size: 9pt; font-weight: bold;">Total</div>
          </td>
        </tr>
        <tr>
          <td style="width: 53.22%; vertical-align: top;">
            <div style="text-align: left; margin-right: 2.45pt; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">Purchase price consideration:</div>
          </td>
          <td style="width: 11.7%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); text-align: right;">&#160;</td>
          <td style="width: 11.7%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); text-align: right;">&#160;</td>
          <td style="width: 11.7%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); text-align: right;">&#160;</td>
          <td style="width: 11.7%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); text-align: right;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 53.22%; vertical-align: top;">
            <div style="text-align: left; margin-right: 6.95pt; margin-left: 12pt; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">Cash, net of cash acquired related to 3GTMS ($773), PackageRoute ($191) and Finale ($250)</div>
          </td>
          <td style="width: 11.7%; vertical-align: bottom; text-align: right;">
            <div style="font-family: Verdana,Geneva,sans-serif; font-size: 9pt;">112,714</div>
          </td>
          <td style="width: 11.7%; vertical-align: bottom; text-align: right;">
            <div style="font-family: Verdana,Geneva,sans-serif; font-size: 9pt;">1,890</div>
          </td>
          <td style="width: 11.7%; vertical-align: bottom; text-align: right;">
            <div style="font-family: Verdana,Geneva,sans-serif; font-size: 9pt;">37,016</div>
          </td>
          <td style="width: 11.7%; vertical-align: bottom; text-align: right;">
            <div style="font-family: Verdana,Geneva,sans-serif; font-size: 9pt;">151,620</div>
          </td>
        </tr>
        <tr>
          <td style="width: 53.22%; vertical-align: top;">
            <div style="text-align: left; margin-right: 6.95pt; margin-left: 12pt; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">Consideration payable</div>
          </td>
          <td style="width: 11.7%; vertical-align: bottom; text-align: right;">
            <div style="font-family: Verdana,Geneva,sans-serif; font-size: 9pt;">-</div>
          </td>
          <td style="width: 11.7%; vertical-align: bottom; text-align: right;">
            <div style="font-family: Verdana,Geneva,sans-serif; font-size: 9pt;">-</div>
          </td>
          <td style="width: 11.7%; vertical-align: bottom; text-align: right;">
            <div style="font-family: Verdana,Geneva,sans-serif; font-size: 9pt;">2,172</div>
          </td>
          <td style="width: 11.7%; vertical-align: bottom; text-align: right;">
            <div style="font-family: Verdana,Geneva,sans-serif; font-size: 9pt;">2,172</div>
          </td>
        </tr>
        <tr>
          <td style="width: 53.22%; vertical-align: top;">
            <div style="text-align: left; margin-right: 2.45pt; margin-left: 12pt; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">Contingent consideration</div>
          </td>
          <td style="width: 11.7%; vertical-align: bottom; text-align: right;">
            <div style="font-family: Verdana,Geneva,sans-serif; font-size: 9pt;">-</div>
          </td>
          <td style="width: 11.7%; vertical-align: bottom; text-align: right;">
            <div style="font-family: Verdana,Geneva,sans-serif; font-size: 9pt;">-</div>
          </td>
          <td style="width: 11.7%; vertical-align: bottom; text-align: right;">
            <div style="font-family: Verdana,Geneva,sans-serif; font-size: 9pt;">3,597</div>
          </td>
          <td style="width: 11.7%; vertical-align: bottom; text-align: right;">
            <div style="font-family: Verdana,Geneva,sans-serif; font-size: 9pt;">3,597</div>
          </td>
        </tr>
        <tr>
          <td style="width: 53.22%; vertical-align: top;">
            <div style="text-align: left; margin-right: 2.45pt; margin-left: 12pt; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">Net working capital adjustments (receivable)</div>
          </td>
          <td style="width: 11.7%; vertical-align: bottom; border-bottom: 1px solid rgb(0, 0, 0); text-align: right;">
            <div style="font-family: Verdana,Geneva,sans-serif; font-size: 9pt;">(123)</div>
          </td>
          <td style="width: 11.7%; vertical-align: bottom; border-bottom: 1px solid rgb(0, 0, 0); text-align: right;">
            <div style="font-family: Verdana,Geneva,sans-serif; font-size: 9pt;">(38)</div>
          </td>
          <td style="width: 11.7%; vertical-align: bottom; border-bottom: 1px solid rgb(0, 0, 0); text-align: right;">
            <div style="font-family: Verdana,Geneva,sans-serif; font-size: 9pt;">(176)</div>
          </td>
          <td style="width: 11.7%; vertical-align: bottom; border-bottom: 1px solid rgb(0, 0, 0); text-align: right;">
            <div style="font-family: Verdana,Geneva,sans-serif; font-size: 9pt;">(337)</div>
          </td>
        </tr>
        <tr>
          <td style="width: 53.22%; vertical-align: top;">&#160;</td>
          <td style="width: 11.7%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 2px double rgb(0, 0, 0); text-align: right;">
            <div style="font-family: Verdana,Geneva,sans-serif; font-size: 9pt;">112,591</div>
          </td>
          <td style="width: 11.7%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 2px double rgb(0, 0, 0); text-align: right;">
            <div style="font-family: Verdana,Geneva,sans-serif; font-size: 9pt;">1,852</div>
          </td>
          <td style="width: 11.7%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 2px double rgb(0, 0, 0); text-align: right;">
            <div style="font-family: Verdana,Geneva,sans-serif; font-size: 9pt;">42,609</div>
          </td>
          <td style="width: 11.7%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 2px double rgb(0, 0, 0); text-align: right;">
            <div style="font-family: Verdana,Geneva,sans-serif; font-size: 9pt;">157,052</div>
          </td>
        </tr>
        <tr>
          <td style="width: 53.22%; vertical-align: top;">
            <div style="text-align: left; margin-right: 2.45pt; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">Allocated to:</div>
          </td>
          <td style="width: 11.7%; vertical-align: bottom; text-align: right;">&#160;</td>
          <td style="width: 11.7%; vertical-align: bottom; text-align: right;">&#160;</td>
          <td style="width: 11.7%; vertical-align: bottom; text-align: right;">&#160;</td>
          <td style="width: 11.7%; vertical-align: bottom; text-align: right;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 53.22%; vertical-align: top;">
            <div style="text-align: left; margin-right: 2.45pt; margin-left: 12pt; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">Current assets, excluding cash acquired</div>
          </td>
          <td style="width: 11.7%; vertical-align: bottom; text-align: right;">
            <div style="font-family: Verdana,Geneva,sans-serif; font-size: 9pt;">3,773</div>
          </td>
          <td style="width: 11.7%; vertical-align: bottom; text-align: right;">
            <div style="font-family: Verdana,Geneva,sans-serif; font-size: 9pt;">4</div>
          </td>
          <td style="width: 11.7%; vertical-align: bottom; text-align: right;">
            <div style="font-family: Verdana,Geneva,sans-serif; font-size: 9pt;">320</div>
          </td>
          <td style="width: 11.7%; vertical-align: bottom; text-align: right;">
            <div style="font-family: Verdana,Geneva,sans-serif; font-size: 9pt;">4,097</div>
          </td>
        </tr>
        <tr>
          <td style="width: 53.22%; vertical-align: top;">
            <div style="text-align: left; margin-right: 2.45pt; margin-left: 12pt; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">Deferred income tax asset</div>
          </td>
          <td style="width: 11.7%; vertical-align: bottom; text-align: right;">
            <div style="font-family: Verdana,Geneva,sans-serif; font-size: 9pt;">7,510</div>
          </td>
          <td style="width: 11.7%; vertical-align: bottom; text-align: right;">
            <div style="font-family: Verdana,Geneva,sans-serif; font-size: 9pt;">-</div>
          </td>
          <td style="width: 11.7%; vertical-align: bottom; text-align: right;">
            <div style="font-family: Verdana,Geneva,sans-serif; font-size: 9pt;">-</div>
          </td>
          <td style="width: 11.7%; vertical-align: bottom; text-align: right;">
            <div style="font-family: Verdana,Geneva,sans-serif; font-size: 9pt;">7,510</div>
          </td>
        </tr>
        <tr>
          <td style="width: 53.22%; vertical-align: top;">
            <div style="text-align: left; margin-right: 2.45pt; margin-left: 12pt; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">Other long term assets</div>
          </td>
          <td style="width: 11.7%; vertical-align: bottom; text-align: right;">
            <div style="font-family: Verdana,Geneva,sans-serif; font-size: 9pt;">686</div>
          </td>
          <td style="width: 11.7%; vertical-align: bottom; text-align: right;">
            <div style="font-family: Verdana,Geneva,sans-serif; font-size: 9pt;">-</div>
          </td>
          <td style="width: 11.7%; vertical-align: bottom; text-align: right;">
            <div style="font-family: Verdana,Geneva,sans-serif; font-size: 9pt;">-</div>
          </td>
          <td style="width: 11.7%; vertical-align: bottom; text-align: right;">
            <div style="font-family: Verdana,Geneva,sans-serif; font-size: 9pt;">686</div>
          </td>
        </tr>
        <tr>
          <td style="width: 53.22%; vertical-align: top;">
            <div style="text-align: left; margin-right: 2.45pt; margin-left: 12pt; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">Current liabilities</div>
          </td>
          <td style="width: 11.7%; vertical-align: bottom; text-align: right;">
            <div style="font-family: Verdana,Geneva,sans-serif; font-size: 9pt;">(2,732)</div>
          </td>
          <td style="width: 11.7%; vertical-align: bottom; text-align: right;">
            <div style="font-family: Verdana,Geneva,sans-serif; font-size: 9pt;">(84)</div>
          </td>
          <td style="width: 11.7%; vertical-align: bottom; text-align: right;">
            <div style="font-family: Verdana,Geneva,sans-serif; font-size: 9pt;">(188)</div>
          </td>
          <td style="width: 11.7%; vertical-align: bottom; text-align: right;">
            <div style="font-family: Verdana,Geneva,sans-serif; font-size: 9pt;">(3,004)</div>
          </td>
        </tr>
        <tr>
          <td style="width: 53.22%; vertical-align: top;">
            <div style="text-align: left; margin-right: 2.45pt; margin-left: 12pt; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">Deferred revenue</div>
          </td>
          <td style="width: 11.7%; vertical-align: bottom; text-align: right;">
            <div style="font-family: Verdana,Geneva,sans-serif; font-size: 9pt;">(6,811)</div>
          </td>
          <td style="width: 11.7%; vertical-align: bottom; text-align: right;">
            <div style="font-family: Verdana,Geneva,sans-serif; font-size: 9pt;">(68)</div>
          </td>
          <td style="width: 11.7%; vertical-align: bottom; text-align: right;">
            <div style="font-family: Verdana,Geneva,sans-serif; font-size: 9pt;">(1,520)</div>
          </td>
          <td style="width: 11.7%; vertical-align: bottom; text-align: right;">
            <div style="font-family: Verdana,Geneva,sans-serif; font-size: 9pt;">(8,399)</div>
          </td>
        </tr>
        <tr>
          <td style="width: 53.22%; vertical-align: top;">
            <div style="text-align: left; margin-right: 2.45pt; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">Net tangible assets (liabilities) assumed</div>
          </td>
          <td style="width: 11.7%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); text-align: right;">
            <div style="font-family: Verdana,Geneva,sans-serif; font-size: 9pt;">2,426</div>
          </td>
          <td style="width: 11.7%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); text-align: right;">
            <div style="font-family: Verdana,Geneva,sans-serif; font-size: 9pt;">(148)</div>
          </td>
          <td style="width: 11.7%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); text-align: right;">
            <div style="font-family: Verdana,Geneva,sans-serif; font-size: 9pt;">(1,388)</div>
          </td>
          <td style="width: 11.7%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); text-align: right;">
            <div style="font-family: Verdana,Geneva,sans-serif; font-size: 9pt;">890</div>
          </td>
        </tr>
        <tr>
          <td style="width: 53.22%; vertical-align: top;">
            <div style="text-align: left; margin-right: 2.45pt; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">Finite life intangible assets acquired:</div>
          </td>
          <td style="width: 11.7%; vertical-align: bottom; text-align: right;">&#160;</td>
          <td style="width: 11.7%; vertical-align: bottom; text-align: right;">&#160;</td>
          <td style="width: 11.7%; vertical-align: bottom; text-align: right;">&#160;</td>
          <td style="width: 11.7%; vertical-align: bottom; text-align: right;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 53.22%; vertical-align: top;">
            <div style="text-align: left; text-indent: 13.45pt; margin-right: 2.45pt; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">Customer agreements and relationships</div>
          </td>
          <td style="width: 11.7%; vertical-align: bottom; text-align: right;">
            <div style="font-family: Verdana,Geneva,sans-serif; font-size: 9pt;">29,000</div>
          </td>
          <td style="width: 11.7%; vertical-align: bottom; text-align: right;">
            <div style="font-family: Verdana,Geneva,sans-serif; font-size: 9pt;">2,000</div>
          </td>
          <td style="width: 11.7%; vertical-align: bottom; text-align: right;">
            <div style="font-family: Verdana,Geneva,sans-serif; font-size: 9pt;">8,600</div>
          </td>
          <td style="width: 11.7%; vertical-align: bottom; text-align: right;">
            <div style="font-family: Verdana,Geneva,sans-serif; font-size: 9pt;">39,600</div>
          </td>
        </tr>
        <tr>
          <td style="width: 53.22%; vertical-align: top;">
            <div style="text-align: left; text-indent: 13.45pt; margin-right: 2.45pt; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">Existing technology</div>
          </td>
          <td style="width: 11.7%; vertical-align: bottom; text-align: right;">
            <div style="font-family: Verdana,Geneva,sans-serif; font-size: 9pt;">30,700</div>
          </td>
          <td style="width: 11.7%; vertical-align: bottom; text-align: right;">
            <div style="font-family: Verdana,Geneva,sans-serif; font-size: 9pt;">-</div>
          </td>
          <td style="width: 11.7%; vertical-align: bottom; text-align: right;">
            <div style="font-family: Verdana,Geneva,sans-serif; font-size: 9pt;">12,500</div>
          </td>
          <td style="width: 11.7%; vertical-align: bottom; text-align: right;">
            <div style="font-family: Verdana,Geneva,sans-serif; font-size: 9pt;">43,200</div>
          </td>
        </tr>
        <tr>
          <td style="width: 53.22%; vertical-align: top;">
            <div style="text-align: left; margin-right: 2.45pt; margin-left: 13.45pt; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">Trade names</div>
          </td>
          <td style="width: 11.7%; vertical-align: bottom; text-align: right;">
            <div style="font-family: Verdana,Geneva,sans-serif; font-size: 9pt;">350</div>
          </td>
          <td style="width: 11.7%; vertical-align: bottom; text-align: right;">
            <div style="font-family: Verdana,Geneva,sans-serif; font-size: 9pt;">-</div>
          </td>
          <td style="width: 11.7%; vertical-align: bottom; text-align: right;">
            <div style="font-family: Verdana,Geneva,sans-serif; font-size: 9pt;">100</div>
          </td>
          <td style="width: 11.7%; vertical-align: bottom; text-align: right;">
            <div style="font-family: Verdana,Geneva,sans-serif; font-size: 9pt;">450</div>
          </td>
        </tr>
        <tr>
          <td style="width: 53.22%; vertical-align: top;">
            <div style="text-align: left; margin-right: 2.45pt; margin-left: 13.45pt; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">Non-compete covenants</div>
          </td>
          <td style="width: 11.7%; vertical-align: bottom; text-align: right;">
            <div style="font-family: Verdana,Geneva,sans-serif; font-size: 9pt;">-</div>
          </td>
          <td style="width: 11.7%; vertical-align: bottom; text-align: right;">
            <div style="font-family: Verdana,Geneva,sans-serif; font-size: 9pt;">-</div>
          </td>
          <td style="width: 11.7%; vertical-align: bottom; text-align: right;">
            <div style="font-family: Verdana,Geneva,sans-serif; font-size: 9pt;">250</div>
          </td>
          <td style="width: 11.7%; vertical-align: bottom; text-align: right;">
            <div style="font-family: Verdana,Geneva,sans-serif; font-size: 9pt;">250</div>
          </td>
        </tr>
        <tr>
          <td style="width: 53.22%; vertical-align: top;">
            <div style="text-align: left; margin-right: 2.45pt; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">Goodwill</div>
          </td>
          <td style="width: 11.7%; vertical-align: bottom; text-align: right;">
            <div style="font-family: Verdana,Geneva,sans-serif; font-size: 9pt;">50,115</div>
          </td>
          <td style="width: 11.7%; vertical-align: bottom; text-align: right;">
            <div style="font-family: Verdana,Geneva,sans-serif; font-size: 9pt;">-</div>
          </td>
          <td style="width: 11.7%; vertical-align: bottom; text-align: right;">
            <div style="font-family: Verdana,Geneva,sans-serif; font-size: 9pt;">22,547</div>
          </td>
          <td style="width: 11.7%; vertical-align: bottom; text-align: right;">
            <div style="font-family: Verdana,Geneva,sans-serif; font-size: 9pt;">72,662</div>
          </td>
        </tr>
        <tr>
          <td style="width: 53.22%; vertical-align: top;">&#160;</td>
          <td style="width: 11.7%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 2px double rgb(0, 0, 0); text-align: right;">
            <div style="font-family: Verdana,Geneva,sans-serif; font-size: 9pt;">112,591</div>
          </td>
          <td style="width: 11.7%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 2px double rgb(0, 0, 0); text-align: right;">
            <div style="font-family: Verdana,Geneva,sans-serif; font-size: 9pt;">1,852</div>
          </td>
          <td style="width: 11.7%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 2px double rgb(0, 0, 0); text-align: right;">
            <div style="font-family: Verdana,Geneva,sans-serif; font-size: 9pt;">42,609</div>
          </td>
          <td style="width: 11.7%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 2px double rgb(0, 0, 0); text-align: right;">
            <div style="font-family: Verdana,Geneva,sans-serif; font-size: 9pt;">157,052</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <div style="text-align: justify; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">The above transactions were accounted for using the acquisition method in accordance with ASC Topic 805, &#8220;Business Combinations&#8221;. The purchase price allocations
      in the table above represents our estimates of the allocation of the purchase price and the fair value of net assets acquired. The preliminary purchase price allocations may differ from the final purchase price allocation, and these differences may
      be material. Revisions to the allocations will occur as additional information about the fair value of assets and liabilities becomes available. The final purchase price allocations will be completed within one year from the acquisition date.</div>
    <div><br>
    </div>
    <div style="text-align: left; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">The acquired intangible assets are being amortized over their estimated useful lives as follows:</div>
    <div><br>
    </div>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="z30ac52b6e53148e882b8723ffe1e972f">

        <tr>
          <td style="width: 60.02%; vertical-align: top;">&#160;</td>
          <td style="width: 13.33%; vertical-align: top; border-bottom: #000000 1px solid;">
            <div style="text-align: right; font-family: Verdana, Geneva, sans-serif; font-size: 9pt; font-weight: bold;">3GTMS</div>
          </td>
          <td style="width: 13.33%; vertical-align: top; border-bottom: #000000 1px solid;">
            <div style="text-align: right; font-family: Verdana, Geneva, sans-serif; font-size: 9pt; font-weight: bold;">Package- Route</div>
          </td>
          <td style="width: 13.33%; vertical-align: top; border-bottom: #000000 1px solid;">
            <div style="text-align: right; font-family: Verdana, Geneva, sans-serif; font-size: 9pt; font-weight: bold;">Finale</div>
          </td>
        </tr>
        <tr>
          <td style="width: 60.02%; vertical-align: top;">
            <div style="text-align: left; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">&#160;&#160;Customer agreements and relationships</div>
          </td>
          <td style="width: 13.33%; vertical-align: top; border-top: #000000 1px solid;">
            <div style="text-align: right; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">10-13 years</div>
          </td>
          <td style="width: 13.33%; vertical-align: top; border-top: #000000 1px solid;">
            <div style="text-align: right; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">13 years</div>
          </td>
          <td style="width: 13.33%; vertical-align: top; border-top: #000000 1px solid;">
            <div style="text-align: right; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">10 years</div>
          </td>
        </tr>
        <tr>
          <td style="width: 60.02%; vertical-align: top;">
            <div style="text-align: left; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">&#160;&#160;Existing technology</div>
          </td>
          <td style="width: 13.33%; vertical-align: top;">
            <div style="text-align: right; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">6 years</div>
          </td>
          <td style="width: 13.33%; vertical-align: top;">
            <div style="text-align: right; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">N/A</div>
          </td>
          <td style="width: 13.33%; vertical-align: top;">
            <div style="text-align: right; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">6 years</div>
          </td>
        </tr>
        <tr>
          <td style="width: 60.02%; vertical-align: top;">
            <div style="text-align: left; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">&#160;&#160;Trade names</div>
          </td>
          <td style="width: 13.33%; vertical-align: top;">
            <div style="text-align: right; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">3 years</div>
          </td>
          <td style="width: 13.33%; vertical-align: top;">
            <div style="text-align: right; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">N/A</div>
          </td>
          <td style="width: 13.33%; vertical-align: top;">
            <div style="text-align: right; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">3 years</div>
          </td>
        </tr>
        <tr>
          <td style="width: 60.02%; vertical-align: top;">
            <div style="text-align: left; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">&#160;&#160;Non-compete covenants</div>
          </td>
          <td style="width: 13.33%; vertical-align: top;">
            <div style="text-align: right; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">N/A</div>
          </td>
          <td style="width: 13.33%; vertical-align: top;">
            <div style="text-align: right; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">N/A</div>
          </td>
          <td style="width: 13.33%; vertical-align: top;">
            <div style="text-align: right; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">5 years</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <div style="text-align: justify; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">The goodwill on the 3GTMS and Finale acquisitions arose as a result of the combined strategic value to our growth plan. The goodwill arising from the 3GTMS
      acquisition is not deductible for tax purposes.<font style="font-size: 9pt; font-family: Verdana, Geneva, sans-serif;">&#160;</font>The goodwill arising from the Finale acquisition is deductible for tax purposes.</div>
    <div><br>
    </div>
    <div style="text-align: justify; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;"><u>Fiscal 2025 Acquisitions</u></div>
    <div style="text-align: justify; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">On March 28, 2024, Descartes acquired all of the shares of OCR Services, Inc. (&#8220;OCR&#8221;), a provider of global trade compliance solutions and content. The purchase
      price for the acquisition was approximately</div>
    <div style="text-align: justify; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;"> <br>
    </div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" class="BRPFPageBreakArea">
      <div class="BRPFPageNumberArea" style="text-align: center;"><font style="font-family: Verdana, Geneva, 'sans-serif'; font-size: 9pt; font-weight: normal; font-style: normal;">50</font></div>
      <div style="page-break-after: always;" class="BRPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div style="text-align: justify; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">$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 purchase price was finalized in the three month period ended April 30, 2025 with no
      adjustments.</div>
    <div><br>
    </div>
    <div style="text-align: justify; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">On April 19, 2024, Descartes acquired substantially all of the shares of Aerospace Software Developments (&#8220;ASD&#8221;), a 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 paid in the fourth
      quarter of fiscal 2025.<font style="font-size: 9pt; font-family: Verdana, Geneva, sans-serif;">&#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 purchase price was finalized in the three month period ended April 30, 2025 with no adjustments.</div>
    <div><br>
    </div>
    <div style="text-align: justify; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">On June 10, 2024, Descartes acquired all of the shares of BoxTop Technologies Limited (&#8220;BoxTop&#8221;), a 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 contractual cash flows not expected to be collected was nominal. The purchase price was finalized in the three month period ended July 31, 2025 with no
      adjustments.</div>
    <div><br>
    </div>
    <div style="text-align: justify; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">On September 17, 2024, Descartes acquired all of the shares of Assure Assist, Inc., doing business as MyCarrierPortal (&#8220;MCP&#8221;), a 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 purchase price was finalized in the three month period ended October 31,
      2025 with no adjustments.</div>
    <div><br>
    </div>
    <div style="text-align: justify; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">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 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 purchase price was finalized in the three month
      period ended October 31, 2025 with no adjustments.</div>
    <div><br>
    </div>
    <div style="text-align: justify; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;"><u>Pro Forma Results of Operations (Unaudited)</u></div>
    <div style="text-align: justify; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">The financial information in the table below summarizes selected results of operations on a pro forma basis as if we had acquired Finale, PackageRoute, 3GTMS,
      Sellercloud, MCP, BoxTop, ASD, and OCR as of February 1, 2024.</div>
    <div><br>
    </div>
    <div style="text-align: justify; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">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 Finale, PackageRoute, 3GTMS, Sellercloud, MCP, BoxTop, ASD, and OCR occurred at February 1, 2024, or to project our results of operations for any future period.</div>
    <div><br>
    </div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" class="BRPFPageBreakArea">
      <div class="BRPFPageNumberArea" style="text-align: center;"><font style="font-family: Verdana, Geneva, 'sans-serif'; font-size: 9pt; font-weight: normal; font-style: normal;">51</font></div>
      <div style="page-break-after: always;" class="BRPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="zd3eda96a7f804341b1c8ad18a38b977b">

        <tr>
          <td style="width: 46.35%; vertical-align: top;">&#160;</td>
          <td colspan="2" style="width: 25.85%; vertical-align: top; border-top: #000000 1px solid;">
            <div style="text-align: right; font-family: Verdana, Geneva, sans-serif; font-size: 9pt; font-weight: bold;">Three Months Ended</div>
          </td>
          <td style="width: 1.78%; vertical-align: top;">&#160;</td>
          <td colspan="2" style="width: 26.01%; vertical-align: top; border-top: #000000 1px solid;">
            <div style="text-align: right; font-family: Verdana, Geneva, sans-serif; font-size: 9pt; 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 1px solid;">
            <div style="text-align: right; font-family: Verdana, Geneva, sans-serif; font-size: 9pt; font-weight: bold;">October 31,</div>
          </td>
          <td style="width: 12.48%; vertical-align: top; border-top: #000000 1px solid;">
            <div style="text-align: right; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">October 31,</div>
          </td>
          <td rowspan="3" style="width: 1.78%; vertical-align: top;">&#160;</td>
          <td style="width: 13.37%; vertical-align: top; border-top: #000000 1px solid;">
            <div style="text-align: right; font-family: Verdana, Geneva, sans-serif; font-size: 9pt; font-weight: bold;">October 31,</div>
          </td>
          <td style="width: 12.64%; vertical-align: top; border-top: #000000 1px solid;">
            <div style="text-align: right; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">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 1px solid;">
            <div style="text-align: right; font-family: Verdana, Geneva, sans-serif; font-size: 9pt; font-weight: bold;">2025</div>
          </td>
          <td style="width: 12.48%; vertical-align: top; border-bottom: #000000 1px solid;">
            <div style="text-align: right; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">2024</div>
          </td>
          <td style="width: 13.37%; vertical-align: top; border-bottom: #000000 1px solid;">
            <div style="text-align: right; font-family: Verdana, Geneva, sans-serif; font-size: 9pt; font-weight: bold;">2025</div>
          </td>
          <td style="width: 12.64%; vertical-align: top; border-bottom: #000000 1px solid;">
            <div style="text-align: right; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">2024</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 1px solid;">&#160;</td>
          <td style="width: 12.48%; vertical-align: top; border-top: #000000 1px solid;">&#160;</td>
          <td style="width: 13.37%; vertical-align: top; border-top: #000000 1px solid;">&#160;</td>
          <td style="width: 12.64%; vertical-align: top; border-top: #000000 1px solid;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 46.35%; vertical-align: top;">
            <div style="text-align: left; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">Revenue</div>
          </td>
          <td style="width: 13.37%; vertical-align: top;">
            <div style="text-align: right; font-family: Verdana, Geneva, sans-serif; font-size: 9pt; font-weight: bold;">187,705</div>
          </td>
          <td style="width: 12.48%; vertical-align: top;">
            <div style="text-align: right; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">182,552</div>
          </td>
          <td rowspan="5" style="width: 1.78%; vertical-align: top;">&#160;</td>
          <td style="width: 13.37%; vertical-align: bottom;">
            <div style="text-align: right; text-indent: 1.5pt; font-family: Verdana, Geneva, sans-serif; font-size: 9pt; font-weight: bold;">544,831</div>
          </td>
          <td style="width: 12.64%; vertical-align: bottom;">
            <div style="text-align: right; text-indent: 1.5pt; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">534,530</div>
          </td>
        </tr>
        <tr>
          <td style="width: 46.35%; vertical-align: top;">
            <div style="text-align: left; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">Net income</div>
          </td>
          <td style="width: 13.37%; vertical-align: top;">
            <div style="text-align: right; font-family: Verdana, Geneva, sans-serif; font-size: 9pt; font-weight: bold;">43,900</div>
          </td>
          <td style="width: 12.48%; vertical-align: top;">
            <div style="text-align: right; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">35,819</div>
          </td>
          <td style="width: 13.37%; vertical-align: top;">
            <div style="text-align: right; font-family: Verdana, Geneva, sans-serif; font-size: 9pt; font-weight: bold;">117,797</div>
          </td>
          <td style="width: 12.64%; vertical-align: top;">
            <div style="text-align: right; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">102,604</div>
          </td>
        </tr>
        <tr>
          <td style="width: 46.35%; vertical-align: top;">
            <div style="text-align: left; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">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, Geneva, sans-serif; font-size: 9pt;">&#160;&#160;Basic</div>
          </td>
          <td style="width: 13.37%; vertical-align: top;">
            <div style="text-align: right; font-family: Verdana, Geneva, sans-serif; font-size: 9pt; font-weight: bold;">0.51</div>
          </td>
          <td style="width: 12.48%; vertical-align: top;">
            <div style="text-align: right; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">0.42</div>
          </td>
          <td style="width: 13.37%; vertical-align: top;">
            <div style="text-align: right; text-indent: 1.5pt; font-family: Verdana, Geneva, sans-serif; font-size: 9pt; font-weight: bold;">1.37</div>
          </td>
          <td style="width: 12.64%; vertical-align: top;">
            <div style="text-align: right; text-indent: 1.5pt; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">1.20</div>
          </td>
        </tr>
        <tr>
          <td style="width: 46.35%; vertical-align: top;">
            <div style="text-align: left; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">&#160;&#160;Diluted</div>
          </td>
          <td style="width: 13.37%; vertical-align: top;">
            <div style="text-align: right; font-family: Verdana, Geneva, sans-serif; font-size: 9pt; font-weight: bold;">0.50</div>
          </td>
          <td style="width: 12.48%; vertical-align: top;">
            <div style="text-align: right; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">0.41</div>
          </td>
          <td style="width: 13.37%; vertical-align: top;">
            <div style="text-align: right; text-indent: 1.5pt; font-family: Verdana, Geneva, sans-serif; font-size: 9pt; font-weight: bold;">1.34</div>
          </td>
          <td style="width: 12.64%; vertical-align: top;">
            <div style="text-align: right; text-indent: 1.5pt; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">1.18</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <div style="text-align: justify; font-family: Verdana, Geneva, sans-serif; font-size: 9pt; font-weight: bold;">Note 4 &#8211; Fair Value Measurements</div>
    <div><br>
    </div>
    <div style="text-align: justify; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">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, Geneva, sans-serif; font-size: 9pt;">Topic 820 establishes a fair value hierarchy which prioritizes the inputs used in the valuation methodologies in measuring fair value into three levels:</div>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z69c0d2187a764b4ebe2711421fd09612">

        <tr>
          <td style="width: 18pt;"><br>
          </td>
          <td style="width: 18pt; vertical-align: top; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">&#8226;</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">Level 1&#8212;inputs are based upon unadjusted quoted prices for identical instruments traded in active markets.</div>
          </td>
        </tr>

    </table>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z4b96404cd43e41bcbed34bbfe334dc53">

        <tr>
          <td style="width: 18pt;"><br>
          </td>
          <td style="width: 18pt; vertical-align: top; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">&#8226;</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">Level 2&#8212;inputs are based upon quoted prices for similar instruments in active markets, quoted prices for identical or similar instruments in markets that are not active, and
              model-based valuation techniques for which all significant assumptions are observable in the market or can be corroborated by observable market data for substantially the full term of the assets or liabilities.</div>
          </td>
        </tr>

    </table>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zf48b1d0a2fb54c0a872277c45a02c50f">

        <tr>
          <td style="width: 18pt;"><br>
          </td>
          <td style="width: 18pt; vertical-align: top; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">&#8226;</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">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, Geneva, sans-serif; font-size: 9pt;">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, Geneva, sans-serif; font-size: 9pt;">The following table shows the Company&#8217;s financial instruments measured at fair value on a recurring basis as of October 31, 2025:</div>
    <div><br>
    </div>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="zb3c93750a8c14e0c90ceb2b55b2e6aa2">

        <tr>
          <td style="width: 38.34%; vertical-align: top;">&#160;</td>
          <td style="width: 15.4%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0); text-align: right;">
            <div style="text-indent: 1.5pt; font-family: Verdana,Geneva,sans-serif; font-size: 9pt; font-weight: bold;">Level 1</div>
          </td>
          <td style="width: 15.4%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0); text-align: right;">
            <div style="text-indent: 1.5pt; font-family: Verdana,Geneva,sans-serif; font-size: 9pt; font-weight: bold;">Level 2</div>
          </td>
          <td style="width: 15.4%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0); text-align: right;">
            <div style="text-indent: 1.5pt; font-family: Verdana,Geneva,sans-serif; font-size: 9pt; font-weight: bold;">Level 3</div>
          </td>
          <td style="width: 15.45%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0); text-align: right;">
            <div style="text-indent: 1.5pt; font-family: Verdana,Geneva,sans-serif; font-size: 9pt; font-weight: bold;">Total</div>
          </td>
        </tr>
        <tr>
          <td style="width: 38.34%; vertical-align: top;">
            <div style="text-align: left; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">Assets:</div>
          </td>
          <td style="width: 15.4%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); text-align: right;">&#160;</td>
          <td style="width: 15.4%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); text-align: right;">&#160;</td>
          <td style="width: 15.4%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); text-align: right;">&#160;</td>
          <td style="width: 15.45%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); text-align: right;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 38.34%; vertical-align: top;">
            <div style="text-align: left; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">Equity derivative contracts</div>
          </td>
          <td style="width: 15.4%; vertical-align: bottom; text-align: right;">
            <div style="text-indent: 1.5pt; font-family: Verdana,Geneva,sans-serif; font-size: 9pt; font-weight: bold;">-</div>
          </td>
          <td style="width: 15.4%; vertical-align: bottom; text-align: right;">
            <div style="font-family: Verdana,Geneva,sans-serif; font-size: 9pt; font-weight: bold;">14,448</div>
          </td>
          <td style="width: 15.4%; vertical-align: bottom; text-align: right;">
            <div style="font-family: Verdana,Geneva,sans-serif; font-size: 9pt; font-weight: bold;">-</div>
          </td>
          <td style="width: 15.45%; vertical-align: bottom; text-align: right;">
            <div style="font-family: Verdana,Geneva,sans-serif; font-size: 9pt; font-weight: bold;">14,448</div>
          </td>
        </tr>
        <tr>
          <td style="width: 38.34%; vertical-align: top;">&#160;</td>
          <td style="width: 15.4%; vertical-align: bottom; text-align: right;">&#160;</td>
          <td style="width: 15.4%; vertical-align: bottom; text-align: right;">&#160;</td>
          <td style="width: 15.4%; vertical-align: bottom; text-align: right;">&#160;</td>
          <td style="width: 15.45%; vertical-align: bottom; text-align: right;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 38.34%; vertical-align: top;">
            <div style="text-align: left; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">Liabilities:</div>
          </td>
          <td style="width: 15.4%; vertical-align: bottom; text-align: right;">&#160;</td>
          <td style="width: 15.4%; vertical-align: bottom; text-align: right;">&#160;</td>
          <td style="width: 15.4%; vertical-align: bottom; text-align: right;">&#160;</td>
          <td style="width: 15.45%; vertical-align: bottom; text-align: right;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 38.34%; vertical-align: top;">
            <div style="text-align: left; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">Contingent consideration</div>
          </td>
          <td style="width: 15.4%; vertical-align: bottom; border-bottom: 2px double rgb(0, 0, 0); text-align: right;">
            <div style="text-indent: 1.5pt; font-family: Verdana,Geneva,sans-serif; font-size: 9pt; font-weight: bold;">-</div>
          </td>
          <td style="width: 15.4%; vertical-align: bottom; border-bottom: 2px double rgb(0, 0, 0); text-align: right;">
            <div style="font-family: Verdana,Geneva,sans-serif; font-size: 9pt; font-weight: bold;">-</div>
          </td>
          <td style="width: 15.4%; vertical-align: bottom; border-bottom: 2px double rgb(0, 0, 0); text-align: right;">
            <div style="font-family: Verdana,Geneva,sans-serif; font-size: 9pt; font-weight: bold;">11,122</div>
          </td>
          <td style="width: 15.45%; vertical-align: bottom; border-bottom: 2px double rgb(0, 0, 0); text-align: right;">
            <div style="font-family: Verdana,Geneva,sans-serif; font-size: 9pt; font-weight: bold;">11,122</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" class="BRPFPageBreakArea">
      <div class="BRPFPageNumberArea" style="text-align: center;"><font style="font-family: Verdana, Geneva, 'sans-serif'; font-size: 9pt; font-weight: normal; font-style: normal;">52</font></div>
      <div style="page-break-after: always;" class="BRPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div style="text-align: justify; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">The following table shows the Company&#8217;s financial instruments measured at fair value on a recurring basis as of January 31, 2025:</div>
    <div><br>
    </div>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="z2fd1e125059f434380c16a450eaf0b02">

        <tr>
          <td style="width: 38.34%; vertical-align: top;">&#160;</td>
          <td style="width: 15.4%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0); text-align: right;">
            <div style="text-indent: 1.5pt; font-family: Verdana,Geneva,sans-serif; font-size: 9pt;">Level 1</div>
          </td>
          <td style="width: 15.4%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0); text-align: right;">
            <div style="text-indent: 1.5pt; font-family: Verdana,Geneva,sans-serif; font-size: 9pt;">Level 2</div>
          </td>
          <td style="width: 15.4%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0); text-align: right;">
            <div style="text-indent: 1.5pt; font-family: Verdana,Geneva,sans-serif; font-size: 9pt;">Level 3</div>
          </td>
          <td style="width: 15.45%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0); text-align: right;">
            <div style="text-indent: 1.5pt; font-family: Verdana,Geneva,sans-serif; font-size: 9pt;">Total</div>
          </td>
        </tr>
        <tr>
          <td style="width: 38.34%; vertical-align: top;">
            <div style="text-align: left; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">Assets:</div>
          </td>
          <td style="width: 15.4%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); text-align: right;">&#160;</td>
          <td style="width: 15.4%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); text-align: right;">&#160;</td>
          <td style="width: 15.4%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); text-align: right;">&#160;</td>
          <td style="width: 15.45%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); text-align: right;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 38.34%; vertical-align: top;">
            <div style="text-align: left; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">Equity derivative contracts</div>
          </td>
          <td style="width: 15.4%; vertical-align: bottom; text-align: right;">
            <div style="text-indent: 1.5pt; font-family: Verdana,Geneva,sans-serif; font-size: 9pt; font-weight: bold;">-</div>
          </td>
          <td style="width: 15.4%; vertical-align: bottom; text-align: right;">
            <div style="font-family: Verdana,Geneva,sans-serif; font-size: 9pt; font-weight: bold;">26,372</div>
          </td>
          <td style="width: 15.4%; vertical-align: bottom; text-align: right;">
            <div style="font-family: Verdana,Geneva,sans-serif; font-size: 9pt; font-weight: bold;">-</div>
          </td>
          <td style="width: 15.45%; vertical-align: bottom; text-align: right;">
            <div style="font-family: Verdana,Geneva,sans-serif; font-size: 9pt; font-weight: bold;">26,372</div>
          </td>
        </tr>
        <tr>
          <td style="width: 38.34%; vertical-align: top;">&#160;</td>
          <td style="width: 15.4%; vertical-align: bottom; text-align: right;">&#160;</td>
          <td style="width: 15.4%; vertical-align: bottom; text-align: right;">&#160;</td>
          <td style="width: 15.4%; vertical-align: bottom; text-align: right;">&#160;</td>
          <td style="width: 15.45%; vertical-align: bottom; text-align: right;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 38.34%; vertical-align: top;">
            <div style="text-align: left; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">Liabilities:</div>
          </td>
          <td style="width: 15.4%; vertical-align: bottom; text-align: right;">&#160;</td>
          <td style="width: 15.4%; vertical-align: bottom; text-align: right;">&#160;</td>
          <td style="width: 15.4%; vertical-align: bottom; text-align: right;">&#160;</td>
          <td style="width: 15.45%; vertical-align: bottom; text-align: right;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 38.34%; vertical-align: top;">
            <div style="text-align: left; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">Contingent consideration</div>
          </td>
          <td style="width: 15.4%; vertical-align: bottom; border-bottom: 2px double rgb(0, 0, 0); text-align: right;">
            <div style="text-indent: 1.5pt; font-family: Verdana,Geneva,sans-serif; font-size: 9pt; font-weight: bold;">-</div>
          </td>
          <td style="width: 15.4%; vertical-align: bottom; border-bottom: 2px double rgb(0, 0, 0); text-align: right;">
            <div style="font-family: Verdana,Geneva,sans-serif; font-size: 9pt; font-weight: bold;">-</div>
          </td>
          <td style="width: 15.4%; vertical-align: bottom; border-bottom: 2px double rgb(0, 0, 0); text-align: right;">
            <div style="font-family: Verdana,Geneva,sans-serif; font-size: 9pt; font-weight: bold;">8,674</div>
          </td>
          <td style="width: 15.45%; vertical-align: bottom; border-bottom: 2px double rgb(0, 0, 0); text-align: right;">
            <div style="font-family: Verdana,Geneva,sans-serif; font-size: 9pt; font-weight: bold;">8,674</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <div style="text-align: justify; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">The Company enters into equity derivative contracts including floating-rate equity forwards to substantially 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, 2025, we had equity derivatives for 302,915 Descartes
      common shares with a weighted average purchase price of $40.75.</div>
    <div><br>
    </div>
    <div style="text-align: justify; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">The fair value of equity contract derivatives is determined utilizing a valuation model based on the quoted market value of <font style="font-size: 9pt; font-family: Verdana, Geneva, sans-serif; color: #000000;">our common shares at the balance sheet date </font>(Level 2 fair value inputs). The fair value of equity contract derivatives is recorded as other current assets and gains and losses are
      recorded in general and administrative expenses in the condensed consolidated financial statements. During the three and nine months ended October 31, 2025, we recognized an expense in general and administrative expenses of $4.9 million and $10.1
      million, respectively, compared to an expense (recovery) of ($1.0) million and ($6.3) million for the same periods of fiscal 2025, respectively.</div>
    <div><br>
    </div>
    <div style="text-align: justify; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">Estimates of the fair value of contingent consideration are 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" border="0" style="font-family: 'Times New Roman',Times,serif; font-size: 10pt; text-align: left; color: rgb(0, 0, 0); width: 100%;" id="z4cc6165e439c47d2a801837c7d47cd0b" class="cfttable">

        <tr>
          <td valign="bottom" style="vertical-align: top; padding-bottom: 1px; width: 87%;">&#160;</td>
          <td valign="bottom" style="text-align: right; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); padding-bottom: 1px; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; border-bottom: 1px solid rgb(0, 0, 0); border-top: 1px solid rgb(0, 0, 0);" colspan="2">
            <div style="font-family: Verdana,Geneva,sans-serif; font-size: 9pt; font-weight: bold; text-indent: 1.5pt;">Level 3</div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); padding-bottom: 1px; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: top; width: 87%;">
            <div style="text-align: left; text-indent: -36pt; margin-left: 36pt; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">Balance at January 31, 2025</div>
          </td>
          <td valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 10%;" colspan="1" class="cftnumcell">
            <div style="font-family: Verdana,Geneva,sans-serif; font-size: 9pt; font-weight: bold;">8,674</div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: top; width: 87%;">
            <div style="text-align: left; margin-left: 15pt; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">Increase from acquisitions</div>
          </td>
          <td valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 10%;" colspan="1" class="cftnumcell">
            <div style="font-family: Verdana,Geneva,sans-serif; font-size: 9pt; font-weight: bold;">3,597</div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: top; width: 87%;">
            <div style="text-align: left; margin-left: 15pt; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">Cash payments</div>
          </td>
          <td valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 10%;" colspan="1" class="cftnumcell">
            <div style="font-family: Verdana,Geneva,sans-serif; font-size: 9pt; font-weight: bold;">(1,230</div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">
            <div style="font-family: Verdana,Geneva,sans-serif; font-size: 9pt; font-weight: bold;">)</div>
          </td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: top; width: 87%;">
            <div style="text-align: left; margin-left: 15pt; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">Charges (recovery) through profit or loss</div>
          </td>
          <td valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 10%;" colspan="1" class="cftnumcell">
            <div style="font-family: Verdana,Geneva,sans-serif; font-size: 9pt; font-weight: bold;">79</div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: top; width: 87%; padding-bottom: 2px;">
            <div style="text-align: left; margin-left: 15pt; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">Effect of movements in foreign exchange and other</div>
          </td>
          <td valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px;" colspan="1" class="cftguttercell">&#160;</td>
          <td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: bottom; width: 1%; text-align: left;" colspan="1" class="cftcurrcell">&#160;</td>
          <td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: bottom; width: 10%; text-align: right;" colspan="1" class="cftnumcell">
            <div style="font-family: Verdana,Geneva,sans-serif; font-size: 9pt; font-weight: bold;">2</div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px;" colspan="1" class="cftfncell">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: top; width: 87%; padding-bottom: 2px;">
            <div style="text-align: left; text-indent: -15pt; margin-left: 15pt; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">Balance at October 31, 2025</div>
          </td>
          <td valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 10%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftnumcell">
            <div style="font-family: Verdana,Geneva,sans-serif; font-size: 9pt; font-weight: bold;">11,122</div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px;" colspan="1" class="cftfncell">&#160;</td>
        </tr>

    </table>
    <div><br>
    </div>
    <div style="text-align: justify; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">Contingent consideration paid in the three and nine month periods ended October 31, 2025 totaled $1.2 million, of which $1.2 million related to the portion of
      the earn-out arrangements accrued for at the time of acquisition and the nominal remainder was paid out of cash flow from operating activities.</div>
    <div><br>
    </div>
    <div style="text-align: left; font-family: Verdana, Geneva, sans-serif; font-size: 9pt; font-weight: bold;">Note 5 &#8211; Trade Accounts Receivable</div>
    <div><br>
    </div>
    <table cellspacing="0" cellpadding="0" border="0" style="font-family: 'Times New Roman',Times,serif; font-size: 10pt; text-align: left; color: rgb(0, 0, 0); width: 100%;" id="za6d3455b76894632b32bbc8648a026f6" class="cfttable">

        <tr>
          <td valign="bottom" style="vertical-align: top; width: 74%;">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="vertical-align: top; border-top: 1px solid rgb(0, 0, 0);" colspan="2">
            <div style="text-align: right; font-family: Verdana, Geneva, sans-serif; font-size: 9pt; font-weight: bold; text-indent: 1.5pt;">October 31,</div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); width: 1%;" colspan="1" class="cftfncell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="vertical-align: top; border-top: 1px solid rgb(0, 0, 0);" colspan="2">
            <div style="text-align: right; font-family: Verdana, Geneva, sans-serif; font-size: 9pt; text-indent: 1.5pt;">January 31,</div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); width: 1%;" colspan="1" class="cftfncell">&#160;</td>
        </tr>
        <tr>
          <td style="vertical-align: top; padding: 0px 0px 1px; width: 74%;">&#160;</td>
          <td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: bottom; padding-top: 0px; padding-right: 0px; padding-left: 0px; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
          <td style="vertical-align: top; border-bottom: 1px solid rgb(0, 0, 0);" colspan="2">
            <div style="text-align: right; font-family: Verdana, Geneva, sans-serif; font-size: 9pt; font-weight: bold; text-indent: 1.5pt;"> 2025</div>
          </td>
          <td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; padding-top: 0px; padding-right: 0px; padding-left: 0px; text-align: left; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
          <td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: bottom; padding-top: 0px; padding-right: 0px; padding-left: 0px; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
          <td style="vertical-align: top; border-bottom: 1px solid rgb(0, 0, 0);" colspan="2">
            <div style="text-align: right; font-family: Verdana, Geneva, sans-serif; font-size: 9pt; text-indent: 1.5pt;">2025</div>
          </td>
          <td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; padding-top: 0px; padding-right: 0px; padding-left: 0px; text-align: left; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: top; width: 74%;">
            <div style="text-align: left; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">Trade accounts receivable</div>
          </td>
          <td valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 10%;" colspan="1" class="cftnumcell">
            <div style="font-family: Verdana,Geneva,sans-serif; font-size: 9pt; font-weight: bold;">65,891</div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
          <td valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 10%;" colspan="1" class="cftnumcell">
            <div style="font-family: Verdana,Geneva,sans-serif; font-size: 9pt;">54,702</div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
        </tr>
        <tr>
          <td style="vertical-align: top; width: 74%; padding: 0px 0px 1px;">
            <div style="text-align: left; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">Less: Provision for credit losses</div>
          </td>
          <td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: bottom; width: 1%; padding-top: 0px; padding-right: 0px; padding-left: 0px; text-align: right;" colspan="1" class="cftguttercell">&#160;</td>
          <td style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 1px solid rgb(0, 0, 0);" colspan="1" class="cftcurrcell">&#160;</td>
          <td style="vertical-align: bottom; text-align: right; width: 10%; border-bottom: 1px solid rgb(0, 0, 0);" colspan="1" class="cftnumcell">
            <div style="font-family: Verdana,Geneva,sans-serif; font-size: 9pt; font-weight: bold;">(1,076</div>
          </td>
          <td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; width: 1%; padding-top: 0px; padding-right: 0px; padding-left: 0px; text-align: left;" colspan="1" class="cftfncell">
            <div style="font-family: Verdana,Geneva,sans-serif; font-size: 9pt; font-weight: bold;">)</div>
          </td>
          <td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: bottom; width: 1%; padding-top: 0px; padding-right: 0px; padding-left: 0px; text-align: right;" colspan="1" class="cftguttercell">&#160;</td>
          <td style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 1px solid rgb(0, 0, 0);" colspan="1" class="cftcurrcell">&#160;</td>
          <td style="vertical-align: bottom; text-align: right; width: 10%; border-bottom: 1px solid rgb(0, 0, 0);" colspan="1" class="cftnumcell">
            <div style="font-family: Verdana,Geneva,sans-serif; font-size: 9pt;">(749</div>
          </td>
          <td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; width: 1%; padding-top: 0px; padding-right: 0px; padding-left: 0px; text-align: left;" colspan="1" class="cftfncell">
            <div style="font-family: Verdana,Geneva,sans-serif; font-size: 9pt;">)</div>
          </td>
        </tr>
        <tr>
          <td style="vertical-align: top; width: 74%; padding: 0px 0px 2px;">&#160;</td>
          <td style="border-bottom: 2px solid rgb(0, 0, 0); vertical-align: bottom; width: 1%; padding-top: 0px; padding-right: 0px; padding-left: 0px; text-align: right;" colspan="1" class="cftguttercell">&#160;</td>
          <td style="border-bottom: 2px solid rgb(0, 0, 0); vertical-align: bottom; width: 1%; text-align: left;" colspan="1" class="cftcurrcell">&#160;</td>
          <td style="border-bottom: 2px solid rgb(0, 0, 0); vertical-align: bottom; width: 10%; text-align: right;" colspan="1" class="cftnumcell">
            <div style="font-family: Verdana,Geneva,sans-serif; font-size: 9pt; font-weight: bold;">64,815</div>
          </td>
          <td style="border-bottom: 2px solid rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; width: 1%; padding-top: 0px; padding-right: 0px; padding-left: 0px; text-align: left;" colspan="1" class="cftfncell">&#160;</td>
          <td style="border-bottom: 2px solid rgb(0, 0, 0); vertical-align: bottom; width: 1%; padding-top: 0px; padding-right: 0px; padding-left: 0px; text-align: right;" colspan="1" class="cftguttercell">&#160;</td>
          <td style="border-bottom: 2px solid rgb(0, 0, 0); vertical-align: bottom; width: 1%; text-align: left;" colspan="1" class="cftcurrcell">&#160;</td>
          <td style="border-bottom: 2px solid rgb(0, 0, 0); vertical-align: bottom; width: 10%; text-align: right;" colspan="1" class="cftnumcell">
            <div style="font-family: Verdana,Geneva,sans-serif; font-size: 9pt;">53,953</div>
          </td>
          <td style="border-bottom: 2px solid rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; width: 1%; padding-top: 0px; padding-right: 0px; padding-left: 0px; text-align: left;" colspan="1" class="cftfncell">&#160;</td>
        </tr>

