INTANGIBLE ASSETS

12 Months Ended

Mar. 31, 2025


	Note	Development projects		Computer software, licenses and other		Technology		Customer relationships		Brands(i)		Total
Cost:
Balance, at March 31, 2023		$	68,222	$	55,689	$	278,510	$	348,733	$	171,035	$	922,189
Additions		18,135		11,493		—		—		—		29,628
Acquisition of subsidiaries	5	1,170		1,639		48,920		57,379		29,183		138,291
Disposals		(635)		(2,641)		—		—		—		(3,276)
Exchange and other adjustments (ii)		(6,525)		3,476		(12,174)		(60,794)		(390)		(76,407)
Balance, at March 31, 2024		$	80,367	$	69,656	$	315,256	$	345,318	$	199,828	$	1,010,425
Additions		32,826		10,391		116		—		745		44,078
Acquisition of subsidiaries	5	—		1,991		10,200		45,743		17,041		74,975
Disposals		(723)		(1,843)		—		(164)		—		(2,730)
Exchange and other adjustments (ii)		16,356		2,519		20,334		(96,261)		10,411		(46,641)
Balance, at March 31, 2025		$	128,826	$	82,714	$	345,906	$	294,636	$	228,025	$	1,080,107

		Development projects		Computer software, licenses and other		Technology		Customer relationships		Brands(i)		Total
Amortization:
Balance, at March 31, 2023		$	(27,755)	$	(34,878)	$	(79,670)	$	(183,729)	$	(2,947)	$	(328,979)
Amortization		(6,493)		(12,364)		(31,172)		(29,547)		(3,487)		(83,063)
Disposals		13		2,594		—		—		—		2,607
Exchange and other adjustments (ii)		190		6,563		11,478		60,303		23		78,557
Balance, at March 31, 2024		$	(34,045)	$	(38,085)	$	(99,364)	$	(152,973)	$	(6,411)	$	(330,878)
Amortization		(9,135)		(11,431)		(32,616)		(29,065)		(2,925)		(85,172)
Disposals		723		1,843		—		164		—		2,730
Exchange and other adjustments (ii)		(9,259)		(1,308)		(7,818)		107,785		2,344		91,744
Balance, at March 31, 2025		$	(51,716)	$	(48,981)	$	(139,798)	$	(74,089)	$	(6,992)	$	(321,576)
Net book value:
At March 31, 2025		$	77,110	$	33,733	$	206,108	$	220,547	$	221,033	$	758,531
At March 31, 2024		$	46,322	$	31,571	$	215,892	$	192,345	$	193,417	$	679,547

The Company has assessed a portion of its brand intangible assets to have a useful life of five years. The carrying amount of the intangible assets estimated to have an indefinite life as at March 31, 2025 was $200,473 (March 31, 2024 - $183,432).

(ii) Represents translation from the functional currency of the related foreign operations into Canadian dollars at the period-end exchange rate, and includes the elimination of intangible assets that have been fully amortized. The resulting exchange differences are recognized in the consolidated statements of comprehensive income.

Research and development costs that are not eligible for capitalization of $10,632 have been expensed and are recognized in cost of revenues (March 31, 2024 - $10,184).

The Company performed its annual impairment test of indefinite-lived intangible assets in the fourth quarter. The recoverable amount of the related CGUs was estimated based on a value in use calculation using the present value of the future cash flows expected to be derived by the related CGU. This

approach requires management to estimate cash flows that include earnings from operations less capital expenditures and related tax effects.

In determining future cash flows, the budgeted results for the year ending March 31, 2026, as presented to and approved by the Board, were extrapolated for a five-year period, followed by a terminal calculation based on the fifth year forecasted amount. The estimated cash flows are based on historical data and past experience of operating within the each market. The average revenue growth rate used for the intangible asset impairment testing of indefinite-lived brands was 6.1% (March 31, 2024 - 5%). The terminal growth rate used in the impairment testing was 3% (March 31, 2024 - range of 3% to 5%). The rates used to project cash flows are based on management's expectations for the growth of the cash generating unit and do not exceed long-term average growth rates for the markets in which the cash generating units operate. Management used a discount rate range from 11.0% to 19.5% (March 31, 2024 - 10%), depending on the characteristics of the CGU, to determine the present value of future cash flows. As a result of the analysis, management did not identify an impairment of the indefinite lived intangible assets and any reasonable change in assumptions would not result in impairment.