THE DESCARTES SYSTEMS GROUP INC.

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THE DESCARTES SYSTEMS GROUP INC NC. CONSOLIDATED BALANCE SHEETS (US DOLLARS IN THOUSANDS; US GAAP) ASSETS CURRENT ASSETS Cash and cash equivalents (Note 4) Short-term investments (Note 4) Accounts receivable (net) Trade (Note 5) Other Prepaid expenses and other Deferred income taxes (Note 17) Deferred tax charge CAPITAL ASSETS (Note 8) GOODWILL (Note 9) INTANGIBLE ASSETS (Note 10) DEFERRED INCOME TAXES (Note 17) DEFERRED TAX CHARGE LIABILITIES AND SHAREHOLDERS’ EQUITY CURRENT LIABILITIES Accounts payable Accrued liabilities (Note 11) Income taxes payable (Note 17) Deferred revenue Other liabilities DEFERRED REVENUE INCOME TAX LIABILITY (Note 17) DEFERRED INCOME TAXES (Note 17) OTHER LIABILITIES COMMITMENTS, CONTINGENCIES AND GUARANTEES (Note 112) SHAREHOLDERS’ EQUITY Common shares – unlimited shares authorized; Shares issued and outstanding totaled 61, 61,741,702 at January 31, 2011 ( January 31, 2010 – 61,410,877 410,877) (Note 13) Additional paid-in capital Accumulated other comprehensive income (loss) Accumulated deficit The accompanying notes are an integral part of these consolidated financial statements. Approved by the Board: J. Ian Giffen Stephen Watt Director Director 44 January 31, January 31, 2011 2010 69,644 89,554 - 5,071 14,417 9,840 3,967 2,231 1,968 1,146 11,457 4,414 197 197 101,650 112,453 7,309 5,482 56,742 34,456 40,703 21,058 34,667 34,346 198 395 241,269 208,190 4,992 2,603 11,342 7,509 471 975 6,310 5,454 67 - 23,182 16,541 1,665 1,172 2,468 2,605 8,267 - 172 - 35,754 20,318 88,148 86,609 452,300 451,591 1,822 (2,034) (336,755) (348,294) 205,515 187,872 241,269 208,190
THE DESCARTES SYSTEMS GROUP INC. CONSOLIDATED STATEMENTS OF OPERATIONS (US DOLLARS IN THOUSANDS, EXCEPT PER SHARE AMOUNTS; US GAAP) January 31, January 31, January 31, Year Ended 2011 2010 2009 REVENUES 99,175 73,768 66,044 COST OF REVENUES 33,875 22,983 22,353 GROSS MARGIN 65,300 50,785 43,691 EXPENSES Sales and marketing 11,492 10,695 8,992 Research and development 16,971 14,435 11,458 General and administrative 13,633 10,728 9,008 Other charges (Note 18) 3,995 1,615 538 Amortization of intangible assets 11,471 6,929 5,133 Contingent acquisition consideration (Note 7) - - 833 57,562 44,402 35,962 INCOME FROM OPERATIONS 7,738 6,383 7,729 INTEREST EXPENSE (14) - - INVESTMENT INCOME 209 342 1,002 INCOME BEFORE INCOME TAXES 7,933 6,725 8,731 INCOME TAX (RECOVERY) EXPENSE (Note 17) Current 277 855 256 Deferred (3,883) (8,480) (11,735) 45 (3,606) (7,625) (11,479) NET INCOME 11,539 14,350 20,210 EARNINGS PER SHARE (Note 14) Basic 0.19 0.26 0.38 Diluted 0.18 0.25 0.38 WEIGHTED AVERAGE SHARES OUTSTANDING (thousands) Basic 61,523 55,389 52,961 Diluted 62,888 56,437 53,659 The accompanying notes are an integral part of these consolidated financial statements.
Page 1 and 2: THE DESCARTES SYSTEMS GROUP INC. 20
Page 3 and 4: LETTER FROM THE CEO Dear Shareholde
Page 5 and 6: securities laws (“forward-looking
Page 7 and 8: who can help them manage the end-to
Page 9 and 10: CONSOLIDATED OPERATIONS The followi
Page 11 and 12: We operate in one business segment
Page 13 and 14: Gross margin percentage for service
Page 15 and 16: Other charges consist primarily of
Page 17 and 18: April 30, July 31, October 31, Janu
Page 19 and 20: shares from certain executive offic
Page 21 and 22: COMMITMENTS, CONTINGENCIES AND GUAR
Page 23 and 24: On December 21, 2010, we announced
Page 25 and 26: for tax benefits that we currently
Page 27 and 28: Integrated Framework, issued by the
Page 29 and 30: We estimate that amortization expen
Page 31 and 32: credit in the future, which could r
Page 33 and 34: hedging strategies to mitigate our
Page 35 and 36: transportation. The added cost of a
Page 37 and 38: seriously harm our business because
Page 39 and 40: assert these patents against us. Su
Page 41 and 42: MANAGEMENT’S REPORT ON FINANCIAL
Page 43: Report of Independent Registered Ch
Page 47 and 48: THE DESCARTES SYSTEMS GROUP INC. CO
Page 49 and 50: We also determined to perform a qua
Page 51 and 52: Impairment of long-lived assets We
Page 53 and 54: including our estimated taxable inc
Page 55 and 56: income tax liability decreased by $
Page 57 and 58: The goodwill on the Porthus, Imanet
Page 59 and 60: The goodwill on the Oceanwide and S
Page 61 and 62: Note 5 - Trade Receivables January
Page 63 and 64: We write down intangible assets wit
Page 65 and 66: time limitation. The amount also de
Page 67 and 68: Total estimated stock-based compens
Page 69 and 70: Deferred Share Unit Plan Our board
Page 71 and 72: Income tax expense (recovery) is in
Page 73 and 74: The provision (recovery) for income
Page 75 and 76: The following table shows the chang
Page 77 and 78: CORPORATE INFORMATION Stock Exchang

THE DESCARTES SYSTEMS GROUP INC.

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