    </table>
    <div><br>
    </div>
    <div style="text-align: justify; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">Included in accounts receivable are unbilled receivables in the amount of $1.4 million as at October 31, 2025 ($4.6 million as at January 31, 2025). No single
      customer accounted for more than 10% of the accounts receivable balance as of October 31, 2025 and January 31, 2025.</div>
    <div><br>
    </div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" class="BRPFPageBreakArea">
      <div class="BRPFPageNumberArea" style="text-align: center;"><font style="font-family: Verdana, Geneva, 'sans-serif'; font-size: 9pt; font-weight: normal; font-style: normal;">53</font></div>
      <div style="page-break-after: always;" class="BRPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div style="text-align: left; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">The following table presents the changes in the provision for credit losses as follows:</div>
    <div><br>
    </div>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="z4828ecfffebc43a0bd1d09a4752bfeb1">

        <tr>
          <td style="width: 86.41%; vertical-align: top;">&#160;</td>
          <td style="width: 13.59%; vertical-align: top; border-top: #000000 1px solid; border-bottom: #000000 1px solid;">
            <div style="text-align: right; text-indent: 1.5pt; font-family: Verdana, Geneva, sans-serif; font-size: 9pt; 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, Geneva, sans-serif; font-size: 9pt;">Balance at January 31, 2025</div>
          </td>
          <td style="width: 13.59%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); text-align: right;">
            <div style="text-indent: 1.5pt; font-family: Verdana,Geneva,sans-serif; font-size: 9pt;">749</div>
          </td>
        </tr>
        <tr>
          <td style="width: 86.41%; vertical-align: top;">
            <div style="text-align: left; margin-left: 15pt; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">Current period provision for expected losses</div>
          </td>
          <td style="width: 13.59%; vertical-align: bottom; text-align: right;">
            <div style="text-indent: 1.5pt; font-family: Verdana,Geneva,sans-serif; font-size: 9pt; font-weight: bold;">3,100</div>
          </td>
        </tr>
        <tr>
          <td style="width: 86.41%; vertical-align: top;">
            <div style="text-align: left; margin-left: 15pt; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">Write-offs charged against the provision</div>
          </td>
          <td style="width: 13.59%; vertical-align: bottom; text-align: right;">
            <div style="font-family: Verdana,Geneva,sans-serif; font-size: 9pt; font-weight: bold;">(2,791)</div>
          </td>
        </tr>
        <tr>
          <td style="width: 86.41%; vertical-align: top;">
            <div style="text-align: left; margin-left: 15pt; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">Effect of movements in foreign exchange</div>
          </td>
          <td style="width: 13.59%; vertical-align: bottom; text-align: right;">
            <div style="font-family: Verdana,Geneva,sans-serif; font-size: 9pt; font-weight: bold;">18</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, Geneva, sans-serif; font-size: 9pt;">Balance at October 31, 2025</div>
          </td>
          <td style="width: 13.59%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 2px double rgb(0, 0, 0); text-align: right;">
            <div style="text-indent: 1.5pt; font-family: Verdana,Geneva,sans-serif; font-size: 9pt; font-weight: bold;">1,076</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <div style="text-align: left; font-family: Verdana, Geneva, sans-serif; font-size: 9pt; font-weight: bold;">Note 6 &#8211; Other Receivables</div>
    <div><br>
    </div>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="z74a91bf1755845c98ec9317ff4066f37">

        <tr>
          <td style="width: 72.32%; vertical-align: top;">&#160;</td>
          <td style="width: 15.18%; vertical-align: top; border-top: #000000 1px solid;">
            <div style="text-align: right; text-indent: 1.5pt; font-family: Verdana, Geneva, sans-serif; font-size: 9pt; font-weight: bold;">October 31,</div>
          </td>
          <td style="width: 12.5%; vertical-align: top; border-top: #000000 1px solid;">
            <div style="text-align: right; text-indent: 1.5pt; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">January 31,</div>
          </td>
        </tr>
        <tr>
          <td style="width: 72.32%; vertical-align: top;">&#160;</td>
          <td style="width: 15.18%; vertical-align: top; border-bottom: #000000 1px solid;">
            <div style="text-align: right; text-indent: 1.5pt; font-family: Verdana, Geneva, sans-serif; font-size: 9pt; font-weight: bold;">2025</div>
          </td>
          <td style="width: 12.5%; vertical-align: top; border-bottom: #000000 1px solid;">
            <div style="text-align: right; text-indent: 1.5pt; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">2025</div>
          </td>
        </tr>
        <tr>
          <td style="width: 72.32%; vertical-align: top;">
            <div style="text-align: left; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">Net working capital adjustments receivable from acquisitions</div>
          </td>
          <td style="width: 15.18%; vertical-align: bottom; text-align: right;">
            <div style="font-family: Verdana,Geneva,sans-serif; font-size: 9pt; font-weight: bold;">439</div>
          </td>
          <td style="width: 12.5%; vertical-align: bottom; text-align: right;">
            <div style="text-indent: 1.5pt; font-family: Verdana,Geneva,sans-serif; font-size: 9pt;">-</div>
          </td>
        </tr>
        <tr>
          <td style="width: 72.32%; vertical-align: top;">
            <div style="text-align: left; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">Other receivables</div>
          </td>
          <td style="width: 15.18%; vertical-align: bottom; border-bottom: 1px solid rgb(0, 0, 0); text-align: right;">
            <div style="text-indent: 1.5pt; font-family: Verdana,Geneva,sans-serif; font-size: 9pt; font-weight: bold;">22,292</div>
          </td>
          <td style="width: 12.5%; vertical-align: bottom; border-bottom: 1px solid rgb(0, 0, 0); text-align: right;">
            <div style="text-indent: 1.5pt; font-family: Verdana,Geneva,sans-serif; font-size: 9pt;">16,931</div>
          </td>
        </tr>
        <tr>
          <td style="width: 72.32%; vertical-align: top;">&#160;</td>
          <td style="width: 15.18%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 2px double rgb(0, 0, 0); text-align: right;">
            <div style="text-indent: 1.5pt; font-family: Verdana,Geneva,sans-serif; font-size: 9pt; font-weight: bold;">22,731</div>
          </td>
          <td style="width: 12.5%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 2px double rgb(0, 0, 0); text-align: right;">
            <div style="text-indent: 1.5pt; font-family: Verdana,Geneva,sans-serif; font-size: 9pt;">16,931</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <div style="text-align: justify; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">Other receivables include receivables related to sales and use taxes, income taxes, non-trade receivables and contract assets. At October 31, 2025, $0.4 million
      (nominal at January 31, 2025) 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, Geneva, sans-serif; font-size: 9pt; font-weight: bold;">Note 7 &#8211; Prepaid Expenses and Other</div>
    <div><br>
    </div>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="z21f9c3f3414b4e3783340ae9cec31ef8">

        <tr>
          <td style="width: 72.32%; vertical-align: top;">&#160;</td>
          <td style="width: 15.18%; vertical-align: top; border-top: #000000 1px solid;">
            <div style="text-align: right; text-indent: 1.5pt; font-family: Verdana, Geneva, sans-serif; font-size: 9pt; font-weight: bold;">October 31,</div>
          </td>
          <td style="width: 12.5%; vertical-align: top; border-top: #000000 1px solid;">
            <div style="text-align: right; text-indent: 1.5pt; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">January 31,</div>
          </td>
        </tr>
        <tr>
          <td style="width: 72.32%; vertical-align: top;">&#160;</td>
          <td style="width: 15.18%; vertical-align: top; border-bottom: #000000 1px solid;">
            <div style="text-align: right; text-indent: 1.5pt; font-family: Verdana, Geneva, sans-serif; font-size: 9pt; font-weight: bold;">2025</div>
          </td>
          <td style="width: 12.5%; vertical-align: top; border-bottom: #000000 1px solid;">
            <div style="text-align: right; text-indent: 1.5pt; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">2025</div>
          </td>
        </tr>
        <tr>
          <td style="width: 72.32%; vertical-align: top;">
            <div style="text-align: left; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">Prepaid expenses</div>
          </td>
          <td style="width: 15.18%; vertical-align: bottom; text-align: right;">
            <div style="text-indent: 1.5pt; font-family: Verdana,Geneva,sans-serif; font-size: 9pt; font-weight: bold;">20,110</div>
          </td>
          <td style="width: 12.5%; vertical-align: bottom; text-align: right;">
            <div style="text-indent: 1.5pt; font-family: Verdana,Geneva,sans-serif; font-size: 9pt;">18,457</div>
          </td>
        </tr>
        <tr>
          <td style="width: 72.32%; vertical-align: top;">
            <div style="text-align: left; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">Equity derivative contracts (Note 4)</div>
          </td>
          <td style="width: 15.18%; vertical-align: bottom; text-align: right;">
            <div style="text-indent: 1.5pt; font-family: Verdana,Geneva,sans-serif; font-size: 9pt; font-weight: bold;">14,448</div>
          </td>
          <td style="width: 12.5%; vertical-align: bottom; text-align: right;">
            <div style="text-indent: 1.5pt; font-family: Verdana,Geneva,sans-serif; font-size: 9pt;">26,372</div>
          </td>
        </tr>
        <tr>
          <td style="width: 72.32%; vertical-align: top;">
            <div style="text-align: left; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">Inventory</div>
          </td>
          <td style="width: 15.18%; vertical-align: bottom; text-align: right;">
            <div style="text-indent: 1.5pt; font-family: Verdana,Geneva,sans-serif; font-size: 9pt; font-weight: bold;">207</div>
          </td>
          <td style="width: 12.5%; vertical-align: bottom; text-align: right;">
            <div style="text-indent: 1.5pt; font-family: Verdana,Geneva,sans-serif; font-size: 9pt;">715</div>
          </td>
        </tr>
        <tr>
          <td style="width: 72.32%; vertical-align: top;">&#160;</td>
          <td style="width: 15.18%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 2px double rgb(0, 0, 0); text-align: right;">
            <div style="text-indent: 1.5pt; font-family: Verdana,Geneva,sans-serif; font-size: 9pt; font-weight: bold;">34,765</div>
          </td>
          <td style="width: 12.5%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 2px double rgb(0, 0, 0); text-align: right;">
            <div style="text-indent: 1.5pt; font-family: Verdana,Geneva,sans-serif; font-size: 9pt;">45,544</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" class="BRPFPageBreakArea">
      <div class="BRPFPageNumberArea" style="text-align: center;"><font style="font-family: Verdana, Geneva, 'sans-serif'; font-size: 9pt; font-weight: normal; font-style: normal;">54</font></div>
      <div style="page-break-after: always;" class="BRPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div style="text-align: left; font-family: Verdana, Geneva, sans-serif; font-size: 9pt; font-weight: bold;">Note 8 &#8211; Property and Equipment</div>
    <div><br>
    </div>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="z43fb421bb9974ee99277e2ef6cd6916f">

        <tr>
          <td style="width: 72.32%; vertical-align: top;">&#160;</td>
          <td style="width: 15.18%; vertical-align: top; border-top: #000000 1px solid;">
            <div style="text-align: right; font-family: Verdana, Geneva, sans-serif; font-size: 9pt; font-weight: bold;">October 31,</div>
          </td>
          <td style="width: 12.5%; vertical-align: top; border-top: #000000 1px solid;">
            <div style="text-align: right; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">January 31,</div>
          </td>
        </tr>
        <tr>
          <td style="width: 72.32%; vertical-align: top;">&#160;</td>
          <td style="width: 15.18%; vertical-align: top; border-bottom: #000000 1px solid;">
            <div style="text-align: right; font-family: Verdana, Geneva, sans-serif; font-size: 9pt; font-weight: bold;">2025</div>
          </td>
          <td style="width: 12.5%; vertical-align: top; border-bottom: #000000 1px solid;">
            <div style="text-align: right; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">2025</div>
          </td>
        </tr>
        <tr>
          <td style="width: 72.32%; vertical-align: top;">
            <div style="text-align: left; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">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, Geneva, sans-serif; font-size: 9pt;">Computer equipment and software</div>
          </td>
          <td style="width: 15.18%; vertical-align: top;">
            <div style="text-align: right; font-family: Verdana, Geneva, sans-serif; font-size: 9pt; font-weight: bold;">45,273</div>
          </td>
          <td style="width: 12.5%; vertical-align: top;">
            <div style="text-align: right; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">39,261</div>
          </td>
        </tr>
        <tr>
          <td style="width: 72.32%; vertical-align: top;">
            <div style="text-align: left; margin-left: 12pt; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">Furniture and fixtures</div>
          </td>
          <td style="width: 15.18%; vertical-align: top;">
            <div style="text-align: right; font-family: Verdana, Geneva, sans-serif; font-size: 9pt; font-weight: bold;">1,190</div>
          </td>
          <td style="width: 12.5%; vertical-align: top;">
            <div style="text-align: right; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">1,193</div>
          </td>
        </tr>
        <tr>
          <td style="width: 72.32%; vertical-align: top;">
            <div style="text-align: left; margin-left: 12pt; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">Leasehold improvements</div>
          </td>
          <td style="width: 15.18%; vertical-align: top;">
            <div style="text-align: right; font-family: Verdana, Geneva, sans-serif; font-size: 9pt; font-weight: bold;">720</div>
          </td>
          <td style="width: 12.5%; vertical-align: top;">
            <div style="text-align: right; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">718</div>
          </td>
        </tr>
        <tr>
          <td style="width: 72.32%; vertical-align: top;">
            <div style="text-align: left; margin-left: 12pt; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">Equipment installed with customers</div>
          </td>
          <td style="width: 15.18%; vertical-align: top;">
            <div style="text-align: right; font-family: Verdana, Geneva, sans-serif; font-size: 9pt; font-weight: bold;">2,430</div>
          </td>
          <td style="width: 12.5%; vertical-align: top;">
            <div style="text-align: right; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">2,430</div>
          </td>
        </tr>
        <tr>
          <td style="width: 72.32%; vertical-align: top;">
            <div style="text-align: left; margin-left: 12pt; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">Assets under construction</div>
          </td>
          <td style="width: 15.18%; vertical-align: top;">
            <div style="text-align: right; font-family: Verdana, Geneva, sans-serif; font-size: 9pt; font-weight: bold;">-</div>
          </td>
          <td style="width: 12.5%; vertical-align: top;">
            <div style="text-align: right; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">35</div>
          </td>
        </tr>
        <tr>
          <td style="width: 72.32%; vertical-align: top;">&#160;</td>
          <td style="width: 15.18%; vertical-align: top; border-top: #000000 1px solid;">
            <div style="text-align: right; font-family: Verdana, Geneva, sans-serif; font-size: 9pt; font-weight: bold;">49,613</div>
          </td>
          <td style="width: 12.5%; vertical-align: top; border-top: #000000 1px solid;">
            <div style="text-align: right; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">43,637</div>
          </td>
        </tr>
        <tr>
          <td style="width: 72.32%; vertical-align: top;">
            <div style="text-align: left; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">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, Geneva, sans-serif; font-size: 9pt;">Computer equipment and software</div>
          </td>
          <td style="width: 15.18%; vertical-align: top;">
            <div style="text-align: right; font-family: Verdana, Geneva, sans-serif; font-size: 9pt; font-weight: bold;">33,124</div>
          </td>
          <td style="width: 12.5%; vertical-align: top;">
            <div style="text-align: right; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">27,507</div>
          </td>
        </tr>
        <tr>
          <td style="width: 72.32%; vertical-align: top;">
            <div style="text-align: left; margin-left: 12pt; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">Furniture and fixtures</div>
          </td>
          <td style="width: 15.18%; vertical-align: top;">
            <div style="text-align: right; font-family: Verdana, Geneva, sans-serif; font-size: 9pt; font-weight: bold;">1,090</div>
          </td>
          <td style="width: 12.5%; vertical-align: top;">
            <div style="text-align: right; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">1,076</div>
          </td>
        </tr>
        <tr>
          <td style="width: 72.32%; vertical-align: top;">
            <div style="text-align: left; margin-left: 12pt; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">Leasehold improvements</div>
          </td>
          <td style="width: 15.18%; vertical-align: top;">
            <div style="text-align: right; font-family: Verdana, Geneva, sans-serif; font-size: 9pt; font-weight: bold;">575</div>
          </td>
          <td style="width: 12.5%; vertical-align: top;">
            <div style="text-align: right; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">529</div>
          </td>
        </tr>
        <tr>
          <td style="width: 72.32%; vertical-align: top;">
            <div style="text-align: left; margin-left: 12pt; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">Equipment installed with customers</div>
          </td>
          <td style="width: 15.18%; vertical-align: top; border-bottom: #000000 1px solid;">
            <div style="text-align: right; font-family: Verdana, Geneva, sans-serif; font-size: 9pt; font-weight: bold;">2,237</div>
          </td>
          <td style="width: 12.5%; vertical-align: top; border-bottom: #000000 1px solid;">
            <div style="text-align: right; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">2,044</div>
          </td>
        </tr>
        <tr>
          <td style="width: 72.32%; vertical-align: top;">&#160;</td>
          <td style="width: 15.18%; vertical-align: top; border-top: #000000 1px solid; border-bottom: #000000 1px solid;">
            <div style="text-align: right; font-family: Verdana, Geneva, sans-serif; font-size: 9pt; font-weight: bold;">37,026</div>
          </td>
          <td style="width: 12.5%; vertical-align: top; border-top: #000000 1px solid; border-bottom: #000000 1px solid;">
            <div style="text-align: right; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">31,156</div>
          </td>
        </tr>
        <tr>
          <td style="width: 72.32%; vertical-align: top;">
            <div style="text-align: left; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">Net</div>
          </td>
          <td style="width: 15.18%; vertical-align: top; border-top: #000000 1px solid; border-bottom: #000000 2px double;">
            <div style="text-align: right; font-family: Verdana, Geneva, sans-serif; font-size: 9pt; font-weight: bold;">12,587</div>
          </td>
          <td style="width: 12.5%; vertical-align: top; border-top: #000000 1px solid; border-bottom: #000000 2px double;">
            <div style="text-align: right; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">12,481</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <div style="text-align: left; font-family: Verdana, Geneva, sans-serif; font-size: 9pt; font-weight: bold;">Note 9 - Intangible Assets</div>
    <div><br>
    </div>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="z944ea2cf6f314f038f110add137b4139">

        <tr>
          <td style="width: 72.63%; vertical-align: top;">&#160;</td>
          <td style="width: 13.68%; vertical-align: top; border-top: #000000 1px solid;">
            <div style="text-align: right; font-family: Verdana, Geneva, sans-serif; font-size: 9pt; font-weight: bold;">October 31,</div>
          </td>
          <td style="width: 13.68%; vertical-align: top; border-top: #000000 1px solid;">
            <div style="text-align: right; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">January 31,</div>
          </td>
        </tr>
        <tr>
          <td style="width: 72.63%; vertical-align: top;">&#160;</td>
          <td style="width: 13.68%; vertical-align: top; border-bottom: #000000 1px solid;">
            <div style="text-align: right; font-family: Verdana, Geneva, sans-serif; font-size: 9pt; font-weight: bold;">2025</div>
          </td>
          <td style="width: 13.68%; vertical-align: top; border-bottom: #000000 1px solid;">
            <div style="text-align: right; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">2025</div>
          </td>
        </tr>
        <tr>
          <td style="width: 72.63%; vertical-align: top;">
            <div style="text-align: left; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">Cost</div>
          </td>
          <td style="width: 13.68%; vertical-align: top; border-top: #000000 1px solid;">&#160;</td>
          <td style="width: 13.68%; vertical-align: top; border-top: #000000 1px solid;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 72.63%; vertical-align: top;">
            <div style="text-align: left; margin-left: 12pt; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">Customer agreements and relationships</div>
          </td>
          <td style="width: 13.68%; vertical-align: top;">
            <div style="text-align: right; font-family: Verdana, Geneva, sans-serif; font-size: 9pt; font-weight: bold;">403,480</div>
          </td>
          <td style="width: 13.68%; vertical-align: top;">
            <div style="text-align: right; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">354,049</div>
          </td>
        </tr>
        <tr>
          <td style="width: 72.63%; vertical-align: top;">
            <div style="text-align: left; margin-left: 12pt; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">Existing technology</div>
          </td>
          <td style="width: 13.68%; vertical-align: top;">
            <div style="text-align: right; font-family: Verdana, Geneva, sans-serif; font-size: 9pt; font-weight: bold;">522,166</div>
          </td>
          <td style="width: 13.68%; vertical-align: top;">
            <div style="text-align: right; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">466,832</div>
          </td>
        </tr>
        <tr>
          <td style="width: 72.63%; vertical-align: top;">
            <div style="text-align: left; margin-left: 12pt; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">Trade names</div>
          </td>
          <td style="width: 13.68%; vertical-align: top;">
            <div style="text-align: right; font-family: Verdana, Geneva, sans-serif; font-size: 9pt; font-weight: bold;">12,878</div>
          </td>
          <td style="width: 13.68%; vertical-align: top;">
            <div style="text-align: right; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">12,142</div>
          </td>
        </tr>
        <tr>
          <td style="width: 72.63%; vertical-align: top;">
            <div style="text-align: left; margin-left: 12pt; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">Non-compete covenants</div>
          </td>
          <td style="width: 13.68%; vertical-align: top;">
            <div style="text-align: right; font-family: Verdana, Geneva, sans-serif; font-size: 9pt; font-weight: bold;">17,090</div>
          </td>
          <td style="width: 13.68%; vertical-align: top;">
            <div style="text-align: right; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">16,483</div>
          </td>
        </tr>
        <tr>
          <td style="width: 72.63%; vertical-align: top;">&#160;</td>
          <td style="width: 13.68%; vertical-align: top; border-top: #000000 1px solid;">
            <div style="text-align: right; font-family: Verdana, Geneva, sans-serif; font-size: 9pt; font-weight: bold;">955,614</div>
          </td>
          <td style="width: 13.68%; vertical-align: top; border-top: #000000 1px solid;">
            <div style="text-align: right; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">849,506</div>
          </td>
        </tr>
        <tr>
          <td style="width: 72.63%; vertical-align: top;">
            <div style="text-align: left; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">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, Geneva, sans-serif; font-size: 9pt;">Customer agreements and relationships</div>
          </td>
          <td style="width: 13.68%; vertical-align: top;">
            <div style="text-align: right; font-family: Verdana, Geneva, sans-serif; font-size: 9pt; font-weight: bold;">216,126</div>
          </td>
          <td style="width: 13.68%; vertical-align: top;">
            <div style="text-align: right; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">189,908</div>
          </td>
        </tr>
        <tr>
          <td style="width: 72.63%; vertical-align: top;">
            <div style="text-align: left; margin-left: 12pt; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">Existing technology</div>
          </td>
          <td style="width: 13.68%; vertical-align: top;">
            <div style="text-align: right; font-family: Verdana, Geneva, sans-serif; font-size: 9pt; font-weight: bold;">364,394</div>
          </td>
          <td style="width: 13.68%; vertical-align: top;">
            <div style="text-align: right; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">316,506</div>
          </td>
        </tr>
        <tr>
          <td style="width: 72.63%; vertical-align: top;">
            <div style="text-align: left; margin-left: 12pt; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">Trade names</div>
          </td>
          <td style="width: 13.68%; vertical-align: top;">
            <div style="text-align: right; font-family: Verdana, Geneva, sans-serif; font-size: 9pt; font-weight: bold;">9,908</div>
          </td>
          <td style="width: 13.68%; vertical-align: top;">
            <div style="text-align: right; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">8,889</div>
          </td>
        </tr>
        <tr>
          <td style="width: 72.63%; vertical-align: top;">
            <div style="text-align: left; margin-left: 12pt; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">Non-compete covenants</div>
          </td>
          <td style="width: 13.68%; vertical-align: top;">
            <div style="text-align: right; font-family: Verdana, Geneva, sans-serif; font-size: 9pt; font-weight: bold;">14,226</div>
          </td>
          <td style="width: 13.68%; vertical-align: top;">
            <div style="text-align: right; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">12,933</div>
          </td>
        </tr>
        <tr>
          <td style="width: 72.63%; vertical-align: top;">&#160;</td>
          <td style="width: 13.68%; vertical-align: top; border-top: #000000 1px solid; border-bottom: #000000 1px solid;">
            <div style="text-align: right; font-family: Verdana, Geneva, sans-serif; font-size: 9pt; font-weight: bold;">604,654</div>
          </td>
          <td style="width: 13.68%; vertical-align: top; border-top: #000000 1px solid; border-bottom: #000000 1px solid;">
            <div style="text-align: right; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">528,236</div>
          </td>
        </tr>
        <tr>
          <td style="width: 72.63%; vertical-align: top;">
            <div style="text-align: left; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">Net</div>
          </td>
          <td style="width: 13.68%; vertical-align: top; border-top: #000000 1px solid; border-bottom: #000000 2px double;">
            <div style="text-align: right; font-family: Verdana, Geneva, sans-serif; font-size: 9pt; font-weight: bold;">350,960</div>
          </td>
          <td style="width: 13.68%; vertical-align: top; border-top: #000000 1px solid; border-bottom: #000000 2px double;">
            <div style="text-align: right; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">321,270</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <div style="text-align: justify; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">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, 2025 is primarily due to the acquisitions of 3GTMS, PackageRoute and Finale, 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, Geneva, sans-serif; font-size: 9pt;">Intangible assets with a finite life are amortized into income over their useful lives. Amortization expense for existing intangible assets is expected to be
      $351.0 million over the following periods: $20.9 million for the fourth quarter of fiscal 2026, $68.7 million for 2027, $61.3 million for 2028, $52.7 million for 2029, $40.7 million for 2030 and $106.7 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="clear: both; margin-top: 10pt; margin-bottom: 10pt;" class="BRPFPageBreakArea">
      <div class="BRPFPageNumberArea" style="text-align: center;"><font style="font-family: Verdana, Geneva, 'sans-serif'; font-size: 9pt; font-weight: normal; font-style: normal;">55</font></div>
      <div style="page-break-after: always;" class="BRPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div style="text-align: left; font-family: Verdana, Geneva, sans-serif; font-size: 9pt; font-weight: bold;">Note 10 &#8211; Goodwill</div>
    <div><br>
    </div>
    <div style="text-align: justify; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">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, 2024:</div>
    <div><br>
    </div>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="z3ae755229fff4c3dbd548d820e9e2472">

        <tr>
          <td style="width: 73.21%; vertical-align: top;">&#160;</td>
          <td style="width: 14.29%; vertical-align: top; border-top: #000000 1px solid;">
            <div style="text-align: right; font-family: Verdana, Geneva, sans-serif; font-size: 9pt; font-weight: bold;">October 31,</div>
          </td>
          <td style="width: 12.5%; vertical-align: top; border-top: #000000 1px solid;">
            <div style="text-align: right; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">January 31,</div>
          </td>
        </tr>
        <tr>
          <td style="width: 73.21%; vertical-align: top;">&#160;</td>
          <td style="width: 14.29%; vertical-align: top; border-bottom: #000000 1px solid;">
            <div style="text-align: right; font-family: Verdana, Geneva, sans-serif; font-size: 9pt; font-weight: bold;">2025</div>
          </td>
          <td style="width: 12.5%; vertical-align: top; border-bottom: #000000 1px solid;">
            <div style="text-align: right; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">2025</div>
          </td>
        </tr>
        <tr>
          <td style="width: 73.21%; vertical-align: top;">
            <div style="text-align: left; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">Balance at beginning of period</div>
          </td>
          <td style="width: 14.29%; vertical-align: bottom; text-align: right;">
            <div style="font-family: Verdana,Geneva,sans-serif; font-size: 9pt; font-weight: bold;">924,755</div>
          </td>
          <td style="width: 12.5%; vertical-align: bottom; text-align: right;">
            <div style="font-family: Verdana,Geneva,sans-serif; font-size: 9pt;">760,413</div>
          </td>
        </tr>
        <tr>
          <td style="width: 73.21%; vertical-align: top;">
            <div style="text-align: left; margin-left: 12pt; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">Acquisition of OCR</div>
          </td>
          <td style="width: 14.29%; vertical-align: bottom; text-align: right;">
            <div style="font-family: Verdana,Geneva,sans-serif; font-size: 9pt; font-weight: bold;">-</div>
          </td>
          <td style="width: 12.5%; vertical-align: bottom; text-align: right;">
            <div style="font-family: Verdana,Geneva,sans-serif; font-size: 9pt;">52,112</div>
          </td>
        </tr>
        <tr>
          <td style="width: 73.21%; vertical-align: top;">
            <div style="text-align: left; margin-left: 12pt; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">Acquisition of ASD</div>
          </td>
          <td style="width: 14.29%; vertical-align: bottom; text-align: right;">
            <div style="font-family: Verdana,Geneva,sans-serif; font-size: 9pt; font-weight: bold;">-</div>
          </td>
          <td style="width: 12.5%; vertical-align: bottom; text-align: right;">
            <div style="font-family: Verdana,Geneva,sans-serif; font-size: 9pt;">35,604</div>
          </td>
        </tr>
        <tr>
          <td style="width: 73.21%; vertical-align: top;">
            <div style="text-align: left; margin-left: 12pt; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">Acquisition of BoxTop</div>
          </td>
          <td style="width: 14.29%; vertical-align: bottom; text-align: right;">
            <div style="font-family: Verdana,Geneva,sans-serif; font-size: 9pt; font-weight: bold;">-</div>
          </td>
          <td style="width: 12.5%; vertical-align: bottom; text-align: right;">
            <div style="font-family: Verdana,Geneva,sans-serif; font-size: 9pt;">7,747</div>
          </td>
        </tr>
        <tr>
          <td style="width: 73.21%; vertical-align: top;">
            <div style="text-align: left; margin-left: 12pt; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">Acquisition of MCP</div>
          </td>
          <td style="width: 14.29%; vertical-align: bottom; text-align: right;">
            <div style="font-family: Verdana,Geneva,sans-serif; font-size: 9pt; font-weight: bold;">-</div>
          </td>
          <td style="width: 12.5%; vertical-align: bottom; text-align: right;">
            <div style="font-family: Verdana,Geneva,sans-serif; font-size: 9pt;">13,429</div>
          </td>
        </tr>
        <tr>
          <td style="width: 73.21%; vertical-align: top;">
            <div style="text-align: left; margin-left: 12pt; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">Acquisition of Sellercloud</div>
          </td>
          <td style="width: 14.29%; vertical-align: bottom; text-align: right;">
            <div style="font-family: Verdana,Geneva,sans-serif; font-size: 9pt; font-weight: bold;">-</div>
          </td>
          <td style="width: 12.5%; vertical-align: bottom; text-align: right;">
            <div style="font-family: Verdana,Geneva,sans-serif; font-size: 9pt;">72,059</div>
          </td>
        </tr>
        <tr>
          <td style="width: 73.21%; vertical-align: top;">
            <div style="text-align: left; margin-left: 12pt; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">Acquisition of 3GTMS</div>
          </td>
          <td style="width: 14.29%; vertical-align: bottom; text-align: right;">
            <div style="font-family: Verdana,Geneva,sans-serif; font-size: 9pt; font-weight: bold;">50,115</div>
          </td>
          <td style="width: 12.5%; vertical-align: bottom; text-align: right;">
            <div style="font-family: Verdana,Geneva,sans-serif; font-size: 9pt;">-</div>
          </td>
        </tr>
        <tr>
          <td style="width: 73.21%; vertical-align: top;">
            <div style="text-align: left; margin-left: 12pt; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">Acquisition of Finale</div>
          </td>
          <td style="width: 14.29%; vertical-align: bottom; text-align: right;">
            <div style="font-family: Verdana,Geneva,sans-serif; font-size: 9pt; font-weight: bold;">22,547</div>
          </td>
          <td style="width: 12.5%; vertical-align: bottom; text-align: right;">
            <div style="font-family: Verdana,Geneva,sans-serif; font-size: 9pt;">-</div>
          </td>
        </tr>
        <tr>
          <td style="width: 73.21%; vertical-align: top;">
            <div style="text-align: left; margin-left: 12pt; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">Adjustments on account of foreign exchange</div>
          </td>
          <td style="width: 14.29%; vertical-align: bottom; border-bottom: 1px solid rgb(0, 0, 0); text-align: right;">
            <div style="font-family: Verdana,Geneva,sans-serif; font-size: 9pt; font-weight: bold;">18,922</div>
          </td>
          <td style="width: 12.5%; vertical-align: bottom; border-bottom: 1px solid rgb(0, 0, 0); text-align: right;">
            <div style="font-family: Verdana,Geneva,sans-serif; font-size: 9pt;">(16,609)</div>
          </td>
        </tr>
        <tr>
          <td style="width: 73.21%; vertical-align: top;">
            <div style="text-align: left; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">Balance at end of period</div>
          </td>
          <td style="width: 14.29%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 2px double rgb(0, 0, 0); text-align: right;">
            <div style="font-family: Verdana,Geneva,sans-serif; font-size: 9pt; font-weight: bold;">1,016,339</div>
          </td>
          <td style="width: 12.5%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 2px double rgb(0, 0, 0); text-align: right;">
            <div style="font-family: Verdana,Geneva,sans-serif; font-size: 9pt;">924,755</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <div style="text-align: left; font-family: Verdana, Geneva, sans-serif; font-size: 9pt; font-weight: bold;">Note 11 - Accrued Liabilities</div>
    <div><br>
    </div>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="zd5275cc9becb49018b450e1d7cbec65e">

        <tr>
          <td style="width: 72.63%; vertical-align: top;">&#160;</td>
          <td style="width: 13.68%; vertical-align: top; border-top: #000000 1px solid;">
            <div style="text-align: right; font-family: Verdana, Geneva, sans-serif; font-size: 9pt; font-weight: bold;">October 31,</div>
          </td>
          <td style="width: 13.68%; vertical-align: top; border-top: #000000 1px solid;">
            <div style="text-align: right; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">January 31,</div>
          </td>
        </tr>
        <tr>
          <td style="width: 72.63%; vertical-align: top;">&#160;</td>
          <td style="width: 13.68%; vertical-align: top; border-bottom: #000000 1px solid;">
            <div style="text-align: right; font-family: Verdana, Geneva, sans-serif; font-size: 9pt; font-weight: bold;">2025</div>
          </td>
          <td style="width: 13.68%; vertical-align: top; border-bottom: #000000 1px solid;">
            <div style="text-align: right; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">2025</div>
          </td>
        </tr>
        <tr>
          <td style="width: 72.63%; vertical-align: top;">
            <div style="text-align: left; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">Accrued compensation and benefits</div>
          </td>
          <td style="width: 13.68%; vertical-align: top; border-top: #000000 1px solid;">
            <div style="text-align: right; font-family: Verdana, Geneva, sans-serif; font-size: 9pt; font-weight: bold;">44,066</div>
          </td>
          <td style="width: 13.68%; vertical-align: top; border-top: #000000 1px solid;">
            <div style="text-align: right; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">55,105</div>
          </td>
        </tr>
        <tr>
          <td style="width: 72.63%; vertical-align: top;">
            <div style="text-align: left; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">Accrued contingent acquisition consideration</div>
          </td>
          <td style="width: 13.68%; vertical-align: top;">
            <div style="text-align: right; font-family: Verdana, Geneva, sans-serif; font-size: 9pt; font-weight: bold;">11,122</div>
          </td>
          <td style="width: 13.68%; vertical-align: top;">
            <div style="text-align: right; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">8,674</div>
          </td>
        </tr>
        <tr>
          <td style="width: 72.63%; vertical-align: top;">
            <div style="text-align: left; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">Accrued professional fees</div>
          </td>
          <td style="width: 13.68%; vertical-align: top;">
            <div style="text-align: right; font-family: Verdana, Geneva, sans-serif; font-size: 9pt; font-weight: bold;">2,505</div>
          </td>
          <td style="width: 13.68%; vertical-align: top;">
            <div style="text-align: right; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">1,823</div>
          </td>
        </tr>
        <tr>
          <td style="width: 72.63%; vertical-align: top;">
            <div style="text-align: left; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">Other accrued liabilities</div>
          </td>
          <td style="width: 13.68%; vertical-align: top; border-bottom: #000000 1px solid;">
            <div style="text-align: right; font-family: Verdana, Geneva, sans-serif; font-size: 9pt; font-weight: bold;">18,266</div>
          </td>
          <td style="width: 13.68%; vertical-align: top; border-bottom: #000000 1px solid;">
            <div style="text-align: right; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">14,054</div>
          </td>
        </tr>
        <tr>
          <td style="width: 72.63%; vertical-align: top;">&#160;</td>
          <td style="width: 13.68%; vertical-align: top; border-top: #000000 1px solid; border-bottom: #000000 2px double;">
            <div style="text-align: right; font-family: Verdana, Geneva, sans-serif; font-size: 9pt; font-weight: bold;">75,959</div>
          </td>
          <td style="width: 13.68%; vertical-align: top; border-top: #000000 1px solid; border-bottom: #000000 2px double;">
            <div style="text-align: right; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">79,656</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <div style="text-align: left; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">Other accrued liabilities include accrued expenses related to third-party resellers and royalties, suppliers, and accrued restructuring charges.</div>
    <div><br>
    </div>
    <div style="text-align: left; font-family: Verdana, Geneva, sans-serif; font-size: 9pt; font-weight: bold;">Note 12 &#8211; Long-Term Debt</div>
    <div><br>
    </div>
    <div style="text-align: justify; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">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, Geneva, sans-serif; font-size: 9pt;">No amounts were drawn on the credit facility as of October 31, 2025 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, 2025.</div>
    <div><br>
    </div>
    <div style="text-align: justify; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">As at October 31, 2025, we had outstanding letters of credit of approximately $0.2 million ($0.2 million as at January 31, 2025), which were not related to our
      credit facility.</div>
    <div><br>
    </div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" class="BRPFPageBreakArea">
      <div class="BRPFPageNumberArea" style="text-align: center;"><font style="font-family: Verdana, Geneva, 'sans-serif'; font-size: 9pt; font-weight: normal; font-style: normal;">56</font></div>
      <div style="page-break-after: always;" class="BRPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div style="text-align: justify; font-family: Verdana, Geneva, sans-serif; font-size: 9pt; font-weight: bold;">Note 13 &#8211; Leases</div>
    <div><br>
    </div>
    <div style="text-align: justify; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">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, Geneva, sans-serif; font-size: 9pt;">The components of operating lease expense were as follows:</div>
    <div><br>
    </div>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="z595adf08755c4214accc0bb499a635e4">

        <tr>
          <td colspan="2" style="width: 46.3%; vertical-align: top;">&#160;</td>
          <td colspan="2" style="width: 26.71%; vertical-align: top; border-top: #000000 1px solid;">
            <div style="text-align: right; font-family: Verdana, Geneva, sans-serif; font-size: 9pt; font-weight: bold;">Three Months Ended</div>
          </td>
          <td style="width: 0.89%; vertical-align: top;">&#160;</td>
          <td colspan="2" style="width: 26.09%; vertical-align: top; border-top: #000000 1px solid;">
            <div style="text-align: right; font-family: Verdana, Geneva, sans-serif; font-size: 9pt; font-weight: bold;">Nine Months Ended</div>
          </td>
        </tr>
        <tr>
          <td colspan="2" style="width: 46.3%; vertical-align: top;">&#160;</td>
          <td style="width: 13.36%; vertical-align: top; border-top: #000000 1px solid;">
            <div style="text-align: right; font-family: Verdana, Geneva, sans-serif; font-size: 9pt; font-weight: bold;">October 31,</div>
          </td>
          <td style="width: 13.36%; vertical-align: top; border-top: #000000 1px solid;">
            <div style="text-align: right; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">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 1px solid;">
            <div style="text-align: right; font-family: Verdana, Geneva, sans-serif; font-size: 9pt; font-weight: bold;">October 31,</div>
          </td>
          <td style="width: 12.13%; vertical-align: top; border-top: #000000 1px solid;">
            <div style="text-align: right; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">October 31,</div>
          </td>
        </tr>
        <tr>
          <td colspan="2" style="vertical-align: top; width: 46.3%; padding-bottom: 1px;" rowspan="1">&#160;</td>
          <td style="border-bottom: 1px solid rgb(0, 0, 0); border-top: 1px solid; vertical-align: top; width: 13.36%; font-family: Verdana,Geneva,'sans-serif'; font-size: 9pt; text-align: right; font-weight: bold;" rowspan="1">2025</td>
          <td style="border-bottom: 1px solid rgb(0, 0, 0); border-top: 1px solid; vertical-align: top; width: 13.36%;" rowspan="1">
            <div style="text-align: right; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">2024</div>
          </td>
          <td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: top; width: 0.89%;" rowspan="1">&#160;</td>
          <td style="border-bottom: 1px solid rgb(0, 0, 0); border-top: 1px solid; vertical-align: top; width: 13.96%;" rowspan="1">
            <div style="text-align: right; font-family: Verdana, Geneva, sans-serif; font-size: 9pt; font-weight: bold;">2025</div>
          </td>
          <td style="border-bottom: 1px solid rgb(0, 0, 0); border-top: 1px solid; vertical-align: top; width: 12.13%;" rowspan="1">
            <div style="text-align: right; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">2024</div>
          </td>
        </tr>
        <tr>
          <td colspan="2" style="width: 46.3%; vertical-align: top;">&#160;</td>
          <td style="width: 13.36%; vertical-align: top; border-top: #000000 1px solid;">&#160;</td>
          <td style="width: 13.36%; vertical-align: top; border-top: #000000 1px solid;">&#160;</td>
          <td style="width: 0.89%; vertical-align: top;">&#160;</td>
          <td style="width: 13.96%; vertical-align: top; border-top: #000000 1px solid;">&#160;</td>
          <td style="width: 12.13%; vertical-align: top; border-top: #000000 1px solid;">&#160;</td>
        </tr>
        <tr>
          <td colspan="2" style="width: 46.3%; vertical-align: top;">
            <div style="text-align: left; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">Operating lease cost</div>
          </td>
          <td style="width: 13.36%; vertical-align: top;">
            <div style="text-align: right; font-family: Verdana, Geneva, sans-serif; font-size: 9pt; font-weight: bold;">991</div>
          </td>
          <td style="width: 13.36%; vertical-align: top;">
            <div style="text-align: right; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">878</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, Geneva, sans-serif; font-size: 9pt; font-weight: bold;">2,948</div>
          </td>
          <td style="width: 12.13%; vertical-align: top;">
            <div style="text-align: right; text-indent: 1.5pt; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">2,713</div>
          </td>
        </tr>
        <tr>
          <td colspan="2" style="width: 46.3%; vertical-align: top;">
            <div style="text-align: left; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">Short-term lease cost</div>
          </td>
          <td style="width: 13.36%; vertical-align: top; border-bottom: #000000 1px solid;">
            <div style="text-align: right; font-family: Verdana, Geneva, sans-serif; font-size: 9pt; font-weight: bold;">140</div>
          </td>
          <td style="width: 13.36%; vertical-align: top; border-bottom: #000000 1px solid;">
            <div style="text-align: right; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">141</div>
          </td>
          <td rowspan="2" style="width: 0.89%; vertical-align: top;">&#160;</td>
          <td style="width: 13.96%; vertical-align: top; border-bottom: #000000 1px solid;">
            <div style="text-align: right; text-indent: 1.5pt; font-family: Verdana, Geneva, sans-serif; font-size: 9pt; font-weight: bold;">429</div>
          </td>
          <td style="width: 12.13%; vertical-align: top; border-bottom: #000000 1px solid;">
            <div style="text-align: right; text-indent: 1.5pt; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">377</div>
          </td>
        </tr>
        <tr>
          <td colspan="2" style="width: 46.3%; vertical-align: top;">
            <div style="text-align: left; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">Total operating lease cost</div>
          </td>
          <td style="width: 13.36%; vertical-align: top; border-top: #000000 1px solid; border-bottom: #000000 2px double;">
            <div style="text-align: right; font-family: Verdana, Geneva, sans-serif; font-size: 9pt; font-weight: bold;">1,131</div>
          </td>
          <td style="width: 13.36%; vertical-align: top; border-top: #000000 1px solid; border-bottom: #000000 2px double;">
            <div style="text-align: right; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">1,019</div>
          </td>
          <td style="width: 13.96%; vertical-align: top; border-top: #000000 1px solid; border-bottom: #000000 2px double;">
            <div style="text-align: right; text-indent: 1.5pt; font-family: Verdana, Geneva, sans-serif; font-size: 9pt; font-weight: bold;">3,377</div>
          </td>
          <td style="width: 12.13%; vertical-align: top; border-top: #000000 1px solid; border-bottom: #000000 2px double;">
            <div style="text-align: right; text-indent: 1.5pt; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">3,090</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <div style="text-align: justify; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">Supplemental cash flow information related to operating leases was as follows:</div>
    <div><br>
    </div>
    <table cellspacing="0" cellpadding="0" border="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="z2ffff6700db94f83881c2a619af6137f">

        <tr>
          <td style="width: 47%; vertical-align: top;">&#160;</td>
          <td colspan="2" style="vertical-align: top; border-top: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; font-family: Verdana, Geneva, sans-serif; font-size: 9pt; font-weight: bold;">Three Months Ended</div>
          </td>
          <td style="width: 0.89%; vertical-align: top;">&#160;</td>
          <td colspan="2" style="vertical-align: top; border-top: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; font-family: Verdana, Geneva, sans-serif; font-size: 9pt; font-weight: bold;">Nine Months Ended</div>
          </td>
        </tr>
        <tr>
          <td style="width: 47%; vertical-align: top;">&#160;</td>
          <td style="width: 13%; vertical-align: top; border-top: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; font-family: Verdana, Geneva, sans-serif; font-size: 9pt; font-weight: bold;">October 31,</div>
          </td>
          <td style="width: 13%; vertical-align: top; border-top: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">October 31,</div>
          </td>
          <td style="width: 0.89%; vertical-align: top;">&#160;</td>
          <td style="width: 13%; vertical-align: top; border-top: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; font-family: Verdana, Geneva, sans-serif; font-size: 9pt; font-weight: bold;">October 31,</div>
          </td>
          <td style="width: 13%; vertical-align: top; border-top: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">October 31,</div>
          </td>
        </tr>
        <tr>
          <td style="width: 47%; vertical-align: top;">&#160;</td>
          <td style="width: 13%; vertical-align: top; border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; font-family: Verdana, Geneva, sans-serif; font-size: 9pt; font-weight: bold;">2025</div>
          </td>
          <td style="width: 13%; vertical-align: top; border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">2024</div>
          </td>
          <td style="width: 0.89%; vertical-align: top;">&#160;</td>
          <td style="width: 13%; vertical-align: top; border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; font-family: Verdana, Geneva, sans-serif; font-size: 9pt; font-weight: bold;">2025</div>
          </td>
          <td style="width: 13%; vertical-align: top; border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">2024</div>
          </td>
        </tr>
        <tr>
          <td style="width: 47%; vertical-align: top;">&#160;</td>
          <td style="width: 13%; vertical-align: top; border-top: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 13%; vertical-align: top; border-top: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 0.89%; vertical-align: top;">&#160;</td>
          <td style="width: 13%; vertical-align: top; border-top: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 13%; vertical-align: top; border-top: 1px solid rgb(0, 0, 0);">&#160;</td>
        </tr>
        <tr>
          <td style="width: 47%; vertical-align: top;">
            <div style="text-align: left; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">Operating cash outflows from operating leases included in measurement of lease liabilities</div>
          </td>
          <td style="width: 13%; vertical-align: top;">
            <div style="text-align: right; font-family: Verdana, Geneva, sans-serif; font-size: 9pt; font-weight: bold;">1,029</div>
          </td>
          <td style="width: 13%; vertical-align: top;">
            <div style="text-align: right; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">964</div>
          </td>
          <td style="width: 0.89%; vertical-align: top;">&#160;</td>
          <td style="width: 13%; vertical-align: top;">
            <div style="text-align: right; text-indent: 1.5pt; font-family: Verdana, Geneva, sans-serif; font-size: 9pt; font-weight: bold;">3,162</div>
          </td>
          <td style="width: 13%; vertical-align: top;">
            <div style="text-align: right; text-indent: 1.5pt; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">3,031</div>
          </td>
        </tr>
        <tr>
          <td style="width: 47%; vertical-align: top;">
            <div style="text-align: left; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">New right-of-use assets obtained in exchange for lease obligations</div>
          </td>
          <td style="width: 13%; vertical-align: top;">
            <div style="text-align: right; font-family: Verdana, Geneva, sans-serif; font-size: 9pt; font-weight: bold;">314</div>
          </td>
          <td style="width: 13%; vertical-align: top;">
            <div style="text-align: right; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">629</div>
          </td>
          <td style="width: 0.89%; vertical-align: top;">&#160;</td>
          <td style="width: 13%; vertical-align: top;">
            <div style="text-align: right; text-indent: 1.5pt; font-family: Verdana, Geneva, sans-serif; font-size: 9pt; font-weight: bold;">1,769</div>
          </td>
          <td style="width: 13%; vertical-align: top;">
            <div style="text-align: right; text-indent: 1.5pt; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">2,153</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <div style="text-align: justify; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">Supplemental information related to operating leases was as follows:</div>
    <div><br>
    </div>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="z27a94c2bdda04ed59c677279f610fb51">

        <tr>
          <td style="width: 60.39%; vertical-align: bottom;">&#160;</td>
          <td style="width: 12.71%; vertical-align: bottom;">&#160;</td>
          <td style="width: 13.45%; vertical-align: bottom; border-top: #000000 1px solid; border-bottom: #000000 1px solid;">
            <div style="text-align: right; font-family: Verdana, Geneva, sans-serif; font-size: 9pt; font-weight: bold;">October 31, 2025</div>
          </td>
          <td style="width: 13.45%; vertical-align: bottom; border-top: #000000 1px solid; border-bottom: #000000 1px solid;">
            <div style="text-align: right; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">January 31, 2025</div>
          </td>
        </tr>
        <tr>
          <td style="width: 60.39%; vertical-align: top;">
            <div style="text-align: left; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">Weighted average remaining lease term (years)</div>
          </td>
          <td style="width: 12.71%; vertical-align: top;">&#160;</td>
          <td style="width: 13.45%; vertical-align: top; border-top: #000000 1px solid;">
            <div style="text-align: right; font-family: Verdana, Geneva, sans-serif; font-size: 9pt; font-weight: bold;">2.7</div>
          </td>
          <td style="width: 13.45%; vertical-align: top; border-top: #000000 1px solid;">
            <div style="text-align: right; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">2.9</div>
          </td>
        </tr>
        <tr>
          <td style="width: 60.39%; vertical-align: top;">
            <div style="text-align: left; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">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, Geneva, sans-serif; font-size: 9pt; font-weight: bold;">5.2</div>
          </td>
          <td style="width: 13.45%; vertical-align: top;">
            <div style="text-align: right; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">5.1</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <div style="text-align: justify; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">Maturities of operating lease liabilities were as follows as of October 31, 2025:</div>
    <div><br>
    </div>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="z097352976335450ba6050e60100922d4">

        <tr>
          <td style="width: 61.33%; vertical-align: bottom;">
            <div style="text-align: left; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">Years Ended January 31,</div>
          </td>
          <td style="width: 12.89%; vertical-align: bottom;">&#160;</td>
          <td style="width: 12.89%; vertical-align: bottom;">&#160;</td>
          <td style="width: 12.89%; vertical-align: bottom; border-top: #000000 1px solid; border-bottom: #000000 1px solid;">
            <div style="text-align: right; margin-left: 9pt; font-family: Verdana, Geneva, sans-serif; font-size: 9pt; 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, Geneva, sans-serif; font-size: 9pt;">Remainder of 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, Geneva, sans-serif; font-size: 9pt; font-weight: bold;">1,032</div>
          </td>
        </tr>
        <tr>
          <td style="width: 61.33%; vertical-align: top;">
            <div style="text-align: left; margin-left: 12pt; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">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, Geneva, sans-serif; font-size: 9pt; font-weight: bold;">3,338</div>
          </td>
        </tr>
        <tr>
          <td style="width: 61.33%; vertical-align: top;">
            <div style="text-align: left; margin-left: 12pt; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">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, Geneva, sans-serif; font-size: 9pt; font-weight: bold;">2,389</div>
          </td>
        </tr>
        <tr>
          <td style="width: 61.33%; vertical-align: top;">
            <div style="text-align: left; margin-left: 12pt; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">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, Geneva, sans-serif; font-size: 9pt; font-weight: bold;">976</div>
          </td>
        </tr>
        <tr>
          <td style="width: 61.33%; vertical-align: top;">
            <div style="text-align: left; margin-left: 12pt; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">2030</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, Geneva, sans-serif; font-size: 9pt; font-weight: bold;">426</div>
          </td>
        </tr>
        <tr>
          <td style="width: 61.33%; vertical-align: top;">
            <div style="text-align: left; margin-left: 12pt; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">2031 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, Geneva, sans-serif; font-size: 9pt; font-weight: bold;">54</div>
          </td>
        </tr>
        <tr>
          <td style="width: 61.33%; vertical-align: top;">
            <div style="text-align: left; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">Total lease payments</div>
          </td>
          <td style="width: 12.89%; vertical-align: top;">&#160;</td>
          <td style="width: 12.89%; vertical-align: top;">&#160;</td>
          <td style="width: 12.89%; vertical-align: top; border-top: #000000 1px solid;">
            <div style="text-align: right; font-family: Verdana, Geneva, sans-serif; font-size: 9pt; font-weight: bold;">8,215</div>
          </td>
        </tr>
        <tr>
          <td style="width: 61.33%; vertical-align: top;">
            <div style="text-align: left; margin-left: 10.5pt; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">Less: imputed interest</div>
          </td>
          <td style="width: 12.89%; vertical-align: top;">&#160;</td>
          <td style="width: 12.89%; vertical-align: top;">&#160;</td>
          <td style="width: 12.89%; vertical-align: top; border-bottom: #000000 1px solid;">
            <div style="text-align: right; font-family: Verdana, Geneva, sans-serif; font-size: 9pt; font-weight: bold;">(612)</div>
          </td>
        </tr>
        <tr>
          <td style="width: 61.33%; vertical-align: top;">
            <div style="text-align: left; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">Total lease obligations</div>
          </td>
          <td style="width: 12.89%; vertical-align: top;">&#160;</td>
          <td style="width: 12.89%; vertical-align: top;">&#160;</td>
          <td style="width: 12.89%; vertical-align: top; border-top: #000000 1px solid; border-bottom: #000000 2px double;">
            <div style="text-align: right; font-family: Verdana, Geneva, sans-serif; font-size: 9pt; font-weight: bold;">7,603</div>
          </td>
        </tr>
        <tr>
          <td style="width: 61.33%; vertical-align: top;">
            <div style="text-align: left; margin-left: 10.5pt; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">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, Geneva, sans-serif; font-size: 9pt; font-weight: bold;">3,241</div>
          </td>
        </tr>
        <tr>
          <td style="width: 61.33%; vertical-align: top;">
            <div style="text-align: left; margin-left: 10.5pt; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">Long-term</div>
          </td>
          <td style="width: 12.89%; vertical-align: top;">&#160;</td>
          <td style="width: 12.89%; vertical-align: top;">&#160;</td>
          <td style="width: 12.89%; vertical-align: top; border-bottom: #000000 2px double;">
            <div style="text-align: right; font-family: Verdana, Geneva, sans-serif; font-size: 9pt; font-weight: bold;">4,362</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" class="BRPFPageBreakArea">
      <div class="BRPFPageNumberArea" style="text-align: center;"><font style="font-family: Verdana, Geneva, 'sans-serif'; font-size: 9pt; font-weight: normal; font-style: normal;">57</font></div>
      <div style="page-break-after: always;" class="BRPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div style="text-align: left; font-family: Verdana, Geneva, sans-serif; font-size: 9pt; font-weight: bold;">Note 14 - Commitments, Contingencies and Guarantees</div>
    <div><br>
    </div>
    <div style="text-align: justify; font-family: Verdana, Geneva, sans-serif; font-size: 9pt; font-style: italic; font-weight: bold;">Commitments</div>
    <div style="text-align: justify; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">As described in Note 2 to the audited consolidated financial statements for 2025 included in our 2025 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 $0.3 million and $1.1 million, respectively, at October
      31, 2025. 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, 2025, we had equity derivatives for 302,915 Descartes common shares and a DSU liability for 302,915<font style="font-size: 9pt; font-family: Verdana, Geneva, sans-serif; color: #000000;">
        Descartes common shares, resulting in no net exposure</font>&#160;<font style="font-size: 9pt; font-family: Verdana, Geneva, sans-serif; color: #000000;">resulting from changes to our share price</font>.</div>
    <div><br>
    </div>
    <div style="text-align: left; font-family: Verdana, Geneva, sans-serif; font-size: 9pt; font-style: italic; font-weight: bold;">Contingencies</div>
    <div style="text-align: justify; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">We are subject to a variety of other claims and suits that arise from time to time in the ordinary course of our business. The consequences of these matters are
      not presently determinable but, in the opinion of management after consulting with legal counsel, the ultimate aggregate potential liability is not currently expected to have a material effect on our results of operations or financial position.</div>
    <div><br>
    </div>
    <div style="text-align: justify; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;"><u>Product Warranties</u></div>
    <div style="text-align: justify; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">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, Geneva, sans-serif; font-size: 9pt;"><u>Business combination agreements</u></div>
    <div style="text-align: justify; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">In respect of our acquisitions of MCP, Sellercloud and Finale, up to $41.0 million in cash may become payable if certain revenue performance targets are met in
      the two years following the acquisition. A balance of $11.1 million is accrued related to the fair value of this contingent consideration as at October 31, 2025.</div>
    <div><br>
    </div>
    <div style="text-align: left; font-family: Verdana, Geneva, sans-serif; font-size: 9pt; font-style: italic; font-weight: bold;">Guarantees</div>
    <div style="text-align: justify; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">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, Geneva, sans-serif; font-size: 9pt;"><u>Intellectual property indemnification obligations</u></div>
    <div style="text-align: justify; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">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, Geneva, sans-serif; font-size: 9pt;"><u>Other indemnification agreements</u></div>
    <div style="text-align: justify; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">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</div>
    <div style="text-align: justify; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;"> <br>
    </div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" class="BRPFPageBreakArea">
      <div class="BRPFPageNumberArea" style="text-align: center;"><font style="font-family: Verdana, Geneva, 'sans-serif'; font-size: 9pt; font-weight: normal; font-style: normal;">58</font></div>
      <div style="page-break-after: always;" class="BRPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div style="text-align: justify; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">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, Geneva, sans-serif; font-size: 9pt;">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, Geneva, sans-serif; font-size: 9pt; font-weight: bold;">Note 15 &#8211; Share Capital</div>
    <div><br>
    </div>
    <div style="text-align: justify; color: #000000; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">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, Geneva, sans-serif; font-size: 9pt;"><font style="font-size: 9pt; font-family: Verdana, Geneva, sans-serif; color: #000000;">For the three and nine month periods ended October 31, 2024, cash flows
        provided from stock options and share units exercised were $2.9 million and $11.3 million, respectively, compared to $2.4 million and $9.9 million</font> the same periods in fiscal 2025, respectively.</div>
    <div><br>
    </div>
    <div style="text-align: justify; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">For the three and nine month periods ended October 31, 2025, the Company withheld nil and 66,922 common shares, respectively, to satisfy employee tax
      withholding requirements for net share settlements of PSUs and RSUs, compared to nil and 73,588 in the same periods in fiscal 2025, respectively. Total payments to satisfy employee tax withholding requirements for net share settlements of PSUs and
      RSUs were nil and $6.5 million for the three and nine month periods ended October 31, 2025, respectively, compared with nil and $6.7 million in the same periods in fiscal 2025, and are reflected as a financing activity in the condensed consolidated
      statements of cash flows.</div>
    <div style="text-align: justify; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;"> <br>
    </div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" class="BRPFPageBreakArea">
      <div class="BRPFPageNumberArea" style="text-align: center;"><font style="font-family: Verdana, Geneva, 'sans-serif'; font-size: 9pt; font-weight: normal; font-style: normal;">59</font></div>
      <div style="page-break-after: always;" class="BRPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div style="text-align: justify; font-family: Verdana, Geneva, sans-serif; font-size: 9pt; font-weight: bold;">Note 16 - Earnings Per Share</div>
    <div><br>
    </div>
    <div style="text-align: justify; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">The following table sets forth the computation of basic and diluted earnings per share (&#8220;EPS&#8221;) (number of shares in thousands):</div>
    <div><br>
    </div>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="z16f3e95b0ea34796b019209ca30ebfe8">

        <tr>
          <td style="width: 47.25%; vertical-align: top;">&#160;</td>
          <td colspan="2" style="width: 26.74%; vertical-align: top; border-top: #000000 1px solid;">
            <div style="text-align: right; font-family: Verdana, Geneva, sans-serif; font-size: 9pt; font-weight: bold;">Three Months Ended</div>
          </td>
          <td style="width: 0.89%; vertical-align: top;">&#160;</td>
          <td colspan="2" style="width: 25.12%; vertical-align: top; border-top: #000000 1px solid;">
            <div style="text-align: right; font-family: Verdana, Geneva, sans-serif; font-size: 9pt; 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 1px solid;">
            <div style="text-align: right; font-family: Verdana, Geneva, sans-serif; font-size: 9pt; font-weight: bold;">October 31,</div>
          </td>
          <td style="width: 12.48%; vertical-align: top; border-top: #000000 1px solid;">
            <div style="text-align: right; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">October 31,</div>
          </td>
          <td rowspan="3" style="width: 0.89%; vertical-align: top;">&#160;</td>
          <td style="width: 13.01%; vertical-align: top; border-top: #000000 1px solid;">
            <div style="text-align: right; font-family: Verdana, Geneva, sans-serif; font-size: 9pt; font-weight: bold;">October 31,</div>
          </td>
          <td style="width: 12.11%; vertical-align: top; border-top: #000000 1px solid;">
            <div style="text-align: right; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">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 1px solid;">
            <div style="text-align: right; font-family: Verdana, Geneva, sans-serif; font-size: 9pt; font-weight: bold;">2025</div>
          </td>
          <td style="width: 12.48%; vertical-align: top; border-bottom: #000000 1px solid;">
            <div style="text-align: right; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">2024</div>
          </td>
          <td style="width: 13.01%; vertical-align: top; border-bottom: #000000 1px solid;">
            <div style="text-align: right; font-family: Verdana, Geneva, sans-serif; font-size: 9pt; font-weight: bold;">2025</div>
          </td>
          <td style="width: 12.11%; vertical-align: top; border-bottom: #000000 1px solid;">
            <div style="text-align: right; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">2024</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 1px solid;">&#160;</td>
          <td style="width: 12.48%; vertical-align: top; border-top: #000000 1px solid;">&#160;</td>
          <td style="width: 13.01%; vertical-align: top; border-top: #000000 1px solid;">&#160;</td>
          <td style="width: 12.11%; vertical-align: top; border-top: #000000 1px solid;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 47.25%; vertical-align: top;">
            <div style="text-align: left; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">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 1px solid;">
            <div style="text-align: right; font-family: Verdana, Geneva, sans-serif; font-size: 9pt; font-weight: bold;">43,899</div>
          </td>
          <td style="width: 12.48%; vertical-align: top; border-bottom: #000000 1px solid;">
            <div style="text-align: right; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">36,558</div>
          </td>
          <td rowspan="8" style="width: 0.89%; vertical-align: top;">&#160;</td>
          <td style="width: 13.01%; vertical-align: bottom; border-bottom: #000000 1px solid;">
            <div style="text-align: right; text-indent: 1.5pt; font-family: Verdana, Geneva, sans-serif; font-size: 9pt; font-weight: bold;">118,163</div>
          </td>
          <td style="width: 12.11%; vertical-align: bottom; border-bottom: #000000 1px solid;">
            <div style="text-align: right; text-indent: 1.5pt; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">105,906</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 1px solid;">&#160;</td>
          <td style="width: 12.48%; vertical-align: top; border-top: #000000 1px solid;">&#160;</td>
          <td style="width: 13.01%; vertical-align: top; border-top: #000000 1px solid;">&#160;</td>
          <td style="width: 12.11%; vertical-align: top; border-top: #000000 1px solid;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 47.25%; vertical-align: top;">
            <div style="text-align: left; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">Weighted average shares outstanding</div>
          </td>
          <td style="width: 14.26%; vertical-align: top;">
            <div style="text-align: right; font-family: Verdana, Geneva, sans-serif; font-size: 9pt; font-weight: bold;">85,960</div>
          </td>
          <td style="width: 12.48%; vertical-align: top;">
            <div style="text-align: right; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">85,501</div>
          </td>
          <td style="width: 13.01%; vertical-align: top;">
            <div style="text-align: right; text-indent: 1.5pt; font-family: Verdana, Geneva, sans-serif; font-size: 9pt; font-weight: bold;">85,825</div>
          </td>
          <td style="width: 12.11%; vertical-align: top;">
            <div style="text-align: right; text-indent: 1.5pt; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">85,403</div>
          </td>
        </tr>
        <tr>
          <td style="width: 47.25%; vertical-align: top;">
            <div style="text-align: left; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">Dilutive effect of employee stock options</div>
          </td>
          <td style="width: 14.26%; vertical-align: top;">
            <div style="text-align: right; font-family: Verdana, Geneva, sans-serif; font-size: 9pt; font-weight: bold;">387</div>
          </td>
          <td style="width: 12.48%; vertical-align: top;">
            <div style="text-align: right; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">550</div>
          </td>
          <td style="width: 13.01%; vertical-align: top;">
            <div style="text-align: right; text-indent: 1.5pt; font-family: Verdana, Geneva, sans-serif; font-size: 9pt; font-weight: bold;">471</div>
          </td>
          <td style="width: 12.11%; vertical-align: top;">
            <div style="text-align: right; text-indent: 1.5pt; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">555</div>
          </td>
        </tr>
        <tr>
          <td style="width: 47.25%; vertical-align: top;">
            <div style="text-align: left; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">Dilutive effect of restricted and performance share units</div>
          </td>
          <td style="width: 14.26%; vertical-align: bottom; border-bottom: #000000 1px solid;">
            <div style="text-align: right; font-family: Verdana, Geneva, sans-serif; font-size: 9pt; font-weight: bold;">1,263</div>
          </td>
          <td style="width: 12.48%; vertical-align: bottom; border-bottom: #000000 1px solid;">
            <div style="text-align: right; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">1,291</div>
          </td>
          <td style="width: 13.01%; vertical-align: bottom; border-bottom: #000000 1px solid;">
            <div style="text-align: right; text-indent: 1.5pt; font-family: Verdana, Geneva, sans-serif; font-size: 9pt; font-weight: bold;">1,291</div>
          </td>
          <td style="width: 12.11%; vertical-align: bottom; border-bottom: #000000 1px solid;">
            <div style="text-align: right; text-indent: 1.5pt; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">1,273</div>
          </td>
        </tr>
        <tr>
          <td style="width: 47.25%; vertical-align: top;">
            <div style="text-align: left; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">Weighted average common and common equivalent shares outstanding</div>
          </td>
          <td style="width: 14.26%; vertical-align: top; border-top: #000000 1px solid;">
            <div style="text-align: right; font-family: Verdana, Geneva, sans-serif; font-size: 9pt; font-weight: bold;">87,610</div>
          </td>
          <td style="width: 12.48%; vertical-align: top; border-top: #000000 1px solid;">
            <div style="text-align: right; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">87,342</div>
          </td>
          <td style="width: 13.01%; vertical-align: top; border-top: #000000 1px solid;">
            <div style="text-align: right; text-indent: 1.5pt; font-family: Verdana, Geneva, sans-serif; font-size: 9pt; font-weight: bold;">87,587</div>
          </td>
          <td style="width: 12.11%; vertical-align: top; border-top: #000000 1px solid;">
            <div style="text-align: right; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">87,231</div>
          </td>
        </tr>
        <tr>
          <td style="width: 47.25%; vertical-align: top;">
            <div style="text-align: left; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">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, Geneva, sans-serif; font-size: 9pt;">Basic</div>
          </td>
          <td style="width: 14.26%; vertical-align: top;">
            <div style="text-align: right; font-family: Verdana, Geneva, sans-serif; font-size: 9pt; font-weight: bold;">0.51</div>
          </td>
          <td style="width: 12.48%; vertical-align: top;">
            <div style="text-align: right; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">0.43</div>
          </td>
          <td style="width: 13.01%; vertical-align: top;">
            <div style="text-align: right; font-family: Verdana, Geneva, sans-serif; font-size: 9pt; font-weight: bold;">1.38</div>
          </td>
          <td style="width: 12.11%; vertical-align: top;">
            <div style="text-align: right; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">1.24</div>
          </td>
        </tr>
        <tr>
          <td style="width: 47.25%; vertical-align: top;">
            <div style="text-align: left; margin-left: 9pt; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">Diluted</div>
          </td>
          <td style="width: 14.26%; vertical-align: top; border-bottom: #000000 2px double;">
            <div style="text-align: right; font-family: Verdana, Geneva, sans-serif; font-size: 9pt; font-weight: bold;">0.50</div>
          </td>
          <td style="width: 12.48%; vertical-align: top; border-bottom: #000000 2px double;">
            <div style="text-align: right; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">0.42</div>
          </td>
          <td style="width: 0.89%; vertical-align: top;">&#160;</td>
          <td style="width: 13.01%; vertical-align: top; border-bottom: #000000 2px double;">
            <div style="text-align: right; font-family: Verdana, Geneva, sans-serif; font-size: 9pt; font-weight: bold;">1.35</div>
          </td>
          <td style="width: 12.11%; vertical-align: top; border-bottom: #000000 2px double;">
            <div style="text-align: right; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">1.21</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <div style="text-align: justify; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">For the three month periods ended October 31, 2025 and October 31, 2024, 362,321 and nil options, respectively, were excluded from the calculation of diluted
      EPS as those options had an exercise price greater than or equal to the average market value of our common shares during the applicable periods and their inclusion would have been anti-dilutive. For the three month periods ended October 31, 2025 and
      October 31, 2024, the application of the treasury stock method excluded 238,061 and 275,129 stock options, respectively, from the calculation of diluted EPS as the assumed proceeds from the unrecognized stock-based compensation expense of such
      options that are attributed to future service periods made such options anti-dilutive.</div>
    <div><br>
    </div>
    <div style="text-align: justify; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">For the nine month periods ended October 31, 2025 and October 31, 2024, 939 and nil options, respectively, were excluded from the calculation of diluted EPS as
      those options had an exercise price greater than or equal to the average market value of our common shares during the applicable periods and their inclusion would have been anti-dilutive. For the nine month periods ended October 31, 2025 and October
      31, 2024, the application of the treasury stock method excluded 460,168 and 359,395 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, Geneva, sans-serif; font-size: 9pt;">For the three month periods ended October 31, 2025 and October 31, 2024, the application of the treasury stock method excluded PSUs and RSUs of 90,020 and nil,
      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, Geneva, sans-serif; font-size: 9pt;">For the nine month periods ended October 31, 2025 and October 31, 2024, the application of the treasury stock method excluded PSUs and RSUs of 88,237 and
      92,873, respectively, from the calculation of diluted EPS as the unrecognized stock-based compensation expense of such PSUs and RSUs that are attributed to future service periods made such PSUs and RSUs anti-dilutive.</div>
    <div><br>
    </div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" class="BRPFPageBreakArea">
      <div class="BRPFPageNumberArea" style="text-align: center;"><font style="font-family: Verdana, Geneva, 'sans-serif'; font-size: 9pt; font-weight: normal; font-style: normal;">60</font></div>
      <div style="page-break-after: always;" class="BRPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div style="text-align: left; font-family: Verdana, Geneva, sans-serif; font-size: 9pt; font-weight: bold;">Note 17 - Stock-Based Compensation Plans</div>
    <div style="text-align: justify;"><br>
    </div>
    <div style="text-align: justify; color: #000000; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">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" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="z2ab4ba01f65f46d5af42aed05c578279">

        <tr>
          <td style="width: 46.3%; vertical-align: top;">&#160;</td>
          <td colspan="2" style="width: 26.71%; vertical-align: top; border-top: #000000 1px solid;">
            <div style="text-align: right; font-family: Verdana, Geneva, sans-serif; font-size: 9pt; font-weight: bold;">Three Months Ended</div>
          </td>
          <td style="width: 0.89%; vertical-align: top;">&#160;</td>
          <td colspan="2" style="width: 26.09%; vertical-align: top; border-top: #000000 1px solid;">
            <div style="text-align: right; font-family: Verdana, Geneva, sans-serif; font-size: 9pt; 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 1px solid;">
            <div style="text-align: right; font-family: Verdana, Geneva, sans-serif; font-size: 9pt; font-weight: bold;">October 31,</div>
          </td>
          <td style="width: 12.47%; vertical-align: top; border-top: #000000 1px solid;">
            <div style="text-align: right; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">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 1px solid;">
            <div style="text-align: right; font-family: Verdana, Geneva, sans-serif; font-size: 9pt; font-weight: bold;">October 31,</div>
          </td>
          <td style="width: 12.13%; vertical-align: top; border-top: #000000 1px solid;">
            <div style="text-align: right; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">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 1px solid;">
            <div style="text-align: right; font-family: Verdana, Geneva, sans-serif; font-size: 9pt; font-weight: bold;">2025</div>
          </td>
          <td style="width: 12.47%; vertical-align: top; border-bottom: #000000 1px solid;">
            <div style="text-align: right; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">2024</div>
          </td>
          <td style="width: 0.89%; vertical-align: top;">&#160;</td>
          <td style="width: 13.96%; vertical-align: top; border-bottom: #000000 1px solid;">
            <div style="text-align: right; font-family: Verdana, Geneva, sans-serif; font-size: 9pt; font-weight: bold;">2025</div>
          </td>
          <td style="width: 12.13%; vertical-align: top; border-bottom: #000000 1px solid;">
            <div style="text-align: right; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">2024</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 1px solid;">&#160;</td>
          <td style="width: 12.47%; vertical-align: top; border-top: #000000 1px solid;">&#160;</td>
          <td style="width: 0.89%; vertical-align: top;">&#160;</td>
          <td style="width: 13.96%; vertical-align: top; border-top: #000000 1px solid;">&#160;</td>
          <td style="width: 12.13%; vertical-align: top; border-top: #000000 1px solid;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 46.3%; vertical-align: top;">
            <div style="text-align: left; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">Cost of revenues</div>
          </td>
          <td style="width: 14.25%; vertical-align: top;">
            <div style="text-align: right; font-family: Verdana, Geneva, sans-serif; font-size: 9pt; font-weight: bold;">453</div>
          </td>
          <td style="width: 12.47%; vertical-align: top;">
            <div style="text-align: right; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">379</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, Geneva, sans-serif; font-size: 9pt; font-weight: bold;">1,145</div>
          </td>
          <td style="width: 12.13%; vertical-align: top;">
            <div style="text-align: right; text-indent: 1.5pt; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">1,031</div>
          </td>
        </tr>
        <tr>
          <td style="width: 46.3%; vertical-align: top;">
            <div style="text-align: left; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">Sales and marketing</div>
          </td>
          <td style="width: 14.25%; vertical-align: top;">
            <div style="text-align: right; font-family: Verdana, Geneva, sans-serif; font-size: 9pt; font-weight: bold;">1,930</div>
          </td>
          <td style="width: 12.47%; vertical-align: top;">
            <div style="text-align: right; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">1,722</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, Geneva, sans-serif; font-size: 9pt; font-weight: bold;">4,797</div>
          </td>
          <td style="width: 12.13%; vertical-align: top;">
            <div style="text-align: right; text-indent: 1.5pt; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">4,702</div>
          </td>
        </tr>
        <tr>
          <td style="width: 46.3%; vertical-align: top;">
            <div style="text-align: left; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">Research and development</div>
          </td>
          <td style="width: 14.25%; vertical-align: top;">
            <div style="text-align: right; font-family: Verdana, Geneva, sans-serif; font-size: 9pt; font-weight: bold;">824</div>
          </td>
          <td style="width: 12.47%; vertical-align: top;">
            <div style="text-align: right; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">715</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, Geneva, sans-serif; font-size: 9pt; font-weight: bold;">2,043</div>
          </td>
          <td style="width: 12.13%; vertical-align: top;">
            <div style="text-align: right; text-indent: 1.5pt; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">1,950</div>
          </td>
        </tr>
        <tr>
          <td style="width: 46.3%; vertical-align: top;">
            <div style="text-align: left; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">General and administrative</div>
          </td>
          <td style="width: 14.25%; vertical-align: top; border-bottom: #000000 1px solid;">
            <div style="text-align: right; font-family: Verdana, Geneva, sans-serif; font-size: 9pt; font-weight: bold;">2,734</div>
          </td>
          <td style="width: 12.47%; vertical-align: top; border-bottom: #000000 1px solid;">
            <div style="text-align: right; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">2,482</div>
          </td>
          <td rowspan="2" style="width: 0.89%; vertical-align: top;">&#160;</td>
          <td style="width: 13.96%; vertical-align: top; border-bottom: #000000 1px solid;">
            <div style="text-align: right; text-indent: 1.5pt; font-family: Verdana, Geneva, sans-serif; font-size: 9pt; font-weight: bold;">6,775</div>
          </td>
          <td style="width: 12.13%; vertical-align: top; border-bottom: #000000 1px solid;">
            <div style="text-align: right; text-indent: 1.5pt; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">6,892</div>
          </td>
        </tr>
        <tr>
          <td style="width: 46.3%; vertical-align: top;">
            <div style="text-align: left; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">Effect on net income</div>
          </td>
          <td style="width: 14.25%; vertical-align: top; border-top: #000000 1px solid; border-bottom: #000000 2px double;">
            <div style="text-align: right; font-family: Verdana, Geneva, sans-serif; font-size: 9pt; font-weight: bold;">5,941</div>
          </td>
          <td style="width: 12.47%; vertical-align: top; border-top: #000000 1px solid; border-bottom: #000000 2px double;">
            <div style="text-align: right; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">5,298</div>
          </td>
          <td style="width: 13.96%; vertical-align: top; border-top: #000000 1px solid; border-bottom: #000000 2px double;">
            <div style="text-align: right; text-indent: 1.5pt; font-family: Verdana, Geneva, sans-serif; font-size: 9pt; font-weight: bold;">14,760</div>
          </td>
          <td style="width: 12.13%; vertical-align: top; border-top: #000000 1px solid; border-bottom: #000000 2px double;">
            <div style="text-align: right; text-indent: 1.5pt; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">14,575</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <div style="text-align: justify; color: #000000; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">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 $1.6 million ($1.2 million at January 31, 2025) recognized in the United States and Canada. We realized a nominal tax benefit in
      connection with stock options exercised during both the three and nine month periods ended October 31, 2025, and a nominal tax benefit for both the same periods in fiscal 2025.</div>
    <div><br>
    </div>
    <div style="text-align: justify; font-family: Verdana, Geneva, sans-serif; font-size: 9pt; font-style: italic; font-weight: bold;">Stock Options</div>
    <div><br>
    </div>
    <div style="text-align: justify; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">As of October 31, 2025, we had 1,553,647 stock options granted and outstanding under our shareholder-approved stock option plan and 1,867,589 remained available
      for grant.</div>
    <div><br>
    </div>
    <div style="text-align: justify; color: #000000; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">As of October 31, 2025, $14.4 million of total unrecognized compensation costs related to non-vested stock option awards is expected to be
      recognized over a weighted average period of 2.7 years. The total fair value of stock options vested during the three and nine month periods ended October 31, 2025 was $0.1 million and $0.4 million, respectively.</div>
    <div><br>
    </div>
    <div style="text-align: justify; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">For the three and nine month periods ended October 31, 2025, nil and 382,191 stock options, respectively, were granted compared to 3,358 and 279,719 stock
      options for the same periods in fiscal 2025. The weighted average grant-date fair value of stock options granted during the nine month periods ended October 31, 2025 and October 31, 2024 was $30.63 per option and $29.81 per option, respectively.</div>
    <div><br>
    </div>
    <div style="text-align: justify; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">The weighted-average assumptions were as follows:</div>
    <div><br>
    </div>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="za0f5bc0d81044f509854b5d3250e62d7">

        <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 colspan="2" style="width: 22.77%; vertical-align: bottom; border-top: #000000 1px solid; border-bottom: #000000 1px solid;">
            <div style="text-align: right; font-family: Verdana, Geneva, sans-serif; font-size: 9pt; 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 1px solid; border-bottom: #000000 1px solid;">
            <div style="text-align: right; font-family: Verdana, Geneva, sans-serif; font-size: 9pt; font-weight: bold;">October 31, 2025</div>
          </td>
          <td style="width: 11.39%; vertical-align: bottom; border-top: #000000 1px solid; border-bottom: #000000 1px solid;">
            <div style="text-align: right; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">October 31, 2024</div>
          </td>
        </tr>
        <tr>
          <td style="width: 54.45%; vertical-align: top;">
            <div style="text-align: left; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">&#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 1px solid;">
            <div style="text-align: right; font-family: Verdana, Geneva, sans-serif; font-size: 9pt; font-weight: bold;">-</div>
          </td>
          <td style="width: 11.39%; vertical-align: middle; border-top: #000000 1px solid;">
            <div style="text-align: right; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">-</div>
          </td>
        </tr>
        <tr>
          <td style="width: 54.45%; vertical-align: top;">
            <div style="text-align: left; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">&#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, Geneva, sans-serif; font-size: 9pt; font-weight: bold;">28.3</div>
          </td>
          <td style="width: 11.39%; vertical-align: middle;">
            <div style="text-align: right; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">30.0</div>
          </td>
        </tr>
        <tr>
          <td style="width: 54.45%; vertical-align: top;">
            <div style="text-align: left; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">&#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, Geneva, sans-serif; font-size: 9pt; font-weight: bold;">2.8</div>
          </td>
          <td style="width: 11.39%; vertical-align: middle;">
            <div style="text-align: right; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">3.6</div>
          </td>
        </tr>
        <tr>
          <td style="width: 54.45%; vertical-align: top;">
            <div style="text-align: left; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">&#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, Geneva, sans-serif; font-size: 9pt; font-weight: bold;">5</div>
          </td>
          <td style="width: 11.39%; vertical-align: middle;">
            <div style="text-align: right; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">5</div>
          </td>
        </tr>

    </table>
    <div> <br>
    </div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" class="BRPFPageBreakArea">
      <div class="BRPFPageNumberArea" style="text-align: center;"><font style="font-family: Verdana, Geneva, 'sans-serif'; font-size: 9pt; font-weight: normal; font-style: normal;">61</font></div>
      <div style="page-break-after: always;" class="BRPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div style="text-align: left; color: #000000; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">A summary of option activity under all of our plans is presented as follows:</div>
    <div><br>
    </div>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="z717e63d2b9c4424bb7b32973d8173d83">

        <tr>
          <td style="width: 41.96%; vertical-align: top;">&#160;</td>
          <td style="width: 2.32%; vertical-align: top;">&#160;</td>
          <td style="width: 13.93%; vertical-align: bottom; border-top: #000000 1px solid; border-bottom: #000000 1px solid;">
            <div style="text-align: right; font-family: Verdana, Geneva, sans-serif; font-size: 9pt; font-weight: bold;">Number of Stock Options Outstanding</div>
          </td>
          <td style="width: 13.93%; vertical-align: bottom; border-top: #000000 1px solid; border-bottom: #000000 1px solid;">
            <div style="text-align: right; font-family: Verdana, Geneva, sans-serif; font-size: 9pt; font-weight: bold;">Weighted-</div>
            <div style="text-align: right; font-family: Verdana, Geneva, sans-serif; font-size: 9pt; font-weight: bold;">Average Exercise</div>
            <div style="text-align: right; font-family: Verdana, Geneva, sans-serif; font-size: 9pt; font-weight: bold;">&#160;Price</div>
          </td>
          <td style="width: 13.93%; vertical-align: bottom; border-top: #000000 1px solid; border-bottom: #000000 1px solid;">
            <div style="text-align: right; font-family: Verdana, Geneva, sans-serif; font-size: 9pt; font-weight: bold;">Weighted- Average Remaining Contractual Life (years)</div>
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          <td style="width: 13.95%; vertical-align: bottom; border-top: #000000 1px solid; border-bottom: #000000 1px solid;">
            <div style="text-align: right; font-family: Verdana, Geneva, sans-serif; font-size: 9pt; font-weight: bold;">Aggregate Intrinsic</div>
            <div style="text-align: right; font-family: Verdana, Geneva, sans-serif; font-size: 9pt; font-weight: bold;">&#160;Value</div>
            <div style="text-align: right; font-family: Verdana, Geneva, sans-serif; font-size: 9pt; 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, Geneva, sans-serif; font-size: 9pt;">Balance at January 31, 2025</div>
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          <td style="width: 2.32%; vertical-align: top;">&#160;</td>
          <td style="width: 13.93%; vertical-align: bottom; text-align: right;">
            <div style="font-family: Verdana,Geneva,sans-serif; font-size: 9pt;">1,501,901</div>
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          <td style="width: 13.93%; vertical-align: bottom; text-align: right;">
            <div style="margin-right: 3.9pt; font-family: Verdana,Geneva,sans-serif; font-size: 9pt;">$61.06</div>
          </td>
          <td style="width: 13.93%; vertical-align: bottom; text-align: right;">
            <div style="font-family: Verdana,Geneva,sans-serif; font-size: 9pt;">3.8</div>
          </td>
          <td style="width: 13.95%; vertical-align: bottom; text-align: right;">
            <div style="font-family: Verdana,Geneva,sans-serif; font-size: 9pt;">$91.6</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, Geneva, sans-serif; font-size: 9pt;">Granted</div>
          </td>
          <td style="width: 2.32%; vertical-align: top;">&#160;</td>
          <td style="width: 13.93%; vertical-align: bottom; text-align: right;">
            <div style="font-family: Verdana,Geneva,sans-serif; font-size: 9pt; font-weight: bold;">382,191</div>
          </td>
          <td style="width: 13.93%; vertical-align: bottom; text-align: right;">
            <div style="margin-right: 3.9pt; font-family: Verdana,Geneva,sans-serif; font-size: 9pt; font-weight: bold;">$101.44</div>
          </td>
          <td style="width: 13.93%; vertical-align: bottom; text-align: right;">&#160;</td>
          <td style="width: 13.95%; vertical-align: bottom; 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, Geneva, sans-serif; font-size: 9pt;">Exercised</div>
          </td>
          <td style="width: 2.32%; vertical-align: top;">&#160;</td>
          <td style="width: 13.93%; vertical-align: bottom; text-align: right;">
            <div style="font-family: Verdana,Geneva,sans-serif; font-size: 9pt; font-weight: bold;">(257,955)</div>
          </td>
          <td style="width: 13.93%; vertical-align: bottom; text-align: right;">
            <div style="margin-right: 3.9pt; font-family: Verdana,Geneva,sans-serif; font-size: 9pt; font-weight: bold;">$43.69</div>
          </td>
          <td style="width: 13.93%; vertical-align: bottom; text-align: right;">&#160;</td>
          <td style="width: 13.95%; vertical-align: bottom; 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, Geneva, sans-serif; font-size: 9pt;">Forfeited</div>
          </td>
          <td style="width: 2.32%; vertical-align: top;">&#160;</td>
          <td style="width: 13.93%; vertical-align: bottom; text-align: right;">
            <div style="font-family: Verdana,Geneva,sans-serif; font-size: 9pt; font-weight: bold;">(72,339)</div>
          </td>
          <td style="width: 13.93%; vertical-align: bottom; text-align: right;">
            <div style="margin-right: 3.9pt; font-family: Verdana,Geneva,sans-serif; font-size: 9pt; font-weight: bold;">$79.30</div>
          </td>
          <td style="width: 13.93%; vertical-align: bottom; text-align: right;">&#160;</td>
          <td style="width: 13.95%; vertical-align: bottom; 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, Geneva, sans-serif; font-size: 9pt;">Expired</div>
          </td>
          <td style="width: 2.32%; vertical-align: top;">&#160;</td>
          <td style="width: 13.93%; vertical-align: bottom; text-align: right;">
            <div style="font-family: Verdana,Geneva,sans-serif; font-size: 9pt; font-weight: bold;">(151)</div>
          </td>
          <td style="width: 13.93%; vertical-align: bottom; text-align: right;">
            <div style="margin-right: 3.9pt; font-family: Verdana,Geneva,sans-serif; font-size: 9pt; font-weight: bold;">$77.31</div>
          </td>
          <td style="width: 13.93%; vertical-align: bottom; text-align: right;">&#160;</td>
          <td style="width: 13.95%; vertical-align: bottom; text-align: right;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 41.96%; vertical-align: top;">
            <div style="text-align: left; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">Balance at October 31, 2025</div>
          </td>
          <td style="width: 2.32%; vertical-align: top;">&#160;</td>
          <td style="width: 13.93%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 2px double rgb(0, 0, 0); text-align: right;">
            <div style="font-family: Verdana,Geneva,sans-serif; font-size: 9pt; font-weight: bold;">1,553,647</div>
          </td>
          <td style="width: 13.93%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 2px double rgb(0, 0, 0); text-align: right;">
            <div style="margin-right: 3.9pt; font-family: Verdana,Geneva,sans-serif; font-size: 9pt; font-weight: bold;">$71.91</div>
          </td>
          <td style="width: 13.93%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 2px double rgb(0, 0, 0); text-align: right;">
            <div style="font-family: Verdana,Geneva,sans-serif; font-size: 9pt; font-weight: bold;">4.0</div>
          </td>
          <td style="width: 13.95%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 2px double rgb(0, 0, 0); text-align: right;">
            <div style="font-family: Verdana,Geneva,sans-serif; font-size: 9pt; font-weight: bold;">$30.2</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: #000000 1px solid;">&#160;</td>
          <td style="width: 13.93%; vertical-align: top; border-top: #000000 1px solid;">&#160;</td>
          <td style="width: 13.93%; vertical-align: top; border-top: #000000 1px solid;">&#160;</td>
          <td style="width: 13.95%; vertical-align: top; border-top: #000000 1px solid;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 41.96%; vertical-align: top;">
            <div style="text-align: left; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">Vested or expected to vest at October 31, 2025</div>
          </td>
          <td style="width: 2.32%; vertical-align: top;">&#160;</td>
          <td style="width: 13.93%; vertical-align: bottom; border-bottom: 2px double rgb(0, 0, 0); text-align: right;">
            <div style="font-family: Verdana,Geneva,sans-serif; font-size: 9pt; font-weight: bold;">1,553,647</div>
          </td>
          <td style="width: 13.93%; vertical-align: bottom; border-bottom: 2px double rgb(0, 0, 0); text-align: right;">
            <div style="margin-right: 3.9pt; font-family: Verdana,Geneva,sans-serif; font-size: 9pt; font-weight: bold;">$72.35</div>
          </td>
          <td style="width: 13.93%; vertical-align: bottom; border-bottom: 2px double rgb(0, 0, 0); text-align: right;">
            <div style="font-family: Verdana,Geneva,sans-serif; font-size: 9pt; font-weight: bold;">4.0</div>
          </td>
          <td style="width: 13.95%; vertical-align: bottom; border-bottom: 2px double rgb(0, 0, 0); text-align: right;">
            <div style="font-family: Verdana,Geneva,sans-serif; font-size: 9pt; font-weight: bold;">$30.2</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: bottom; border-top: 2px double rgb(0, 0, 0); text-align: right;">&#160;</td>
          <td style="width: 13.93%; vertical-align: bottom; border-top: 2px double rgb(0, 0, 0); text-align: right;">&#160;</td>
          <td style="width: 13.93%; vertical-align: bottom; border-top: 2px double rgb(0, 0, 0); text-align: right;">&#160;</td>
          <td style="width: 13.95%; vertical-align: bottom; border-top: 2px double rgb(0, 0, 0); text-align: right;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 41.96%; vertical-align: top;">
            <div style="text-align: left; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">Exercisable at October 31, 2025</div>
          </td>
          <td style="width: 2.32%; vertical-align: top;">&#160;</td>
          <td style="width: 13.93%; vertical-align: bottom; border-bottom: 2px double rgb(0, 0, 0); text-align: right;">
            <div style="font-family: Verdana,Geneva,sans-serif; font-size: 9pt; font-weight: bold;">855,690</div>
          </td>
          <td style="width: 13.93%; vertical-align: bottom; border-bottom: 2px double rgb(0, 0, 0); text-align: right;">
            <div style="margin-right: 3.9pt; font-family: Verdana,Geneva,sans-serif; font-size: 9pt; font-weight: bold;">$57.23</div>
          </td>
          <td style="width: 13.93%; vertical-align: bottom; border-bottom: 2px double rgb(0, 0, 0); text-align: right;">
            <div style="font-family: Verdana,Geneva,sans-serif; font-size: 9pt; font-weight: bold;">2.7</div>
          </td>
          <td style="width: 13.95%; vertical-align: bottom; border-bottom: 2px double rgb(0, 0, 0); text-align: right;">
            <div style="font-family: Verdana,Geneva,sans-serif; font-size: 9pt; font-weight: bold;">$27.0</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <div style="text-align: justify; color: #000000; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">The total intrinsic value of stock options exercised during the three and nine month periods ended October 31, 2025 was $2.6 million and $15.0
      million, respectively, compared to $3.7 million and $16.2 million during the same periods of fiscal 2025, respectively.</div>
    <div><br>
    </div>
    <div style="text-align: justify; font-family: Verdana, Geneva, sans-serif; font-size: 9pt; font-style: italic; font-weight: bold;">Performance Share Units</div>
    <div><br>
    </div>
    <div style="text-align: justify; color: #000000; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">A summary of PSU activity is as follows:</div>
    <div><br>
    </div>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="z92ac507d27534ae6b9ee12268a548bac">

        <tr>
          <td style="width: 41.96%; vertical-align: top;">&#160;</td>
          <td style="width: 2.32%; vertical-align: top;">&#160;</td>
          <td style="width: 13.93%; vertical-align: bottom; border-top: #000000 1px solid; border-bottom: #000000 1px solid;">
            <div style="text-align: right; font-family: Verdana, Geneva, sans-serif; font-size: 9pt; font-weight: bold;">Number of PSUs Outstanding</div>
          </td>
          <td style="width: 13.93%; vertical-align: bottom; border-top: #000000 1px solid; border-bottom: #000000 1px solid;">
            <div style="text-align: right; font-family: Verdana, Geneva, sans-serif; font-size: 9pt; font-weight: bold;">Weighted-</div>
            <div style="text-align: right; font-family: Verdana, Geneva, sans-serif; font-size: 9pt; font-weight: bold;">Average Granted Date Fair Value</div>
          </td>
          <td style="width: 13.93%; vertical-align: bottom; border-top: #000000 1px solid; border-bottom: #000000 1px solid;">
            <div style="text-align: right; font-family: Verdana, Geneva, sans-serif; font-size: 9pt; font-weight: bold;">Weighted- Average Remaining Contractual Life (years)</div>
          </td>
          <td style="width: 13.93%; vertical-align: bottom; border-top: #000000 1px solid; border-bottom: #000000 1px solid;">
            <div style="text-align: right; font-family: Verdana, Geneva, sans-serif; font-size: 9pt; font-weight: bold;">Aggregate Intrinsic</div>
            <div style="text-align: right; font-family: Verdana, Geneva, sans-serif; font-size: 9pt; font-weight: bold;">&#160;Value</div>
            <div style="text-align: right; font-family: Verdana, Geneva, sans-serif; font-size: 9pt; 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, Geneva, sans-serif; font-size: 9pt;">Balance at January 31, 2025</div>
          </td>
          <td style="width: 2.32%; vertical-align: top;">&#160;</td>
          <td style="width: 13.93%; vertical-align: bottom; text-align: right;">
            <div style="margin-right: 3.9pt; font-family: Verdana,Geneva,sans-serif; font-size: 9pt;">1,008,645</div>
          </td>
          <td style="width: 13.93%; vertical-align: bottom; text-align: right;">
            <div style="margin-right: 3.9pt; font-family: Verdana,Geneva,sans-serif; font-size: 9pt;">$62.92</div>
          </td>
          <td style="width: 13.93%; vertical-align: bottom; text-align: right;">
            <div style="margin-right: 3.6pt; font-family: Verdana,Geneva,sans-serif; font-size: 9pt;">4.6</div>
          </td>
          <td style="width: 13.93%; vertical-align: bottom; text-align: right;">
            <div style="margin-right: 3.6pt; font-family: Verdana,Geneva,sans-serif; font-size: 9pt;">$123.1</div>
          </td>
        </tr>
        <tr>
          <td style="width: 41.96%; vertical-align: top;">
            <div style="text-align: left; margin-left: 12.25pt; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">Granted</div>
          </td>
          <td style="width: 2.32%; vertical-align: top;">&#160;</td>
          <td style="width: 13.93%; vertical-align: bottom; text-align: right;">
            <div style="margin-right: 3.9pt; font-family: Verdana,Geneva,sans-serif; font-size: 9pt; font-weight: bold;">103,558</div>
          </td>
          <td style="width: 13.93%; vertical-align: bottom; text-align: right;">
            <div style="margin-right: 3.9pt; font-family: Verdana,Geneva,sans-serif; font-size: 9pt; font-weight: bold;">$120.99</div>
          </td>
          <td style="width: 13.93%; vertical-align: bottom; text-align: right;">&#160;</td>
          <td style="width: 13.93%; vertical-align: bottom; text-align: right;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 41.96%; vertical-align: top;">
            <div style="text-align: left; margin-left: 12.25pt; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">Performance units issued</div>
          </td>
          <td style="width: 2.32%; vertical-align: top;">&#160;</td>
          <td style="width: 13.93%; vertical-align: bottom; text-align: right;">
            <div style="margin-right: 3.9pt; font-family: Verdana,Geneva,sans-serif; font-size: 9pt; font-weight: bold;">58,628</div>
          </td>
          <td style="width: 13.93%; vertical-align: bottom; text-align: right;">
            <div style="margin-right: 3.9pt; font-family: Verdana,Geneva,sans-serif; font-size: 9pt; font-weight: bold;">$60.96</div>
          </td>
          <td style="width: 13.93%; vertical-align: bottom; text-align: right;">&#160;</td>
          <td style="width: 13.93%; vertical-align: bottom; text-align: right;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 41.96%; vertical-align: top;">
            <div style="text-align: left; margin-left: 12.25pt; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">Exercised</div>
          </td>
          <td style="width: 2.32%; vertical-align: top;">&#160;</td>
          <td style="width: 13.93%; vertical-align: bottom; text-align: right;">
            <div style="margin-right: 3.9pt; font-family: Verdana,Geneva,sans-serif; font-size: 9pt; font-weight: bold;">(121,829)</div>
          </td>
          <td style="width: 13.93%; vertical-align: bottom; text-align: right;">
            <div style="margin-right: 3.9pt; font-family: Verdana,Geneva,sans-serif; font-size: 9pt; font-weight: bold;">$39.74</div>
          </td>
          <td style="width: 13.93%; vertical-align: bottom; text-align: right;">&#160;</td>
          <td style="width: 13.93%; vertical-align: bottom; text-align: right;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 41.96%; vertical-align: top;">
            <div style="text-align: left; margin-left: 12.25pt; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">Forfeited</div>
          </td>
          <td style="width: 2.32%; vertical-align: top;">&#160;</td>
          <td style="width: 13.93%; vertical-align: bottom; text-align: right;">
            <div style="margin-right: 3.9pt; font-family: Verdana,Geneva,sans-serif; font-size: 9pt; font-weight: bold;">(36,734)</div>
          </td>
          <td style="width: 13.93%; vertical-align: bottom; text-align: right;">
            <div style="margin-right: 3.9pt; font-family: Verdana,Geneva,sans-serif; font-size: 9pt; font-weight: bold;">$111.45</div>
          </td>
          <td style="width: 13.93%; vertical-align: bottom; text-align: right;">&#160;</td>
          <td style="width: 13.93%; vertical-align: bottom; text-align: right;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 41.96%; vertical-align: top;">
            <div style="text-align: left; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">Balance at October 31, 2025</div>
          </td>
          <td style="width: 2.32%; vertical-align: top;">&#160;</td>
          <td style="width: 13.93%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 2px double rgb(0, 0, 0); text-align: right;">
            <div style="margin-right: 3.9pt; font-family: Verdana,Geneva,sans-serif; font-size: 9pt; font-weight: bold;">1,012,268</div>
          </td>
          <td style="width: 13.93%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 2px double rgb(0, 0, 0); text-align: right;">
            <div style="margin-right: 3.9pt; font-family: Verdana,Geneva,sans-serif; font-size: 9pt; font-weight: bold;">$69.49</div>
          </td>
          <td style="width: 13.93%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 2px double rgb(0, 0, 0); text-align: right;">
            <div style="margin-right: 3.9pt; font-family: Verdana,Geneva,sans-serif; font-size: 9pt; font-weight: bold;">4.7</div>
          </td>
          <td style="width: 13.93%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 2px double rgb(0, 0, 0); text-align: right;">
            <div style="margin-right: 3.9pt; font-family: Verdana,Geneva,sans-serif; font-size: 9pt; font-weight: bold;">$89.9</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: bottom; border-top: 1px solid rgb(0, 0, 0); text-align: right;">&#160;</td>
          <td style="width: 13.93%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); text-align: right;">&#160;</td>
          <td style="width: 13.93%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); text-align: right;">&#160;</td>
          <td style="width: 13.93%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); text-align: right;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 41.96%; vertical-align: top;">
            <div style="text-align: left; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">Vested or expected to vest at October 31, 2025</div>
          </td>
          <td style="width: 2.32%; vertical-align: top;">&#160;</td>
          <td style="width: 13.93%; vertical-align: bottom; border-bottom: 2px double rgb(0, 0, 0); text-align: right;">
            <div style="margin-right: 3.9pt; font-family: Verdana,Geneva,sans-serif; font-size: 9pt; font-weight: bold;">1,012,268</div>
          </td>
          <td style="width: 13.93%; vertical-align: bottom; border-bottom: 2px double rgb(0, 0, 0); text-align: right;">
            <div style="margin-right: 3.9pt; font-family: Verdana,Geneva,sans-serif; font-size: 9pt; font-weight: bold;">$69.49</div>
          </td>
          <td style="width: 13.93%; vertical-align: bottom; border-bottom: 2px double rgb(0, 0, 0); text-align: right;">
            <div style="margin-right: 3.9pt; font-family: Verdana,Geneva,sans-serif; font-size: 9pt; font-weight: bold;">4.7</div>
          </td>
          <td style="width: 13.93%; vertical-align: bottom; border-bottom: 2px double rgb(0, 0, 0); text-align: right;">
            <div style="margin-right: 3.9pt; font-family: Verdana,Geneva,sans-serif; font-size: 9pt; font-weight: bold;">$89.9</div>
          </td>
        </tr>
        <tr>
          <td style="width: 41.96%; vertical-align: top;">&#160;</td>
          <td style="width: 2.32%; vertical-align: top;">&#160;</td>
          <td style="width: 13.93%; vertical-align: top; border-top: #000000 2px double;">&#160;</td>
          <td style="width: 13.93%; vertical-align: top; border-top: #000000 2px double;">&#160;</td>
          <td style="width: 13.93%; vertical-align: top; border-top: #000000 2px double;">&#160;</td>
          <td style="width: 13.93%; vertical-align: top; border-top: #000000 2px double;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 41.96%; vertical-align: top;">
            <div style="text-align: left; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">Exercisable at October 31, 2025</div>
          </td>
          <td style="width: 2.32%; vertical-align: top;">&#160;</td>
          <td style="width: 13.93%; vertical-align: bottom; border-bottom: 2px double rgb(0, 0, 0); text-align: right;">
            <div style="margin-right: 3.9pt; font-family: Verdana,Geneva,sans-serif; font-size: 9pt; font-weight: bold;">758,984</div>
          </td>
          <td style="width: 13.93%; vertical-align: bottom; border-bottom: 2px double rgb(0, 0, 0); text-align: right;">
            <div style="margin-right: 3.9pt; font-family: Verdana,Geneva,sans-serif; font-size: 9pt; font-weight: bold;">$51.65</div>
          </td>
          <td style="width: 13.93%; vertical-align: bottom; border-bottom: 2px double rgb(0, 0, 0); text-align: right;">
            <div style="margin-right: 3.9pt; font-family: Verdana,Geneva,sans-serif; font-size: 9pt; font-weight: bold;">3.5</div>
          </td>
          <td style="width: 13.93%; vertical-align: bottom; border-bottom: 2px double rgb(0, 0, 0); text-align: right;">
            <div style="margin-right: 3.9pt; font-family: Verdana,Geneva,sans-serif; font-size: 9pt; font-weight: bold;">$67.4</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <div style="text-align: justify; color: #000000; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">The aggregate intrinsic value represents the total pre-tax intrinsic value (the aggregate closing share price of our common shares on October
      31, 2025) that would have been received by PSU holders if all PSUs had been vested on October 31, 2025.</div>
    <div><br>
    </div>
    <div style="text-align: justify; color: #000000; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">As of October 31, 2025, $13.5 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, 2025 was nil and $5.8 million, respectively.</div>
    <div><br>
    </div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" class="BRPFPageBreakArea">
      <div class="BRPFPageNumberArea" style="text-align: center;"><font style="font-family: Verdana, Geneva, 'sans-serif'; font-size: 9pt; font-weight: normal; font-style: normal;">62</font></div>
      <div style="page-break-after: always;" class="BRPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div style="text-align: justify; font-family: Verdana, Geneva, sans-serif; font-size: 9pt; font-style: italic; font-weight: bold;">Restricted Share Units</div>
    <div><br>
    </div>
    <div style="text-align: justify; color: #000000; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">A summary of RSU activity is as follows:</div>
    <div><br>
    </div>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="zaf18a2bd43e04f499c3bf08bc87489eb">

        <tr>
          <td style="width: 41.96%; vertical-align: top;">&#160;</td>
          <td style="width: 2.32%; vertical-align: top;">&#160;</td>
          <td style="width: 13.93%; vertical-align: bottom; border-top: #000000 1px solid; border-bottom: #000000 1px solid;">
            <div style="text-align: right; font-family: Verdana, Geneva, sans-serif; font-size: 9pt; font-weight: bold;">Number of RSUs Outstanding</div>
          </td>
          <td style="width: 13.93%; vertical-align: bottom; border-top: #000000 1px solid; border-bottom: #000000 1px solid;">
            <div style="text-align: right; font-family: Verdana, Geneva, sans-serif; font-size: 9pt; font-weight: bold;">Weighted-</div>
            <div style="text-align: right; font-family: Verdana, Geneva, sans-serif; font-size: 9pt; font-weight: bold;">Average Granted Date Fair Value</div>
          </td>
          <td style="width: 13.93%; vertical-align: bottom; border-top: #000000 1px solid; border-bottom: #000000 1px solid;">
            <div style="text-align: right; font-family: Verdana, Geneva, sans-serif; font-size: 9pt; font-weight: bold;">Weighted- Average Remaining Contractual Life (years)</div>
          </td>
          <td style="width: 13.93%; vertical-align: bottom; border-top: #000000 1px solid; border-bottom: #000000 1px solid;">
            <div style="text-align: right; font-family: Verdana, Geneva, sans-serif; font-size: 9pt; font-weight: bold;">Aggregate Intrinsic</div>
            <div style="text-align: right; font-family: Verdana, Geneva, sans-serif; font-size: 9pt; font-weight: bold;">&#160;Value</div>
            <div style="text-align: right; font-family: Verdana, Geneva, sans-serif; font-size: 9pt; 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, Geneva, sans-serif; font-size: 9pt;">Balance at January 31, 2025</div>
          </td>
          <td style="width: 2.32%; vertical-align: top;">&#160;</td>
          <td style="width: 13.93%; vertical-align: bottom; text-align: right;">
            <div style="margin-right: 3.9pt; font-family: Verdana,Geneva,sans-serif; font-size: 9pt;">489,689</div>
          </td>
          <td style="width: 13.93%; vertical-align: bottom; text-align: right;">
            <div style="margin-right: 3.9pt; font-family: Verdana,Geneva,sans-serif; font-size: 9pt;">$48.48</div>
          </td>
          <td style="width: 13.93%; vertical-align: bottom; text-align: right;">
            <div style="margin-right: 6pt; font-family: Verdana,Geneva,sans-serif; font-size: 9pt;">5.0</div>
          </td>
          <td style="width: 13.93%; vertical-align: bottom; text-align: right;">
            <div style="margin-right: 4.5pt; font-family: Verdana,Geneva,sans-serif; font-size: 9pt;">$59.8</div>
          </td>
        </tr>
        <tr>
          <td style="width: 41.96%; vertical-align: top;">
            <div style="text-align: left; margin-left: 12.25pt; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">Granted</div>
          </td>
          <td style="width: 2.32%; vertical-align: top;">&#160;</td>
          <td style="width: 13.93%; vertical-align: bottom; text-align: right;">
            <div style="margin-right: 3.9pt; font-family: Verdana,Geneva,sans-serif; font-size: 9pt; font-weight: bold;">69,355</div>
          </td>
          <td style="width: 13.93%; vertical-align: bottom; text-align: right;">
            <div style="margin-right: 3.9pt; font-family: Verdana,Geneva,sans-serif; font-size: 9pt; font-weight: bold;">$101.32</div>
          </td>
          <td style="width: 13.93%; vertical-align: bottom; text-align: right;">&#160;</td>
          <td style="width: 13.93%; vertical-align: bottom; text-align: right;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 41.96%; vertical-align: top;">
            <div style="text-align: left; margin-left: 12.25pt; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">Exercised</div>
          </td>
          <td style="width: 2.32%; vertical-align: top;">&#160;</td>
          <td style="width: 13.93%; vertical-align: bottom; text-align: right;">
            <div style="margin-right: 3.9pt; font-family: Verdana,Geneva,sans-serif; font-size: 9pt; font-weight: bold;">(67,992)</div>
          </td>
          <td style="width: 13.93%; vertical-align: bottom; text-align: right;">
            <div style="margin-right: 3.9pt; font-family: Verdana,Geneva,sans-serif; font-size: 9pt; font-weight: bold;">$28.53</div>
          </td>
          <td style="width: 13.93%; vertical-align: bottom; text-align: right;">&#160;</td>
          <td style="width: 13.93%; vertical-align: bottom; text-align: right;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 41.96%; vertical-align: top;">
            <div style="text-align: left; margin-left: 12.25pt; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">Forfeited</div>
          </td>
          <td style="width: 2.32%; vertical-align: top;">&#160;</td>
          <td style="width: 13.93%; vertical-align: bottom; text-align: right;">
            <div style="margin-right: 3.9pt; font-family: Verdana,Geneva,sans-serif; font-size: 9pt; font-weight: bold;">(17,053)</div>
          </td>
          <td style="width: 13.93%; vertical-align: bottom; text-align: right;">
            <div style="margin-right: 3.9pt; font-family: Verdana,Geneva,sans-serif; font-size: 9pt; font-weight: bold;">$94.14</div>
          </td>
          <td style="width: 13.93%; vertical-align: bottom; text-align: right;">&#160;</td>
          <td style="width: 13.93%; vertical-align: bottom; text-align: right;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 41.96%; vertical-align: top;">
            <div style="text-align: left; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">Balance at October 31, 2025</div>
          </td>
          <td style="width: 2.32%; vertical-align: top;">&#160;</td>
          <td style="width: 13.93%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 2px double rgb(0, 0, 0); text-align: right;">
            <div style="margin-right: 3.9pt; font-family: Verdana,Geneva,sans-serif; font-size: 9pt; font-weight: bold;">473,999</div>
          </td>
          <td style="width: 13.93%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 2px double rgb(0, 0, 0); text-align: right;">
            <div style="margin-right: 3.9pt; font-family: Verdana,Geneva,sans-serif; font-size: 9pt; font-weight: bold;">$56.85</div>
          </td>
          <td style="width: 13.93%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 2px double rgb(0, 0, 0); text-align: right;">
            <div style="margin-right: 3.9pt; font-family: Verdana,Geneva,sans-serif; font-size: 9pt; font-weight: bold;">5.2</div>
          </td>
          <td style="width: 13.93%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 2px double rgb(0, 0, 0); text-align: right;">
            <div style="margin-right: 3.9pt; font-family: Verdana,Geneva,sans-serif; font-size: 9pt; font-weight: bold;">$42.1</div>
          </td>
        </tr>
        <tr>
          <td style="width: 41.96%; vertical-align: top;">&#160;</td>
          <td style="width: 2.32%; vertical-align: top;">&#160;</td>
          <td style="width: 13.93%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); text-align: right;">&#160;</td>
          <td style="width: 13.93%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); text-align: right;">&#160;</td>
          <td style="width: 13.93%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); text-align: right;">&#160;</td>
          <td style="width: 13.93%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); text-align: right;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 41.96%; vertical-align: top;">
            <div style="text-align: left; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">Vested or expected to vest at October 31, 2025</div>
          </td>
          <td style="width: 2.32%; vertical-align: top;">&#160;</td>
          <td style="width: 13.93%; vertical-align: bottom; border-bottom: 2px double rgb(0, 0, 0); text-align: right;">
            <div style="margin-right: 3.9pt; font-family: Verdana,Geneva,sans-serif; font-size: 9pt; font-weight: bold;">473,999</div>
          </td>
          <td style="width: 13.93%; vertical-align: bottom; border-bottom: 2px double rgb(0, 0, 0); text-align: right;">
            <div style="margin-right: 3.9pt; font-family: Verdana,Geneva,sans-serif; font-size: 9pt; font-weight: bold;">$56.85</div>
          </td>
          <td style="width: 13.93%; vertical-align: bottom; border-bottom: 2px double rgb(0, 0, 0); text-align: right;">
            <div style="margin-right: 3.9pt; font-family: Verdana,Geneva,sans-serif; font-size: 9pt; font-weight: bold;">5.2</div>
          </td>
          <td style="width: 13.93%; vertical-align: bottom; border-bottom: 2px double rgb(0, 0, 0); text-align: right;">
            <div style="margin-right: 3.9pt; font-family: Verdana,Geneva,sans-serif; font-size: 9pt; font-weight: bold;">$42.1</div>
          </td>
        </tr>
        <tr>
          <td style="width: 41.96%; vertical-align: top;">&#160;</td>
          <td style="width: 2.32%; vertical-align: top;">&#160;</td>
          <td style="width: 13.93%; vertical-align: bottom; border-top: 2px double rgb(0, 0, 0); text-align: right;">&#160;</td>
          <td style="width: 13.93%; vertical-align: bottom; border-top: 2px double rgb(0, 0, 0); text-align: right;">&#160;</td>
          <td style="width: 13.93%; vertical-align: bottom; border-top: 2px double rgb(0, 0, 0); text-align: right;">&#160;</td>
          <td style="width: 13.93%; vertical-align: bottom; border-top: 2px double rgb(0, 0, 0); text-align: right;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 41.96%; vertical-align: top;">
            <div style="text-align: left; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">Exercisable at October 31, 2025</div>
          </td>
          <td style="width: 2.32%; vertical-align: top;">&#160;</td>
          <td style="width: 13.93%; vertical-align: bottom; border-bottom: 2px double rgb(0, 0, 0); text-align: right;">
            <div style="margin-right: 3.9pt; font-family: Verdana,Geneva,sans-serif; font-size: 9pt; font-weight: bold;">359,621</div>
          </td>
          <td style="width: 13.93%; vertical-align: bottom; border-bottom: 2px double rgb(0, 0, 0); text-align: right;">
            <div style="margin-right: 3.9pt; font-family: Verdana,Geneva,sans-serif; font-size: 9pt; font-weight: bold;">$45.31</div>
          </td>
          <td style="width: 13.93%; vertical-align: bottom; border-bottom: 2px double rgb(0, 0, 0); text-align: right;">
            <div style="margin-right: 3.9pt; font-family: Verdana,Geneva,sans-serif; font-size: 9pt; font-weight: bold;">4.2</div>
          </td>
          <td style="width: 13.93%; vertical-align: bottom; border-bottom: 2px double rgb(0, 0, 0); text-align: right;">
            <div style="margin-right: 3.9pt; font-family: Verdana,Geneva,sans-serif; font-size: 9pt; font-weight: bold;">$31.9</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <div style="text-align: justify; color: #000000; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">The aggregate intrinsic value represents the total pre-tax intrinsic value (the aggregate closing share price of our common shares on October
      31, 2025) that would have been received by RSU holders if all RSUs had been vested on October 31, 2025.</div>
    <div><br>
    </div>
    <div style="text-align: justify; color: #000000; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">As of October 31, 2025, $7.1 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, 2025 was nil.</div>
    <div><br>
    </div>
    <div style="text-align: justify; font-family: Verdana, Geneva, sans-serif; font-size: 9pt; font-style: italic; font-weight: bold;">Deferred Share Unit Plan</div>
    <div><br>
    </div>
    <div style="text-align: justify; color: #000000; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">As at October 31, 2025, the total number of DSUs held by participating directors was 302,915 (332,473 at January 31, 2025), representing an
      aggregate accrued liability of $26.5 million ($38.6 million at January 31, 2025). During the nine month period ended October 31, 2025, 17,029 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, 2025 was ($4.4) million and ($8.8) million, respectively, compared to $1.5 million and $7.8 million
      for the same periods in fiscal 2025, respectively.</div>
    <div><br>
    </div>
    <div><br>
    </div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" class="BRPFPageBreakArea">
      <div class="BRPFPageNumberArea" style="text-align: center;"><font style="font-family: Verdana, Geneva, 'sans-serif'; font-size: 9pt; font-weight: normal; font-style: normal;">63</font></div>
      <div style="page-break-after: always;" class="BRPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div style="text-align: justify; font-family: Verdana, Geneva, sans-serif; font-size: 9pt; 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, Geneva, sans-serif; font-size: 9pt;">A summary of activity under our CRSU plan is as follows:</div>
    <div><br>
    </div>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="ze924ab0100684fabb9b2da159d721a4b">

        <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 1px solid; border-bottom: #000000 1px solid;">
            <div style="text-align: right; font-family: Verdana, Geneva, sans-serif; font-size: 9pt; font-weight: bold;">Number of CRSUs Outstanding</div>
          </td>
          <td style="width: 13.93%; vertical-align: bottom; border-top: #000000 1px solid; border-bottom: #000000 1px solid;">
            <div style="text-align: right; font-family: Verdana, Geneva, sans-serif; font-size: 9pt; 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, Geneva, sans-serif; font-size: 9pt;">Balance at January 31, 2025</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: bottom; border-top: 1px solid rgb(0, 0, 0); text-align: right;">
            <div style="font-family: Verdana,Geneva,sans-serif; font-size: 9pt;">12,017</div>
          </td>
          <td style="width: 13.93%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); text-align: right;">
            <div style="font-family: Verdana,Geneva,sans-serif; font-size: 9pt;">1.7</div>
          </td>
        </tr>
        <tr>
          <td style="width: 41.96%; vertical-align: top;">
            <div style="text-align: left; margin-left: 12pt; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">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: bottom; text-align: right;">
            <div style="font-family: Verdana,Geneva,sans-serif; font-size: 9pt; font-weight: bold;">9,050</div>
          </td>
          <td style="width: 13.93%; vertical-align: bottom; text-align: right;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 41.96%; vertical-align: top;">
            <div style="text-align: left; margin-left: 12pt; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">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: bottom; text-align: right;">
            <div style="font-family: Verdana,Geneva,sans-serif; font-size: 9pt; font-weight: bold;">(5,722)</div>
          </td>
          <td style="width: 13.93%; vertical-align: bottom; text-align: right;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 41.96%; vertical-align: top;">
            <div style="text-align: left; margin-left: 12pt; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">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: bottom; text-align: right;">
            <div style="font-family: Verdana,Geneva,sans-serif; font-size: 9pt; font-weight: bold;">(436)</div>
          </td>
          <td style="width: 13.93%; vertical-align: bottom; text-align: right;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 41.96%; vertical-align: top;">
            <div style="text-align: left; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">Balance at October 31, 2025</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: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 2px double rgb(0, 0, 0); text-align: right;">
            <div style="font-family: Verdana,Geneva,sans-serif; font-size: 9pt; font-weight: bold;">14,909</div>
          </td>
          <td style="width: 13.93%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 2px double rgb(0, 0, 0); text-align: right;">
            <div style="font-family: Verdana,Geneva,sans-serif; font-size: 9pt; 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: bottom; border-top: 1px solid rgb(0, 0, 0); text-align: right;">&#160;</td>
          <td style="width: 13.93%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); text-align: right;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 41.96%; vertical-align: top;">
            <div style="text-align: left; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">Non-vested at October 31, 2025</div>
          </td>
          <td style="width: 2.32%; vertical-align: top;">&#160;</td>
          <td style="width: 13.93%; vertical-align: bottom;">&#160;</td>
          <td style="width: 13.93%; vertical-align: bottom;">&#160;</td>
          <td style="width: 13.93%; vertical-align: bottom; border-bottom: 2px double rgb(0, 0, 0); text-align: right;">
            <div style="font-family: Verdana,Geneva,sans-serif; font-size: 9pt; font-weight: bold;">14,909</div>
          </td>
          <td style="width: 13.93%; vertical-align: bottom; border-bottom: 2px double rgb(0, 0, 0); text-align: right;">
            <div style="font-family: Verdana,Geneva,sans-serif; font-size: 9pt; font-weight: bold;">1.9</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <div style="text-align: justify; color: #000000; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">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, 2025 ($0.2 million at January 31, 2025). As at October 31, 2025, the unrecognized aggregate liability for the unvested CRSUs was $1.1 million ($1.2 million at January 31, 2025). 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 $0.2 million and $0.6 million for the same periods in fiscal 2025, respectively.</div>
    <div><br>
    </div>
    <div style="text-align: left; font-family: Verdana, Geneva, sans-serif; font-size: 9pt; font-weight: bold;">Note 18 - Income Taxes</div>
    <div style="text-align: justify;"><br>
    </div>
    <div style="text-align: justify; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">The effective tax rates (which is the provision for income taxes expressed as a percentage of income before income taxes) were 24.8% and 24.1% for the three and
      nine month periods ended October 31, 2025, respectively, and 24.5% and 25.9% for the same periods in fiscal 2025, respectively. The increase in the three month period ended October 31, 2025 compared to the same period in fiscal 2025 was primarily due
      to decreased tax deduction in the US. The decrease in the nine month period ended October 31, 2025 compared to the same period in fiscal 2025 was primarily due to a recovery of tax credits in Canada and the US related to current and prior years and
      the release of an uncertain tax position. The remainder of the difference is due to normal course movements and non-material items.</div>
    <div><br>
    </div>
    <div style="text-align: justify; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">On July 4, 2025, the government of the United States of America enacted One Big Beautiful Bill Act of 2025 which includes, among other provisions, changes to
      the US corporate income tax system including the restoration of immediate expensing of qualifying domestic research and development costs and permanent extensions of certain provisions within the Tax Cuts and Jobs Act. The changes in respect of the
      deductibility of US domestic research and development costs have decreased current tax expense and increased deferred tax expense by $3.5 million and $9.5 million in the three and nine month periods ended October 31, 2025, respectively. At this time,
      these changes are not expected to result in significant variations in the relationship between income tax expense (benefit) and income (loss) before income taxes.</div>
    <div><br>
    </div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" class="BRPFPageBreakArea">
      <div class="BRPFPageNumberArea" style="text-align: center;"><font style="font-family: Verdana, Geneva, 'sans-serif'; font-size: 9pt; font-weight: normal; font-style: normal;">64</font></div>
      <div style="page-break-after: always;" class="BRPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div style="text-align: justify; font-family: Verdana, Geneva, sans-serif; font-size: 9pt; font-weight: bold;">Note 19 &#8211; Contract Balances, Performance Obligations and Contract Costs</div>
    <div><br>
    </div>
    <div style="text-align: left; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;"><u>Deferred Revenue</u></div>
    <div style="text-align: left; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">The following table presents the changes in the deferred revenue balance as follows:</div>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="z6b4f60feaae14a5caaa1f9bee6c10790">

        <tr>
          <td style="width: 86.41%; vertical-align: top;">&#160;</td>
          <td style="width: 13.59%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 86.41%; vertical-align: top;">&#160;</td>
          <td style="width: 13.59%; vertical-align: top; border-top: #000000 1px solid; border-bottom: #000000 1px solid;">
            <div style="text-align: right; text-indent: 1.5pt; font-family: Verdana, Geneva, sans-serif; font-size: 9pt; 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, Geneva, sans-serif; font-size: 9pt;">Balance at January 31, 2025</div>
          </td>
          <td style="width: 13.59%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); text-align: right;">
            <div style="text-indent: 1.5pt; font-family: Verdana,Geneva,sans-serif; font-size: 9pt;">105,208</div>
          </td>
        </tr>
        <tr>
          <td style="width: 86.41%; vertical-align: top;">
            <div style="text-align: left; margin-left: 15pt; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">Recognition of previously deferred revenue</div>
          </td>
          <td style="width: 13.59%; vertical-align: bottom; text-align: right;">
            <div style="text-indent: 1.5pt; font-family: Verdana,Geneva,sans-serif; font-size: 9pt; font-weight: bold;">(79,519)</div>
          </td>
        </tr>
        <tr>
          <td style="width: 86.41%; vertical-align: top;">
            <div style="text-align: left; margin-left: 15pt; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">Deferral of revenue</div>
          </td>
          <td style="width: 13.59%; vertical-align: bottom; text-align: right;">
            <div style="text-indent: 1.5pt; font-family: Verdana,Geneva,sans-serif; font-size: 9pt; font-weight: bold;">88,986</div>
          </td>
        </tr>
        <tr>
          <td style="width: 86.41%; vertical-align: top;">
            <div style="text-align: left; margin-left: 15pt; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">Increases from business combinations, net</div>
          </td>
          <td style="width: 13.59%; vertical-align: bottom; text-align: right;">
            <div style="text-indent: 1.5pt; font-family: Verdana,Geneva,sans-serif; font-size: 9pt; font-weight: bold;">2,430</div>
          </td>
        </tr>
        <tr>
          <td style="width: 86.41%; vertical-align: top;">
            <div style="text-align: left; margin-left: 15pt; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">Effect of movements in foreign exchange</div>
          </td>
          <td style="width: 13.59%; vertical-align: bottom; border-bottom: 1px solid rgb(0, 0, 0); text-align: right;">
            <div style="text-indent: 1.5pt; font-family: Verdana,Geneva,sans-serif; font-size: 9pt; font-weight: bold;">1,519</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, Geneva, sans-serif; font-size: 9pt;">Balance at October 31, 2025</div>
          </td>
          <td style="width: 13.59%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 2px double rgb(0, 0, 0); text-align: right;">
            <div style="text-indent: 1.5pt; font-family: Verdana,Geneva,sans-serif; font-size: 9pt; font-weight: bold;">118,624</div>
          </td>
        </tr>
        <tr>
          <td style="width: 86.41%; vertical-align: top;">
            <div style="text-align: left; margin-left: 15pt; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">Current</div>
          </td>
          <td style="width: 13.59%; vertical-align: bottom; border-top: 2px double rgb(0, 0, 0); text-align: right;">
            <div style="text-indent: 1.5pt; font-family: Verdana,Geneva,sans-serif; font-size: 9pt; font-weight: bold;">117,068</div>
          </td>
        </tr>
        <tr>
          <td style="width: 86.41%; vertical-align: top;">
            <div style="text-align: left; margin-left: 15pt; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">Long-term</div>
          </td>
          <td style="width: 13.59%; vertical-align: bottom; border-bottom: 2px double rgb(0, 0, 0); text-align: right;">
            <div style="text-indent: 1.5pt; font-family: Verdana,Geneva,sans-serif; font-size: 9pt; font-weight: bold;">1,556</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <div style="text-align: left; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;"><u>Performance Obligations</u></div>
    <div style="text-align: justify; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">As of October 31, 2025, approximately $571.7 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, Geneva, sans-serif; font-size: 9pt;"><u>Contract Assets</u></div>
    <div style="text-align: left; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">The following table presents the changes in the contract assets balance as follows:</div>
    <div><br>
    </div>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="z51bfd11d3a254046846d89abd58cd7b8">

        <tr>
          <td style="width: 86.41%; vertical-align: top;">&#160;</td>
          <td style="width: 13.59%; vertical-align: top; border-top: #000000 1px solid; border-bottom: #000000 1px solid;">
            <div style="text-align: right; text-indent: 1.5pt; font-family: Verdana, Geneva, sans-serif; font-size: 9pt; 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, Geneva, sans-serif; font-size: 9pt;">Balance at January 31, 2025</div>
          </td>
          <td style="width: 13.59%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); text-align: right;">
            <div style="text-indent: 1.5pt; font-family: Verdana,Geneva,sans-serif; font-size: 9pt;">7,421</div>
          </td>
        </tr>
        <tr>
          <td style="width: 86.41%; vertical-align: top;">
            <div style="text-align: left; margin-left: 15pt; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">Transfers to trade receivables from contract assets</div>
          </td>
          <td style="width: 13.59%; vertical-align: bottom; text-align: right;">
            <div style="text-indent: 1.5pt; font-family: Verdana,Geneva,sans-serif; font-size: 9pt; font-weight: bold;">(3,621)</div>
          </td>
        </tr>
        <tr>
          <td style="width: 86.41%; vertical-align: top;">
            <div style="text-align: left; margin-left: 15pt; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">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; text-align: right;">
            <div style="text-indent: 1.5pt; font-family: Verdana,Geneva,sans-serif; font-size: 9pt; font-weight: bold;">541</div>
          </td>
        </tr>
        <tr>
          <td style="width: 86.41%; vertical-align: top;">
            <div style="text-align: left; margin-left: 15pt; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">Effect of movements in foreign exchange</div>
          </td>
          <td style="width: 13.59%; vertical-align: bottom; text-align: right;">
            <div style="text-indent: 1.5pt; font-family: Verdana,Geneva,sans-serif; font-size: 9pt; font-weight: bold;">24</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, Geneva, sans-serif; font-size: 9pt;">Balance at October 31, 2025</div>
          </td>
          <td style="width: 13.59%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 2px double rgb(0, 0, 0); text-align: right;">
            <div style="text-indent: 1.5pt; font-family: Verdana,Geneva,sans-serif; font-size: 9pt; font-weight: bold;">4,365</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <div style="text-align: justify; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;"><u>Contract Costs</u></div>
    <div style="text-align: justify; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">Capitalized contract costs net of accumulated amortization is $22.3 million at October 31, 2025 ($19.0 million at January 31, 2025). 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, 2025, the amount of amortization included in sales and marketing
      expenses was $2.2 million and $6.3 million, respectively, and $1.7 million and $5.1 million for the same periods in fiscal 2025, respectively.<font style="font-size: 9pt; font-family: Verdana, Geneva, sans-serif; color: #000000;">&#160;</font>For both the
      three and nine month periods ended October 31, 2025 and October 31, 2024,<font style="font-size: 9pt; font-family: Verdana, Geneva, sans-serif; color: #000000;"> there was no impairment loss in relation to the capitalized contract costs</font>.</div>
    <div><br>
    </div>
    <div style="text-align: left; font-family: Verdana, Geneva, sans-serif; font-size: 9pt; font-weight: bold;">Note 20 - Other Charges</div>
    <div><br>
    </div>
    <div style="text-align: justify; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">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><br>
    </div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" class="BRPFPageBreakArea">
      <div class="BRPFPageNumberArea" style="text-align: center;"><font style="font-family: Verdana, Geneva, 'sans-serif'; font-size: 9pt; font-weight: normal; font-style: normal;">65</font></div>
      <div style="page-break-after: always;" class="BRPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div style="text-align: justify; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">The following tables shows the components of other charges as follows:</div>
    <div><br>
    </div>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="z8e30fc0388d7417bb4740e347c18c490">

        <tr>
          <td style="width: 47.55%; vertical-align: top;">&#160;</td>
          <td colspan="2" style="width: 25.7%; vertical-align: top; border-top: #000000 1px solid;">
            <div style="text-align: right; font-family: Verdana, Geneva, sans-serif; font-size: 9pt; font-weight: bold;">Three Months Ended</div>
          </td>
          <td style="width: 1.22%; vertical-align: top;">&#160;</td>
          <td colspan="2" style="width: 25.54%; vertical-align: top; border-top: #000000 1px solid;">
            <div style="text-align: right; font-family: Verdana, Geneva, sans-serif; font-size: 9pt; 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 1px solid;">
            <div style="text-align: right; font-family: Verdana, Geneva, sans-serif; font-size: 9pt; font-weight: bold;">October 31,</div>
          </td>
          <td style="width: 12.24%; vertical-align: top; border-top: #000000 1px solid;">
            <div style="text-align: right; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">October 31,</div>
          </td>
          <td style="width: 1.22%; vertical-align: top;">&#160;</td>
          <td style="width: 13.32%; vertical-align: top; border-top: #000000 1px solid;">
            <div style="text-align: right; font-family: Verdana, Geneva, sans-serif; font-size: 9pt; font-weight: bold;">October 31,</div>
          </td>
          <td style="width: 12.22%; vertical-align: top; border-top: #000000 1px solid;">
            <div style="text-align: right; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">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 1px solid;">
            <div style="text-align: right; font-family: Verdana, Geneva, sans-serif; font-size: 9pt; font-weight: bold;">2025</div>
          </td>
          <td style="width: 12.24%; vertical-align: top; border-bottom: #000000 1px solid;">
            <div style="text-align: right; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">2024</div>
          </td>
          <td style="width: 1.22%; vertical-align: top;">&#160;</td>
          <td style="width: 13.32%; vertical-align: top; border-bottom: #000000 1px solid;">
            <div style="text-align: right; font-family: Verdana, Geneva, sans-serif; font-size: 9pt; font-weight: bold;">2025</div>
          </td>
          <td style="width: 12.22%; vertical-align: top; border-bottom: #000000 1px solid;">
            <div style="text-align: right; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">2024</div>
          </td>
        </tr>
        <tr>
          <td style="width: 47.55%; vertical-align: top;">
            <div style="text-align: left; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">Acquisition-related costs</div>
          </td>
          <td style="width: 13.46%; vertical-align: bottom; text-align: right;">
            <div style="font-family: Verdana,Geneva,sans-serif; font-size: 9pt; font-weight: bold;">353</div>
          </td>
          <td style="width: 12.24%; vertical-align: bottom; text-align: right;">
            <div style="font-family: Verdana,Geneva,sans-serif; font-size: 9pt;">1,773</div>
          </td>
          <td style="width: 1.22%; vertical-align: bottom; text-align: right;">&#160;</td>
          <td style="width: 13.32%; vertical-align: bottom; text-align: right;">
            <div style="font-family: Verdana,Geneva,sans-serif; font-size: 9pt; font-weight: bold;">4,797</div>
          </td>
          <td style="width: 12.22%; vertical-align: bottom; text-align: right;">
            <div style="font-family: Verdana,Geneva,sans-serif; font-size: 9pt;">5,162</div>
          </td>
        </tr>
        <tr>
          <td style="width: 47.55%; vertical-align: top;">
            <div style="text-align: left; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">Contingent consideration accretion and adjustments</div>
          </td>
          <td style="width: 13.46%; vertical-align: bottom; text-align: right;">
            <div style="font-family: Verdana,Geneva,sans-serif; font-size: 9pt; font-weight: bold;">138</div>
          </td>
          <td style="width: 12.24%; vertical-align: bottom; text-align: right;">
            <div style="font-family: Verdana,Geneva,sans-serif; font-size: 9pt;">34</div>
          </td>
          <td style="width: 1.22%; vertical-align: bottom; text-align: right;">&#160;</td>
          <td style="width: 13.32%; vertical-align: bottom; text-align: right;">
            <div style="font-family: Verdana,Geneva,sans-serif; font-size: 9pt; font-weight: bold;">79</div>
          </td>
          <td style="width: 12.22%; vertical-align: bottom; text-align: right;">
            <div style="font-family: Verdana,Geneva,sans-serif; font-size: 9pt;">575</div>
          </td>
        </tr>
        <tr>
          <td style="width: 47.55%; vertical-align: top;">
            <div style="text-align: left; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">Restructuring plans</div>
          </td>
          <td style="width: 13.46%; vertical-align: bottom; text-align: right;">
            <div style="font-family: Verdana,Geneva,sans-serif; font-size: 9pt; font-weight: bold;">237</div>
          </td>
          <td style="width: 12.24%; vertical-align: bottom; text-align: right;">
            <div style="font-family: Verdana,Geneva,sans-serif; font-size: 9pt;">23</div>
          </td>
          <td style="width: 1.22%; vertical-align: bottom; text-align: right;">&#160;</td>
          <td style="width: 13.32%; vertical-align: bottom; text-align: right;">
            <div style="font-family: Verdana,Geneva,sans-serif; font-size: 9pt; font-weight: bold;">4,420</div>
          </td>
          <td style="width: 12.22%; vertical-align: bottom; text-align: right;">
            <div style="font-family: Verdana,Geneva,sans-serif; font-size: 9pt;">161</div>
          </td>
        </tr>
        <tr>
          <td style="width: 47.55%; vertical-align: top;">&#160;</td>
          <td style="width: 13.46%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 2px double rgb(0, 0, 0); text-align: right;">
            <div style="font-family: Verdana,Geneva,sans-serif; font-size: 9pt; font-weight: bold;">728</div>
          </td>
          <td style="width: 12.24%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 2px double rgb(0, 0, 0); text-align: right;">
            <div style="font-family: Verdana,Geneva,sans-serif; font-size: 9pt;">1,830</div>
          </td>
          <td style="width: 1.22%; vertical-align: bottom; text-align: right;">&#160;</td>
          <td style="width: 13.32%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 2px double rgb(0, 0, 0); text-align: right;">
            <div style="font-family: Verdana,Geneva,sans-serif; font-size: 9pt; font-weight: bold;">9,296</div>
          </td>
          <td style="width: 12.22%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 2px double rgb(0, 0, 0); text-align: right;">
            <div style="font-family: Verdana,Geneva,sans-serif; font-size: 9pt;">5,898</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <div style="text-align: justify; font-family: Verdana, Geneva, sans-serif; font-size: 9pt; font-style: italic; font-weight: bold;">Fiscal 2025 Restructuring Plan</div>
    <div><br>
    </div>
    <div style="text-align: justify; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">In the fourth quarter of fiscal 2025, management approved and began to implement the fiscal 2025 restructuring plan to reduce operating expenses and increase
      operating margins. To date, $0.9 million has been recorded within other charges in conjunction with this restructuring plan. These charges are comprised of workforce reduction charges. As of October 31, 2025, we expect total remaining workforce
      reduction costs to be nominal.</div>
    <div><br>
    </div>
    <table cellspacing="0" cellpadding="0" border="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="zf423b52eb35b44f1b29ce86b424b3c45">

        <tr>
          <td style="width: 56%; vertical-align: top;">&#160;</td>
          <td style="width: 15.72%; vertical-align: bottom;">&#160;</td>
          <td style="width: 14%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; text-indent: 1.5pt; font-family: Verdana, Geneva, sans-serif; font-size: 9pt; font-weight: bold;">Workforce</div>
            <div style="text-align: right; text-indent: 1.5pt; font-family: Verdana, Geneva, sans-serif; font-size: 9pt; font-weight: bold;">Reduction</div>
          </td>
          <td style="width: 14%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; text-indent: 1.5pt; font-family: Verdana, Geneva, sans-serif; font-size: 9pt; font-weight: bold;">Total</div>
          </td>
        </tr>
        <tr>
          <td style="width: 56%; vertical-align: top;">
            <div style="text-align: left; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">Balance at January 31, 2025</div>
          </td>
          <td style="width: 15.72%; vertical-align: top;">&#160;</td>
          <td style="width: 14%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); text-align: right;">
            <div style="font-family: Verdana,Geneva,sans-serif; font-size: 9pt;">162</div>
          </td>
          <td style="width: 14%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); text-align: right;">
            <div style="font-family: Verdana,Geneva,sans-serif; font-size: 9pt;">162</div>
          </td>
        </tr>
        <tr>
          <td style="width: 56%; vertical-align: top;">
            <div style="text-align: left; margin-left: 12pt; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">Accruals and adjustments</div>
          </td>
          <td style="width: 15.72%; vertical-align: top;">&#160;</td>
          <td style="width: 14%; vertical-align: bottom; text-align: right;">
            <div style="font-family: Verdana,Geneva,sans-serif; font-size: 9pt; font-weight: bold;">80</div>
          </td>
          <td style="width: 14%; vertical-align: bottom; text-align: right;">
            <div style="font-family: Verdana,Geneva,sans-serif; font-size: 9pt; font-weight: bold;">80</div>
          </td>
        </tr>
        <tr>
          <td style="width: 56%; vertical-align: top;">
            <div style="text-align: left; margin-left: 12pt; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">Cash draw downs</div>
          </td>
          <td style="width: 15.72%; vertical-align: top;">&#160;</td>
          <td style="width: 14%; vertical-align: bottom; text-align: right;">
            <div style="font-family: Verdana,Geneva,sans-serif; font-size: 9pt; font-weight: bold;">(242)</div>
          </td>
          <td style="width: 14%; vertical-align: bottom; text-align: right;">
            <div style="font-family: Verdana,Geneva,sans-serif; font-size: 9pt; font-weight: bold;">(242)</div>
          </td>
        </tr>
        <tr>
          <td style="width: 56%; vertical-align: top;">
            <div style="text-align: left; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">Balance at October 31, 2025</div>
          </td>
          <td style="width: 15.72%; vertical-align: top;">&#160;</td>
          <td style="width: 14%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 2px double rgb(0, 0, 0); text-align: right;">
            <div style="font-family: Verdana,Geneva,sans-serif; font-size: 9pt; font-weight: bold;">-</div>
          </td>
          <td style="width: 14%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 2px double rgb(0, 0, 0); text-align: right;">
            <div style="font-family: Verdana,Geneva,sans-serif; font-size: 9pt; font-weight: bold;">-</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <div style="text-align: justify; font-family: Verdana, Geneva, sans-serif; font-size: 9pt; font-style: italic; font-weight: bold;">Fiscal 2026 Restructuring Plan</div>
    <div><br>
    </div>
    <div style="text-align: justify; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">In the second quarter of fiscal 2026, management approved and began to implement the fiscal 2026 restructuring plan to reduce operating expenses and increase
      operating margins. To date, $4.3 million has been recorded within other charges in conjunction with this restructuring plan. These charges are comprised of workforce reduction charges, office closures and other. As of October 31, 2025, we expect
      total remaining costs to be up to $0.3 million.</div>
    <div><br>
    </div>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="z5f88c2137c2a48ff9086768df7b7d986">

        <tr>
          <td style="width: 45.54%; vertical-align: top;">&#160;</td>
          <td style="width: 13.62%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0); text-align: right;">
            <div style="text-indent: 1.5pt; font-family: Verdana,Geneva,sans-serif; font-size: 9pt; font-weight: bold;">Workforce</div>
            <div style="text-indent: 1.5pt; font-family: Verdana,Geneva,sans-serif; font-size: 9pt; font-weight: bold;">Reduction</div>
          </td>
          <td style="width: 13.62%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0); text-align: right;">
            <div style="text-indent: 1.5pt; font-family: Verdana,Geneva,sans-serif; font-size: 9pt; font-weight: bold;">Office</div>
            <div style="text-indent: 1.5pt; font-family: Verdana,Geneva,sans-serif; font-size: 9pt; font-weight: bold;">Closures</div>
          </td>
          <td style="width: 13.62%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0); text-align: right;">
            <div style="text-indent: 1.5pt; font-family: Verdana,Geneva,sans-serif; font-size: 9pt; font-weight: bold;">Other</div>
          </td>
          <td style="width: 13.62%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0); text-align: right;">
            <div style="text-indent: 1.5pt; font-family: Verdana,Geneva,sans-serif; font-size: 9pt; font-weight: bold;">Total</div>
          </td>
        </tr>
        <tr>
          <td style="width: 45.54%; vertical-align: top;">
            <div style="text-align: left; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">Balance at January 31, 2025</div>
          </td>
          <td style="width: 13.62%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); text-align: right;">
            <div style="font-family: Verdana,Geneva,sans-serif; font-size: 9pt;">-</div>
          </td>
          <td style="width: 13.62%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); text-align: right;">
            <div style="font-family: Verdana,Geneva,sans-serif; font-size: 9pt;">-</div>
          </td>
          <td style="width: 13.62%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); text-align: right;">
            <div style="font-family: Verdana,Geneva,sans-serif; font-size: 9pt;">-</div>
          </td>
          <td style="width: 13.62%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); text-align: right;">
            <div style="font-family: Verdana,Geneva,sans-serif; font-size: 9pt;">-</div>
          </td>
        </tr>
        <tr>
          <td style="width: 45.54%; vertical-align: top;">
            <div style="text-align: left; margin-left: 12pt; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">Accruals and adjustments</div>
          </td>
          <td style="width: 13.62%; vertical-align: bottom; text-align: right;">
            <div style="font-family: Verdana,Geneva,sans-serif; font-size: 9pt; font-weight: bold;">4,021</div>
          </td>
          <td style="width: 13.62%; vertical-align: bottom; text-align: right;">
            <div style="font-family: Verdana,Geneva,sans-serif; font-size: 9pt; font-weight: bold;">225</div>
          </td>
          <td style="width: 13.62%; vertical-align: bottom; text-align: right;">
            <div style="font-family: Verdana,Geneva,sans-serif; font-size: 9pt; font-weight: bold;">58</div>
          </td>
          <td style="width: 13.62%; vertical-align: bottom; text-align: right;">
            <div style="font-family: Verdana,Geneva,sans-serif; font-size: 9pt; font-weight: bold;">4,304</div>
          </td>
        </tr>
        <tr>
          <td style="width: 45.54%; vertical-align: top;">
            <div style="text-align: left; margin-left: 12pt; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">Cash draw downs</div>
          </td>
          <td style="width: 13.62%; vertical-align: bottom; text-align: right;">
            <div style="font-family: Verdana,Geneva,sans-serif; font-size: 9pt; font-weight: bold;">(3,818)</div>
          </td>
          <td style="width: 13.62%; vertical-align: bottom; text-align: right;">
            <div style="font-family: Verdana,Geneva,sans-serif; font-size: 9pt; font-weight: bold;">(225)</div>
          </td>
          <td style="width: 13.62%; vertical-align: bottom; text-align: right;">
            <div style="font-family: Verdana,Geneva,sans-serif; font-size: 9pt; font-weight: bold;">(58)</div>
          </td>
          <td style="width: 13.62%; vertical-align: bottom; text-align: right;">
            <div style="font-family: Verdana,Geneva,sans-serif; font-size: 9pt; font-weight: bold;">(4,101)</div>
          </td>
        </tr>
        <tr>
          <td style="width: 45.54%; vertical-align: top;">
            <div style="text-align: left; margin-left: 12pt; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">Effect of movements in foreign exchange and other</div>
          </td>
          <td style="width: 13.62%; vertical-align: bottom; text-align: right;">
            <div style="font-family: Verdana,Geneva,sans-serif; font-size: 9pt; font-weight: bold;">11</div>
          </td>
          <td style="width: 13.62%; vertical-align: bottom; text-align: right;">
            <div style="font-family: Verdana,Geneva,sans-serif; font-size: 9pt; font-weight: bold;">-</div>
          </td>
          <td style="width: 13.62%; vertical-align: bottom; text-align: right;">
            <div style="font-family: Verdana,Geneva,sans-serif; font-size: 9pt; font-weight: bold;">-</div>
          </td>
          <td style="width: 13.62%; vertical-align: bottom; text-align: right;">
            <div style="font-family: Verdana,Geneva,sans-serif; font-size: 9pt; font-weight: bold;">11</div>
          </td>
        </tr>
        <tr>
          <td style="width: 45.54%; vertical-align: top;">
            <div style="text-align: left; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">Balance at October 31, 2025</div>
          </td>
          <td style="width: 13.62%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 2px double rgb(0, 0, 0); text-align: right;">
            <div style="font-family: Verdana,Geneva,sans-serif; font-size: 9pt; font-weight: bold;">214</div>
          </td>
          <td style="width: 13.62%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 2px double rgb(0, 0, 0); text-align: right;">
            <div style="font-family: Verdana,Geneva,sans-serif; font-size: 9pt; font-weight: bold;">-</div>
          </td>
          <td style="width: 13.62%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 2px double rgb(0, 0, 0); text-align: right;">
            <div style="font-family: Verdana,Geneva,sans-serif; font-size: 9pt; font-weight: bold;">-</div>
          </td>
          <td style="width: 13.62%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 2px double rgb(0, 0, 0); text-align: right;">
            <div style="font-family: Verdana,Geneva,sans-serif; font-size: 9pt; font-weight: bold;">214</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <div><br>
    </div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" class="BRPFPageBreakArea">
      <div class="BRPFPageNumberArea" style="text-align: center;"><font style="font-family: Verdana, Geneva, 'sans-serif'; font-size: 9pt; font-weight: normal; font-style: normal;">66</font></div>
      <div style="page-break-after: always;" class="BRPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div style="text-align: left; font-family: Verdana, Geneva, sans-serif; font-size: 9pt; font-weight: bold;">Note 21 &#8211; Supplemental Cash Flow Information</div>
    <div><br>
    </div>
    <div style="text-align: justify; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">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" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="zc230cd0fdc624403858063c8ccfa8e22">

        <tr>
          <td style="width: 46.43%; vertical-align: top;">&#160;</td>
          <td colspan="2" style="width: 25.9%; vertical-align: top; border-top: #000000 1px solid;">
            <div style="text-align: right; font-family: Verdana, Geneva, sans-serif; font-size: 9pt; font-weight: bold;">Three Months Ended</div>
          </td>
          <td style="width: 1.66%; vertical-align: top;">&#160;</td>
          <td colspan="2" style="width: 26.01%; vertical-align: top; border-top: #000000 1px solid;">
            <div style="text-align: right; font-family: Verdana, Geneva, sans-serif; font-size: 9pt; 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 1px solid;">
            <div style="text-align: right; font-family: Verdana, Geneva, sans-serif; font-size: 9pt; font-weight: bold;">October 31,</div>
          </td>
          <td style="width: 12.5%; vertical-align: top; border-top: #000000 1px solid;">
            <div style="text-align: right; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">October 31,</div>
          </td>
          <td rowspan="11" style="width: 1.66%; vertical-align: top;">&#160;</td>
          <td style="width: 13.51%; vertical-align: top; border-top: #000000 1px solid;">
            <div style="text-align: right; font-family: Verdana, Geneva, sans-serif; font-size: 9pt; font-weight: bold;">October 31,</div>
          </td>
          <td style="width: 12.5%; vertical-align: top; border-top: #000000 1px solid;">
            <div style="text-align: right; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">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 1px solid;">
            <div style="text-align: right; font-family: Verdana, Geneva, sans-serif; font-size: 9pt; font-weight: bold;">2025</div>
          </td>
          <td style="width: 12.5%; vertical-align: top; border-bottom: #000000 1px solid;">
            <div style="text-align: right; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">2024</div>
          </td>
          <td style="width: 13.51%; vertical-align: top; border-bottom: #000000 1px solid;">
            <div style="text-align: right; font-family: Verdana, Geneva, sans-serif; font-size: 9pt; font-weight: bold;">2025</div>
          </td>
          <td style="width: 12.5%; vertical-align: top; border-bottom: #000000 1px solid;">
            <div style="text-align: right; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">2024</div>
          </td>
        </tr>
        <tr>
          <td style="width: 46.43%; vertical-align: top;">
            <div style="text-align: left; margin-left: 7.5pt; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">Trade accounts receivable</div>
          </td>
          <td style="width: 13.39%; vertical-align: bottom; text-align: right;">
            <div style="font-family: Verdana,Geneva,sans-serif; font-size: 9pt; font-weight: bold;">(3,448)</div>
          </td>
          <td style="width: 12.5%; vertical-align: bottom; text-align: right;">
            <div style="font-family: Verdana,Geneva,sans-serif; font-size: 9pt;">4,004</div>
          </td>
          <td style="width: 13.51%; vertical-align: bottom; text-align: right;">
            <div style="font-family: Verdana,Geneva,sans-serif; font-size: 9pt; font-weight: bold;">(5,844)</div>
          </td>
          <td style="width: 12.5%; vertical-align: bottom; text-align: right;">
            <div style="font-family: Verdana,Geneva,sans-serif; font-size: 9pt;">3,012</div>
          </td>
        </tr>
        <tr>
          <td style="width: 46.43%; vertical-align: top;">
            <div style="text-align: left; margin-left: 7.5pt; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">Other accounts receivable</div>
          </td>
          <td style="width: 13.39%; vertical-align: bottom; text-align: right;">
            <div style="font-family: Verdana,Geneva,sans-serif; font-size: 9pt; font-weight: bold;">(3,434)</div>
          </td>
          <td style="width: 12.5%; vertical-align: bottom; text-align: right;">
            <div style="font-family: Verdana,Geneva,sans-serif; font-size: 9pt;">(1,519)</div>
          </td>
          <td style="width: 13.51%; vertical-align: bottom; text-align: right;">
            <div style="font-family: Verdana,Geneva,sans-serif; font-size: 9pt; font-weight: bold;">(5,807)</div>
          </td>
          <td style="width: 12.5%; vertical-align: bottom; text-align: right;">
            <div style="font-family: Verdana,Geneva,sans-serif; font-size: 9pt;">(2,120)</div>
          </td>
        </tr>
        <tr>
          <td style="width: 46.43%; vertical-align: top;">
            <div style="text-align: left; margin-left: 7.5pt; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">Prepaid expenses and other</div>
          </td>
          <td style="width: 13.39%; vertical-align: bottom; text-align: right;">
            <div style="font-family: Verdana,Geneva,sans-serif; font-size: 9pt; font-weight: bold;">4,978</div>
          </td>
          <td style="width: 12.5%; vertical-align: bottom; text-align: right;">
            <div style="font-family: Verdana,Geneva,sans-serif; font-size: 9pt;">(1,380)</div>
          </td>
          <td style="width: 13.51%; vertical-align: bottom; text-align: right;">
            <div style="font-family: Verdana,Geneva,sans-serif; font-size: 9pt; font-weight: bold;">11,800</div>
          </td>
          <td style="width: 12.5%; vertical-align: bottom; text-align: right;">
            <div style="font-family: Verdana,Geneva,sans-serif; font-size: 9pt;">(7,900)</div>
          </td>
        </tr>
        <tr>
          <td style="width: 46.43%; vertical-align: top;">
            <div style="text-align: left; margin-left: 7.5pt; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">Accounts payable</div>
          </td>
          <td style="width: 13.39%; vertical-align: bottom; text-align: right;">
            <div style="font-family: Verdana,Geneva,sans-serif; font-size: 9pt; font-weight: bold;">(21)</div>
          </td>
          <td style="width: 12.5%; vertical-align: bottom; text-align: right;">
            <div style="font-family: Verdana,Geneva,sans-serif; font-size: 9pt;">(1,459)</div>
          </td>
          <td style="width: 13.51%; vertical-align: bottom; text-align: right;">
            <div style="font-family: Verdana,Geneva,sans-serif; font-size: 9pt; font-weight: bold;">(5,049)</div>
          </td>
          <td style="width: 12.5%; vertical-align: bottom; text-align: right;">
            <div style="font-family: Verdana,Geneva,sans-serif; font-size: 9pt;">1,790</div>
          </td>
        </tr>
        <tr>
          <td style="width: 46.43%; vertical-align: top;">
            <div style="text-align: left; margin-left: 7.5pt; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">Accrued liabilities</div>
          </td>
          <td style="width: 13.39%; vertical-align: bottom; text-align: right;">
            <div style="font-family: Verdana,Geneva,sans-serif; font-size: 9pt; font-weight: bold;">2,280</div>
          </td>
          <td style="width: 12.5%; vertical-align: bottom; text-align: right;">
            <div style="font-family: Verdana,Geneva,sans-serif; font-size: 9pt;">5,379</div>
          </td>
          <td style="width: 13.51%; vertical-align: bottom; text-align: right;">
            <div style="font-family: Verdana,Geneva,sans-serif; font-size: 9pt; font-weight: bold;">(12,585)</div>
          </td>
          <td style="width: 12.5%; vertical-align: bottom; text-align: right;">
            <div style="font-family: Verdana,Geneva,sans-serif; font-size: 9pt;">(16,270)</div>
          </td>
        </tr>
        <tr>
          <td style="width: 46.43%; vertical-align: top;">
            <div style="text-align: left; margin-left: 7.5pt; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">Income taxes payable</div>
          </td>
          <td style="width: 13.39%; vertical-align: bottom; text-align: right;">
            <div style="font-family: Verdana,Geneva,sans-serif; font-size: 9pt; font-weight: bold;">(1,504)</div>
          </td>
          <td style="width: 12.5%; vertical-align: bottom; text-align: right;">
            <div style="font-family: Verdana,Geneva,sans-serif; font-size: 9pt;">5,553</div>
          </td>
          <td style="width: 13.51%; vertical-align: bottom; text-align: right;">
            <div style="font-family: Verdana,Geneva,sans-serif; font-size: 9pt; font-weight: bold;">(2,874)</div>
          </td>
          <td style="width: 12.5%; vertical-align: bottom; text-align: right;">
            <div style="font-family: Verdana,Geneva,sans-serif; font-size: 9pt;">6,969</div>
          </td>
        </tr>
        <tr>
          <td style="width: 46.43%; vertical-align: top;">
            <div style="text-align: left; margin-left: 7.5pt; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">Operating leases</div>
          </td>
          <td style="width: 13.39%; vertical-align: bottom; text-align: right;">
            <div style="font-family: Verdana,Geneva,sans-serif; font-size: 9pt; font-weight: bold;">(41)</div>
          </td>
          <td style="width: 12.5%; vertical-align: bottom; text-align: right;">
            <div style="font-family: Verdana,Geneva,sans-serif; font-size: 9pt;">(76)</div>
          </td>
          <td style="width: 13.51%; vertical-align: bottom; text-align: right;">
            <div style="font-family: Verdana,Geneva,sans-serif; font-size: 9pt; font-weight: bold;">(218)</div>
          </td>
          <td style="width: 12.5%; vertical-align: bottom; text-align: right;">
            <div style="font-family: Verdana,Geneva,sans-serif; font-size: 9pt;">(292)</div>
          </td>
        </tr>
        <tr>
          <td style="width: 46.43%; vertical-align: top;">
            <div style="text-align: left; margin-left: 7.5pt; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">Deferred revenue</div>
          </td>
          <td style="width: 13.39%; vertical-align: bottom; text-align: right;">
            <div style="font-family: Verdana,Geneva,sans-serif; font-size: 9pt; font-weight: bold;">(1,058)</div>
          </td>
          <td style="width: 12.5%; vertical-align: bottom; text-align: right;">
            <div style="font-family: Verdana,Geneva,sans-serif; font-size: 9pt;">(4,642)</div>
          </td>
          <td style="width: 13.51%; vertical-align: bottom; text-align: right;">
            <div style="font-family: Verdana,Geneva,sans-serif; font-size: 9pt; font-weight: bold;">4,263</div>
          </td>
          <td style="width: 12.5%; vertical-align: bottom; text-align: right;">
            <div style="font-family: Verdana,Geneva,sans-serif; font-size: 9pt;">3,875</div>
          </td>
        </tr>
        <tr>
          <td style="width: 46.43%; vertical-align: top;">
            <div style="text-align: left; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">Changes in operating assets and liabilities</div>
          </td>
          <td style="width: 13.39%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 2px double rgb(0, 0, 0); text-align: right;">
            <div style="font-family: Verdana,Geneva,sans-serif; font-size: 9pt; font-weight: bold;">(2,248)</div>
          </td>
          <td style="width: 12.5%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 2px double rgb(0, 0, 0); text-align: right;">
            <div style="font-family: Verdana,Geneva,sans-serif; font-size: 9pt;">5,860</div>
          </td>
          <td style="width: 13.51%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 2px double rgb(0, 0, 0); text-align: right;">
            <div style="font-family: Verdana,Geneva,sans-serif; font-size: 9pt; font-weight: bold;">(16,314)</div>
          </td>
          <td style="width: 12.5%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 2px double rgb(0, 0, 0); text-align: right;">
            <div style="font-family: Verdana,Geneva,sans-serif; font-size: 9pt;">(10,936)</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <div style="text-align: left; font-family: Verdana, Geneva, sans-serif; font-size: 9pt; font-weight: bold;">Note 22 - Segmented Information</div>
    <div><br>
    </div>
    <div style="text-align: justify; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">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.</div>
    <div><br>
    </div>
    <div style="text-align: justify; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">The Company has determined that it has a chief operating decision maker (&#8220;CODM&#8221;) comprised of the Company&#8217;s chief executive officer and president &amp; chief
      operating officer. The CODM assesses performance for the Company and makes operating decisions based on consolidated net income and Adjusted EBITDA. 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). 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. Adjusted EBITDA is a non-GAAP financial measure and may not be comparable to similarly titled measures reported by other companies. The CODM uses net income and adjusted EBITDA to assess overall performance of the Company and to
      evaluate whether to reinvest profits or invest in acquisitions. Asset information is not regularly provided to the CODM and as such the CODM does not make decisions based on assets.</div>
    <div><br>
    </div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" class="BRPFPageBreakArea">
      <div class="BRPFPageNumberArea" style="text-align: center;"><font style="font-family: Verdana, Geneva, 'sans-serif'; font-size: 9pt; font-weight: normal; font-style: normal;">67</font></div>
      <div style="page-break-after: always;" class="BRPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div style="text-align: justify; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">The following table provides a breakdown of the measures of profit regularly provided to the CODM:</div>
    <div><br>
    </div>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="z1bacd94e7b404cdf98633aa3c4825afc">

        <tr>
          <td style="width: 46.43%; vertical-align: top;">&#160;</td>
          <td colspan="2" style="width: 25.9%; vertical-align: top; border-top: #000000 1px solid;">
            <div style="text-align: right; font-family: Verdana, Geneva, sans-serif; font-size: 9pt; font-weight: bold;">Three Months Ended</div>
          </td>
          <td style="width: 1.66%; vertical-align: top;">&#160;</td>
          <td colspan="2" style="width: 26.01%; vertical-align: top; border-top: #000000 1px solid;">
            <div style="text-align: right; font-family: Verdana, Geneva, sans-serif; font-size: 9pt; 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 1px solid;">
            <div style="text-align: right; font-family: Verdana, Geneva, sans-serif; font-size: 9pt; font-weight: bold;">October 31,</div>
          </td>
          <td style="width: 12.5%; vertical-align: top; border-top: #000000 1px solid;">
            <div style="text-align: right; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">October 31,</div>
          </td>
          <td rowspan="17" style="width: 1.66%; vertical-align: top;">&#160;</td>
          <td style="width: 13.51%; vertical-align: top; border-top: #000000 1px solid;">
            <div style="text-align: right; font-family: Verdana, Geneva, sans-serif; font-size: 9pt; font-weight: bold;">October 31,</div>
          </td>
          <td style="width: 12.5%; vertical-align: top; border-top: #000000 1px solid;">
            <div style="text-align: right; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">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 1px solid;">
            <div style="text-align: right; font-family: Verdana, Geneva, sans-serif; font-size: 9pt; font-weight: bold;">2025</div>
          </td>
          <td style="width: 12.5%; vertical-align: top; border-bottom: #000000 1px solid;">
            <div style="text-align: right; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">2024</div>
          </td>
          <td style="width: 13.51%; vertical-align: top; border-bottom: #000000 1px solid;">
            <div style="text-align: right; font-family: Verdana, Geneva, sans-serif; font-size: 9pt; font-weight: bold;">2025</div>
          </td>
          <td style="width: 12.5%; vertical-align: top; border-bottom: #000000 1px solid;">
            <div style="text-align: right; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">2024</div>
          </td>
        </tr>
        <tr>
          <td style="width: 46.43%; vertical-align: top;">
            <div style="text-align: left; font-family: Verdana, Geneva, sans-serif; font-size: 9pt; font-weight: bold;">Revenues</div>
          </td>
          <td style="width: 13.39%; vertical-align: bottom; text-align: right;">
            <div style="font-family: Verdana,Geneva,sans-serif; font-size: 9pt; font-weight: bold;">187,681</div>
          </td>
          <td style="width: 12.5%; vertical-align: bottom; text-align: right;">
            <div style="font-family: Verdana,Geneva,sans-serif; font-size: 9pt;">168,756</div>
          </td>
          <td style="width: 13.51%; vertical-align: bottom; text-align: right;">
            <div style="font-family: Verdana,Geneva,sans-serif; font-size: 9pt; font-weight: bold;">536,235</div>
          </td>
          <td style="width: 12.5%; vertical-align: bottom; text-align: right;">
            <div style="font-family: Verdana,Geneva,sans-serif; font-size: 9pt;">483,529</div>
          </td>
        </tr>
        <tr>
          <td style="width: 46.43%; vertical-align: top;">
            <div style="text-align: left; font-family: Verdana, Geneva, sans-serif; font-size: 9pt; font-weight: bold;">Less:</div>
          </td>
          <td style="width: 13.39%; vertical-align: bottom; text-align: right;">&#160;</td>
          <td style="width: 12.5%; vertical-align: bottom; text-align: right;">&#160;</td>
          <td style="width: 13.51%; vertical-align: bottom; text-align: right;">&#160;</td>
          <td style="width: 12.5%; vertical-align: bottom; text-align: right;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 46.43%; vertical-align: top;">
            <div style="text-align: left; margin-left: 13.5pt; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">Headcount-related costs, including stock compensation expense</div>
          </td>
          <td style="width: 13.39%; vertical-align: bottom; text-align: right;">
            <div style="font-family: Verdana,Geneva,sans-serif; font-size: 9pt; font-weight: bold;">69,443</div>
          </td>
          <td style="width: 12.5%; vertical-align: bottom; text-align: right;">
            <div style="font-family: Verdana,Geneva,sans-serif; font-size: 9pt;">63,481</div>
          </td>
          <td style="width: 13.51%; vertical-align: bottom; text-align: right;">
            <div style="font-family: Verdana,Geneva,sans-serif; font-size: 9pt; font-weight: bold;">208,255</div>
          </td>
          <td style="width: 12.5%; vertical-align: bottom; text-align: right;">
            <div style="font-family: Verdana,Geneva,sans-serif; font-size: 9pt;">185,428</div>
          </td>
        </tr>
        <tr>
          <td style="width: 46.43%; vertical-align: top;">
            <div style="text-align: left; margin-left: 13.5pt; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">Cost of revenues and network charges (exclusive of other items presented separately)</div>
          </td>
          <td style="width: 13.39%; vertical-align: bottom; text-align: right;">
            <div style="font-family: Verdana,Geneva,sans-serif; font-size: 9pt; font-weight: bold;">17,865</div>
          </td>
          <td style="width: 12.5%; vertical-align: bottom; text-align: right;">
            <div style="font-family: Verdana,Geneva,sans-serif; font-size: 9pt;">19,662</div>
          </td>
          <td style="width: 13.51%; vertical-align: bottom; text-align: right;">
            <div style="font-family: Verdana,Geneva,sans-serif; font-size: 9pt; font-weight: bold;">50,978</div>
          </td>
          <td style="width: 12.5%; vertical-align: bottom; text-align: right;">
            <div style="font-family: Verdana,Geneva,sans-serif; font-size: 9pt;">51,401</div>
          </td>
        </tr>
        <tr>
          <td style="width: 46.43%; vertical-align: top;">
            <div style="text-align: left; margin-left: 13.5pt; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">SaaS software and maintenance</div>
          </td>
          <td style="width: 13.39%; vertical-align: bottom; text-align: right;">
            <div style="font-family: Verdana,Geneva,sans-serif; font-size: 9pt; font-weight: bold;">6,755</div>
          </td>
          <td style="width: 12.5%; vertical-align: bottom; text-align: right;">
            <div style="font-family: Verdana,Geneva,sans-serif; font-size: 9pt;">5,860</div>
          </td>
          <td style="width: 13.51%; vertical-align: bottom; text-align: right;">
            <div style="font-family: Verdana,Geneva,sans-serif; font-size: 9pt; font-weight: bold;">19,297</div>
          </td>
          <td style="width: 12.5%; vertical-align: bottom; text-align: right;">
            <div style="font-family: Verdana,Geneva,sans-serif; font-size: 9pt;">16,870</div>
          </td>
        </tr>
        <tr>
          <td style="width: 46.43%; vertical-align: top;">
            <div style="text-align: left; margin-left: 13.5pt; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">Other segment items</div>
          </td>
          <td style="width: 13.39%; vertical-align: bottom; text-align: right;">
            <div style="font-family: Verdana,Geneva,sans-serif; font-size: 9pt; font-weight: bold;">14,861</div>
          </td>
          <td style="width: 12.5%; vertical-align: bottom; text-align: right;">
            <div style="font-family: Verdana,Geneva,sans-serif; font-size: 9pt;">15,052</div>
          </td>
          <td style="width: 13.51%; vertical-align: bottom; text-align: right;">
            <div style="font-family: Verdana,Geneva,sans-serif; font-size: 9pt; font-weight: bold;">41,998</div>
          </td>
          <td style="width: 12.5%; vertical-align: bottom; text-align: right;">
            <div style="font-family: Verdana,Geneva,sans-serif; font-size: 9pt;">41,713</div>
          </td>
        </tr>
        <tr>
          <td style="width: 46.43%; vertical-align: top;">
            <div style="text-align: left; margin-left: 13.5pt; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">Depreciation</div>
          </td>
          <td style="width: 13.39%; vertical-align: bottom; text-align: right;">
            <div style="font-family: Verdana,Geneva,sans-serif; font-size: 9pt; font-weight: bold;">1,479</div>
          </td>
          <td style="width: 12.5%; vertical-align: bottom; text-align: right;">
            <div style="font-family: Verdana,Geneva,sans-serif; font-size: 9pt;">1,393</div>
          </td>
          <td style="width: 13.51%; vertical-align: bottom; text-align: right;">
            <div style="font-family: Verdana,Geneva,sans-serif; font-size: 9pt; font-weight: bold;">4,430</div>
          </td>
          <td style="width: 12.5%; vertical-align: bottom; text-align: right;">
            <div style="font-family: Verdana,Geneva,sans-serif; font-size: 9pt;">4,137</div>
          </td>
        </tr>
        <tr>
          <td style="width: 46.43%; vertical-align: top;">
            <div style="text-align: left; margin-left: 13.5pt; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">Amortization of intangible assets</div>
          </td>
          <td style="width: 13.39%; vertical-align: bottom; border-bottom: 1px solid rgb(0, 0, 0); text-align: right;">
            <div style="font-family: Verdana,Geneva,sans-serif; font-size: 9pt; font-weight: bold;">20,693</div>
          </td>
          <td style="width: 12.5%; vertical-align: bottom; border-bottom: 1px solid rgb(0, 0, 0); text-align: right;">
            <div style="font-family: Verdana,Geneva,sans-serif; font-size: 9pt;">17,519</div>
          </td>
          <td style="width: 13.51%; vertical-align: bottom; border-bottom: 1px solid rgb(0, 0, 0); text-align: right;">
            <div style="font-family: Verdana,Geneva,sans-serif; font-size: 9pt; font-weight: bold;">60,311</div>
          </td>
          <td style="width: 12.5%; vertical-align: bottom; border-bottom: 1px solid rgb(0, 0, 0); text-align: right;">
            <div style="font-family: Verdana,Geneva,sans-serif; font-size: 9pt;">49,962</div>
          </td>
        </tr>
        <tr>
          <td style="width: 46.43%; vertical-align: top;">&#160;</td>
          <td style="width: 13.39%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0); text-align: right;">
            <div style="font-family: Verdana,Geneva,sans-serif; font-size: 9pt; font-weight: bold;">131,096</div>
          </td>
          <td style="width: 12.5%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0); text-align: right;">
            <div style="font-family: Verdana,Geneva,sans-serif; font-size: 9pt;">122,967</div>
          </td>
          <td style="width: 13.51%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0); text-align: right;">
            <div style="font-family: Verdana,Geneva,sans-serif; font-size: 9pt; font-weight: bold;">385,269</div>
          </td>
          <td style="width: 12.5%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0); text-align: right;">
            <div style="font-family: Verdana,Geneva,sans-serif; font-size: 9pt;">349,511</div>
          </td>
        </tr>
        <tr>
          <td style="width: 46.43%; vertical-align: top;">
            <div style="text-align: left; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">Income from operations</div>
          </td>
          <td style="width: 13.39%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); text-align: right;">
            <div style="font-family: Verdana,Geneva,sans-serif; font-size: 9pt; font-weight: bold;">56,585</div>
          </td>
          <td style="width: 12.5%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); text-align: right;">
            <div style="font-family: Verdana,Geneva,sans-serif; font-size: 9pt;">45,789</div>
          </td>
          <td style="width: 13.51%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); text-align: right;">
            <div style="font-family: Verdana,Geneva,sans-serif; font-size: 9pt; font-weight: bold;">150,966</div>
          </td>
          <td style="width: 12.5%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); text-align: right;">
            <div style="font-family: Verdana,Geneva,sans-serif; font-size: 9pt;">134,018</div>
          </td>
        </tr>
        <tr>
          <td style="width: 46.43%; vertical-align: top;">
            <div style="text-align: left; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">Interest expense</div>
          </td>
          <td style="width: 13.39%; vertical-align: bottom; text-align: right;">
            <div style="font-family: Verdana,Geneva,sans-serif; font-size: 9pt; font-weight: bold;">(244)</div>
          </td>
          <td style="width: 12.5%; vertical-align: bottom; text-align: right;">
            <div style="font-family: Verdana,Geneva,sans-serif; font-size: 9pt;">(244)</div>
          </td>
          <td style="width: 13.51%; vertical-align: bottom; text-align: right;">
            <div style="font-family: Verdana,Geneva,sans-serif; font-size: 9pt; font-weight: bold;">(723)</div>
          </td>
          <td style="width: 12.5%; vertical-align: bottom; text-align: right;">
            <div style="font-family: Verdana,Geneva,sans-serif; font-size: 9pt;">(760)</div>
          </td>
        </tr>
        <tr>
          <td style="width: 46.43%; vertical-align: top;">
            <div style="text-align: left; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">Investment and other income</div>
          </td>
          <td style="width: 13.39%; vertical-align: bottom; text-align: right;">
            <div style="font-family: Verdana,Geneva,sans-serif; font-size: 9pt; font-weight: bold;">1,998</div>
          </td>
          <td style="width: 12.5%; vertical-align: bottom; text-align: right;">
            <div style="font-family: Verdana,Geneva,sans-serif; font-size: 9pt;">2,883</div>
          </td>
          <td style="width: 13.51%; vertical-align: bottom; text-align: right;">
            <div style="font-family: Verdana,Geneva,sans-serif; font-size: 9pt; font-weight: bold;">5,510</div>
          </td>
          <td style="width: 12.5%; vertical-align: bottom; text-align: right;">
            <div style="font-family: Verdana,Geneva,sans-serif; font-size: 9pt;">9,657</div>
          </td>
        </tr>
        <tr>
          <td style="width: 46.43%; vertical-align: top;">
            <div style="text-align: left; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">Income before taxes</div>
          </td>
          <td style="width: 13.39%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); text-align: right;">
            <div style="font-family: Verdana,Geneva,sans-serif; font-size: 9pt; font-weight: bold;">58,339</div>
          </td>
          <td style="width: 12.5%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); text-align: right;">
            <div style="font-family: Verdana,Geneva,sans-serif; font-size: 9pt;">48,428</div>
          </td>
          <td style="width: 13.51%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); text-align: right;">
            <div style="font-family: Verdana,Geneva,sans-serif; font-size: 9pt; font-weight: bold;">155,753</div>
          </td>
          <td style="width: 12.5%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); text-align: right;">
            <div style="font-family: Verdana,Geneva,sans-serif; font-size: 9pt;">142,915</div>
          </td>
        </tr>
        <tr>
          <td style="width: 46.43%; vertical-align: top;">
            <div style="text-align: left; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">Income tax expense</div>
          </td>
          <td style="width: 13.39%; vertical-align: bottom; text-align: right;">
            <div style="font-family: Verdana,Geneva,sans-serif; font-size: 9pt; font-weight: bold;">14,440</div>
          </td>
          <td style="width: 12.5%; vertical-align: bottom; text-align: right;">
            <div style="font-family: Verdana,Geneva,sans-serif; font-size: 9pt;">11,870</div>
          </td>
          <td style="width: 13.51%; vertical-align: bottom; text-align: right;">
            <div style="font-family: Verdana,Geneva,sans-serif; font-size: 9pt; font-weight: bold;">37,590</div>
          </td>
          <td style="width: 12.5%; vertical-align: bottom; text-align: right;">
            <div style="font-family: Verdana,Geneva,sans-serif; font-size: 9pt;">37,009</div>
          </td>
        </tr>
        <tr>
          <td style="width: 46.43%; vertical-align: top;">
            <div style="text-align: left; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;"><font style="font-size: 9pt; font-family: Verdana, Geneva, sans-serif; font-weight: bold;">Net income</font>, as reported on Condensed Consolidated
              Statements of Operations</div>
          </td>
          <td style="width: 13.39%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 2px double rgb(0, 0, 0); text-align: right;">
            <div style="font-family: Verdana,Geneva,sans-serif; font-size: 9pt; font-weight: bold;">43,899</div>
          </td>
          <td style="width: 12.5%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 2px double rgb(0, 0, 0); text-align: right;">
            <div style="font-family: Verdana,Geneva,sans-serif; font-size: 9pt;">36,558</div>
          </td>
          <td style="width: 13.51%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 2px double rgb(0, 0, 0); text-align: right;">
            <div style="font-family: Verdana,Geneva,sans-serif; font-size: 9pt; font-weight: bold;">118,163</div>
          </td>
          <td style="width: 12.5%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 2px double rgb(0, 0, 0); text-align: right;">
            <div style="font-family: Verdana,Geneva,sans-serif; font-size: 9pt;">105,906</div>
          </td>
        </tr>
        <tr>
          <td style="width: 46.43%; vertical-align: top;">&#160;</td>
          <td colspan="2" style="width: 25.9%; vertical-align: top; border-top: #000000 1px solid;">&#160;</td>
          <td style="width: 1.66%; vertical-align: top;">&#160;</td>
          <td colspan="2" style="width: 26.01%; vertical-align: top; border-top: #000000 1px solid;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 46.43%; vertical-align: top;">
            <div style="text-align: left; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">Adjustments to reconcile to Adjusted EBITDA:</div>
          </td>
          <td style="width: 13.39%; vertical-align: top;">&#160;</td>
          <td style="width: 12.5%; vertical-align: top;">&#160;</td>
          <td style="width: 1.66%; vertical-align: top;">&#160;</td>
          <td style="width: 13.51%; vertical-align: top;">&#160;</td>
          <td style="width: 12.5%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 46.43%; vertical-align: top;">
            <div style="text-align: left; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">Interest expense</div>
          </td>
          <td style="width: 13.39%; vertical-align: bottom; text-align: right;">
            <div style="font-family: Verdana,Geneva,sans-serif; font-size: 9pt; font-weight: bold;">244</div>
          </td>
          <td style="width: 12.5%; vertical-align: bottom; text-align: right;">
            <div style="font-family: Verdana,Geneva,sans-serif; font-size: 9pt;">244</div>
          </td>
          <td rowspan="8" style="width: 1.66%; vertical-align: bottom; text-align: right;">&#160;</td>
          <td style="width: 13.51%; vertical-align: bottom; text-align: right;">
            <div style="font-family: Verdana,Geneva,sans-serif; font-size: 9pt; font-weight: bold;">723</div>
          </td>
          <td style="width: 12.5%; vertical-align: bottom; text-align: right;">
            <div style="font-family: Verdana,Geneva,sans-serif; font-size: 9pt;">760</div>
          </td>
        </tr>
        <tr>
          <td style="width: 46.43%; vertical-align: top;">
            <div style="text-align: left; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">Investment and other income</div>
          </td>
          <td style="width: 13.39%; vertical-align: bottom; text-align: right;">
            <div style="font-family: Verdana,Geneva,sans-serif; font-size: 9pt; font-weight: bold;">(1,998)</div>
          </td>
          <td style="width: 12.5%; vertical-align: bottom; text-align: right;">
            <div style="font-family: Verdana,Geneva,sans-serif; font-size: 9pt;">(2,883)</div>
          </td>
          <td style="width: 13.51%; vertical-align: bottom; text-align: right;">
            <div style="font-family: Verdana,Geneva,sans-serif; font-size: 9pt; font-weight: bold;">(5,510)</div>
          </td>
          <td style="width: 12.5%; vertical-align: bottom; text-align: right;">
            <div style="font-family: Verdana,Geneva,sans-serif; font-size: 9pt;">(9,657)</div>
          </td>
        </tr>
        <tr>
          <td style="width: 46.43%; vertical-align: top;">
            <div style="text-align: left; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">Income tax expense</div>
          </td>
          <td style="width: 13.39%; vertical-align: bottom; text-align: right;">
            <div style="font-family: Verdana,Geneva,sans-serif; font-size: 9pt; font-weight: bold;">14,440</div>
          </td>
          <td style="width: 12.5%; vertical-align: bottom; text-align: right;">
            <div style="font-family: Verdana,Geneva,sans-serif; font-size: 9pt;">11,870</div>
          </td>
          <td style="width: 13.51%; vertical-align: bottom; text-align: right;">
            <div style="font-family: Verdana,Geneva,sans-serif; font-size: 9pt; font-weight: bold;">37,590</div>
          </td>
          <td style="width: 12.5%; vertical-align: bottom; text-align: right;">
            <div style="font-family: Verdana,Geneva,sans-serif; font-size: 9pt;">37,009</div>
          </td>
        </tr>
        <tr>
          <td style="width: 46.43%; vertical-align: top;">
            <div style="text-align: left; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">Depreciation expense</div>
          </td>
          <td style="width: 13.39%; vertical-align: bottom; text-align: right;">
            <div style="font-family: Verdana,Geneva,sans-serif; font-size: 9pt; font-weight: bold;">1,479</div>
          </td>
          <td style="width: 12.5%; vertical-align: bottom; text-align: right;">
            <div style="font-family: Verdana,Geneva,sans-serif; font-size: 9pt;">1,393</div>
          </td>
          <td style="width: 13.51%; vertical-align: bottom; text-align: right;">
            <div style="font-family: Verdana,Geneva,sans-serif; font-size: 9pt; font-weight: bold;">4,430</div>
          </td>
          <td style="width: 12.5%; vertical-align: bottom; text-align: right;">
            <div style="font-family: Verdana,Geneva,sans-serif; font-size: 9pt;">4,137</div>
          </td>
        </tr>
        <tr>
          <td style="width: 46.43%; vertical-align: top;">
            <div style="text-align: left; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">Amortization of intangible assets</div>
          </td>
          <td style="width: 13.39%; vertical-align: bottom; text-align: right;">
            <div style="font-family: Verdana,Geneva,sans-serif; font-size: 9pt; font-weight: bold;">20,693</div>
          </td>
          <td style="width: 12.5%; vertical-align: bottom; text-align: right;">
            <div style="font-family: Verdana,Geneva,sans-serif; font-size: 9pt;">17,519</div>
          </td>
          <td style="width: 13.51%; vertical-align: bottom; text-align: right;">
            <div style="font-family: Verdana,Geneva,sans-serif; font-size: 9pt; font-weight: bold;">60,311</div>
          </td>
          <td style="width: 12.5%; vertical-align: bottom; text-align: right;">
            <div style="font-family: Verdana,Geneva,sans-serif; font-size: 9pt;">49,962</div>
          </td>
        </tr>
        <tr>
          <td style="width: 46.43%; vertical-align: top;">
            <div style="text-align: left; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">Stock-based compensation and related taxes</div>
          </td>
          <td style="width: 13.39%; vertical-align: bottom; text-align: right;">
            <div style="font-family: Verdana,Geneva,sans-serif; font-size: 9pt; font-weight: bold;">6,004</div>
          </td>
          <td style="width: 12.5%; vertical-align: bottom; text-align: right;">
            <div style="font-family: Verdana,Geneva,sans-serif; font-size: 9pt;">5,548</div>
          </td>
          <td style="width: 13.51%; vertical-align: bottom; text-align: right;">
            <div style="font-family: Verdana,Geneva,sans-serif; font-size: 9pt; font-weight: bold;">15,828</div>
          </td>
          <td style="width: 12.5%; vertical-align: bottom; text-align: right;">
            <div style="font-family: Verdana,Geneva,sans-serif; font-size: 9pt;">15,676</div>
          </td>
        </tr>
        <tr>
          <td style="width: 46.43%; vertical-align: top;">
            <div style="text-align: left; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">Other charges (Note 20)</div>
          </td>
          <td style="width: 13.39%; vertical-align: bottom; text-align: right;">
            <div style="font-family: Verdana,Geneva,sans-serif; font-size: 9pt; font-weight: bold;">728</div>
          </td>
          <td style="width: 12.5%; vertical-align: bottom; text-align: right;">
            <div style="font-family: Verdana,Geneva,sans-serif; font-size: 9pt;">1,830</div>
          </td>
          <td style="width: 13.51%; vertical-align: bottom; text-align: right;">
            <div style="font-family: Verdana,Geneva,sans-serif; font-size: 9pt; font-weight: bold;">9,296</div>
          </td>
          <td style="width: 12.5%; vertical-align: bottom; text-align: right;">
            <div style="font-family: Verdana,Geneva,sans-serif; font-size: 9pt;">5,898</div>
          </td>
        </tr>
        <tr>
          <td style="width: 46.43%; vertical-align: top;">
            <div style="text-align: left; font-family: Verdana, Geneva, sans-serif; font-size: 9pt; font-weight: bold;">Adjusted EBITDA</div>
          </td>
          <td style="width: 13.39%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 2px double rgb(0, 0, 0); text-align: right;">
            <div style="font-family: Verdana,Geneva,sans-serif; font-size: 9pt; font-weight: bold;">85,489</div>
          </td>
          <td style="width: 12.5%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 2px double rgb(0, 0, 0); text-align: right;">
            <div style="font-family: Verdana,Geneva,sans-serif; font-size: 9pt;">72,079</div>
          </td>
          <td style="width: 13.51%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 2px double rgb(0, 0, 0); text-align: right;">
            <div style="font-family: Verdana,Geneva,sans-serif; font-size: 9pt; font-weight: bold;">240,831</div>
          </td>
          <td style="width: 12.5%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 2px double rgb(0, 0, 0); text-align: right;">
            <div style="font-family: Verdana,Geneva,sans-serif; font-size: 9pt;">209,691</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <div style="text-align: justify; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">Other segment items includes travel expenses, reseller fees, contractors, corporate cars, bad debt expense, occupancy, insurance, marketing, employee
      administrative costs, professional fees, board of director fees, foreign exchange gains and losses, and other expenses.</div>
    <div><br>
    </div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" class="BRPFPageBreakArea">
      <div class="BRPFPageNumberArea" style="text-align: center;"><font style="font-family: Verdana, Geneva, 'sans-serif'; font-size: 9pt; font-weight: normal; font-style: normal;">68</font></div>
      <div style="page-break-after: always;" class="BRPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div style="text-align: justify; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">The following tables provide our disaggregated revenue information by geographic location of customer and revenue type:</div>
    <div><br>
    </div>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="z5b13fffc75894f47a198d863bb6ce9ca">

        <tr>
          <td style="width: 46.25%; vertical-align: top;">&#160;</td>
          <td colspan="2" style="width: 26.85%; vertical-align: top; border-top: #000000 1px solid;">
            <div style="text-align: right; font-family: Verdana, Geneva, sans-serif; font-size: 9pt; font-weight: bold;">Three Months Ended</div>
          </td>
          <td style="width: 0.9%; vertical-align: top;">&#160;</td>
          <td colspan="2" style="width: 26.01%; vertical-align: top; border-top: #000000 1px solid;">
            <div style="text-align: right; font-family: Verdana, Geneva, sans-serif; font-size: 9pt; 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 1px solid;">
            <div style="text-align: right; font-family: Verdana, Geneva, sans-serif; font-size: 9pt; font-weight: bold;">October 31,</div>
          </td>
          <td style="width: 12.53%; vertical-align: top; border-top: #000000 1px solid;">
            <div style="text-align: right; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">October 31,</div>
          </td>
          <td rowspan="8" style="width: 0.9%; vertical-align: top;">&#160;</td>
          <td style="width: 13.43%; vertical-align: top; border-top: #000000 1px solid;">
            <div style="text-align: right; font-family: Verdana, Geneva, sans-serif; font-size: 9pt; font-weight: bold;">October 31,</div>
          </td>
          <td style="width: 12.58%; vertical-align: top; border-top: #000000 1px solid;">
            <div style="text-align: right; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">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 1px solid;">
            <div style="text-align: right; font-family: Verdana, Geneva, sans-serif; font-size: 9pt; font-weight: bold;">2025</div>
          </td>
          <td style="width: 12.53%; vertical-align: top; border-bottom: #000000 1px solid;">
            <div style="text-align: right; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">2024</div>
          </td>
          <td style="width: 13.43%; vertical-align: top; border-bottom: #000000 1px solid;">
            <div style="text-align: right; font-family: Verdana, Geneva, sans-serif; font-size: 9pt; font-weight: bold;">2025</div>
          </td>
          <td style="width: 12.58%; vertical-align: top; border-bottom: #000000 1px solid;">
            <div style="text-align: right; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">2024</div>
          </td>
        </tr>
        <tr>
          <td style="width: 46.25%; vertical-align: top;">
            <div style="text-align: left; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">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, Geneva, sans-serif; font-size: 9pt;">United States</div>
          </td>
          <td style="width: 14.32%; vertical-align: top;">
            <div style="text-align: right; font-family: Verdana, Geneva, sans-serif; font-size: 9pt; font-weight: bold;">129,233</div>
          </td>
          <td style="width: 12.53%; vertical-align: top;">
            <div style="text-align: right; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">114,405</div>
          </td>
          <td style="width: 13.43%; vertical-align: top;">
            <div style="text-align: right; font-family: Verdana, Geneva, sans-serif; font-size: 9pt; font-weight: bold;">364,195</div>
          </td>
          <td style="width: 12.58%; vertical-align: top;">
            <div style="text-align: right; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">325,601</div>
          </td>
        </tr>
        <tr>
          <td style="width: 46.25%; vertical-align: top;">
            <div style="text-align: left; margin-left: 7.5pt; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">Europe, Middle-East and Africa</div>
          </td>
          <td style="width: 14.32%; vertical-align: top;">
            <div style="text-align: right; font-family: Verdana, Geneva, sans-serif; font-size: 9pt; font-weight: bold;">42,724</div>
          </td>
          <td style="width: 12.53%; vertical-align: top;">
            <div style="text-align: right; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">39,825</div>
          </td>
          <td style="width: 13.43%; vertical-align: top;">
            <div style="text-align: right; font-family: Verdana, Geneva, sans-serif; font-size: 9pt; font-weight: bold;">125,449</div>
          </td>
          <td style="width: 12.58%; vertical-align: top;">
            <div style="text-align: right; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">113,385</div>
          </td>
        </tr>
        <tr>
          <td style="width: 46.25%; vertical-align: top;">
            <div style="text-align: left; margin-left: 7.5pt; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">Canada</div>
          </td>
          <td style="width: 14.32%; vertical-align: top;">
            <div style="text-align: right; font-family: Verdana, Geneva, sans-serif; font-size: 9pt; font-weight: bold;">10,596</div>
          </td>
          <td style="width: 12.53%; vertical-align: top;">
            <div style="text-align: right; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">9,575</div>
          </td>
          <td style="width: 13.43%; vertical-align: top;">
            <div style="text-align: right; font-family: Verdana, Geneva, sans-serif; font-size: 9pt; font-weight: bold;">31,264</div>
          </td>
          <td style="width: 12.58%; vertical-align: top;">
            <div style="text-align: right; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">29,935</div>
          </td>
        </tr>
        <tr>
          <td style="width: 46.25%; vertical-align: top;">
            <div style="text-align: left; margin-left: 7.5pt; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">Asia Pacific</div>
          </td>
          <td style="width: 14.32%; vertical-align: top; border-bottom: #000000 1px solid;">
            <div style="text-align: right; font-family: Verdana, Geneva, sans-serif; font-size: 9pt; font-weight: bold;">5,128</div>
          </td>
          <td style="width: 12.53%; vertical-align: top; border-bottom: #000000 1px solid;">
            <div style="text-align: right; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">4,951</div>
          </td>
          <td style="width: 13.43%; vertical-align: top; border-bottom: #000000 1px solid;">
            <div style="text-align: right; font-family: Verdana, Geneva, sans-serif; font-size: 9pt; font-weight: bold;">15,327</div>
          </td>
          <td style="width: 12.58%; vertical-align: top; border-bottom: #000000 1px solid;">
            <div style="text-align: right; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">14,608</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 1px solid; border-bottom: #000000 2px double;">
            <div style="text-align: right; font-family: Verdana, Geneva, sans-serif; font-size: 9pt; font-weight: bold;">187,681</div>
          </td>
          <td style="width: 12.53%; vertical-align: top; border-top: #000000 1px solid; border-bottom: #000000 2px double;">
            <div style="text-align: right; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">168,756</div>
          </td>
          <td style="width: 13.43%; vertical-align: top; border-top: #000000 1px solid; border-bottom: #000000 2px double;">
            <div style="text-align: right; font-family: Verdana, Geneva, sans-serif; font-size: 9pt; font-weight: bold;">536,235</div>
          </td>
          <td style="width: 12.58%; vertical-align: top; border-top: #000000 1px solid; border-bottom: #000000 2px double;">
            <div style="text-align: right; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">483,529</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="z76a89ada708a42d3a8c0388631fc2199">

        <tr>
          <td style="width: 46.25%; vertical-align: top;">&#160;</td>
          <td colspan="2" style="width: 26.85%; vertical-align: top; border-top: #000000 1px solid;">
            <div style="text-align: right; font-family: Verdana, Geneva, sans-serif; font-size: 9pt; font-weight: bold;">Three Months Ended</div>
          </td>
          <td style="width: 0.9%; vertical-align: top;">&#160;</td>
          <td colspan="2" style="width: 26.01%; vertical-align: top; border-top: #000000 1px solid;">
            <div style="text-align: right; font-family: Verdana, Geneva, sans-serif; font-size: 9pt; 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 1px solid;">
            <div style="text-align: right; font-family: Verdana, Geneva, sans-serif; font-size: 9pt; font-weight: bold;">October 31,</div>
          </td>
          <td style="width: 12.53%; vertical-align: top; border-top: #000000 1px solid;">
            <div style="text-align: right; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">October 31,</div>
          </td>
          <td rowspan="7" style="width: 0.9%; vertical-align: top;">&#160;</td>
          <td style="width: 13.43%; vertical-align: top; border-top: #000000 1px solid;">
            <div style="text-align: right; font-family: Verdana, Geneva, sans-serif; font-size: 9pt; font-weight: bold;">October 31,</div>
          </td>
          <td style="width: 12.58%; vertical-align: top; border-top: #000000 1px solid;">
            <div style="text-align: right; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">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 1px solid;">
            <div style="text-align: right; font-family: Verdana, Geneva, sans-serif; font-size: 9pt; font-weight: bold;">2025</div>
          </td>
          <td style="width: 12.53%; vertical-align: top; border-bottom: #000000 1px solid;">
            <div style="text-align: right; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">2024</div>
          </td>
          <td style="width: 13.43%; vertical-align: top; border-bottom: #000000 1px solid;">
            <div style="text-align: right; font-family: Verdana, Geneva, sans-serif; font-size: 9pt; font-weight: bold;">2025</div>
          </td>
          <td style="width: 12.58%; vertical-align: top; border-bottom: #000000 1px solid;">
            <div style="text-align: right; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">2024</div>
          </td>
        </tr>
        <tr>
          <td style="width: 46.25%; vertical-align: top;">
            <div style="text-align: left; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">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, Geneva, sans-serif; font-size: 9pt;">Services</div>
          </td>
          <td style="width: 14.32%; vertical-align: top;">
            <div style="text-align: right; font-family: Verdana, Geneva, sans-serif; font-size: 9pt; font-weight: bold;">173,740</div>
          </td>
          <td style="width: 12.53%; vertical-align: top;">
            <div style="text-align: right; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">149,675</div>
          </td>
          <td style="width: 13.43%; vertical-align: top;">
            <div style="text-align: right; font-family: Verdana, Geneva, sans-serif; font-size: 9pt; font-weight: bold;">497,119</div>
          </td>
          <td style="width: 12.58%; vertical-align: top;">
            <div style="text-align: right; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">433,754</div>
          </td>
        </tr>
        <tr>
          <td style="width: 46.25%; vertical-align: top;">
            <div style="text-align: left; margin-left: 7.5pt; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">Professional services and other</div>
          </td>
          <td style="width: 14.32%; vertical-align: top;">
            <div style="text-align: right; font-family: Verdana, Geneva, sans-serif; font-size: 9pt; font-weight: bold;">12,069</div>
          </td>
          <td style="width: 12.53%; vertical-align: top;">
            <div style="text-align: right; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">15,624</div>
          </td>
          <td style="width: 13.43%; vertical-align: top;">
            <div style="text-align: right; font-family: Verdana, Geneva, sans-serif; font-size: 9pt; font-weight: bold;">36,687</div>
          </td>
          <td style="width: 12.58%; vertical-align: top;">
            <div style="text-align: right; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">44,392</div>
          </td>
        </tr>
        <tr>
          <td style="width: 46.25%; vertical-align: top;">
            <div style="text-align: left; margin-left: 7.5pt; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">License</div>
          </td>
          <td style="width: 14.32%; vertical-align: top;">
            <div style="text-align: right; font-family: Verdana, Geneva, sans-serif; font-size: 9pt; font-weight: bold;">1,872</div>
          </td>
          <td style="width: 12.53%; vertical-align: top;">
            <div style="text-align: right; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">3,457</div>
          </td>
          <td style="width: 13.43%; vertical-align: top;">
            <div style="text-align: right; font-family: Verdana, Geneva, sans-serif; font-size: 9pt; font-weight: bold;">2,429</div>
          </td>
          <td style="width: 12.58%; vertical-align: top;">
            <div style="text-align: right; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">5,383</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 1px solid; border-bottom: #000000 2px double;">
            <div style="text-align: right; font-family: Verdana, Geneva, sans-serif; font-size: 9pt; font-weight: bold;">187,681</div>
          </td>
          <td style="width: 12.53%; vertical-align: top; border-top: #000000 1px solid; border-bottom: #000000 2px double;">
            <div style="text-align: right; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">168,756</div>
          </td>
          <td style="width: 13.43%; vertical-align: top; border-top: #000000 1px solid; border-bottom: #000000 2px double;">
            <div style="text-align: right; font-family: Verdana, Geneva, sans-serif; font-size: 9pt; font-weight: bold;">536,235</div>
          </td>
          <td style="width: 12.58%; vertical-align: top; border-top: #000000 1px solid; border-bottom: #000000 2px double;">
            <div style="text-align: right; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">483,529</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <div style="text-align: justify; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">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, Geneva, sans-serif; font-size: 9pt;">The following table provides information by geographic area of operation for our long-lived assets. Long-lived assets represent property and equipment and
      intangible assets that are attributed to geographic areas.</div>
    <div><br>
    </div>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="zcd6d6b957b034b749fd93fc93e4f48e3">

        <tr>
          <td style="width: 72.82%; vertical-align: top;">&#160;</td>
          <td style="width: 13.59%; vertical-align: top; border-top: #000000 1px solid;">
            <div style="text-align: right; text-indent: -3pt; margin-left: 3pt; font-family: Verdana, Geneva, sans-serif; font-size: 9pt; font-weight: bold;">October 31,</div>
          </td>
          <td style="width: 13.59%; vertical-align: top; border-top: #000000 1px solid;">
            <div style="text-align: right; text-indent: -3pt; margin-left: 3pt; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">January 31,</div>
          </td>
        </tr>
        <tr>
          <td style="width: 72.82%; vertical-align: top;">&#160;</td>
          <td style="width: 13.59%; vertical-align: top; border-bottom: #000000 1px solid;">
            <div style="text-align: right; text-indent: -3pt; margin-left: 3pt; font-family: Verdana, Geneva, sans-serif; font-size: 9pt; font-weight: bold;">2025</div>
          </td>
          <td style="width: 13.59%; vertical-align: top; border-bottom: #000000 1px solid;">
            <div style="text-align: right; text-indent: -3pt; margin-left: 3pt; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">2025</div>
          </td>
        </tr>
        <tr>
          <td style="width: 72.82%; vertical-align: top;">
            <div style="text-align: left; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">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, Geneva, sans-serif; font-size: 9pt;">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, Geneva, sans-serif; font-size: 9pt; font-weight: bold;">289,652</div>
          </td>
          <td style="width: 13.59%; vertical-align: top;">
            <div style="text-align: right; text-indent: -3pt; margin-left: 3pt; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">246,048</div>
          </td>
        </tr>
        <tr>
          <td style="width: 72.82%; vertical-align: top;">
            <div style="text-align: left; margin-left: 7.5pt; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">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, Geneva, sans-serif; font-size: 9pt; font-weight: bold;">45,899</div>
          </td>
          <td style="width: 13.59%; vertical-align: top;">
            <div style="text-align: right; text-indent: -3pt; margin-left: 3pt; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">49,737</div>
          </td>
        </tr>
        <tr>
          <td style="width: 72.82%; vertical-align: top;">
            <div style="text-align: left; margin-left: 7.5pt; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">Canada</div>
          </td>
          <td style="width: 13.59%; vertical-align: top;">
            <div style="text-align: right; text-indent: -3pt; margin-left: 3pt; font-family: Verdana, Geneva, sans-serif; font-size: 9pt; font-weight: bold;">22,238</div>
          </td>
          <td style="width: 13.59%; vertical-align: top;">
            <div style="text-align: right; text-indent: -3pt; margin-left: 3pt; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">31,007</div>
          </td>
        </tr>
        <tr>
          <td style="width: 72.82%; vertical-align: top;">
            <div style="text-align: left; margin-left: 7.5pt; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">Asia Pacific</div>
          </td>
          <td style="width: 13.59%; vertical-align: top;">
            <div style="text-align: right; text-indent: -3pt; margin-left: 3pt; font-family: Verdana, Geneva, sans-serif; font-size: 9pt; font-weight: bold;">5,758</div>
          </td>
          <td style="width: 13.59%; vertical-align: top;">
            <div style="text-align: right; text-indent: -3pt; margin-left: 3pt; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">6,959</div>
          </td>
        </tr>
        <tr>
          <td style="width: 72.82%; vertical-align: top;">&#160;</td>
          <td style="width: 13.59%; vertical-align: top; border-top: #000000 1px solid; border-bottom: #000000 2px double;">
            <div style="text-align: right; text-indent: -3pt; margin-left: 3pt; font-family: Verdana, Geneva, sans-serif; font-size: 9pt; font-weight: bold;">363,547</div>
          </td>
          <td style="width: 13.59%; vertical-align: top; border-top: #000000 1px solid; border-bottom: #000000 2px double;">
            <div style="text-align: right; text-indent: -3pt; margin-left: 3pt; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">333,751</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" class="BRPFPageBreakArea">
      <div class="BRPFPageNumberArea" style="text-align: center;"><font style="font-family: Verdana, Geneva, 'sans-serif'; font-size: 9pt; font-weight: normal; font-style: normal;">69</font></div>
      <div style="page-break-after: always;" class="BRPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div>
      <div>
        <hr align="left" noshade="noshade" style="height: 1px; width: 100%; color: #000000; background-color: #000000; text-align: left; margin-left: 0px; margin-right: auto; border: none;"> </div>
    </div>
    <div style="text-align: left; font-family: Verdana,Geneva,sans-serif; font-size: 10pt; font-variant: small-caps; font-weight: bold;"> <br>
    </div>
    <div style="text-align: left; font-family: Verdana,Geneva,sans-serif; font-size: 10pt; font-variant: small-caps; font-weight: bold;">Corporate Information</div>
    <div style="text-align: left; font-family: Verdana,Geneva,sans-serif; font-size: 10pt; font-variant: small-caps; font-weight: bold;"> <br>
    </div>
    <div>
      <div>
        <hr align="left" noshade="noshade" style="height: 1px; width: 100%; color: #000000; background-color: #000000; text-align: left; margin-left: 0px; margin-right: auto; border: none;"> </div>
    </div>
    <div><br>
    </div>
    <div style="text-align: left; font-family: Verdana, Geneva, sans-serif; font-size: 9pt; font-weight: bold;">Stock Exchange Information</div>
    <div style="text-align: justify; margin-right: 216pt; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">Our common stock trades on the Toronto Stock Exchange under the symbol DSG and on The Nasdaq Stock Market under the symbol DSGX.</div>
    <div><br>
    </div>
    <div style="text-align: left; font-family: Verdana, Geneva, sans-serif; font-size: 9pt; font-weight: bold;">Transfer Agents</div>
    <table cellspacing="0" cellpadding="0" border="0" style="font-family: 'Times New Roman',Times,serif; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: rgb(0, 0, 0);" id="za22b4bb32178434c9a280bf5cfed6ab2">

        <tr>
          <td style="width: 45%; vertical-align: top;">
            <div style="text-align: left; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">Computershare Investor Services Inc.</div>
          </td>
          <td style="width: 55%; vertical-align: top;">
            <div style="text-align: left; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">Computershare Trust Company</div>
          </td>
        </tr>
        <tr>
          <td style="width: 45%; vertical-align: top;">
            <div style="text-align: left; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">100 University Avenue</div>
          </td>
          <td style="width: 55%; vertical-align: top;">
            <div style="text-align: left; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">12039 West Alameda Parkway</div>
          </td>
        </tr>
        <tr>
          <td style="width: 45%; vertical-align: top;">
            <div style="text-align: left; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">Toronto, Ontario M5J 2Y1</div>
          </td>
          <td style="width: 55%; vertical-align: top;">
            <div style="text-align: left; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">Suite Z-2 Lakewood, Colorado</div>
          </td>
        </tr>
        <tr>
          <td style="width: 45%; vertical-align: top;">
            <div style="text-align: left; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">North America: (800) 663-9097</div>
          </td>
          <td style="width: 55%; vertical-align: top;">
            <div style="text-align: left; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">80228 USA</div>
          </td>
        </tr>
        <tr>
          <td style="width: 45%; vertical-align: top;">
            <div style="text-align: left; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">Phone: (416) 263-9200</div>
          </td>
          <td style="width: 55%; vertical-align: top;">
            <div style="text-align: left; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">Phone: (303) 262-0600</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <div><br>
    </div>
    <div style="text-align: left; font-family: Verdana, Geneva, sans-serif; font-size: 9pt; font-weight: bold;">Independent Registered Public Accounting Firm</div>
    <div style="text-align: left; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">KPMG LLP</div>
    <div style="text-align: left; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">Vaughan Metropolitan Centre</div>
    <div style="text-align: left; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">100 New Park Place</div>
    <div style="text-align: left; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">Suite 1400</div>
    <div style="text-align: left; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">Vaughan, Ontario L4K 0J3</div>
    <div style="text-align: left; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">Phone: (416) 777-8500</div>
    <div><br>
    </div>
    <div><br>
    </div>
    <div style="text-align: left; font-family: Verdana, Geneva, sans-serif; font-size: 9pt; font-weight: bold;">Investor Inquiries</div>
    <div style="text-align: left; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">Investor Relations</div>
    <div style="text-align: left; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">The Descartes Systems Group Inc.</div>
    <div style="text-align: left; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">120 Randall Drive</div>
    <div style="text-align: left; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">Waterloo, Ontario N2V 1C6</div>
    <div style="text-align: left; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">Phone: (519) 746-2969</div>
    <div style="text-align: left; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">Toll Free: (800) 419-8495</div>
    <div style="text-align: left; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">E-mail: investor@descartes.com</div>
    <div style="text-align: left; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;"><u>www.descartes.com</u></div>
    <div><br>
    </div>
    <div><br>
    </div>
    <div style="text-align: left; font-family: Verdana, Geneva, sans-serif; font-size: 9pt; font-weight: bold;">The Descartes Systems Group Inc.</div>
    <div style="text-align: left; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">Corporate Headquarters</div>
    <div style="text-align: left; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">120 Randall Drive</div>
    <div style="text-align: left; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">Waterloo, Ontario N2V 1C6</div>
    <div style="text-align: left; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">Canada</div>
    <table cellspacing="0" cellpadding="0" border="0" style="font-family: 'Times New Roman',Times,serif; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: rgb(0, 0, 0);" id="zdf4f8eb779894c2fb64f5b5f55ceb44b">

        <tr>
          <td style="width: 40pt; vertical-align: top;">
            <div style="text-align: left; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">Phone:</div>
          </td>
          <td style="width: auto; vertical-align: top;">
            <div style="text-align: left; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">(519) 746-8110</div>
          </td>
        </tr>
        <tr>
          <td style="width: 40pt; vertical-align: top;">&#160;</td>
          <td style="width: auto; vertical-align: top;">
            <div style="text-align: left; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">(800) 419-8495</div>
          </td>
        </tr>
        <tr>
          <td style="width: 40pt; vertical-align: top;">
            <div style="text-align: left; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">Fax:</div>
          </td>
          <td style="width: auto; vertical-align: top;">
            <div style="text-align: left; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">(519) 747-0082</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <div style="text-align: left; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;">info@descartes.com</div>
    <div style="text-align: left; font-family: Verdana, Geneva, sans-serif; font-size: 9pt;"><u>www.descartes.com</u></div>
    <div><br>
    </div>
    <div><br>
    </div>
    <div><br>
    </div>
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<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>3
<FILENAME>exhibit99-2.htm
<DESCRIPTION>PRESS RELEASE ISSUED DECEMBER 3, 2025
<TEXT>
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  <div style="text-align: right; font-weight: bold;">Exhibit 99.2<br>
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  <div style="margin: 12pt 0px 0px; color: rgb(19, 65, 105); font-family: Verdana,Geneva,'sans-serif'; font-size: 22pt; text-align: left;">Press Release</div>
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  <div style="text-align: left; color: #134169; font-family: 'Calibri Light', sans-serif; font-size: 13pt; font-weight: bold;">Descartes Announces Fiscal 2026 Third Quarter Financial Results</div>
  <div>&#160;</div>
  <div style="text-align: left; color: #134169; font-family: 'Calibri Light', sans-serif; font-size: 11pt; font-weight: bold;">Record Revenues and Income from Operations; Application Filed to Commence Normal Course Issuer Bid; CFO Transition Plan Outlined
    for Next Fiscal Year</div>
  <div>&#160;</div>
  <div style="text-align: left; color: #4D4D4D; font-family: 'Calibri Light', sans-serif; font-size: 9pt;"><font style="font-size: 9pt; font-family: 'Calibri Light', sans-serif; font-weight: bold;">WATERLOO, Ontario and ATLANTA, Georgia, December 3, 2025
      (GLOBE NEWSWIRE)</font> &#8211; The Descartes Systems Group Inc. (TSX:DSG) (Nasdaq:DSGX) announced its financial results for its fiscal 2026 third quarter (<font style="font-size: 9pt; font-family: 'Calibri Light', sans-serif; font-weight: bold;">Q3FY26</font>).






    All financial results referenced are in United States (<font style="font-size: 9pt; font-family: 'Calibri Light', sans-serif; font-weight: bold;">US</font>) currency and, unless otherwise indicated, are determined in accordance with US Generally
    Accepted Accounting Principles (<font style="font-size: 9pt; font-family: 'Calibri Light', sans-serif; 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: 9pt;">"Our business performed ahead of our plans in Q3FY26, as we continue to add more solutions and content to our Global Logistics Network," said Edward
    J. Ryan, Descartes' CEO. "Our customers have faced continued tariff volatility, and heightened levels of changes to sanctioned and restricted trading parties. This uncertainty has contributed to forecasting, planning and execution challenges for
    shippers, carriers and logistics services providers alike. The global logistics community continues to rely on Descartes' Global Logistics Network for timely, accurate and reliable data and solutions to help them manage the lifecycle of shipments in
    increasingly complex market conditions."</div>
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  <div style="text-align: left; color: #4D4D4D; font-family: 'Calibri Light', sans-serif; font-size: 9pt; font-weight: bold;">Q3FY26 Financial Results</div>
  <div style="text-align: left; color: #4D4D4D; font-family: 'Calibri Light', sans-serif; font-size: 9pt;">As described in more detail below, key financial highlights for Descartes&#8217; Q3FY26 included:</div>
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        <td style="width: 18pt; vertical-align: top; color: #4D4D4D; font-family: 'Calibri Light', sans-serif; font-size: 9pt;">&#8226;</td>
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          <div style="color: #4D4D4D; font-family: 'Calibri Light', sans-serif; font-size: 9pt;">Revenues of $187.7 million, up 11% from $168.8 million in the third quarter of fiscal 2025 (<font style="font-size: 9pt; font-family: 'Calibri Light', sans-serif; font-weight: bold;">Q3FY25</font>) and up 4% from $179.8 million in the previous quarter (<font style="font-size: 9pt; font-family: 'Calibri Light', sans-serif; font-weight: bold;">Q2FY26</font>);</div>
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        <td style="width: 18pt; vertical-align: top; color: #4D4D4D; font-family: 'Calibri Light', sans-serif; font-size: 9pt;">&#8226;</td>
        <td style="width: auto; vertical-align: top; text-align: left;">
          <div style="color: #4D4D4D; font-family: 'Calibri Light', sans-serif; font-size: 9pt;">Revenues were comprised of services revenues of $173.7 million (93% of total revenues), professional services and other revenues of $12.1 million (6% of total
            revenues) and license revenues of $1.9 million (1% of total revenues). Services revenues were up 16% from $149.7 million in Q3FY25 and up 4% from $166.8 million in Q2FY26;</div>
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          <div style="color: #4D4D4D; font-family: 'Calibri Light', sans-serif; font-size: 9pt;">Cash provided by operating activities of $73.4 million, up 22% from $60.1 million in Q3FY25 and up 16% from $63.3 million in Q2FY26;</div>
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        <td style="width: 18pt; vertical-align: top; color: #4D4D4D; font-family: 'Calibri Light', sans-serif; font-size: 9pt;">&#8226;</td>
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          <div style="color: #4D4D4D; font-family: 'Calibri Light', sans-serif; font-size: 9pt;">Income from operations of $56.6 million, up 24% from $45.8 million in Q3FY25 and up 17% from $48.2 million in Q2FY26;</div>
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          <div style="color: #4D4D4D; font-family: 'Calibri Light', sans-serif; font-size: 9pt;">Net income of $43.9 million, up 20% from $36.6 million in Q3FY25 and up 16% from $38.0 million in Q2FY26.&#160; Net income as a percentage of revenue was 23%,
            compared to 22% in Q3FY25 and 21% in Q2FY26;</div>
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          <div style="color: #4D4D4D; font-family: 'Calibri Light', sans-serif; font-size: 9pt;">Earnings per share on a diluted basis of $0.50, up 19% from $0.42 in Q3FY25 and up 16% from $0.43 in Q2FY26, respectively; and</div>
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          <div style="color: #4D4D4D; font-family: 'Calibri Light', sans-serif; font-size: 9pt;">Adjusted EBITDA of $85.5 million, up 19% from $72.1 million in Q3FY25 and up 7% from $80.2 million in Q2FY26. Adjusted EBITDA as a percentage of revenues was
            46%, compared to 43% and 45% in Q3FY25 and Q2FY26, respectively.</div>
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              <div style="font-family: Verdana,Geneva,'sans-serif'; font-size: 7pt;">&#160;
                <div><font style="color: rgb(77, 77, 77);">The Descartes Systems Group Inc. </font><font style="color: rgb(85, 85, 85);">| </font>info@descartes.com<font style="color: rgb(85, 85, 85);"> | </font>www.descartes.com<font style="color: rgb(85, 85, 85);"> | &#169; All rights reserved</font></div>
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              <div style="font-family: Verdana,Geneva,'sans-serif'; font-size: 7pt;">&#160;1</div>
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            <div>&#160;</div>
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    <div>
      <div style="text-align: left; color: #4D4D4D; font-family: 'Calibri Light', sans-serif; font-size: 9pt;">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>
    </div>
    <div><br>
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    <div style="text-align: left; color: #4D4D4D; font-family: 'Calibri Light', sans-serif; font-size: 9pt;">The following table summarizes Descartes' results in the categories specified below over the past 5 fiscal quarters (unaudited; dollar amounts,
      other than per share amounts, in millions):</div>
    <div><br>
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    <table align="center" cellspacing="0" cellpadding="0" border="0" id="z3e47868678104f93abdaf5c93a74bc00" style="border-collapse: collapse; width: 80%; color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">

        <tr>
          <td style="width: 40.53%; vertical-align: top;">&#160;</td>
          <td style="width: 11.84%; vertical-align: top; border-top: #000000 1px solid; border-bottom: #000000 1px solid;">
            <div style="text-align: right; color: #4D4D4D; font-family: 'Calibri Light', sans-serif; font-size: 9pt; font-weight: bold;">Q3</div>
            <div style="text-align: right; color: #4D4D4D; font-family: 'Calibri Light', sans-serif; font-size: 9pt; font-weight: bold;">FY26</div>
          </td>
          <td style="width: 11.84%; vertical-align: top; border-top: #000000 1px solid; border-bottom: #000000 1px solid;">
            <div style="text-align: right; color: #4D4D4D; font-family: 'Calibri Light', sans-serif; font-size: 9pt;">Q2</div>
            <div style="text-align: right; color: #4D4D4D; font-family: 'Calibri Light', sans-serif; font-size: 9pt;">FY26</div>
          </td>
          <td style="width: 11.84%; vertical-align: top; border-top: #000000 1px solid; border-bottom: #000000 1px solid;">
            <div style="text-align: right; color: #4D4D4D; font-family: 'Calibri Light', sans-serif; font-size: 9pt;">Q1</div>
            <div style="text-align: right; color: #4D4D4D; font-family: 'Calibri Light', sans-serif; font-size: 9pt;">FY26</div>
          </td>
          <td style="width: 11.97%; vertical-align: top; border-top: #000000 1px solid; border-bottom: #000000 1px solid;">
            <div style="text-align: right; color: #4D4D4D; font-family: 'Calibri Light', sans-serif; font-size: 9pt;">Q4</div>
            <div style="text-align: right; color: #4D4D4D; font-family: 'Calibri Light', sans-serif; font-size: 9pt;">FY25</div>
          </td>
          <td style="width: 11.97%; vertical-align: top; border-top: #000000 1px solid; border-bottom: #000000 1px solid;">
            <div style="text-align: right; color: #4D4D4D; font-family: 'Calibri Light', sans-serif; font-size: 9pt;">Q3</div>
            <div style="text-align: right; color: #4D4D4D; font-family: 'Calibri Light', sans-serif; font-size: 9pt;">FY25</div>
          </td>
        </tr>
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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: 9pt;">Revenues</div>
          </td>
          <td style="width: 11.84%; vertical-align: top; border-top: #000000 1px solid;">
            <div style="text-align: right; color: #4D4D4D; font-family: 'Calibri Light', sans-serif; font-size: 9pt; font-weight: bold;">187.7</div>
          </td>
          <td style="width: 11.84%; vertical-align: top; border-top: #000000 1px solid;">
            <div style="text-align: right; color: #4D4D4D; font-family: 'Calibri Light', sans-serif; font-size: 9pt;">179.8</div>
          </td>
          <td style="width: 11.84%; vertical-align: top; border-top: #000000 1px solid;">
            <div style="text-align: right; color: #4D4D4D; font-family: 'Calibri Light', sans-serif; font-size: 9pt;">168.7</div>
          </td>
          <td style="width: 11.97%; vertical-align: top; border-top: #000000 1px solid;">
            <div style="text-align: right; color: #4D4D4D; font-family: 'Calibri Light', sans-serif; font-size: 9pt;">167.5</div>
          </td>
          <td style="width: 11.97%; vertical-align: top; border-top: #000000 1px solid;">
            <div style="text-align: right; color: #4D4D4D; font-family: 'Calibri Light', sans-serif; font-size: 9pt;">168.8</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: 9pt;">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: 9pt; font-weight: bold;">173.7</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: 9pt;">166.8</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: 9pt;">156.6</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: 9pt;">156.5</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: 9pt;">149.7</div>
          </td>
        </tr>
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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: 9pt;">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: 9pt; font-weight: bold;">77%</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: 9pt;">77%</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: 9pt;">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: 9pt;">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: 9pt;">74%</div>
          </td>
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        <tr>
          <td style="width: 40.53%; vertical-align: top;">
            <div style="text-align: left; color: #4D4D4D; font-family: 'Calibri Light', sans-serif; font-size: 9pt;">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: 9pt; font-weight: bold;">73.4</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: 9pt;">63.3</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: 9pt;">53.6</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: 9pt;">60.7</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: 9pt;">60.1</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: 9pt;">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: 9pt; font-weight: bold;">56.6</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: 9pt;">48.2</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: 9pt;">46.2</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: 9pt;">47.1</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: 9pt;">45.8</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: 9pt;">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: 9pt; font-weight: bold;">43.9</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: 9pt;">38.0</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: 9pt;">36.2</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: 9pt;">37.4</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: 9pt;">36.6</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: 9pt;">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: 9pt; font-weight: bold;">23%</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: 9pt;">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: 9pt;">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: 9pt;">22%</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: 9pt;">22%</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: 9pt;">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: 9pt; font-weight: bold;">0.50</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: 9pt;">0.43</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: 9pt;">0.41</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: 9pt;">0.43</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: 9pt;">0.42</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: 9pt;">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: 9pt; font-weight: bold;">85.5</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: 9pt;">80.2</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: 9pt;">75.1</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: 9pt;">75.0</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: 9pt;">72.1</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: 9pt;">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: 9pt; font-weight: bold;">46%</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: 9pt;">45%</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: 9pt;">45%</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: 9pt;">45%</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: 9pt;">43%</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <div style="text-align: left; color: #4D4D4D; font-family: 'Calibri Light', sans-serif; font-size: 9pt; font-weight: bold;">Year-to-Date Financial Results</div>
    <div style="text-align: left; color: #4D4D4D; font-family: 'Calibri Light', sans-serif; font-size: 9pt;">As described in more detail below, key financial highlights for Descartes&#8217; nine-month period ended October 31, 2025 (<font style="font-size: 9pt; font-family: 'Calibri Light', sans-serif; font-weight: bold;">9MFY26</font>) included:</div>
    <table cellspacing="0" cellpadding="0" id="z91ca297781ce41b5886dbc94782400bd" 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; vertical-align: top; color: #4D4D4D; font-family: 'Calibri Light', sans-serif; font-size: 9pt;">&#8226;</td>
          <td style="width: auto; vertical-align: top; text-align: left;">
            <div style="color: #4D4D4D; font-family: 'Calibri Light', sans-serif; font-size: 9pt;">Revenues of $536.2 million, up 11% from $483.5 million in the same period a year ago (<font style="font-size: 9pt; font-family: 'Calibri Light', sans-serif; font-weight: bold;">9MFY25</font>);</div>
          </td>
        </tr>

    </table>
    <table cellspacing="0" cellpadding="0" id="zd373243585614d44af0fd193143289b9" 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; color: #4D4D4D; font-family: 'Calibri Light', sans-serif; font-size: 9pt;">&#8226;</td>
          <td style="width: auto; vertical-align: top; text-align: left;">
            <div style="color: #4D4D4D; font-family: 'Calibri Light', sans-serif; font-size: 9pt;">Revenues were comprised of services revenues of $497.1 million (93% of total revenues), professional services and other revenues of $36.7 million (7% of
              total revenues) and license revenues of $2.4 million (less than 1% of total revenues). Services revenues were up 15% from $433.7 million in 9MFY25;</div>
          </td>
        </tr>

    </table>
    <table cellspacing="0" cellpadding="0" id="z210543b1962545798f2f09885f598ea5" 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: 'Calibri Light', sans-serif; font-size: 9pt;">&#8226;</td>
          <td style="width: auto; vertical-align: top; text-align: left;">
            <div style="color: #4D4D4D; font-family: 'Calibri Light', sans-serif; font-size: 9pt;">Cash provided by operating activities of $190.3 million, up 20% from $158.5 million in 9MFY25. Cash provided by operating activities was impacted by the
              following: (i) in 9MFY26 by the payment of $6.0 million in personnel departure amounts; and (ii) 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>
          </td>
        </tr>

    </table>
    <table cellspacing="0" cellpadding="0" id="z6950d9d18ce74cb696e3f68f6c31c29b" 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: 'Calibri Light', sans-serif; font-size: 9pt;">&#8226;</td>
          <td style="width: auto; vertical-align: top; text-align: left;">
            <div style="color: #4D4D4D; font-family: 'Calibri Light', sans-serif; font-size: 9pt;">Income from operations of $151.0 million, up 13% from $134.0 million in 9MFY25;</div>
          </td>
        </tr>

    </table>
    <table cellspacing="0" cellpadding="0" id="z6d73a741af8a4bcebba7b71518b6c3d6" 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: 17.85pt;"><br>
          </td>
          <td style="width: 17.85pt; vertical-align: top; color: #4D4D4D; font-family: 'Calibri Light', sans-serif; font-size: 9pt;">&#8226;</td>
          <td style="width: auto; vertical-align: top; text-align: left;">
            <div style="color: #4D4D4D; font-family: 'Calibri Light', sans-serif; font-size: 9pt;">Net income of $118.2 million, up 12% from $105.9 million in 9MFY25. Net income as a percentage of revenues was 22%, consistent with 9MFY25;</div>
          </td>
        </tr>

    </table>
    <div>&#160;</div>
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  <div style="font-family: Verdana,Geneva,'sans-serif'; font-size: 10pt;">&#160;
    <div><br>
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                <div style="font-family: Verdana,Geneva,'sans-serif'; font-size: 7pt;">&#160;
                  <div><font style="color: rgb(77, 77, 77);">The Descartes Systems Group Inc. </font><font style="color: rgb(85, 85, 85);">| </font>info@descartes.com<font style="color: rgb(85, 85, 85);"> | </font>www.descartes.com<font style="color: rgb(85, 85, 85);"> | &#169; All rights reserved</font></div>
                </div>
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                <div style="font-family: Verdana,Geneva,'sans-serif'; font-size: 7pt;">&#160;2</div>
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              <div>&#160;</div>
            </td>
            <td style="background-color: #134169; width: 50%;">
              <div style="text-align: right;"><img src="descartes_logo.jpg">&#160; </div>
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              <div>&#160;</div>
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  <div>
    <table cellspacing="0" cellpadding="0" id="z0d9632bdbb5d4840b1785209ed9d7e1f" 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: 17.85pt;"><br>
          </td>
          <td style="width: 17.85pt; vertical-align: top; color: #4D4D4D; font-family: 'Calibri Light', sans-serif; font-size: 9pt;">&#8226;</td>
          <td style="width: auto; vertical-align: top; text-align: left;">
            <div style="color: #4D4D4D; font-family: 'Calibri Light', sans-serif; font-size: 9pt;">Earnings per share on a diluted basis of $1.35, up 12% from $1.21 in 9MFY25; and</div>
          </td>
        </tr>

    </table>
    <table cellspacing="0" cellpadding="0" id="zde72dcf7cbaa40beb03101231f091d41" 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>
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          <td style="width: 18pt; vertical-align: top; color: #4D4D4D; font-family: 'Calibri Light', sans-serif; font-size: 9pt;">&#8226;</td>
          <td style="width: auto; vertical-align: top; text-align: left;">
            <div style="color: #4D4D4D; font-family: 'Calibri Light', sans-serif; font-size: 9pt;">Adjusted EBITDA of $240.8 million, up 15% from $209.7 million in 9MFY25. Adjusted EBITDA as a percentage of revenues was 45%, compared with 43% in 9MFY25.</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <div style="text-align: left; color: #4D4D4D; font-family: 'Calibri Light', sans-serif; font-size: 9pt;">The following table summarizes Descartes&#8217; results in the categories specified below over 9MFY26 and 9MFY25 (unaudited, dollar amounts in millions):</div>
    <div><br>
    </div>
    <table align="center" cellspacing="0" cellpadding="0" border="0" id="z879c7d12ab0b437393d40c01fef09316" 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 1px solid; border-bottom: #000000 1px solid;">
            <div style="text-align: right; color: #4D4D4D; font-family: 'Calibri Light', sans-serif; font-size: 9pt; font-weight: bold;">9MFY26</div>
          </td>
          <td style="width: 17.57%; vertical-align: top; border-top: #000000 1px solid; border-bottom: #000000 1px solid;">
            <div style="text-align: right; color: #4D4D4D; font-family: 'Calibri Light', sans-serif; font-size: 9pt;">9MFY25</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: 9pt;">Revenues</div>
          </td>
          <td style="width: 18.62%; vertical-align: top; border-top: #000000 1px solid;">
            <div style="text-align: right; color: #4D4D4D; font-family: 'Calibri Light', sans-serif; font-size: 9pt; font-weight: bold;">536.2</div>
          </td>
          <td style="width: 17.57%; vertical-align: top; border-top: #000000 1px solid;">
            <div style="text-align: right; color: #4D4D4D; font-family: 'Calibri Light', sans-serif; font-size: 9pt;">483.5</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: 9pt;">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: 9pt; font-weight: bold;">497.1</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: 9pt;">433.7</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: 9pt;">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: 9pt; font-weight: bold;">77%</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: 9pt;">75%</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: 9pt;">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: 9pt; font-weight: bold;">190.3</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: 9pt;">158.5</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: 9pt;">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: 9pt; font-weight: bold;">151.0</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: 9pt;">134.0</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: 9pt;">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: 9pt; font-weight: bold;">118.2</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: 9pt;">105.9</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: 9pt;">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: 9pt; 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: 9pt;">22%</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: 9pt;">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: 9pt; font-weight: bold;">1.35</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: 9pt;">1.21</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: 9pt;">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: 9pt; font-weight: bold;">240.8</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: 9pt;">209.7</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: 9pt;">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: 9pt; font-weight: bold;">45%</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: 9pt;">43%</div>
          </td>
        </tr>

    </table>
    <div style="text-align: left; margin-left: 36pt; color: #4D4D4D; font-family: 'Calibri Light', sans-serif; font-size: 9pt;"><font style="font-size: 9pt; font-family: 'Calibri Light', sans-serif; font-weight: bold;">* </font>Cash provided by operating
      activities was impacted by the following: (i) in 9MFY26 by the payment of $6.0 million in personnel departure amounts; and (ii) 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>
    <div><br>
    </div>
    <div style="text-align: left; color: #4D4D4D; font-family: 'Calibri Light', sans-serif; font-size: 9pt; font-weight: bold;">Cash Position</div>
    <div style="text-align: left; color: #4D4D4D; font-family: 'Calibri Light', sans-serif; font-size: 9pt;">At October 31, 2025, Descartes had $278.8 million in cash. Cash increased by $38.2 million in Q3FY26 and $42.7 million in 9MFY26. The table set
      forth below provides a summary of cash flows for Q3FY26 and 9MFY26 in millions of dollars:</div>
    <div><br>
    </div>
    <table cellspacing="0" cellpadding="0" id="z8be7fedbb0914a71895f17b6aa389fc2" 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 1px solid; border-bottom: #000000 1px solid;">
            <div style="text-align: right; color: #4D4D4D; font-family: 'Calibri Light', sans-serif; font-size: 9pt; font-weight: bold;">&#160;&#160;&#160;&#160;&#160;&#160;Q3FY26</div>
          </td>
          <td style="width: 16.26%; vertical-align: top; border-top: #000000 1px solid; border-bottom: #000000 1px solid;">
            <div style="text-align: right; color: #4D4D4D; font-family: 'Calibri Light', sans-serif; font-size: 9pt; font-weight: bold;">9MFY26</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: 9pt;">Cash provided by operating activities</div>
          </td>
          <td style="width: 16.26%; vertical-align: bottom; border-top: #000000 1px solid;">
            <div style="text-align: right; color: #4D4D4D; font-family: 'Calibri Light', sans-serif; font-size: 9pt; font-weight: bold;">73.4</div>
          </td>
          <td style="width: 16.26%; vertical-align: bottom; border-top: #000000 1px solid;">
            <div style="text-align: right; color: #4D4D4D; font-family: 'Calibri Light', sans-serif; font-size: 9pt; font-weight: bold;">190.3</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: 9pt;">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: 9pt; font-weight: bold;">(1.2)</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: 9pt; font-weight: bold;">(4.3)</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: 9pt;">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: 9pt; font-weight: bold;">(37.0)</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: 9pt; font-weight: bold;">(151.6)</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: 9pt;">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: 9pt; font-weight: bold;">2.9</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: 9pt; font-weight: bold;">11.3</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: 9pt;">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: 9pt; 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: 9pt; font-weight: bold;">(6.5)</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: 9pt;">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: 9pt; 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: 9pt; font-weight: bold;">(1.2)</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: 9pt;">Effect of foreign exchange rate on cash</div>
          </td>
          <td style="width: 16.26%; vertical-align: bottom; border-bottom: #000000 1px solid;">
            <div style="text-align: right; color: #4D4D4D; font-family: 'Calibri Light', sans-serif; font-size: 9pt; font-weight: bold;">0.1</div>
          </td>
          <td style="width: 16.26%; vertical-align: bottom; border-bottom: #000000 1px solid;">
            <div style="text-align: right; color: #4D4D4D; font-family: 'Calibri Light', sans-serif; font-size: 9pt; 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: 9pt;">Net change in cash</div>
          </td>
          <td style="width: 16.26%; vertical-align: bottom; border-top: #000000 1px solid;">
            <div style="text-align: right; color: #4D4D4D; font-family: 'Calibri Light', sans-serif; font-size: 9pt; font-weight: bold;">38.2</div>
          </td>
          <td style="width: 16.26%; vertical-align: bottom; border-top: #000000 1px solid;">
            <div style="text-align: right; color: #4D4D4D; font-family: 'Calibri Light', sans-serif; font-size: 9pt; font-weight: bold;">42.7</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: 9pt;">Cash, beginning of period</div>
          </td>
          <td style="width: 16.26%; vertical-align: bottom; border-bottom: #000000 1px solid;">
            <div style="text-align: right; color: #4D4D4D; font-family: 'Calibri Light', sans-serif; font-size: 9pt; font-weight: bold;">240.6</div>
          </td>
          <td style="width: 16.26%; vertical-align: bottom; border-bottom: #000000 1px solid;">
            <div style="text-align: right; color: #4D4D4D; font-family: 'Calibri Light', sans-serif; font-size: 9pt; font-weight: bold;">236.1</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: 9pt;">Cash, end of period</div>
          </td>
          <td style="width: 16.26%; vertical-align: bottom; border-top: #000000 1px solid; border-bottom: #000000 2px double;">
            <div style="text-align: right; color: #4D4D4D; font-family: 'Calibri Light', sans-serif; font-size: 9pt; font-weight: bold;">278.8</div>
          </td>
          <td style="width: 16.26%; vertical-align: bottom; border-top: #000000 1px solid; border-bottom: #000000 2px double;">
            <div style="text-align: right; color: #4D4D4D; font-family: 'Calibri Light', sans-serif; font-size: 9pt; font-weight: bold;">278.8</div>
          </td>
        </tr>

    </table>
  </div>
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    <div><br>
    </div>
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              <td style="border-top: 1px solid #00B0F0; vertical-align: bottom; width: auto; text-align: left;">
                <div style="font-family: Verdana,Geneva,'sans-serif'; font-size: 7pt;">&#160;
                  <div><font style="color: rgb(77, 77, 77);">The Descartes Systems Group Inc. </font><font style="color: rgb(85, 85, 85);">| </font>info@descartes.com<font style="color: rgb(85, 85, 85);"> | </font>www.descartes.com<font style="color: rgb(85, 85, 85);"> | &#169; All rights reserved</font></div>
                </div>
              </td>
              <td style="border-top: 1px solid #00B0F0; vertical-align: bottom; width: 50pt; text-align: center;">
                <div style="font-family: Verdana,Geneva,'sans-serif'; font-size: 7pt;">&#160;3</div>
              </td>
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        </table>
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      <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <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>&#160;</div>
            </td>
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              <div>&#160;</div>
            </td>
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            <td style="background-color: #134169; width: 50%;">
              <div>&#160;</div>
            </td>
            <td style="background-color: #134169; width: 50%;">
              <div>&#160;</div>
            </td>
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            <td style="background-color: #134169; width: 50%;">
              <div>&#160;</div>
            </td>
            <td style="background-color: #134169; width: 50%;">
              <div style="text-align: right;"><img src="descartes_logo.jpg">&#160; </div>
            </td>
          </tr>
          <tr>
            <td style="background-color: #134169; width: 50%;">
              <div>&#160;</div>
            </td>
            <td style="background-color: #134169; width: 50%;">
              <div>&#160;</div>
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  </div>
  <div>
    <div style="text-align: left; color: #4D4D4D; font-family: 'Calibri Light', sans-serif; font-size: 9pt; font-weight: bold;">Application to Commence Normal Course Issuer Bid (&#8220;NCIB&#8221;) for Descartes Common Shares</div>
    <div style="text-align: left; color: #4D4D4D; font-family: 'Calibri Light', sans-serif; font-size: 9pt;">We have filed with the Toronto Stock Exchange (TSX) a notice of intention to commence an NCIB (the &#8220;NCIB Application&#8221;). If the NCIB Application is
      accepted by the TSX, then:</div>
    <table cellspacing="0" cellpadding="0" id="zea41de7c070946eeab347e1454da6d47" 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: 'Calibri Light', sans-serif; font-size: 9pt;">&#8226;</td>
          <td style="width: auto; vertical-align: top; text-align: left;">
            <div style="color: #4D4D4D; font-family: 'Calibri Light', sans-serif; font-size: 9pt;">We will issue a press release advising of the TSX&#8217;s acceptance;</div>
          </td>
        </tr>

    </table>
    <table cellspacing="0" cellpadding="0" id="z7e44cb79c32742ec8bc34d495137bd74" 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: 'Calibri Light', sans-serif; font-size: 9pt;">&#8226;</td>
          <td style="width: auto; vertical-align: top; text-align: left;">
            <div style="color: #4D4D4D; font-family: 'Calibri Light', sans-serif; font-size: 9pt;">We expect to be permitted to repurchase for cancellation, at our discretion during the 12 months following such acceptance, up to 10% of the &#8220;public float&#8221;
              (calculated in accordance with the rules of the TSX) of Descartes&#8217; issued and outstanding common shares; and</div>
          </td>
        </tr>

    </table>
    <table cellspacing="0" cellpadding="0" id="z9922644ff09f40e5a9bdf7d686a1429c" 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: 'Calibri Light', sans-serif; font-size: 9pt;">&#8226;</td>
          <td style="width: auto; vertical-align: top; text-align: left;">
            <div style="color: #4D4D4D; font-family: 'Calibri Light', sans-serif; font-size: 9pt;">Any purchases under the NCIB will be conducted in the open market (or as otherwise permitted), subject to the terms and limitations applicable to such NCIB,
              and will be made through the facilities of the TSX, Nasdaq, other designated exchanges and/or alternative Canadian trading systems, or by such other means as may be permitted by the Ontario Securities Commission or other applicable Canadian
              Securities Administrators.</div>
          </td>
        </tr>

    </table>
    <div style="text-align: left; color: #4D4D4D; font-family: 'Calibri Light', sans-serif; font-size: 9pt;">Descartes believes that the NCIB Application and, if accepted by the TSX, commencement of an NCIB is in Descartes&#8217; interests and that purchases
      made pursuant to such NCIB, if any, will constitute a desirable use of Descartes&#8217; funds.</div>
    <div><br>
    </div>
    <div style="text-align: left; color: #4D4D4D; font-family: 'Calibri Light', sans-serif; font-size: 9pt; font-weight: bold;">Chief Financial Officer Transition Plan</div>
    <div style="text-align: left; color: #4D4D4D; font-family: 'Calibri Light', sans-serif; font-size: 9pt;">Descartes is pleased to announce that Edward Gardner, currently Executive Vice President, Corporate Development, will succeed Allan Brett as
      Descartes&#8217; Chief Financial Officer (&#8220;CFO&#8221;). Mr. Gardner&#8217;s appointment is currently anticipated to be effective in March 2026, following Descartes&#8217; filing of its annual financial statements for its 2026 fiscal year. Mr. Brett will continue his
      employment thereafter in a senior advisory role to Descartes&#8217; executive team as he begins a move towards retirement after almost 30 years as a public company CFO and the past 12 years as the CFO of Descartes.</div>
    <div><br>
    </div>
    <div style="text-align: left; color: #4D4D4D; font-family: 'Calibri Light', sans-serif; font-size: 9pt;">&#8220;Allan&#8217;s financial leadership has been key to shaping Descartes&#8217; ability to deliver for customers, employees and other stakeholders,&#8221; said Edward
      J. Ryan, Descartes Chief Executive Officer. &#8220;Allan has helped instill a repeatable growth discipline, helped us navigate through the pandemic, and helped develop a deep and talented bench of professional accountants for our succession plan. We&#8217;re
      grateful Allan has decided to remain with Descartes going forward to support a seamless transition and help us continue to grow.&#8221;</div>
    <div><br>
    </div>
    <div style="text-align: left; color: #4D4D4D; font-family: 'Calibri Light', sans-serif; font-size: 9pt;">Mr. Ryan continued, &#8220;I&#8217;ve been privileged to work with Ed Gardner for more than 20 years. His broad experience in investor relations, corporate
      development, financial analysis and corporate finance make him a natural successor to the CFO role. Ed has drawn on his experience at Descartes and EY to become a trusted financial executive and influential voice within our business. I know he&#8217;ll be
      an outstanding CFO as Descartes continues its path to being a world leader in logistics and supply chain networks and technologies.&#8221;</div>
    <div><br>
    </div>
    <div style="text-align: left; color: #4D4D4D; font-family: 'Calibri Light', sans-serif; font-size: 9pt;">"I believe strongly in Descartes' future and am looking forward to my advisory role where I can continue to help Descartes grow the Global
      Logistics Network," said Allan Brett, Chief Financial Officer. "I've also been fortunate to</div>
  </div>
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                <div style="font-family: Verdana,Geneva,'sans-serif'; font-size: 7pt;">&#160;
                  <div><font style="color: rgb(77, 77, 77);">The Descartes Systems Group Inc. </font><font style="color: rgb(85, 85, 85);">| </font>info@descartes.com<font style="color: rgb(85, 85, 85);"> | </font>www.descartes.com<font style="color: rgb(85, 85, 85);"> | &#169; All rights reserved</font></div>
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    <div style="text-align: left; color: #4D4D4D; font-family: 'Calibri Light', sans-serif; font-size: 9pt;">work with Ed Gardner during my entire tenure at Descartes, which gives me great confidence in our succession plan and financial leadership going
      forward."</div>
    <div><br>
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    <div style="text-align: left; color: #4D4D4D; font-family: 'Calibri Light', sans-serif; font-size: 9pt;">Mr. Gardner joined Descartes in 2003 where he first held senior roles within Descartes&#8217; corporate finance organization. While in his role as
      Executive Vice President, Corporate Development, Descartes has combined with more than 40 companies over 12 years. Mr. Gardner&#8217;s previous experience includes both practical logistics experience where he worked in a senior leadership position at a
      third-party logistics provider, as well as deal execution and integration experience as part of EY&#8217;s Transaction Advisory Services practice in London, England.</div>
    <div><br>
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    <div style="text-align: left; color: #4D4D4D; font-family: 'Calibri Light', sans-serif; font-size: 9pt; font-weight: bold;">Acquisition of Finale</div>
    <div style="text-align: left; color: #4D4D4D; font-family: 'Calibri Light', sans-serif; font-size: 9pt;">On August 1, 2025, Descartes acquired Finale, Inc., a US-based provider of cloud-based inventory management solutions designed to support ecommerce
      businesses across their growth lifecycle. The purchase price for the acquisition was approximately $39.2 million, net of cash acquired, which was funded from cash on hand, plus potential performance-based contingent consideration of up to $15.0
      million based on Finale achieving revenue-based targets over the first two years post-acquisition.</div>
    <div><br>
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    <div style="text-align: left; color: #4D4D4D; font-family: 'Calibri Light', sans-serif; font-size: 9pt; font-weight: bold;">Conference Call</div>
    <div style="text-align: left; color: #4D4D4D; font-family: 'Calibri Light', sans-serif; font-size: 9pt;">Members of Descartes' executive management team will host a conference call to discuss the company's financial results at 5:30 p.m. ET on
      Wednesday, December 03, 2025. Designated numbers are +1 289 514 5100 or Toll-Free for North America at +1 800 717 1738, using conference ID 77407.</div>
    <div><br>
    </div>
    <div>
      <div style="text-align: left; font-family: 'Calibri Light', sans-serif; font-size: 9pt;"><font style="font-size: 9pt; font-family: 'Calibri Light', sans-serif; color: #4D4D4D;">The company will simultaneously conduct an audio webcast on the Descartes
          website at </font><font style="font-size: 9pt; font-family: 'Calibri Light', sans-serif;"><u>www.descartes.com/descartes/investor-relations</u>.</font><font style="font-size: 9pt; font-family: 'Calibri Light', sans-serif; color: #0066FF;">&#160;</font><font style="font-size: 9pt; font-family: 'Calibri Light', sans-serif; color: #4D4D4D;">A phone conference dial-in or webcast log-in is required approximately 10 minutes before the start.</font></div>
    </div>
    <div><br>
    </div>
    <div style="text-align: left; font-family: 'Calibri Light', sans-serif; font-size: 9pt;"><font style="font-size: 9pt; font-family: 'Calibri Light', sans-serif; color: #4D4D4D;">Replays of the conference call will be available until Wednesday, December
        10, 2025, by dialing +1 289 819 1325 or Toll-Free for North America using +1 888 660 6264 with Playback Passcode: 77407#. An archived replay of the webcast will be available at</font><font style="font-size: 9pt; font-family: 'Calibri Light', sans-serif; color: #555555;">&#160;</font><font style="font-size: 9pt; font-family: 'Calibri Light', sans-serif;"><u>www.descartes.com/descartes/investor-relations</u>.</font></div>
    <div>&#160;</div>
    <div style="text-align: left; color: #134169; font-family: 'Calibri Light', sans-serif; font-size: 9pt; font-weight: bold;">About Descartes</div>
    <div>&#160;</div>
    <div style="text-align: left; font-family: 'Calibri Light', sans-serif; font-size: 9pt;"><font style="font-size: 9pt; font-family: 'Calibri Light', sans-serif; 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-size: 9pt; font-family: 'Calibri Light', sans-serif;">www.descartes.com</font><font style="font-size: 9pt; font-family: 'Calibri Light', sans-serif; color: #4D4D4D;">, and connect with us on&#160;</font><font style="font-size: 9pt; font-family: 'Calibri Light', sans-serif;">LinkedIn</font><font style="font-size: 9pt; font-family: 'Calibri Light', sans-serif; color: #4D4D4D;">&#160;and&#160;</font><font style="font-size: 9pt; font-family: 'Calibri Light', sans-serif;">X (Twitter</font><font style="font-size: 9pt; font-family: 'Calibri Light', sans-serif; color: #134169;"><u>)</u></font><font style="font-size: 9pt; font-family: 'Calibri Light', sans-serif; color: #4D4D4D;">.</font></div>
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                <div style="font-family: Verdana,Geneva,'sans-serif'; font-size: 7pt;">&#160;
                  <div><font style="color: rgb(77, 77, 77);">The Descartes Systems Group Inc. </font><font style="color: rgb(85, 85, 85);">| </font>info@descartes.com<font style="color: rgb(85, 85, 85);"> | </font>www.descartes.com<font style="color: rgb(85, 85, 85);"> | &#169; All rights reserved</font></div>
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    <div style="text-align: left; color: #4D4D4D; font-family: 'Calibri Light', sans-serif; font-size: 9pt; font-weight: bold;">Descartes Investor Contact</div>
    <div style="text-align: left; color: #4D4D4D; font-family: 'Calibri Light', sans-serif; font-size: 9pt;">Laurie McCauley</div>
    <div style="text-align: left; color: #4D4D4D; font-family: 'Calibri Light', sans-serif; font-size: 9pt;">(519) 746-2969</div>
    <div style="text-align: left; color: #134169; font-family: 'Calibri Light', sans-serif; font-size: 9pt;">investor@descartes.com</div>
    <div>&#160;</div>
    <div style="text-align: left; color: #134169; font-family: 'Calibri Light', sans-serif; font-size: 9pt; font-weight: bold;">Cautionary Statement Regarding Forward-Looking Statements</div>
    <div>&#160;</div>
    <div style="text-align: left; color: #4D4D4D; font-family: 'Calibri Light', sans-serif; font-size: 9pt;">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;), or other potentially catastrophic events, on our business, results of operations and financial condition; our assessment of the potential impact of tariffs, sanctions and
      other actions by individual countries on global trade and our business; 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 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 the impact of current and future trade barriers, including tariffs, further protectionist measures and reactive countermeasure 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; the ability to attract</div>
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                <div style="font-family: Verdana,Geneva,'sans-serif'; font-size: 7pt;">&#160;
                  <div><font style="color: rgb(77, 77, 77);">The Descartes Systems Group Inc. </font><font style="color: rgb(85, 85, 85);">| </font>info@descartes.com<font style="color: rgb(85, 85, 85);"> | </font>www.descartes.com<font style="color: rgb(85, 85, 85);"> | &#169; All rights reserved</font></div>
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    <div style="text-align: left; color: #4D4D4D; font-family: 'Calibri Light', sans-serif; font-size: 9pt;">and retain key personnel and the ability to manage the departure of key personnel and the transition of our executive management team; changes in
      trade or transportation regulations that currently require customers to use services such as those offered by Descartes; changes in customer behaviour and expectations; Descartes&#8217; ability to successfully design and develop enhancements to our
      products and solutions; departures of key customers; the impact of foreign currency exchange rates; Descartes' ability to retain or obtain sufficient capital in addition to its debt facility to execute on its business strategy, including its
      acquisition strategy; disruptions in the movement of freight; the potential for future goodwill or intangible asset impairment as a result of other-than-temporary decreases in Descartes' market capitalization; and other factors and assumptions
      discussed in the section entitled, "Certain Factors That May Affect Future Results" in documents filed with the Securities and Exchange Commission, the Ontario Securities Commission and other securities regulatory authorities across Canada, including
      Descartes' most recently filed annual and subsequent interim Management's Discussion and Analysis which are available under Descartes&#8217; profile through the EDGAR website at http://www.sec.gov or through the SEDAR+ website at http://www.sedarplus.com/.
      If any such risks actually occur, they could, among other consequences, 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>&#160;</div>
    <div style="text-align: left; color: #134169; font-family: 'Calibri Light', sans-serif; font-size: 9pt; font-weight: bold;">Reconciliation of Non-GAAP Financial Measures - Adjusted EBITDA and Adjusted EBITDA as a percentage of revenues</div>
    <div>&#160;</div>
    <div style="text-align: left; color: #4D4D4D; font-family: 'Calibri Light', sans-serif; font-size: 9pt;">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: 9pt;">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>
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                <div style="font-family: Verdana,Geneva,'sans-serif'; font-size: 7pt;">&#160;
                  <div><font style="color: rgb(77, 77, 77);">The Descartes Systems Group Inc. </font><font style="color: rgb(85, 85, 85);">| </font>info@descartes.com<font style="color: rgb(85, 85, 85);"> | </font>www.descartes.com<font style="color: rgb(85, 85, 85);"> | &#169; All rights reserved</font></div>
                </div>
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    <div style="text-align: left; color: #4D4D4D; font-family: 'Calibri Light', sans-serif; font-size: 9pt;">Management considers these non-operating expenses to be outside the scope of Descartes&#8217; ongoing operations and the related expenses are not used by
      management to measure operations. Accordingly, these expenses are excluded from Adjusted EBITDA, which we reference to both measure our operations and as a basis of comparison of our operations from period-to-period. Management believes that
      investors and financial analysts measure our business on the same basis, and we are providing the Adjusted EBITDA financial metric to assist in this evaluation and to provide a higher level of transparency into how we measure our own business.
      However, Adjusted EBITDA and Adjusted EBITDA as a percentage of revenues are non-GAAP financial measures and may not be comparable to similarly titled measures reported by other companies. Adjusted EBITDA and Adjusted EBITDA as a percentage of
      revenues should not be construed as a substitute for net income determined in accordance with GAAP or other non-GAAP measures that may be used by other companies, such as EBITDA. The use of Adjusted EBITDA and Adjusted EBITDA as a percentage of
      revenues does have limitations. In particular, we have completed eight acquisitions since the beginning of fiscal 2025 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: 9pt;">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 Q3FY26, Q2FY26, Q1FY26, Q4FY25, and Q3FY25, which we believe is the most directly comparable GAAP measure.</div>
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                <div style="font-family: Verdana,Geneva,'sans-serif'; font-size: 7pt;">&#160;
                  <div><font style="color: rgb(77, 77, 77);">The Descartes Systems Group Inc. </font><font style="color: rgb(85, 85, 85);">| </font>info@descartes.com<font style="color: rgb(85, 85, 85);"> | </font>www.descartes.com<font style="color: rgb(85, 85, 85);"> | &#169; All rights reserved</font></div>
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              <td style="border-top: 1px solid #00B0F0; vertical-align: bottom; width: 50pt; text-align: center;">
                <div style="font-family: Verdana,Geneva,'sans-serif'; font-size: 7pt;">&#160;8</div>
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        </table>
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      <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <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>&#160;</div>
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              <div>&#160;</div>
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            <td style="background-color: #134169; width: 50%;">
              <div>&#160;</div>
            </td>
            <td style="background-color: #134169; width: 50%;">
              <div>&#160;</div>
            </td>
          </tr>
          <tr>
            <td style="background-color: #134169; width: 50%;">
              <div>&#160;</div>
            </td>
            <td style="background-color: #134169; width: 50%;">
              <div style="text-align: right;"><img src="descartes_logo.jpg">&#160; </div>
            </td>
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          <tr>
            <td style="background-color: #134169; width: 50%;">
              <div>&#160;</div>
            </td>
            <td style="background-color: #134169; width: 50%;">
              <div>&#160;</div>
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      </table>
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    <table cellspacing="0" cellpadding="0" border="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="z0d25edea464042e09a6f031bade25a3d">

        <tr>
          <td style="width: 40%; vertical-align: top;">&#160;</td>
          <td style="width: 12%; vertical-align: top; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; margin-left: 7.2pt; color: #4D4D4D; font-family: 'Calibri Light', sans-serif; font-size: 9pt; font-weight: bold;">Q3FY26</div>
          </td>
          <td style="width: 12%; vertical-align: top; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; margin-left: 7.2pt; color: #4D4D4D; font-family: 'Calibri Light', sans-serif; font-size: 9pt;">Q2FY26</div>
          </td>
          <td style="width: 11.6%; vertical-align: top; border-top: #000000 1px solid; border-bottom: #000000 1px solid;">
            <div style="text-align: right; margin-left: 7.2pt; color: #4D4D4D; font-family: 'Calibri Light', sans-serif; font-size: 9pt;">Q1FY26</div>
          </td>
          <td style="width: 11.6%; vertical-align: top; border-top: #000000 1px solid; border-bottom: #000000 1px solid;">
            <div style="text-align: right; margin-left: 7.2pt; color: #4D4D4D; font-family: 'Calibri Light', sans-serif; font-size: 9pt;">Q4FY25</div>
          </td>
          <td style="width: 11.6%; vertical-align: top; border-top: #000000 1px solid; border-bottom: #000000 1px solid;">
            <div style="text-align: right; margin-left: 7.2pt; color: #4D4D4D; font-family: 'Calibri Light', sans-serif; font-size: 9pt;">Q3FY25</div>
          </td>
        </tr>
        <tr>
          <td style="width: 40%; vertical-align: top;">
            <div style="text-align: left; color: #4D4D4D; font-family: 'Calibri Light', sans-serif; font-size: 9pt;"><font style="font-size: 9pt; font-family: 'Calibri Light', sans-serif; font-weight: bold;">Net income</font>, as reported on Consolidated
              Statements of Operations</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: #4D4D4D; font-family: 'Calibri Light', sans-serif; font-size: 9pt; font-weight: bold;">43.9</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: #4D4D4D; font-family: 'Calibri Light', sans-serif; font-size: 9pt;">38.0</div>
          </td>
          <td style="width: 11.6%; vertical-align: bottom; border-top: #000000 1px solid;">
            <div style="text-align: right; color: #4D4D4D; font-family: 'Calibri Light', sans-serif; font-size: 9pt;">36.2</div>
          </td>
          <td style="width: 11.6%; vertical-align: bottom; border-top: #000000 1px solid;">
            <div style="text-align: right; color: #4D4D4D; font-family: 'Calibri Light', sans-serif; font-size: 9pt;">37.4</div>
          </td>
          <td style="width: 11.6%; vertical-align: bottom; border-top: #000000 1px solid;">
            <div style="text-align: right; color: #4D4D4D; font-family: 'Calibri Light', sans-serif; font-size: 9pt;">36.6</div>
          </td>
        </tr>
        <tr>
          <td style="width: 40%; vertical-align: top;">
            <div style="text-align: left; color: #4D4D4D; font-family: 'Calibri Light', sans-serif; font-size: 9pt;">Adjustments to reconcile to Adjusted EBITDA:</div>
          </td>
          <td style="width: 12%; vertical-align: bottom;">&#160;</td>
          <td style="width: 12%; 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: 40%; vertical-align: top;">
            <div style="text-align: left; margin-left: 9pt; color: #4D4D4D; font-family: 'Calibri Light', sans-serif; font-size: 9pt;">Interest expense</div>
          </td>
          <td style="width: 12%; vertical-align: bottom;">
            <div style="text-align: right; color: #4D4D4D; font-family: 'Calibri Light', sans-serif; font-size: 9pt; font-weight: bold;">0.2</div>
          </td>
          <td style="width: 12%; vertical-align: bottom;">
            <div style="text-align: right; color: #4D4D4D; font-family: 'Calibri Light', sans-serif; font-size: 9pt;">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: 9pt;">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: 9pt;">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: 9pt;">0.2</div>
          </td>
        </tr>
        <tr>
          <td style="width: 40%; vertical-align: top;">
            <div style="text-align: left; margin-left: 9pt; color: #4D4D4D; font-family: 'Calibri Light', sans-serif; font-size: 9pt;">Investment income</div>
          </td>
          <td style="width: 12%; vertical-align: bottom;">
            <div style="text-align: right; color: #4D4D4D; font-family: 'Calibri Light', sans-serif; font-size: 9pt; font-weight: bold;">(2.0)</div>
          </td>
          <td style="width: 12%; vertical-align: bottom;">
            <div style="text-align: right; color: #4D4D4D; font-family: 'Calibri Light', sans-serif; font-size: 9pt;">(1.5)</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: 9pt;">(1.9)</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: 9pt;">(1.9)</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: 9pt;">(2.9)</div>
          </td>
        </tr>
        <tr>
          <td style="width: 40%; vertical-align: top;">
            <div style="text-align: left; margin-left: 9pt; color: #4D4D4D; font-family: 'Calibri Light', sans-serif; font-size: 9pt;">Income tax expense</div>
          </td>
          <td style="width: 12%; vertical-align: bottom;">
            <div style="text-align: right; color: #4D4D4D; font-family: 'Calibri Light', sans-serif; font-size: 9pt; font-weight: bold;">14.5</div>
          </td>
          <td style="width: 12%; vertical-align: bottom;">
            <div style="text-align: right; color: #4D4D4D; font-family: 'Calibri Light', sans-serif; font-size: 9pt;">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: 9pt;">11.7</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: 9pt;">11.4</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: 9pt;">11.9</div>
          </td>
        </tr>
        <tr>
          <td style="width: 40%; vertical-align: top;">
            <div style="text-align: justify; margin-left: 9pt; color: #4D4D4D; font-family: 'Calibri Light', sans-serif; font-size: 9pt;">Depreciation expense</div>
          </td>
          <td style="width: 12%; vertical-align: bottom;">
            <div style="text-align: right; color: #4D4D4D; font-family: 'Calibri Light', sans-serif; font-size: 9pt; font-weight: bold;">1.5</div>
          </td>
          <td style="width: 12%; vertical-align: bottom;">
            <div style="text-align: right; color: #4D4D4D; font-family: 'Calibri Light', sans-serif; font-size: 9pt;">1.5</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: 9pt;">1.5</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: 9pt;">1.5</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: 9pt;">1.4</div>
          </td>
        </tr>
        <tr>
          <td style="width: 40%; vertical-align: top;">
            <div style="text-align: justify; margin-left: 9pt; color: #4D4D4D; font-family: 'Calibri Light', sans-serif; font-size: 9pt;">Amortization of intangible assets</div>
          </td>
          <td style="width: 12%; vertical-align: bottom;">
            <div style="text-align: right; color: #4D4D4D; font-family: 'Calibri Light', sans-serif; font-size: 9pt; font-weight: bold;">20.7</div>
          </td>
          <td style="width: 12%; vertical-align: bottom;">
            <div style="text-align: right; color: #4D4D4D; font-family: 'Calibri Light', sans-serif; font-size: 9pt;">20.5</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: 9pt;">19.1</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: 9pt;">19.4</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: 9pt;">17.5</div>
          </td>
        </tr>
        <tr>
          <td style="width: 40%; vertical-align: top;">
            <div style="text-align: left; margin-left: 9pt; color: #4D4D4D; font-family: 'Calibri Light', sans-serif; font-size: 9pt;">Stock-based compensation and related taxes</div>
          </td>
          <td style="width: 12%; vertical-align: bottom;">
            <div style="text-align: right; color: #4D4D4D; font-family: 'Calibri Light', sans-serif; font-size: 9pt; font-weight: bold;">6.0</div>
          </td>
          <td style="width: 12%; vertical-align: bottom;">
            <div style="text-align: right; color: #4D4D4D; font-family: 'Calibri Light', sans-serif; font-size: 9pt;">4.9</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: 9pt;">4.9</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: 9pt;">5.4</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: 9pt;">5.6</div>
          </td>
        </tr>
        <tr>
          <td style="width: 40%; vertical-align: top;">
            <div style="text-align: justify; margin-left: 9pt; color: #4D4D4D; font-family: 'Calibri Light', sans-serif; font-size: 9pt;">Other charges</div>
          </td>
          <td style="width: 12%; vertical-align: bottom;">
            <div style="text-align: right; color: #4D4D4D; font-family: 'Calibri Light', sans-serif; font-size: 9pt; font-weight: bold;">0.7</div>
          </td>
          <td style="width: 12%; vertical-align: bottom;">
            <div style="text-align: right; color: #4D4D4D; font-family: 'Calibri Light', sans-serif; font-size: 9pt;">5.1</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: 9pt;">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: 9pt;">1.6</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: 9pt;">1.8</div>
          </td>
        </tr>
        <tr>
          <td style="width: 40%; vertical-align: top;">
            <div style="text-align: justify; margin-left: 9pt; color: #4D4D4D; font-family: 'Calibri Light', sans-serif; font-size: 9pt; font-weight: bold;">Adjusted EBITDA</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 2px double rgb(0, 0, 0);">
            <div style="text-align: right; color: #4D4D4D; font-family: 'Calibri Light', sans-serif; font-size: 9pt; font-weight: bold;">85.5</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 2px double rgb(0, 0, 0);">
            <div style="text-align: right; color: #4D4D4D; font-family: 'Calibri Light', sans-serif; font-size: 9pt;">80.2</div>
          </td>
          <td style="width: 11.6%; vertical-align: bottom; border-top: #000000 1px solid; border-bottom: #000000 1px solid;">
            <div style="text-align: right; color: #4D4D4D; font-family: 'Calibri Light', sans-serif; font-size: 9pt;">75.1</div>
          </td>
          <td style="width: 11.6%; vertical-align: bottom; border-top: #000000 1px solid; border-bottom: #000000 1px solid;">
            <div style="text-align: right; color: #4D4D4D; font-family: 'Calibri Light', sans-serif; font-size: 9pt;">75.0</div>
          </td>
          <td style="width: 11.6%; vertical-align: bottom; border-top: #000000 1px solid; border-bottom: #000000 1px solid;">
            <div style="text-align: right; color: #4D4D4D; font-family: 'Calibri Light', sans-serif; font-size: 9pt;">72.1</div>
          </td>
        </tr>
        <tr>
          <td style="width: 40%; vertical-align: top;">&#160;</td>
          <td style="width: 12%; vertical-align: bottom; border-top: 2px double rgb(0, 0, 0);">&#160;</td>
          <td style="width: 12%; vertical-align: bottom; border-top: 2px double rgb(0, 0, 0);">&#160;</td>
          <td style="width: 11.6%; vertical-align: bottom; border-top: #000000 2px double;">&#160;</td>
          <td style="width: 11.6%; vertical-align: bottom; border-top: #000000 2px double;">&#160;</td>
          <td style="width: 11.6%; vertical-align: bottom; border-top: #000000 2px double;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 40%; vertical-align: top;">
            <div style="text-align: justify; color: #4D4D4D; font-family: 'Calibri Light', sans-serif; font-size: 9pt; font-weight: bold;">Revenues</div>
          </td>
          <td style="width: 12%; vertical-align: bottom;">
            <div style="text-align: right; color: #4D4D4D; font-family: 'Calibri Light', sans-serif; font-size: 9pt; font-weight: bold;">187.7</div>
          </td>
          <td style="width: 12%; vertical-align: bottom;">
            <div style="text-align: right; color: #4D4D4D; font-family: 'Calibri Light', sans-serif; font-size: 9pt;">179.8</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: 9pt;">168.7</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: 9pt;">167.5</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: 9pt;">168.8</div>
          </td>
        </tr>
        <tr>
          <td style="width: 40%; vertical-align: top;">
            <div style="text-align: left; color: #4D4D4D; font-family: 'Calibri Light', sans-serif; font-size: 9pt; font-weight: bold;">Net income as % of revenues</div>
          </td>
          <td style="width: 12%; vertical-align: bottom;">
            <div style="text-align: right; color: #4D4D4D; font-family: 'Calibri Light', sans-serif; font-size: 9pt; font-weight: bold;">23%</div>
          </td>
          <td style="width: 12%; vertical-align: bottom;">
            <div style="text-align: right; color: #4D4D4D; font-family: 'Calibri Light', sans-serif; font-size: 9pt;">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: 9pt;">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: 9pt;">22%</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: 9pt;">22%</div>
          </td>
        </tr>
        <tr>
          <td style="width: 40%; vertical-align: top;">
            <div style="text-align: justify; color: #4D4D4D; font-family: 'Calibri Light', sans-serif; font-size: 9pt; font-weight: bold;">Adjusted EBITDA as % of revenues</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; border-bottom: 2px double rgb(0, 0, 0);">
            <div style="text-align: right; color: #4D4D4D; font-family: 'Calibri Light', sans-serif; font-size: 9pt; font-weight: bold;">46%</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; border-bottom: 2px double rgb(0, 0, 0);">
            <div style="text-align: right; color: #4D4D4D; font-family: 'Calibri Light', sans-serif; font-size: 9pt;">45%</div>
          </td>
          <td style="width: 11.6%; vertical-align: bottom; border-bottom: #000000 2px double;">
            <div style="text-align: right; color: #4D4D4D; font-family: 'Calibri Light', sans-serif; font-size: 9pt;">45%</div>
          </td>
          <td style="width: 11.6%; vertical-align: bottom; border-bottom: #000000 2px double;">
            <div style="text-align: right; color: #4D4D4D; font-family: 'Calibri Light', sans-serif; font-size: 9pt;">45%</div>
          </td>
          <td style="width: 11.6%; vertical-align: bottom; border-bottom: #000000 2px double;">
            <div style="text-align: right; color: #4D4D4D; font-family: 'Calibri Light', sans-serif; font-size: 9pt;">43%</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <div style="text-align: left; color: #4D4D4D; font-family: 'Calibri Light', sans-serif; font-size: 9pt;">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 9MFY26 and 9MFY25, which we believe is the most directly comparable GAAP measure.</div>
    <div><br>
    </div>
    <div><br>
    </div>
    <div><br>
    </div>
    <div>
      <div><br>
      </div>
      <div>
        <div style="text-align: left; font-family: Verdana,Geneva,sans-serif; font-size: 9pt; font-variant: small-caps; font-weight: bold;">
          <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="border-top: 1px solid #00B0F0; vertical-align: bottom; width: auto; text-align: left;">
                  <div style="font-family: Verdana,Geneva,'sans-serif'; font-size: 7pt;">&#160;
                    <div><font style="color: rgb(77, 77, 77);">The Descartes Systems Group Inc. </font><font style="color: rgb(85, 85, 85);">| </font>info@descartes.com<font style="color: rgb(85, 85, 85);"> | </font>www.descartes.com<font style="color: rgb(85, 85, 85);"> | &#169; All rights reserved</font></div>
                  </div>
                </td>
                <td style="border-top: 1px solid #00B0F0; vertical-align: bottom; width: 50pt; text-align: center;">
                  <div style="font-family: Verdana,Geneva,'sans-serif'; font-size: 7pt;">&#160;9</div>
                </td>
              </tr>

          </table>
        </div>
        <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
          <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>
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      <div>
        <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="background-color: #134169; width: 50%;">
                <div>&#160;</div>
              </td>
              <td style="background-color: #134169; width: 50%;">
                <div>&#160;</div>
              </td>
            </tr>
            <tr>
              <td style="background-color: #134169; width: 50%;">
                <div>&#160;</div>
              </td>
              <td style="background-color: #134169; width: 50%;">
                <div>&#160;</div>
              </td>
            </tr>
            <tr>
              <td style="background-color: #134169; width: 50%;">
                <div>&#160;</div>
              </td>
              <td style="background-color: #134169; width: 50%;">
                <div style="text-align: right;"><img src="descartes_logo.jpg">&#160; </div>
              </td>
            </tr>
            <tr>
              <td style="background-color: #134169; width: 50%;">
                <div>&#160;</div>
              </td>
              <td style="background-color: #134169; width: 50%;">
                <div>&#160;</div>
              </td>
            </tr>

        </table>
      </div>
      <div><br>
      </div>
    </div>
  </div>
  <div>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="z6106ca941b394b16b0e2a99a165bb51d">

        <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: 9pt; 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 1px solid; border-bottom: #000000 1px solid;">
            <div style="text-align: right; margin-left: 7.2pt; color: #4D4D4D; font-family: 'Calibri Light', sans-serif; font-size: 9pt; font-weight: bold;">9MFY26</div>
          </td>
          <td style="width: 11.6%; vertical-align: top; border-top: #000000 1px solid; border-bottom: #000000 1px solid;">
            <div style="text-align: right; margin-left: 7.2pt; color: #4D4D4D; font-family: 'Calibri Light', sans-serif; font-size: 9pt;">9MFY25</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: 9pt;"><font style="font-size: 9pt; font-family: 'Calibri Light', sans-serif; font-weight: bold;">Net income</font>, as reported on </div>
            <div style="text-align: left; color: #4D4D4D; font-family: 'Calibri Light', sans-serif; font-size: 9pt;">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 1px solid;">
            <div style="text-align: right; color: rgb(77, 77, 77); font-family: 'Calibri Light',sans-serif; font-size: 9pt; font-weight: bold;">118.2</div>
          </td>
          <td style="width: 11.6%; vertical-align: bottom; border-top: #000000 1px solid;">
            <div style="text-align: right; color: rgb(77, 77, 77); font-family: 'Calibri Light',sans-serif; font-size: 9pt;">105.9</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: 9pt;">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: 9pt;">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: 9pt; font-weight: bold;">0.7</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: 9pt;">0.8</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: 9pt;">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: 9pt; font-weight: bold;">(5.5)</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: 9pt;">(9.7)</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: 9pt;">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: 9pt; font-weight: bold;">37.6</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: 9pt;">37.0</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: 9pt;">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: 9pt; font-weight: bold;">4.4</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: 9pt;">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: 9pt;">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: 9pt; font-weight: bold;">60.3</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: 9pt;">50.0</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: 9pt;">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: 9pt; font-weight: bold;">15.8</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: 9pt;">15.7</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: 9pt;">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: 9pt; font-weight: bold;">9.3</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: 9pt;">5.9</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: 9pt; 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 1px solid; border-bottom: #000000 1px solid;">
            <div style="text-align: right; color: rgb(77, 77, 77); font-family: 'Calibri Light',sans-serif; font-size: 9pt; font-weight: bold;">240.8</div>
          </td>
          <td style="width: 11.6%; vertical-align: bottom; border-top: #000000 1px solid; border-bottom: #000000 1px solid;">
            <div style="text-align: right; color: rgb(77, 77, 77); font-family: 'Calibri Light',sans-serif; font-size: 9pt;">209.7</div>
          </td>
        </tr>
        <tr>
          <td style="width: 39.14%; vertical-align: top;">&#160;</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: 2px double rgb(0, 0, 0); text-align: right;">&#160;</td>
          <td style="width: 11.6%; vertical-align: bottom; border-top: 2px double rgb(0, 0, 0); text-align: right;">&#160;</td>
        </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: 9pt; font-weight: bold;">Revenues</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: 9pt; font-weight: bold;">536.2</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: 9pt;">483.5</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: 9pt; font-weight: bold;">Net income as % of revenues</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: 9pt; font-weight: bold;">22%</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: 9pt;">22%</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: 9pt; font-weight: bold;">Adjusted EBITDA as % of revenues</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-bottom: #000000 2px double;">
            <div style="text-align: right; color: rgb(77, 77, 77); font-family: 'Calibri Light',sans-serif; font-size: 9pt; font-weight: bold;">45%</div>
          </td>
          <td style="width: 11.6%; vertical-align: bottom; border-bottom: #000000 2px double;">
            <div style="text-align: right; color: rgb(77, 77, 77); font-family: 'Calibri Light',sans-serif; font-size: 9pt;">43%</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <div><br>
    </div>
    <div><br>
    </div>
    <div><br>
    </div>
    <div><br>
    </div>
  </div>
  <div><br>
  </div>
  <div>
    <div><br>
    </div>
    <div>
      <div style="text-align: left; font-family: Verdana,Geneva,sans-serif; font-size: 9pt; font-variant: small-caps; font-weight: bold;">
        <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="border-top: 1px solid #00B0F0; vertical-align: bottom; width: auto; text-align: left;">
                <div style="font-family: Verdana,Geneva,'sans-serif'; font-size: 7pt;">&#160;
                  <div><font style="color: rgb(77, 77, 77);">The Descartes Systems Group Inc. </font><font style="color: rgb(85, 85, 85);">| </font>info@descartes.com<font style="color: rgb(85, 85, 85);"> | </font>www.descartes.com<font style="color: rgb(85, 85, 85);"> | &#169; All rights reserved</font></div>
                </div>
              </td>
              <td style="border-top: 1px solid #00B0F0; vertical-align: bottom; width: 50pt; text-align: center;">
                <div style="font-family: Verdana,Geneva,'sans-serif'; font-size: 7pt;">&#160;10</div>
              </td>
            </tr>

        </table>
      </div>
      <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <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>
    <div>
      <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="background-color: #134169; width: 50%;">
              <div>&#160;</div>
            </td>
            <td style="background-color: #134169; width: 50%;">
              <div>&#160;</div>
            </td>
          </tr>
          <tr>
            <td style="background-color: #134169; width: 50%;">
              <div>&#160;</div>
            </td>
            <td style="background-color: #134169; width: 50%;">
              <div>&#160;</div>
            </td>
          </tr>
          <tr>
            <td style="background-color: #134169; width: 50%;">
              <div>&#160;</div>
            </td>
            <td style="background-color: #134169; width: 50%;">
              <div style="text-align: right;"><img src="descartes_logo.jpg">&#160; </div>
            </td>
          </tr>
          <tr>
            <td style="background-color: #134169; width: 50%;">
              <div>&#160;</div>
            </td>
            <td style="background-color: #134169; width: 50%;">
              <div>&#160;</div>
            </td>
          </tr>

      </table>
    </div>
    <div><br>
    </div>
  </div>
  <div>
    <div style="text-align: left; color: #4D4D4D; font-family: 'Calibri Light', sans-serif; font-size: 9pt; 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: 9pt; font-variant: small-caps; font-weight: bold;">Condensed Consolidated Balance Sheets</div>
    <div style="text-align: left; color: #4D4D4D; font-family: 'Calibri Light', sans-serif; font-size: 9pt; font-variant: small-caps;">(US dollars in thousands; US GAAP; Unaudited)</div>
    <div>
      <div>
        <hr align="left" noshade="noshade" style="height: 1px; width: 100%; color: #000000; background-color: #000000; text-align: left; margin-left: 0px; margin-right: auto; border: none;"></div>
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    <table cellspacing="0" cellpadding="0" id="z8c356fde3968467e8de65511364e1ca5" 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: 77.89%; vertical-align: top; font-size: 8pt;" colspan="2">&#160;</td>
          <td style="width: 11.06%; vertical-align: top; border-top: #000000 1px solid;">
            <div style="text-align: right; color: rgb(77, 77, 77); font-family: 'Calibri Light',sans-serif; font-size: 8pt; font-weight: bold;">October 31,</div>
          </td>
          <td style="width: 11.06%; vertical-align: top; border-top: #000000 1px solid;">
            <div style="text-align: right; color: rgb(77, 77, 77); font-family: 'Calibri Light',sans-serif; font-size: 8pt;">January 31,</div>
          </td>
        </tr>
        <tr>
          <td style="width: 77.89%; vertical-align: top; font-size: 8pt;" colspan="2">&#160;</td>
          <td style="width: 11.06%; vertical-align: top; border-bottom: #000000 1px solid;">
            <div style="text-align: right; color: rgb(77, 77, 77); font-family: 'Calibri Light',sans-serif; font-size: 8pt; font-weight: bold;">2025</div>
          </td>
          <td style="width: 11.06%; vertical-align: top; border-bottom: #000000 1px solid;">
            <div style="text-align: right; color: rgb(77, 77, 77); font-family: 'Calibri Light',sans-serif; font-size: 8pt;">2025</div>
          </td>
        </tr>
        <tr>
          <td style="width: 77.89%; vertical-align: top;" colspan="2">
            <div style="text-align: left; color: rgb(77, 77, 77); font-family: 'Calibri Light',sans-serif; font-size: 8pt; font-weight: bold;">ASSETS</div>
          </td>
          <td style="width: 11.06%; vertical-align: top; font-size: 8pt;">&#160;</td>
          <td style="width: 11.06%; vertical-align: top; border-top: 1px solid rgb(0, 0, 0); font-size: 8pt;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 77.89%; vertical-align: top;" colspan="2">
            <div style="text-align: left; color: rgb(77, 77, 77); font-family: 'Calibri Light',sans-serif; font-size: 8pt;">CURRENT ASSETS</div>
          </td>
          <td style="width: 11.06%; vertical-align: top; font-size: 8pt;">&#160;</td>
          <td style="width: 11.06%; vertical-align: top; font-size: 8pt;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 77.89%; vertical-align: top;" colspan="2">
            <div style="text-align: left; margin-left: 13.5pt; color: rgb(77, 77, 77); font-family: 'Calibri Light',sans-serif; font-size: 8pt;">Cash</div>
          </td>
          <td style="width: 11.06%; 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;">278,790</div>
          </td>
          <td style="width: 11.06%; vertical-align: top;">
            <div style="text-align: right; color: rgb(77, 77, 77); font-family: 'Calibri Light',sans-serif; font-size: 8pt;">236,138</div>
          </td>
        </tr>
        <tr>
          <td style="width: 77.89%; vertical-align: top;" colspan="2">
            <div style="text-align: left; margin-left: 13.5pt; color: rgb(77, 77, 77); font-family: 'Calibri Light',sans-serif; font-size: 8pt;">Accounts receivable (net)</div>
          </td>
          <td style="width: 11.06%; vertical-align: top; font-size: 8pt;">&#160;</td>
          <td style="width: 11.06%; vertical-align: top; font-size: 8pt;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 77.89%; vertical-align: top;" colspan="2">
            <div style="text-align: left; margin-left: 27pt; color: rgb(77, 77, 77); font-family: 'Calibri Light',sans-serif; font-size: 8pt;">Trade</div>
          </td>
          <td style="width: 11.06%; 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;">64,815</div>
          </td>
          <td style="width: 11.06%; vertical-align: top;">
            <div style="text-align: right; color: rgb(77, 77, 77); font-family: 'Calibri Light',sans-serif; font-size: 8pt;">53,953</div>
          </td>
        </tr>
        <tr>
          <td style="width: 77.89%; vertical-align: top;" colspan="2">
            <div style="text-align: left; margin-left: 27pt; color: rgb(77, 77, 77); font-family: 'Calibri Light',sans-serif; font-size: 8pt;">Other</div>
          </td>
          <td style="width: 11.06%; 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;">22,731</div>
          </td>
          <td style="width: 11.06%; vertical-align: top;">
            <div style="text-align: right; color: rgb(77, 77, 77); font-family: 'Calibri Light',sans-serif; font-size: 8pt;">16,931</div>
          </td>
        </tr>
        <tr>
          <td style="width: 77.89%; vertical-align: top;" colspan="2">
            <div style="text-align: left; margin-left: 13.5pt; color: rgb(77, 77, 77); font-family: 'Calibri Light',sans-serif; font-size: 8pt;">Prepaid expenses and other</div>
          </td>
          <td style="width: 11.06%; 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;">34,765</div>
          </td>
          <td style="width: 11.06%; vertical-align: top;">
            <div style="text-align: right; color: rgb(77, 77, 77); font-family: 'Calibri Light',sans-serif; font-size: 8pt;">45,544</div>
          </td>
        </tr>
        <tr>
          <td style="width: 77.89%; vertical-align: top; font-size: 8pt;" colspan="2">&#160;</td>
          <td style="width: 11.06%; vertical-align: top; border-top: #000000 1px solid;">
            <div style="text-align: right; color: rgb(77, 77, 77); font-family: 'Calibri Light',sans-serif; font-size: 8pt; font-weight: bold;">401,101</div>
          </td>
          <td style="width: 11.06%; vertical-align: top; border-top: #000000 1px solid;">
            <div style="text-align: right; color: rgb(77, 77, 77); font-family: 'Calibri Light',sans-serif; font-size: 8pt;">352,566</div>
          </td>
        </tr>
        <tr>
          <td style="width: 77.89%; vertical-align: top;" colspan="2">
            <div style="text-align: left; color: rgb(77, 77, 77); font-family: 'Calibri Light',sans-serif; font-size: 8pt;">OTHER LONG-TERM ASSETS</div>
          </td>
          <td style="width: 11.06%; 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;">26,261</div>
          </td>
          <td style="width: 11.06%; vertical-align: top;">
            <div style="text-align: right; color: rgb(77, 77, 77); font-family: 'Calibri Light',sans-serif; font-size: 8pt;">24,887</div>
          </td>
        </tr>
        <tr>
          <td style="width: 77.89%; vertical-align: top;" colspan="2">
            <div style="text-align: left; color: rgb(77, 77, 77); font-family: 'Calibri Light',sans-serif; font-size: 8pt;">PROPERTY AND EQUIPMENT, NET</div>
          </td>
          <td style="width: 11.06%; 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;">12,587</div>
          </td>
          <td style="width: 11.06%; vertical-align: top;">
            <div style="text-align: right; color: rgb(77, 77, 77); font-family: 'Calibri Light',sans-serif; font-size: 8pt;">12,481</div>
          </td>
        </tr>
        <tr>
          <td style="width: 77.89%; vertical-align: top;" colspan="2">
            <div style="text-align: left; color: rgb(77, 77, 77); font-family: 'Calibri Light',sans-serif; font-size: 8pt;">RIGHT-OF-USE ASSETS</div>
          </td>
          <td style="width: 11.06%; 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;">7,449</div>
          </td>
          <td style="width: 11.06%; vertical-align: top;">
            <div style="text-align: right; color: rgb(77, 77, 77); font-family: 'Calibri Light',sans-serif; font-size: 8pt;">7,623</div>
          </td>
        </tr>
        <tr>
          <td style="width: 77.89%; vertical-align: top;" colspan="2">
            <div style="text-align: left; color: rgb(77, 77, 77); font-family: 'Calibri Light',sans-serif; font-size: 8pt;">DEFERRED INCOME TAXES</div>
          </td>
          <td style="width: 11.06%; 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;">6,119</div>
          </td>
          <td style="width: 11.06%; vertical-align: top;">
            <div style="text-align: right; color: rgb(77, 77, 77); font-family: 'Calibri Light',sans-serif; font-size: 8pt;">3,802</div>
          </td>
        </tr>
        <tr>
          <td style="width: 77.89%; vertical-align: top;" colspan="2">
            <div style="text-align: left; color: rgb(77, 77, 77); font-family: 'Calibri Light',sans-serif; font-size: 8pt;">INTANGIBLE ASSETS, NET</div>
          </td>
          <td style="width: 11.06%; 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;">350,960</div>
          </td>
          <td style="width: 11.06%; vertical-align: top;">
            <div style="text-align: right; color: rgb(77, 77, 77); font-family: 'Calibri Light',sans-serif; font-size: 8pt;">321,270</div>
          </td>
        </tr>
        <tr>
          <td style="width: 77.89%; vertical-align: top;" colspan="2">
            <div style="text-align: left; color: rgb(77, 77, 77); font-family: 'Calibri Light',sans-serif; font-size: 8pt;">GOODWILL</div>
          </td>
          <td style="width: 11.06%; 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;">1,016,339</div>
          </td>
          <td style="width: 11.06%; vertical-align: top;">
            <div style="text-align: right; color: rgb(77, 77, 77); font-family: 'Calibri Light',sans-serif; font-size: 8pt;">924,755</div>
          </td>
        </tr>
        <tr>
          <td style="width: 77.89%; vertical-align: top; font-size: 8pt;" colspan="2">&#160;</td>
          <td style="width: 11.06%; vertical-align: top; border-top: #000000 1px solid; border-bottom: #000000 2px double;">
            <div style="text-align: right; color: rgb(77, 77, 77); font-family: 'Calibri Light',sans-serif; font-size: 8pt; font-weight: bold;">1,820,816</div>
          </td>
          <td style="width: 11.06%; vertical-align: top; border-top: #000000 1px solid; border-bottom: #000000 2px double;">
            <div style="text-align: right; color: rgb(77, 77, 77); font-family: 'Calibri Light',sans-serif; font-size: 8pt;">1,647,384</div>
          </td>
        </tr>
        <tr>
          <td style="width: 77.89%; vertical-align: top;" colspan="2">
            <div style="text-align: left; color: rgb(77, 77, 77); 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: 2px double rgb(0, 0, 0); font-size: 8pt;">&#160;</td>
          <td style="width: 11.06%; vertical-align: top; border-top: 2px double rgb(0, 0, 0); font-size: 8pt;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 77.89%; vertical-align: top;" colspan="2">
            <div style="text-align: left; color: rgb(0, 0, 0); font-family: 'Calibri Light',sans-serif; font-size: 8pt;">CURRENT LIABILITIES</div>
          </td>
          <td style="width: 11.06%; vertical-align: top; font-size: 8pt;">&#160;</td>
          <td style="width: 11.06%; vertical-align: top; font-size: 8pt;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 2.98%; vertical-align: top; font-size: 8pt;">&#160;</td>
          <td style="width: 74.9%; vertical-align: top;">
            <div style="text-align: left; color: rgb(77, 77, 77); 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: rgb(77, 77, 77); font-family: 'Calibri Light',sans-serif; font-size: 8pt; font-weight: bold;">15,931</div>
          </td>
          <td style="width: 11.06%; vertical-align: top;">
            <div style="text-align: right; color: rgb(77, 77, 77); font-family: 'Calibri Light',sans-serif; font-size: 8pt;">20,650</div>
          </td>
        </tr>
        <tr>
          <td style="width: 2.98%; vertical-align: top; font-size: 8pt;">&#160;</td>
          <td style="width: 74.9%; vertical-align: top;">
            <div style="text-align: left; color: rgb(77, 77, 77); font-family: 'Calibri Light',sans-serif; font-size: 8pt;">Accrued liabilities</div>
          </td>
          <td style="width: 11.06%; 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;">75,959</div>
          </td>
          <td style="width: 11.06%; vertical-align: top;">
            <div style="text-align: right; color: rgb(77, 77, 77); font-family: 'Calibri Light',sans-serif; font-size: 8pt;">79,656</div>
          </td>
        </tr>
        <tr>
          <td style="width: 2.98%; vertical-align: top; font-size: 8pt;">&#160;</td>
          <td style="width: 74.9%; vertical-align: top;">
            <div style="text-align: left; color: rgb(77, 77, 77); 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: rgb(77, 77, 77); font-family: 'Calibri Light',sans-serif; font-size: 8pt; font-weight: bold;">3,241</div>
          </td>
          <td style="width: 11.06%; vertical-align: top;">
            <div style="text-align: right; color: rgb(77, 77, 77); font-family: 'Calibri Light',sans-serif; font-size: 8pt;">3,178</div>
          </td>
        </tr>
        <tr>
          <td style="width: 2.98%; vertical-align: top; font-size: 8pt;">&#160;</td>
          <td style="width: 74.9%; vertical-align: top;">
            <div style="text-align: left; color: rgb(77, 77, 77); 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: rgb(77, 77, 77); font-family: 'Calibri Light',sans-serif; font-size: 8pt; font-weight: bold;">6,467</div>
          </td>
          <td style="width: 11.06%; vertical-align: top;">
            <div style="text-align: right; color: rgb(77, 77, 77); font-family: 'Calibri Light',sans-serif; font-size: 8pt;">9,313</div>
          </td>
        </tr>
        <tr>
          <td style="width: 2.98%; vertical-align: top; font-size: 8pt;">&#160;</td>
          <td style="width: 74.9%; vertical-align: top;">
            <div style="text-align: left; color: rgb(77, 77, 77); 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: rgb(77, 77, 77); font-family: 'Calibri Light',sans-serif; font-size: 8pt; font-weight: bold;">117,068</div>
          </td>
          <td style="width: 11.06%; vertical-align: top;">
            <div style="text-align: right; color: rgb(77, 77, 77); font-family: 'Calibri Light',sans-serif; font-size: 8pt;">104,230</div>
          </td>
        </tr>
        <tr>
          <td style="width: 77.89%; vertical-align: top; font-size: 8pt;" colspan="2">&#160;</td>
          <td style="width: 11.06%; vertical-align: top; border-top: #000000 1px solid;">
            <div style="text-align: right; color: rgb(77, 77, 77); font-family: 'Calibri Light',sans-serif; font-size: 8pt; font-weight: bold;">218,666</div>
          </td>
          <td style="width: 11.06%; vertical-align: top; border-top: #000000 1px solid;">
            <div style="text-align: right; color: rgb(77, 77, 77); font-family: 'Calibri Light',sans-serif; font-size: 8pt;">217,027</div>
          </td>
        </tr>
        <tr>
          <td style="width: 77.89%; vertical-align: top;" colspan="2">
            <div style="text-align: left; color: rgb(77, 77, 77); 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: rgb(77, 77, 77); font-family: 'Calibri Light',sans-serif; font-size: 8pt; font-weight: bold;">4,362</div>
          </td>
          <td style="width: 11.06%; vertical-align: top;">
            <div style="text-align: right; color: rgb(77, 77, 77); font-family: 'Calibri Light',sans-serif; font-size: 8pt;">4,718</div>
          </td>
        </tr>
        <tr>
          <td style="width: 77.89%; vertical-align: top;" colspan="2">
            <div style="text-align: left; color: rgb(77, 77, 77); 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: rgb(77, 77, 77); font-family: 'Calibri Light',sans-serif; font-size: 8pt; font-weight: bold;">1,556</div>
          </td>
          <td style="width: 11.06%; vertical-align: top;">
            <div style="text-align: right; color: rgb(77, 77, 77); font-family: 'Calibri Light',sans-serif; font-size: 8pt;">978</div>
          </td>
        </tr>
        <tr>
          <td style="width: 77.89%; vertical-align: top;" colspan="2">
            <div style="text-align: left; color: rgb(77, 77, 77); 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: rgb(77, 77, 77); font-family: 'Calibri Light',sans-serif; font-size: 8pt; font-weight: bold;">6,054</div>
          </td>
          <td style="width: 11.06%; vertical-align: top;">
            <div style="text-align: right; color: rgb(77, 77, 77); font-family: 'Calibri Light',sans-serif; font-size: 8pt;">5,531</div>
          </td>
        </tr>
        <tr>
          <td style="width: 77.89%; vertical-align: top;" colspan="2">
            <div style="text-align: left; color: rgb(77, 77, 77); font-family: 'Calibri Light',sans-serif; font-size: 8pt;">DEFERRED INCOME TAXES</div>
          </td>
          <td style="width: 11.06%; 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;">38,496</div>
          </td>
          <td style="width: 11.06%; vertical-align: top;">
            <div style="text-align: right; color: rgb(77, 77, 77); font-family: 'Calibri Light',sans-serif; font-size: 8pt;">34,127</div>
          </td>
        </tr>
        <tr>
          <td style="width: 77.89%; vertical-align: top; font-size: 8pt;" colspan="2">&#160;</td>
          <td style="width: 11.06%; vertical-align: top; border-top: #000000 1px solid;">
            <div style="text-align: right; color: rgb(77, 77, 77); font-family: 'Calibri Light',sans-serif; font-size: 8pt; font-weight: bold;">269,134</div>
          </td>
          <td style="width: 11.06%; vertical-align: top; border-top: #000000 1px solid;">
            <div style="text-align: right; color: rgb(77, 77, 77); font-family: 'Calibri Light',sans-serif; font-size: 8pt;">262,381</div>
          </td>
        </tr>
        <tr>
          <td style="width: 77.89%; vertical-align: top; font-size: 8pt;" colspan="2">&#160;</td>
          <td style="width: 11.06%; vertical-align: top; font-size: 8pt;">&#160;</td>
          <td style="width: 11.06%; vertical-align: top; font-size: 8pt;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 77.89%; vertical-align: top;" colspan="2">
            <div style="text-align: left; color: rgb(77, 77, 77); font-family: 'Calibri Light',sans-serif; font-size: 8pt;">SHAREHOLDERS&#8217; EQUITY</div>
          </td>
          <td style="width: 11.06%; vertical-align: bottom; font-size: 8pt;">&#160;</td>
          <td style="width: 11.06%; vertical-align: bottom; font-size: 8pt;">&#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: rgb(77, 77, 77); font-family: 'Calibri Light',sans-serif; font-size: 8pt;">Common shares &#8211; unlimited shares authorized; Shares issued and outstanding totaled
              85,986,823 at October 31, 2025 (January 31, 2025 &#8211; 85,605,969)</div>
          </td>
          <td style="width: 11.06%; 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;">587,151</div>
          </td>
          <td style="width: 11.06%; vertical-align: bottom;">
            <div style="text-align: right; color: rgb(77, 77, 77); font-family: 'Calibri Light',sans-serif; font-size: 8pt;">568,339</div>
          </td>
        </tr>
        <tr>
          <td style="width: 77.89%; vertical-align: top;" colspan="2">
            <div style="text-align: left; color: rgb(77, 77, 77); 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: rgb(77, 77, 77); font-family: 'Calibri Light',sans-serif; font-size: 8pt; font-weight: bold;">503,916</div>
          </td>
          <td style="width: 11.06%; vertical-align: top;">
            <div style="text-align: right; color: rgb(77, 77, 77); font-family: 'Calibri Light',sans-serif; font-size: 8pt;">503,133</div>
          </td>
        </tr>
        <tr>
          <td style="width: 77.89%; vertical-align: top;" colspan="2">
            <div style="text-align: left; color: rgb(77, 77, 77); font-family: 'Calibri Light',sans-serif; font-size: 8pt;">Accumulated other comprehensive loss</div>
          </td>
          <td style="width: 11.06%; 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;">(21,576)</div>
          </td>
          <td style="width: 11.06%; vertical-align: top;">
            <div style="text-align: right; color: rgb(77, 77, 77); font-family: 'Calibri Light',sans-serif; font-size: 8pt;">(50,497)</div>
          </td>
        </tr>
        <tr>
          <td style="width: 77.89%; vertical-align: top;" colspan="2">
            <div style="text-align: left; color: rgb(77, 77, 77); font-family: 'Calibri Light',sans-serif; font-size: 8pt;">Retained earnings</div>
          </td>
          <td style="width: 11.06%; vertical-align: top; border-bottom: #000000 1px solid;">
            <div style="text-align: right; color: rgb(77, 77, 77); font-family: 'Calibri Light',sans-serif; font-size: 8pt; font-weight: bold;">482,191</div>
          </td>
          <td style="width: 11.06%; vertical-align: top; border-bottom: #000000 1px solid;">
            <div style="text-align: right; color: rgb(77, 77, 77); font-family: 'Calibri Light',sans-serif; font-size: 8pt;">364,028</div>
          </td>
        </tr>
        <tr>
          <td style="width: 77.89%; vertical-align: top; font-size: 8pt;" colspan="2">&#160;</td>
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          <td style="width: 11.06%; vertical-align: top; border-top: #000000 1px solid; border-bottom: #000000 2px double;">
            <div style="text-align: right; color: rgb(77, 77, 77); font-family: 'Calibri Light',sans-serif; font-size: 8pt;">1,385,003</div>
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          <td style="width: 77.89%; vertical-align: top; font-size: 8pt;" colspan="2">&#160;</td>
          <td style="width: 11.06%; vertical-align: top; border-top: #000000 1px solid; border-bottom: #000000 2px double;">
            <div style="text-align: right; color: rgb(77, 77, 77); font-family: 'Calibri Light',sans-serif; font-size: 8pt; font-weight: bold;">1,820,816</div>
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          <td style="width: 11.06%; vertical-align: top; border-top: #000000 1px solid; border-bottom: #000000 2px double;">
            <div style="text-align: right; color: rgb(77, 77, 77); font-family: 'Calibri Light',sans-serif; font-size: 8pt;">1,647,384</div>
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                  <div style="font-family: Verdana,Geneva,'sans-serif'; font-size: 7pt;">&#160;
                    <div><font style="color: rgb(77, 77, 77);">The Descartes Systems Group Inc. </font><font style="color: rgb(85, 85, 85);">| </font>info@descartes.com<font style="color: rgb(85, 85, 85);"> | </font>www.descartes.com<font style="color: rgb(85, 85, 85);"> | &#169; All rights reserved</font></div>
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                <div>&#160;</div>
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                <div style="text-align: right;"><img src="descartes_logo.jpg">&#160; </div>
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                <div>&#160;</div>
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                <div>&#160;</div>
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    <div style="text-align: left; color: #4D4D4D; font-family: 'Calibri Light', sans-serif; font-size: 9pt; 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: 9pt; font-variant: small-caps; font-weight: bold;">Consolidated Statements of Operations</div>
    <div style="text-align: left; color: #4D4D4D; font-family: 'Calibri Light', sans-serif; font-size: 9pt; font-variant: small-caps;">(US dollars in thousands, except per share and weighted average share amounts; US GAAP; Unaudited)</div>
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          <td style="width: 50.58%; vertical-align: top; font-size: 8pt;">&#160;</td>
          <td style="width: 23.96%; vertical-align: top; border-top: #000000 1px solid;" colspan="2">
            <div style="text-align: right; color: rgb(77, 77, 77); font-family: 'Calibri Light',sans-serif; font-size: 8pt; font-weight: bold;">Three Months Ended</div>
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          <td style="width: 1.5%; vertical-align: top; font-size: 8pt;">&#160;</td>
          <td style="width: 23.96%; vertical-align: top; border-top: #000000 1px solid;" colspan="2">
            <div style="text-align: right; color: rgb(77, 77, 77); font-family: 'Calibri Light',sans-serif; font-size: 8pt; font-weight: bold;">Nine Months Ended</div>
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          <td style="width: 50.58%; vertical-align: top; font-size: 8pt;">&#160;</td>
          <td style="width: 11.98%; vertical-align: top; border-top: #000000 1px solid;">
            <div style="text-align: right; color: rgb(77, 77, 77); font-family: 'Calibri Light',sans-serif; font-size: 8pt; font-weight: bold;">October 31,</div>
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          <td style="width: 11.98%; vertical-align: top; border-top: #000000 1px solid;">
            <div style="text-align: right; color: rgb(77, 77, 77); font-family: 'Calibri Light',sans-serif; font-size: 8pt;">October 31,</div>
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          <td style="width: 1.5%; vertical-align: top; font-size: 8pt;">&#160;</td>
          <td style="width: 11.98%; vertical-align: top; border-top: #000000 1px solid;">
            <div style="text-align: right; color: rgb(77, 77, 77); 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 1px solid;">
            <div style="text-align: right; color: rgb(77, 77, 77); font-family: 'Calibri Light',sans-serif; font-size: 8pt;">October 31,</div>
          </td>
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        <tr>
          <td style="width: 50.58%; vertical-align: top; font-size: 8pt;">&#160;</td>
          <td style="width: 11.98%; vertical-align: top; border-bottom: #000000 1px solid;">
            <div style="text-align: right; color: rgb(77, 77, 77); font-family: 'Calibri Light',sans-serif; font-size: 8pt; font-weight: bold;">2025</div>
          </td>
          <td style="width: 11.98%; vertical-align: top; border-bottom: #000000 1px solid;">
            <div style="text-align: right; color: rgb(77, 77, 77); font-family: 'Calibri Light',sans-serif; font-size: 8pt;">2024</div>
          </td>
          <td style="width: 1.5%; vertical-align: top; font-size: 8pt;">&#160;</td>
          <td style="width: 11.98%; vertical-align: top; border-bottom: #000000 1px solid;">
            <div style="text-align: right; color: rgb(77, 77, 77); font-family: 'Calibri Light',sans-serif; font-size: 8pt; font-weight: bold;">2025</div>
          </td>
          <td style="width: 11.98%; vertical-align: top; border-bottom: #000000 1px solid;">
            <div style="text-align: right; color: rgb(77, 77, 77); font-family: 'Calibri Light',sans-serif; font-size: 8pt;">2024</div>
          </td>
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        <tr>
          <td style="width: 50.58%; vertical-align: top; font-size: 8pt;">&#160;</td>
          <td style="width: 11.98%; vertical-align: top; font-size: 8pt;">&#160;</td>
          <td style="width: 11.98%; vertical-align: top; font-size: 8pt;">&#160;</td>
          <td style="width: 1.5%; vertical-align: top; font-size: 8pt;">&#160;</td>
          <td style="width: 11.98%; vertical-align: top; font-size: 8pt;">&#160;</td>
          <td style="width: 11.98%; vertical-align: top; font-size: 8pt;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 50.58%; vertical-align: top;">
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          </td>
          <td style="width: 11.98%; vertical-align: bottom; text-align: right;">
            <div style="color: rgb(77, 77, 77); font-family: 'Calibri Light',sans-serif; font-size: 8pt; font-weight: bold;">187,681</div>
          </td>
          <td style="width: 11.98%; vertical-align: bottom; text-align: right;">
            <div style="color: rgb(77, 77, 77); font-family: 'Calibri Light',sans-serif; font-size: 8pt;">168,756</div>
          </td>
          <td style="width: 1.5%; vertical-align: bottom; text-align: right; font-size: 8pt;">&#160;</td>
          <td style="width: 11.98%; vertical-align: bottom; text-align: right;">
            <div style="color: rgb(77, 77, 77); font-family: 'Calibri Light',sans-serif; font-size: 8pt; font-weight: bold;">536,235</div>
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          <td style="width: 11.98%; vertical-align: bottom; text-align: right;">
            <div style="color: rgb(77, 77, 77); font-family: 'Calibri Light',sans-serif; font-size: 8pt;">483,529</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 style="font-family: 'Calibri Light',sans-serif; font-weight: bold;">COST OF REVENUES </font>(exclusive of amortization presented separately below)</div>
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          <td style="width: 11.98%; vertical-align: bottom; border-bottom: 1px solid rgb(0, 0, 0); text-align: right;">
            <div style="color: rgb(77, 77, 77); font-family: 'Calibri Light',sans-serif; font-size: 8pt; font-weight: bold;">42,472</div>
          </td>
          <td style="width: 11.98%; vertical-align: bottom; border-bottom: 1px solid rgb(0, 0, 0); text-align: right;">
            <div style="color: rgb(77, 77, 77); font-family: 'Calibri Light',sans-serif; font-size: 8pt;">43,154</div>
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          <td style="width: 1.5%; vertical-align: bottom; text-align: right; font-size: 8pt;">&#160;</td>
          <td style="width: 11.98%; vertical-align: bottom; border-bottom: 1px solid rgb(0, 0, 0); text-align: right;">
            <div style="color: rgb(77, 77, 77); font-family: 'Calibri Light',sans-serif; font-size: 8pt; font-weight: bold;">123,807</div>
          </td>
          <td style="width: 11.98%; vertical-align: bottom; border-bottom: 1px solid rgb(0, 0, 0); text-align: right;">
            <div style="color: rgb(77, 77, 77); font-family: 'Calibri Light',sans-serif; font-size: 8pt;">119,115</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>
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          <td style="width: 11.98%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0); text-align: right;">
            <div style="color: rgb(77, 77, 77); font-family: 'Calibri Light',sans-serif; font-size: 8pt; font-weight: bold;">145,209</div>
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          <td style="width: 11.98%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0); text-align: right;">
            <div style="color: rgb(77, 77, 77); font-family: 'Calibri Light',sans-serif; font-size: 8pt;">125,602</div>
          </td>
          <td style="width: 1.5%; vertical-align: bottom; text-align: right; font-size: 8pt;">&#160;</td>
          <td style="width: 11.98%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0); text-align: right;">
            <div style="color: rgb(77, 77, 77); font-family: 'Calibri Light',sans-serif; font-size: 8pt; font-weight: bold;">412,428</div>
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          <td style="width: 11.98%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0); text-align: right;">
            <div style="color: rgb(77, 77, 77); font-family: 'Calibri Light',sans-serif; font-size: 8pt;">364,414</div>
          </td>
        </tr>
        <tr>
          <td style="width: 50.58%; vertical-align: top;">
            <div style="text-align: left; color: rgb(77, 77, 77); font-family: 'Calibri Light',sans-serif; font-size: 8pt; font-weight: bold;">EXPENSES</div>
          </td>
          <td style="width: 11.98%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); text-align: right; font-size: 8pt;">&#160;</td>
          <td style="width: 11.98%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); text-align: right; font-size: 8pt;">&#160;</td>
          <td style="width: 1.5%; vertical-align: bottom; text-align: right; font-size: 8pt;">&#160;</td>
          <td style="width: 11.98%; vertical-align: bottom; text-align: right; font-size: 8pt;">&#160;</td>
          <td style="width: 11.98%; vertical-align: bottom; text-align: right; font-size: 8pt;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 50.58%; vertical-align: top;">
            <div style="text-align: left; margin-left: 13.5pt; color: rgb(77, 77, 77); font-family: 'Calibri Light',sans-serif; font-size: 8pt;">Sales and marketing</div>
          </td>
          <td style="width: 11.98%; vertical-align: bottom; text-align: right;">
            <div style="color: rgb(77, 77, 77); font-family: 'Calibri Light',sans-serif; font-size: 8pt; font-weight: bold;">22,326</div>
          </td>
          <td style="width: 11.98%; vertical-align: bottom; text-align: right;">
            <div style="color: rgb(77, 77, 77); font-family: 'Calibri Light',sans-serif; font-size: 8pt;">19,134</div>
          </td>
          <td style="width: 1.5%; vertical-align: bottom; text-align: right; font-size: 8pt;">&#160;</td>
          <td style="width: 11.98%; vertical-align: bottom; text-align: right;">
            <div style="color: rgb(77, 77, 77); font-family: 'Calibri Light',sans-serif; font-size: 8pt; font-weight: bold;">61,698</div>
          </td>
          <td style="width: 11.98%; vertical-align: bottom; text-align: right;">
            <div style="color: rgb(77, 77, 77); font-family: 'Calibri Light',sans-serif; font-size: 8pt;">55,636</div>
          </td>
        </tr>
        <tr>
          <td style="width: 50.58%; vertical-align: top;">
            <div style="text-align: left; margin-left: 13.5pt; color: rgb(77, 77, 77); font-family: 'Calibri Light',sans-serif; font-size: 8pt;">Research and development</div>
          </td>
          <td style="width: 11.98%; vertical-align: bottom; text-align: right;">
            <div style="color: rgb(77, 77, 77); font-family: 'Calibri Light',sans-serif; font-size: 8pt; font-weight: bold;">26,595</div>
          </td>
          <td style="width: 11.98%; vertical-align: bottom; text-align: right;">
            <div style="color: rgb(77, 77, 77); font-family: 'Calibri Light',sans-serif; font-size: 8pt;">24,472</div>
          </td>
          <td style="width: 1.5%; vertical-align: bottom; text-align: right; font-size: 8pt;">&#160;</td>
          <td style="width: 11.98%; vertical-align: bottom; text-align: right;">
            <div style="color: rgb(77, 77, 77); font-family: 'Calibri Light',sans-serif; font-size: 8pt; font-weight: bold;">78,416</div>
          </td>
          <td style="width: 11.98%; vertical-align: bottom; text-align: right;">
            <div style="color: rgb(77, 77, 77); font-family: 'Calibri Light',sans-serif; font-size: 8pt;">70,572</div>
          </td>
        </tr>
        <tr>
          <td style="width: 50.58%; vertical-align: top;">
            <div style="text-align: left; margin-left: 13.5pt; color: rgb(77, 77, 77); font-family: 'Calibri Light',sans-serif; font-size: 8pt;">General and administrative</div>
          </td>
          <td style="width: 11.98%; vertical-align: bottom; text-align: right;">
            <div style="color: rgb(77, 77, 77); font-family: 'Calibri Light',sans-serif; font-size: 8pt; font-weight: bold;">18,282</div>
          </td>
          <td style="width: 11.98%; vertical-align: bottom; text-align: right;">
            <div style="color: rgb(77, 77, 77); font-family: 'Calibri Light',sans-serif; font-size: 8pt;">16,858</div>
          </td>
          <td style="width: 1.5%; vertical-align: bottom; text-align: right; font-size: 8pt;">&#160;</td>
          <td style="width: 11.98%; vertical-align: bottom; text-align: right;">
            <div style="color: rgb(77, 77, 77); font-family: 'Calibri Light',sans-serif; font-size: 8pt; font-weight: bold;">51,741</div>
          </td>
          <td style="width: 11.98%; vertical-align: bottom; text-align: right;">
            <div style="color: rgb(77, 77, 77); font-family: 'Calibri Light',sans-serif; font-size: 8pt;">48,328</div>
          </td>
        </tr>
        <tr>
          <td style="width: 50.58%; vertical-align: top;">
            <div style="text-align: left; margin-left: 13.5pt; color: rgb(77, 77, 77); font-family: 'Calibri Light',sans-serif; font-size: 8pt;">Other charges</div>
          </td>
          <td style="width: 11.98%; vertical-align: bottom; text-align: right;">
            <div style="color: rgb(77, 77, 77); font-family: 'Calibri Light',sans-serif; font-size: 8pt; font-weight: bold;">728</div>
          </td>
          <td style="width: 11.98%; vertical-align: bottom; text-align: right;">
            <div style="color: rgb(77, 77, 77); font-family: 'Calibri Light',sans-serif; font-size: 8pt;">1,830</div>
          </td>
          <td style="width: 1.5%; vertical-align: bottom; text-align: right; font-size: 8pt;">&#160;</td>
          <td style="width: 11.98%; vertical-align: bottom; text-align: right;">
            <div style="color: rgb(77, 77, 77); font-family: 'Calibri Light',sans-serif; font-size: 8pt; font-weight: bold;">9,296</div>
          </td>
          <td style="width: 11.98%; vertical-align: bottom; text-align: right;">
            <div style="color: rgb(77, 77, 77); font-family: 'Calibri Light',sans-serif; font-size: 8pt;">5,898</div>
          </td>
        </tr>
        <tr>
          <td style="width: 50.58%; vertical-align: top;">
            <div style="text-align: left; margin-left: 13.5pt; color: rgb(77, 77, 77); font-family: 'Calibri Light',sans-serif; font-size: 8pt;">Amortization of intangible assets</div>
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          <td style="width: 11.98%; vertical-align: bottom; border-bottom: 1px solid rgb(0, 0, 0); text-align: right;">
            <div style="color: rgb(77, 77, 77); font-family: 'Calibri Light',sans-serif; font-size: 8pt; font-weight: bold;">20,693</div>
          </td>
          <td style="width: 11.98%; vertical-align: bottom; border-bottom: 1px solid rgb(0, 0, 0); text-align: right;">
            <div style="color: rgb(77, 77, 77); font-family: 'Calibri Light',sans-serif; font-size: 8pt;">17,519</div>
          </td>
          <td style="width: 1.5%; vertical-align: bottom; text-align: right; font-size: 8pt;">&#160;</td>
          <td style="width: 11.98%; vertical-align: bottom; text-align: right;">
            <div style="color: rgb(77, 77, 77); font-family: 'Calibri Light',sans-serif; font-size: 8pt; font-weight: bold;">60,311</div>
          </td>
          <td style="width: 11.98%; vertical-align: bottom; text-align: right;">
            <div style="color: rgb(77, 77, 77); font-family: 'Calibri Light',sans-serif; font-size: 8pt;">49,962</div>
          </td>
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        <tr>
          <td style="width: 50.58%; vertical-align: top; font-size: 8pt;">&#160;</td>
          <td style="width: 11.98%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0); text-align: right;">
            <div style="color: rgb(77, 77, 77); font-family: 'Calibri Light',sans-serif; font-size: 8pt; font-weight: bold;">88,624</div>
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          <td style="width: 11.98%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0); text-align: right;">
            <div style="color: rgb(77, 77, 77); font-family: 'Calibri Light',sans-serif; font-size: 8pt;">79,813</div>
          </td>
          <td style="width: 1.5%; vertical-align: bottom; text-align: right; font-size: 8pt;">&#160;</td>
          <td style="width: 11.98%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); text-align: right;">
            <div style="color: rgb(77, 77, 77); font-family: 'Calibri Light',sans-serif; font-size: 8pt; font-weight: bold;">261,462</div>
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          <td style="width: 11.98%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); text-align: right;">
            <div style="color: rgb(77, 77, 77); font-family: 'Calibri Light',sans-serif; font-size: 8pt;">230,396</div>
          </td>
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        <tr>
          <td style="width: 50.58%; vertical-align: top;">
            <div style="text-align: left; color: rgb(77, 77, 77); font-family: 'Calibri Light',sans-serif; font-size: 8pt; font-weight: bold;">INCOME FROM OPERATIONS</div>
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          <td style="width: 11.98%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); text-align: right;">
            <div style="color: rgb(77, 77, 77); font-family: 'Calibri Light',sans-serif; font-size: 8pt; font-weight: bold;">56,585</div>
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          <td style="width: 11.98%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); text-align: right;">
            <div style="color: rgb(77, 77, 77); font-family: 'Calibri Light',sans-serif; font-size: 8pt;">45,789</div>
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          <td style="width: 1.5%; vertical-align: bottom; text-align: right; font-size: 8pt;">&#160;</td>
          <td style="width: 11.98%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); text-align: right;">
            <div style="color: rgb(77, 77, 77); font-family: 'Calibri Light',sans-serif; font-size: 8pt; font-weight: bold;">150,966</div>
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          <td style="width: 11.98%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); text-align: right;">
            <div style="color: rgb(77, 77, 77); font-family: 'Calibri Light',sans-serif; font-size: 8pt;">134,018</div>
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        <tr>
          <td style="width: 50.58%; vertical-align: top;">
            <div style="text-align: left; color: rgb(77, 77, 77); font-family: 'Calibri Light',sans-serif; font-size: 8pt; font-weight: bold;">INTEREST EXPENSE</div>
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          <td style="width: 11.98%; vertical-align: bottom; text-align: right;">
            <div style="color: rgb(77, 77, 77); font-family: 'Calibri Light',sans-serif; font-size: 8pt; font-weight: bold;">(244)</div>
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          <td style="width: 11.98%; vertical-align: bottom; text-align: right;">
            <div style="color: rgb(77, 77, 77); font-family: 'Calibri Light',sans-serif; font-size: 8pt;">(244)</div>
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          <td style="width: 1.5%; vertical-align: bottom; text-align: right; font-size: 8pt;">&#160;</td>
          <td style="width: 11.98%; vertical-align: bottom; text-align: right;">
            <div style="color: rgb(77, 77, 77); font-family: 'Calibri Light',sans-serif; font-size: 8pt; font-weight: bold;">(723)</div>
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        <tr>
          <td style="width: 50.58%; vertical-align: top;">
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            <div style="color: rgb(77, 77, 77); font-family: 'Calibri Light',sans-serif; font-size: 8pt; font-weight: bold;">1,998</div>
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          <td style="width: 11.98%; vertical-align: bottom; border-bottom: 1px solid rgb(0, 0, 0); text-align: right;">
            <div style="color: rgb(77, 77, 77); font-family: 'Calibri Light',sans-serif; font-size: 8pt;">2,883</div>
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          <td style="width: 1.5%; vertical-align: bottom; text-align: right; font-size: 8pt;">&#160;</td>
          <td style="width: 11.98%; vertical-align: bottom; text-align: right;">
            <div style="color: rgb(77, 77, 77); font-family: 'Calibri Light',sans-serif; font-size: 8pt; font-weight: bold;">5,510</div>
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          <td style="width: 11.98%; vertical-align: bottom; text-align: right;">
            <div style="color: rgb(77, 77, 77); font-family: 'Calibri Light',sans-serif; font-size: 8pt;">9,657</div>
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        </tr>
        <tr>
          <td style="width: 50.58%; vertical-align: top;">
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          <td style="width: 11.98%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); text-align: right;">
            <div style="color: rgb(77, 77, 77); font-family: 'Calibri Light',sans-serif; font-size: 8pt; font-weight: bold;">58,339</div>
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          <td style="width: 11.98%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); text-align: right;">
            <div style="color: rgb(77, 77, 77); font-family: 'Calibri Light',sans-serif; font-size: 8pt;">48,428</div>
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          <td style="width: 1.5%; vertical-align: bottom; text-align: right; font-size: 8pt;">&#160;</td>
          <td style="width: 11.98%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); text-align: right;">
            <div style="color: rgb(77, 77, 77); font-family: 'Calibri Light',sans-serif; font-size: 8pt; font-weight: bold;">155,753</div>
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          <td style="width: 11.98%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); text-align: right;">
            <div style="color: rgb(77, 77, 77); font-family: 'Calibri Light',sans-serif; font-size: 8pt;">142,915</div>
          </td>
        </tr>
        <tr>
          <td style="width: 50.58%; vertical-align: top;">
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          <td style="width: 11.98%; vertical-align: bottom; text-align: right; font-size: 8pt;">&#160;</td>
          <td style="width: 11.98%; vertical-align: bottom; text-align: right; font-size: 8pt;">&#160;</td>
          <td style="width: 1.5%; vertical-align: bottom; text-align: right; font-size: 8pt;">&#160;</td>
          <td style="width: 11.98%; vertical-align: bottom; text-align: right; font-size: 8pt;">&#160;</td>
          <td style="width: 11.98%; vertical-align: bottom; text-align: right; font-size: 8pt;">&#160;</td>
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          <td style="width: 50.58%; vertical-align: top;">
            <div style="text-align: left; margin-left: 13.5pt; color: rgb(77, 77, 77); font-family: 'Calibri Light',sans-serif; font-size: 8pt;">Current</div>
          </td>
          <td style="width: 11.98%; vertical-align: bottom; text-align: right;">
            <div style="color: rgb(77, 77, 77); font-family: 'Calibri Light',sans-serif; font-size: 8pt; font-weight: bold;">10,849</div>
          </td>
          <td style="width: 11.98%; vertical-align: bottom; text-align: right;">
            <div style="color: rgb(77, 77, 77); font-family: 'Calibri Light',sans-serif; font-size: 8pt;">18,310</div>
          </td>
          <td style="width: 1.5%; vertical-align: bottom; text-align: right; font-size: 8pt;">&#160;</td>
          <td style="width: 11.98%; vertical-align: bottom; text-align: right;">
            <div style="color: rgb(77, 77, 77); font-family: 'Calibri Light',sans-serif; font-size: 8pt; font-weight: bold;">28,774</div>
          </td>
          <td style="width: 11.98%; vertical-align: bottom; text-align: right;">
            <div style="color: rgb(77, 77, 77); font-family: 'Calibri Light',sans-serif; font-size: 8pt;">42,105</div>
          </td>
        </tr>
        <tr>
          <td style="width: 50.58%; vertical-align: top;">
            <div style="text-align: left; margin-left: 13.5pt; color: rgb(77, 77, 77); font-family: 'Calibri Light',sans-serif; font-size: 8pt;">Deferred</div>
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          <td style="width: 11.98%; vertical-align: bottom; border-bottom: 1px solid rgb(0, 0, 0); text-align: right;">
            <div style="color: rgb(77, 77, 77); font-family: 'Calibri Light',sans-serif; font-size: 8pt; font-weight: bold;">3,591</div>
          </td>
          <td style="width: 11.98%; vertical-align: bottom; border-bottom: 1px solid rgb(0, 0, 0); text-align: right;">
            <div style="color: rgb(77, 77, 77); font-family: 'Calibri Light',sans-serif; font-size: 8pt;">(6,440)</div>
          </td>
          <td style="width: 1.5%; vertical-align: bottom; text-align: right; font-size: 8pt;">&#160;</td>
          <td style="width: 11.98%; vertical-align: bottom; text-align: right;">
            <div style="color: rgb(77, 77, 77); font-family: 'Calibri Light',sans-serif; font-size: 8pt; font-weight: bold;">8,816</div>
          </td>
          <td style="width: 11.98%; vertical-align: bottom; text-align: right;">
            <div style="color: rgb(77, 77, 77); font-family: 'Calibri Light',sans-serif; font-size: 8pt;">(5,096)</div>
          </td>
        </tr>
        <tr>
          <td style="width: 50.58%; vertical-align: top; font-size: 8pt;">&#160;</td>
          <td style="width: 11.98%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0); text-align: right;">
            <div style="color: rgb(77, 77, 77); font-family: 'Calibri Light',sans-serif; font-size: 8pt; font-weight: bold;">14,440</div>
          </td>
          <td style="width: 11.98%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0); text-align: right;">
            <div style="color: rgb(77, 77, 77); font-family: 'Calibri Light',sans-serif; font-size: 8pt;">11,870</div>
          </td>
          <td style="width: 1.5%; vertical-align: bottom; text-align: right; font-size: 8pt;">&#160;</td>
          <td style="width: 11.98%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0); text-align: right;">
            <div style="color: rgb(77, 77, 77); font-family: 'Calibri Light',sans-serif; font-size: 8pt; font-weight: bold;">37,590</div>
          </td>
          <td style="width: 11.98%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0); text-align: right;">
            <div style="color: rgb(77, 77, 77); font-family: 'Calibri Light',sans-serif; font-size: 8pt;">37,009</div>
          </td>
        </tr>
        <tr>
          <td style="width: 50.58%; vertical-align: top;">
            <div style="text-align: left; color: rgb(77, 77, 77); font-family: 'Calibri Light',sans-serif; font-size: 8pt; font-weight: bold;">NET INCOME</div>
          </td>
          <td style="width: 11.98%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 2px double rgb(0, 0, 0); text-align: right;">
            <div style="color: rgb(77, 77, 77); font-family: 'Calibri Light',sans-serif; font-size: 8pt; font-weight: bold;">43,899</div>
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          <td style="width: 11.98%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 2px double rgb(0, 0, 0); text-align: right;">
            <div style="color: rgb(77, 77, 77); font-family: 'Calibri Light',sans-serif; font-size: 8pt;">36,558</div>
          </td>
          <td style="width: 1.5%; vertical-align: bottom; text-align: right; font-size: 8pt;">&#160;</td>
          <td style="width: 11.98%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 2px double rgb(0, 0, 0); text-align: right;">
            <div style="color: rgb(77, 77, 77); font-family: 'Calibri Light',sans-serif; font-size: 8pt; font-weight: bold;">118,163</div>
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          <td style="width: 11.98%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 2px double rgb(0, 0, 0); text-align: right;">
            <div style="color: rgb(77, 77, 77); font-family: 'Calibri Light',sans-serif; font-size: 8pt;">105,906</div>
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        </tr>
        <tr>
          <td style="width: 50.58%; vertical-align: top;">
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          </td>
          <td style="width: 11.98%; vertical-align: bottom; border-top: 2px double rgb(0, 0, 0); text-align: right; font-size: 8pt;">&#160;</td>
          <td style="width: 11.98%; vertical-align: bottom; border-top: 2px double rgb(0, 0, 0); text-align: right; font-size: 8pt;">&#160;</td>
          <td style="width: 1.5%; vertical-align: bottom; text-align: right; font-size: 8pt;">&#160;</td>
          <td style="width: 11.98%; vertical-align: bottom; border-top: 2px double rgb(0, 0, 0); text-align: right; font-size: 8pt;">&#160;</td>
          <td style="width: 11.98%; vertical-align: bottom; border-top: 2px double rgb(0, 0, 0); text-align: right; font-size: 8pt;">&#160;</td>
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          <td style="width: 50.58%; vertical-align: top;">
            <div style="text-align: left; margin-left: 13.5pt; color: rgb(77, 77, 77); font-family: 'Calibri Light',sans-serif; font-size: 8pt;">Basic</div>
          </td>
          <td style="width: 11.98%; vertical-align: bottom; text-align: right;">
            <div style="margin-right: 6.75pt; color: rgb(77, 77, 77); font-family: 'Calibri Light',sans-serif; font-size: 8pt; font-weight: bold;">0.51</div>
          </td>
          <td style="width: 11.98%; vertical-align: bottom; text-align: right;">
            <div style="margin-right: 2.25pt; color: rgb(77, 77, 77); font-family: 'Calibri Light',sans-serif; font-size: 8pt;">0.43</div>
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          <td style="width: 1.5%; vertical-align: bottom; text-align: right; font-size: 8pt;">&#160;</td>
          <td style="width: 11.98%; vertical-align: bottom; text-align: right;">
            <div style="margin-right: 3pt; color: rgb(77, 77, 77); font-family: 'Calibri Light',sans-serif; font-size: 8pt; font-weight: bold;">1.38</div>
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          <td style="width: 11.98%; vertical-align: bottom; text-align: right;">
            <div style="margin-right: 2.25pt; color: rgb(77, 77, 77); font-family: 'Calibri Light',sans-serif; font-size: 8pt;">1.24</div>
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        <tr>
          <td style="width: 50.58%; vertical-align: top;">
            <div style="text-align: left; margin-left: 13.5pt; color: rgb(77, 77, 77); font-family: 'Calibri Light',sans-serif; font-size: 8pt;">Diluted</div>
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          <td style="width: 11.98%; vertical-align: bottom; border-bottom: 2px double rgb(0, 0, 0); text-align: right;">
            <div style="margin-right: 6.75pt; color: rgb(77, 77, 77); font-family: 'Calibri Light',sans-serif; font-size: 8pt; font-weight: bold;">0.50</div>
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          <td style="width: 11.98%; vertical-align: bottom; border-bottom: 2px double rgb(0, 0, 0); text-align: right;">
            <div style="margin-right: 2.25pt; color: rgb(77, 77, 77); font-family: 'Calibri Light',sans-serif; font-size: 8pt;">0.42</div>
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          <td style="width: 1.5%; vertical-align: bottom; text-align: right; font-size: 8pt;">&#160;</td>
          <td style="width: 11.98%; vertical-align: bottom; border-bottom: 2px double rgb(0, 0, 0); text-align: right;">
            <div style="margin-right: 3pt; color: rgb(77, 77, 77); font-family: 'Calibri Light',sans-serif; font-size: 8pt; font-weight: bold;">1.35</div>
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          <td style="width: 11.98%; vertical-align: bottom; border-bottom: 2px double rgb(0, 0, 0); text-align: right;">
            <div style="margin-right: 2.25pt; color: rgb(77, 77, 77); font-family: 'Calibri Light',sans-serif; font-size: 8pt;">1.21</div>
          </td>
        </tr>
        <tr>
          <td style="width: 50.58%; vertical-align: top;">
            <div style="text-align: left; color: rgb(77, 77, 77); 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: bottom; border-top: 2px double rgb(0, 0, 0); text-align: right; font-size: 8pt;">&#160;</td>
          <td style="width: 11.98%; vertical-align: bottom; border-top: 2px double rgb(0, 0, 0); text-align: right; font-size: 8pt;">&#160;</td>
          <td style="width: 1.5%; vertical-align: bottom; text-align: right; font-size: 8pt;">&#160;</td>
          <td style="width: 11.98%; vertical-align: bottom; border-top: 2px double rgb(0, 0, 0); text-align: right; font-size: 8pt;">&#160;</td>
          <td style="width: 11.98%; vertical-align: bottom; border-top: 2px double rgb(0, 0, 0); text-align: right; font-size: 8pt;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 50.58%; vertical-align: top;">
            <div style="text-align: left; margin-left: 13.5pt; color: rgb(77, 77, 77); font-family: 'Calibri Light',sans-serif; font-size: 8pt;">Basic</div>
          </td>
          <td style="width: 11.98%; vertical-align: bottom; text-align: right;">
            <div style="color: rgb(77, 77, 77); font-family: 'Calibri Light',sans-serif; font-size: 8pt; font-weight: bold;">85,960</div>
          </td>
          <td style="width: 11.98%; vertical-align: bottom; text-align: right;">
            <div style="margin-right: 2.25pt; color: rgb(77, 77, 77); font-family: 'Calibri Light',sans-serif; font-size: 8pt;">85,501</div>
          </td>
          <td style="width: 1.5%; vertical-align: bottom; text-align: right; font-size: 8pt;">&#160;</td>
          <td style="width: 11.98%; vertical-align: bottom; text-align: right;">
            <div style="color: rgb(77, 77, 77); font-family: 'Calibri Light',sans-serif; font-size: 8pt; font-weight: bold;">85,825</div>
          </td>
          <td style="width: 11.98%; vertical-align: bottom; text-align: right;">
            <div style="margin-right: 2.25pt; color: rgb(77, 77, 77); font-family: 'Calibri Light',sans-serif; font-size: 8pt;">85,403</div>
          </td>
        </tr>
        <tr>
          <td style="width: 50.58%; vertical-align: top;">
            <div style="text-align: left; margin-left: 13.5pt; color: rgb(77, 77, 77); font-family: 'Calibri Light',sans-serif; font-size: 8pt;">Diluted</div>
          </td>
          <td style="width: 11.98%; vertical-align: bottom; border-bottom: 2px double rgb(0, 0, 0); text-align: right;">
            <div style="color: rgb(77, 77, 77); font-family: 'Calibri Light',sans-serif; font-size: 8pt; font-weight: bold;">87,610</div>
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          <td style="width: 11.98%; vertical-align: bottom; border-bottom: 2px double rgb(0, 0, 0); text-align: right;">
            <div style="margin-right: 2.25pt; color: rgb(77, 77, 77); font-family: 'Calibri Light',sans-serif; font-size: 8pt;">87,342</div>
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          <td style="width: 1.5%; vertical-align: bottom; text-align: right; font-size: 8pt;">&#160;</td>
          <td style="width: 11.98%; vertical-align: bottom; border-bottom: 2px double rgb(0, 0, 0); text-align: right;">
            <div style="color: rgb(77, 77, 77); font-family: 'Calibri Light',sans-serif; font-size: 8pt; font-weight: bold;">87,587</div>
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          <td style="width: 11.98%; vertical-align: bottom; border-bottom: 2px double rgb(0, 0, 0); text-align: right;">
            <div style="margin-right: 2.25pt; color: rgb(77, 77, 77); font-family: 'Calibri Light',sans-serif; font-size: 8pt;">87,231</div>
          </td>
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                  <div style="font-family: Verdana,Geneva,'sans-serif'; font-size: 7pt;">&#160;
                    <div><font style="color: rgb(77, 77, 77);">The Descartes Systems Group Inc. </font><font style="color: rgb(85, 85, 85);">| </font>info@descartes.com<font style="color: rgb(85, 85, 85);"> | </font>www.descartes.com<font style="color: rgb(85, 85, 85);"> | &#169; All rights reserved</font></div>
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              <td style="background-color: #134169; width: 50%;">
                <div>&#160;</div>
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              <td style="background-color: #134169; width: 50%;">
                <div style="text-align: right;"><img src="descartes_logo.jpg">&#160; </div>
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              <td style="background-color: #134169; width: 50%;">
                <div>&#160;</div>
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              <td style="background-color: #134169; width: 50%;">
                <div>&#160;</div>
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  <div>
    <div style="text-align: left; color: #4D4D4D; font-family: 'Calibri Light', sans-serif; font-size: 9pt; 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: 9pt; font-variant: small-caps; font-weight: bold;">Condensed Consolidated Statements of Cash Flows</div>
    <div style="text-align: left; color: #4D4D4D; font-family: 'Calibri Light', sans-serif; font-size: 9pt; 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; font-size: 8pt;">&#160;</td>
          <td style="width: 23.44%; vertical-align: top; border-top: #000000 1px solid;" colspan="2">
            <div style="text-align: right; color: rgb(77, 77, 77); 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; font-size: 8pt;">&#160;</td>
          <td style="width: 23.46%; vertical-align: top; border-top: #000000 1px solid;" colspan="2">
            <div style="text-align: right; color: rgb(77, 77, 77); 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; font-size: 8pt;">&#160;</td>
          <td style="width: 11.71%; vertical-align: top; border-top: #000000 1px solid;">
            <div style="text-align: right; color: rgb(77, 77, 77); 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 1px solid;">
            <div style="text-align: right; color: rgb(77, 77, 77); font-family: 'Calibri Light',sans-serif; font-size: 8pt;">October 31,</div>
          </td>
          <td style="width: 1.64%; vertical-align: top; text-align: right; font-size: 8pt;" rowspan="26">&#160;</td>
          <td style="width: 11.73%; vertical-align: top; border-top: #000000 1px solid;">
            <div style="text-align: right; color: rgb(77, 77, 77); 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 1px solid;">
            <div style="text-align: right; color: rgb(77, 77, 77); font-family: 'Calibri Light',sans-serif; font-size: 8pt;">October 31,</div>
          </td>
        </tr>
        <tr>
          <td style="width: 51.45%; vertical-align: top; font-size: 8pt;">&#160;</td>
          <td style="width: 11.71%; vertical-align: top; border-bottom: #000000 1px solid;">
            <div style="text-align: right; color: rgb(77, 77, 77); font-family: 'Calibri Light',sans-serif; font-size: 8pt; font-weight: bold;">2025</div>
          </td>
          <td style="width: 11.73%; vertical-align: top; border-bottom: #000000 1px solid;">
            <div style="text-align: right; color: rgb(77, 77, 77); font-family: 'Calibri Light',sans-serif; font-size: 8pt;">2024</div>
          </td>
          <td style="width: 11.73%; vertical-align: top; border-bottom: #000000 1px solid;">
            <div style="text-align: right; color: rgb(77, 77, 77); font-family: 'Calibri Light',sans-serif; font-size: 8pt; font-weight: bold;">2025</div>
          </td>
          <td style="width: 11.73%; vertical-align: top; border-bottom: #000000 1px solid;">
            <div style="text-align: right; color: rgb(77, 77, 77); font-family: 'Calibri Light',sans-serif; font-size: 8pt;">2024</div>
          </td>
        </tr>
        <tr>
          <td style="width: 51.45%; vertical-align: top;">
            <div style="text-align: left; color: rgb(77, 77, 77); 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; font-size: 8pt;">&#160;</td>
          <td style="width: 11.73%; vertical-align: top; text-align: right; font-size: 8pt;">&#160;</td>
          <td style="width: 11.73%; vertical-align: top; text-align: right; font-size: 8pt;">&#160;</td>
          <td style="width: 11.73%; vertical-align: top; text-align: right; font-size: 8pt;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 51.45%; vertical-align: top;">
            <div style="text-align: left; color: rgb(77, 77, 77); 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;">43,899</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;">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; font-weight: bold;">118,163</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;">105,906</div>
          </td>
        </tr>
        <tr>
          <td style="width: 51.45%; vertical-align: top;">
            <div style="text-align: left; color: rgb(77, 77, 77); 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; font-size: 8pt;">&#160;</td>
          <td style="width: 11.73%; vertical-align: top; text-align: right; font-size: 8pt;">&#160;</td>
          <td style="width: 11.73%; vertical-align: top; text-align: right; font-size: 8pt;">&#160;</td>
          <td style="width: 11.73%; vertical-align: top; text-align: right; font-size: 8pt;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 51.45%; vertical-align: top;">
            <div style="text-align: left; margin-left: 13.5pt; color: rgb(77, 77, 77); 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;">1,479</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;">1,393</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; font-weight: bold;">4,430</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;">4,137</div>
          </td>
        </tr>
        <tr>
          <td style="width: 51.45%; vertical-align: top;">
            <div style="text-align: left; margin-left: 13.5pt; color: rgb(77, 77, 77); 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;">20,693</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;">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; font-weight: bold;">60,311</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;">49,962</div>
          </td>
        </tr>
        <tr>
          <td style="width: 51.45%; vertical-align: top;">
            <div style="text-align: left; margin-left: 13.5pt; color: rgb(77, 77, 77); 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;">5,941</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;">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; font-weight: bold;">14,760</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;">14,575</div>
          </td>
        </tr>
        <tr>
          <td style="width: 51.45%; vertical-align: top;">
            <div style="text-align: left; margin-left: 13.5pt; color: rgb(77, 77, 77); 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;">5</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;">(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; font-weight: bold;">133</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)</div>
          </td>
        </tr>
        <tr>
          <td style="width: 51.45%; vertical-align: top;">
            <div style="text-align: left; margin-left: 13.5pt; color: rgb(77, 77, 77); 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;">3,591</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;">(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; font-weight: bold;">8,816</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;">(5,096)</div>
          </td>
        </tr>
        <tr>
          <td style="width: 51.45%; vertical-align: top;">
            <div style="text-align: left; margin-left: 13.5pt; color: rgb(77, 77, 77); 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;">(2,248)</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;">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; font-weight: bold;">(16,314)</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;">(10,936)</div>
          </td>
        </tr>
        <tr>
          <td style="width: 51.45%; vertical-align: top;">
            <div style="text-align: left; color: rgb(77, 77, 77); 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 1px solid; border-bottom: #000000 1px solid;">
            <div style="text-align: right; color: rgb(77, 77, 77); font-family: 'Calibri Light',sans-serif; font-size: 8pt; font-weight: bold;">73,360</div>
          </td>
          <td style="width: 11.73%; vertical-align: top; border-top: #000000 1px solid; border-bottom: #000000 1px solid;">
            <div style="text-align: right; color: rgb(77, 77, 77); font-family: 'Calibri Light',sans-serif; font-size: 8pt;">60,146</div>
          </td>
          <td style="width: 11.73%; vertical-align: top; border-top: #000000 1px solid; border-bottom: #000000 1px solid;">
            <div style="text-align: right; color: rgb(77, 77, 77); font-family: 'Calibri Light',sans-serif; font-size: 8pt; font-weight: bold;">190,299</div>
          </td>
          <td style="width: 11.73%; vertical-align: top; border-top: #000000 1px solid; border-bottom: #000000 1px solid;">
            <div style="text-align: right; color: rgb(77, 77, 77); font-family: 'Calibri Light',sans-serif; font-size: 8pt;">158,547</div>
          </td>
        </tr>
        <tr>
          <td style="width: 51.45%; vertical-align: top;">
            <div style="text-align: left; color: rgb(77, 77, 77); 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; font-size: 8pt;">&#160;</td>
          <td style="width: 11.73%; vertical-align: top; text-align: right; font-size: 8pt;">&#160;</td>
          <td style="width: 11.73%; vertical-align: top; text-align: right; font-size: 8pt;">&#160;</td>
          <td style="width: 11.73%; vertical-align: top; text-align: right; font-size: 8pt;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 51.45%; vertical-align: top;">
            <div style="text-align: left; margin-left: 13.5pt; color: rgb(77, 77, 77); 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;">(1,196)</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;">(1,313)</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; font-weight: bold;">(4,298)</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;">(4,653)</div>
          </td>
        </tr>
        <tr>
          <td style="width: 51.45%; vertical-align: top;">
            <div style="text-align: left; margin-left: 13.5pt; color: rgb(77, 77, 77); 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;">(37,016)</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;">(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; font-weight: bold;">(151,620)</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;">(286,468)</div>
          </td>
        </tr>
        <tr>
          <td style="width: 51.45%; vertical-align: top;">
            <div style="text-align: left; color: rgb(77, 77, 77); 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 1px solid; border-bottom: #000000 1px solid;">
            <div style="text-align: right; color: rgb(77, 77, 77); font-family: 'Calibri Light',sans-serif; font-size: 8pt; font-weight: bold;">(38,212)</div>
          </td>
          <td style="width: 11.73%; vertical-align: top; border-top: #000000 1px solid; border-bottom: #000000 1px solid;">
            <div style="text-align: right; color: rgb(77, 77, 77); font-family: 'Calibri Light',sans-serif; font-size: 8pt;">(134,066)</div>
          </td>
          <td style="width: 11.73%; vertical-align: top; border-top: #000000 1px solid; border-bottom: #000000 1px solid;">
            <div style="text-align: right; color: rgb(77, 77, 77); font-family: 'Calibri Light',sans-serif; font-size: 8pt; font-weight: bold;">(155,918)</div>
          </td>
          <td style="width: 11.73%; vertical-align: top; border-top: #000000 1px solid; border-bottom: #000000 1px solid;">
            <div style="text-align: right; color: rgb(77, 77, 77); font-family: 'Calibri Light',sans-serif; font-size: 8pt;">(291,121)</div>
          </td>
        </tr>
        <tr>
          <td style="width: 51.45%; vertical-align: top;">
            <div style="text-align: left; color: rgb(77, 77, 77); 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; font-size: 8pt;">&#160;</td>
          <td style="width: 11.73%; vertical-align: top; text-align: right; font-size: 8pt;">&#160;</td>
          <td style="width: 11.73%; vertical-align: top; text-align: right; font-size: 8pt;">&#160;</td>
          <td style="width: 11.73%; vertical-align: top; text-align: right; font-size: 8pt;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 51.45%; vertical-align: top;">
            <div style="text-align: left; margin-left: 13.5pt; color: rgb(77, 77, 77); 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;">-</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;">(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; font-weight: bold;">(38)</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;">(53)</div>
          </td>
        </tr>
        <tr>
          <td style="width: 51.45%; vertical-align: top;">
            <div style="text-align: left; margin-left: 13.5pt; color: rgb(77, 77, 77); 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;">2,957</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;">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; font-weight: bold;">11,323</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;">9,887</div>
          </td>
        </tr>
        <tr>
          <td style="width: 51.45%; vertical-align: top;">
            <div style="text-align: left; margin-left: 13.5pt; color: rgb(77, 77, 77); 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;">(6,487)</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;">(6,745)</div>
          </td>
        </tr>
        <tr>
          <td style="width: 51.45%; vertical-align: top;">
            <div style="text-align: left; margin-left: 13.5pt; color: rgb(77, 77, 77); 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;">(1,170)</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;">(9,223)</div>
          </td>
        </tr>
        <tr>
          <td style="width: 51.45%; vertical-align: top;">
            <div style="text-align: left; color: rgb(77, 77, 77); 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 1px solid; border-bottom: #000000 1px solid;">
            <div style="text-align: right; color: rgb(77, 77, 77); font-family: 'Calibri Light',sans-serif; font-size: 8pt; font-weight: bold;">2,957</div>
          </td>
          <td style="width: 11.73%; vertical-align: top; border-top: #000000 1px solid; border-bottom: #000000 1px solid;">
            <div style="text-align: right; color: rgb(77, 77, 77); font-family: 'Calibri Light',sans-serif; font-size: 8pt;">2,358</div>
          </td>
          <td style="width: 11.73%; vertical-align: top; border-top: #000000 1px solid; border-bottom: #000000 1px solid;">
            <div style="text-align: right; color: rgb(77, 77, 77); font-family: 'Calibri Light',sans-serif; font-size: 8pt; font-weight: bold;">3,628</div>
          </td>
          <td style="width: 11.73%; vertical-align: top; border-top: #000000 1px solid; border-bottom: #000000 1px solid;">
            <div style="text-align: right; color: rgb(77, 77, 77); font-family: 'Calibri Light',sans-serif; font-size: 8pt;">(6,134)</div>
          </td>
        </tr>
        <tr>
          <td style="width: 51.45%; vertical-align: top;">
            <div style="text-align: left; color: rgb(77, 77, 77); 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 1px solid; border-bottom: #000000 1px solid;">
            <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; border-top: #000000 1px solid; border-bottom: #000000 1px solid;">
            <div style="text-align: right; color: rgb(77, 77, 77); font-family: 'Calibri Light',sans-serif; font-size: 8pt;">191</div>
          </td>
          <td style="width: 11.73%; vertical-align: bottom; border-top: #000000 1px solid; border-bottom: #000000 1px solid;">
            <div style="text-align: right; color: rgb(77, 77, 77); font-family: 'Calibri Light',sans-serif; font-size: 8pt; font-weight: bold;">4,643</div>
          </td>
          <td style="width: 11.73%; vertical-align: bottom; border-top: #000000 1px solid; border-bottom: #000000 1px solid;">
            <div style="text-align: right; color: rgb(77, 77, 77); font-family: 'Calibri Light',sans-serif; font-size: 8pt;">(962)</div>
          </td>
        </tr>
        <tr>
          <td style="width: 51.45%; vertical-align: top;">
            <div style="text-align: left; color: rgb(77, 77, 77); font-family: 'Calibri Light',sans-serif; font-size: 8pt; font-weight: bold;">Increase (decrease) 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;">38,158</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;">(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; font-weight: bold;">42,652</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;">(139,670)</div>
          </td>
        </tr>
        <tr>
          <td style="width: 51.45%; vertical-align: top;">
            <div style="text-align: left; color: rgb(77, 77, 77); 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 1px solid;">
            <div style="text-align: right; color: rgb(77, 77, 77); font-family: 'Calibri Light',sans-serif; font-size: 8pt; font-weight: bold;">240,632</div>
          </td>
          <td style="width: 11.73%; vertical-align: top; border-bottom: #000000 1px solid;">
            <div style="text-align: right; color: rgb(77, 77, 77); font-family: 'Calibri Light',sans-serif; font-size: 8pt;">252,653</div>
          </td>
          <td style="width: 11.73%; vertical-align: top; border-bottom: #000000 1px solid;">
            <div style="text-align: right; color: rgb(77, 77, 77); font-family: 'Calibri Light',sans-serif; font-size: 8pt; font-weight: bold;">236,138</div>
          </td>
          <td style="width: 11.73%; vertical-align: top; border-bottom: #000000 1px solid;">
            <div style="text-align: right; color: rgb(77, 77, 77); font-family: 'Calibri Light',sans-serif; font-size: 8pt;">320,952</div>
          </td>
        </tr>
        <tr>
          <td style="width: 51.45%; vertical-align: top;">
            <div style="text-align: left; color: rgb(77, 77, 77); font-family: 'Calibri Light',sans-serif; font-size: 8pt; font-weight: bold;">Cash, end of period</div>
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          <td style="width: 11.71%; vertical-align: top; border-top: #000000 1px solid; border-bottom: #000000 2px double;">
            <div style="text-align: right; color: rgb(77, 77, 77); font-family: 'Calibri Light',sans-serif; font-size: 8pt; font-weight: bold;">278,790</div>
          </td>
          <td style="width: 11.73%; vertical-align: top; border-top: #000000 1px solid; border-bottom: #000000 2px double;">
            <div style="text-align: right; color: rgb(77, 77, 77); font-family: 'Calibri Light',sans-serif; font-size: 8pt;">181,282</div>
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          <td style="width: 11.73%; vertical-align: top; border-top: #000000 1px solid; border-bottom: #000000 2px double;">
            <div style="text-align: right; color: rgb(77, 77, 77); font-family: 'Calibri Light',sans-serif; font-size: 8pt; font-weight: bold;">278,790</div>
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            <div style="text-align: right; color: rgb(77, 77, 77); font-family: 'Calibri Light',sans-serif; font-size: 8pt;">181,282</div>
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<DESCRIPTION>XBRL TAXONOMY EXTENSION LABEL LINKBASE
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<!--Generated by Broadridge PROfile 25.10.1.5333 Broadridge-->
<link:linkbase xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance" xsi:schemaLocation="http://www.xbrl.org/2003/linkbase http://www.xbrl.org/2003/xbrl-linkbase-2003-12-31.xsd" xmlns:link="http://www.xbrl.org/2003/linkbase" xmlns:xlink="http://www.w3.org/1999/xlink" xmlns:xbrli="http://www.xbrl.org/2003/instance">
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    <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2024/dei-2024.xsd#dei_EntityRegistrantName" xlink:label="EntityRegistrantName" xlink:title="EntityRegistrantName" />
    <link:label xlink:type="resource" xlink:label="dei_EntityRegistrantName" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="dei_EntityRegistrantName" xml:lang="en-US" id="dei_EntityRegistrantName">Entity Registrant Name</link:label>
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    <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2024/dei-2024.xsd#dei_EntityCentralIndexKey" xlink:label="EntityCentralIndexKey" xlink:title="EntityCentralIndexKey" />
    <link:label xlink:type="resource" xlink:label="dei_EntityCentralIndexKey" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="dei_EntityCentralIndexKey" xml:lang="en-US" id="dei_EntityCentralIndexKey">Entity Central Index Key</link:label>
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    <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2024/dei-2024.xsd#dei_EntityFileNumber" xlink:label="EntityFileNumber" xlink:title="EntityFileNumber" />
    <link:label xlink:type="resource" xlink:label="dei_EntityFileNumber" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="dei_EntityFileNumber" xml:lang="en-US" id="dei_EntityFileNumber">Entity File Number</link:label>
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    <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2024/dei-2024.xsd#dei_CurrentFiscalYearEndDate" xlink:label="CurrentFiscalYearEndDate" xlink:title="CurrentFiscalYearEndDate" />
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<DOCUMENT>
<TYPE>EX-101.PRE
<SEQUENCE>6
<FILENAME>dsgx-20251204_pre.xml
<DESCRIPTION>XBRL TAXONOMY EXTENSION PRESENTATION LINKBASE
<TEXT>
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<span style="display: none;">v3.25.3</span><table class="report" border="0" cellspacing="2" id="id2">
<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, 2025</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>
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<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>
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<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>
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<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>
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</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>
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</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_EntityAddressAddressLine2', window );">Entity Address, Address Line Two</a></td>
<td class="text">Waterloo<span></span>
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</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_EntityAddressCityOrTown', window );">Entity Address, City or Town</a></td>
<td class="text">Ontario, Canada<span></span>
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<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_EntityAddressStateOrProvince', window );">Entity Address, State or Province</a></td>
<td class="text">ON<span></span>
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<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>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Boolean flag that is true when the XBRL content amends previously-filed or accepted submission.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Cover page.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_CoverAbstract</td>
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<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">
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<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>
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<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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<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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<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>Address Line 2 such as Street or Suite number</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
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<td>duration</td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Name of the City or Town</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityAddressCityOrTown</td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
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<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">
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 "std_ref": {
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}
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end
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<SEQUENCE>20
<FILENAME>form6k_htm.xml
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
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<?xml version="1.0" encoding="utf-8"?>
<xbrl
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  xmlns:dei="http://xbrl.sec.gov/dei/2024"
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    <context id="c20251204to20251204">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001050140</identifier>
        </entity>
        <period>
            <startDate>2025-12-04</startDate>
            <endDate>2025-12-04</endDate>
        </period>
    </context>
    <dei:AmendmentFlag
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      id="Fact_eca7ebb14f6149af83264165dacac8c4">false</dei:AmendmentFlag>
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    <dei:EntityAddressAddressLine1
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    <dei:EntityAddressStateOrProvince
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    <dei:EntityAddressPostalZipCode
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    <dei:DocumentType
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</xbrl>
</XML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
