Lightspeed Commerce Inc. Condensed Interim Consolidated Balance Sheets (Unaudited)
As at June 30 and March 31, 2024
(expressed in thousands of US dollars)
Notes
June 30, 2024
March 31, 2024
Assets
$
$
Current assets
Cash and cash equivalents
673,948
722,102
Trade and other receivables
9
46,384
62,284
Merchant cash advances
18
87,538
74,236
Inventories
18,256
16,492
Other current assets
10
47,393
42,786
Total current assets
873,519
917,900
Lease right-of-use assets, net
17,574
17,075
Property and equipment, net
19,296
20,496
Intangible assets, net
207,417
227,031
Goodwill
11
1,349,375
1,349,235
Other long-term assets
12
41,136
42,865
Deferred tax assets
319
552
Total assets
2,508,636
2,575,154
Liabilities and Shareholders’ Equity
Current liabilities
Accounts payable and accrued liabilities
13
65,492
68,679
Lease liabilities
7,069
6,942
Income taxes payable
1,241
1,709
Deferred revenue
67,225
67,336
Total current liabilities
141,027
144,666
Deferred revenue
765
851
Lease liabilities
16,204
16,269
Other long-term liabilities
794
967
Total liabilities
158,790
162,753
Shareholders’ equity
Share capital
15
4,301,323
4,362,691
Additional paid-in capital
211,990
213,918
Accumulated other comprehensive loss
16
(4,319)
(4,045)
Accumulated deficit
(2,159,148)
(2,160,163)
Total shareholders’ equity
2,349,846
2,412,401
Total liabilities and shareholders’ equity
2,508,636
2,575,154
Commitments and contingencies
14
The accompanying notes are an integral part of these unaudited condensed interim consolidated financial statements.
2
Lightspeed Commerce Inc.
Condensed Interim Consolidated Statements of Loss and Comprehensive Loss
(Unaudited)
For the three months ended June 30, 2024 and 2023
(expressed in thousands of US dollars, except per share amounts)
Three months ended June 30,
Notes
2024
2023
$
$
Revenues
4
266,091
209,086
Direct cost of revenues
5, 6
157,883
121,181
Gross profit
108,208
87,905
Operating expenses
General and administrative
6
31,856
24,944
Research and development
6
27,471
34,035
Sales and marketing
6
57,070
55,288
Depreciation of property and equipment
1,973
1,457
Depreciation of right-of-use assets
1,394
2,230
Foreign exchange loss
85
671
Acquisition-related compensation
—
2,545
Amortization of intangible assets
22,895
24,505
Restructuring
14
9,541
472
Total operating expenses
152,285
146,147
Operating loss
(44,077)
(58,242)
Net interest income
7
10,166
10,362
Loss before income taxes
(33,911)
(47,880)
Income tax expense (recovery)
Current
801
1,215
Deferred
300
(392)
Total income tax expense
1,101
823
Net loss
(35,012)
(48,703)
Other comprehensive income (loss)
Items that may be reclassified to net loss
Foreign currency differences on translation of foreign operations
240
(600)
Change in net unrealized gain (loss) on cash flow hedging instruments, net of tax
(514)
978
Total other comprehensive income (loss)
16
(274)
378
Total comprehensive loss
(35,286)
(48,325)
Net loss per share – basic and diluted
8
(0.23)
(0.32)
The accompanying notes are an integral part of these unaudited condensed interim consolidated financial statements.
3
Lightspeed Commerce Inc. Condensed Interim Consolidated Statement of Cash Flows (Unaudited)
For the three months ended June 30, 2024 and 2023
(expressed in thousands of US dollars)
Three months ended June 30,
2024
2023
Cash flows from (used in) operating activities
$
$
Net loss
(35,012)
(48,703)
Items not affecting cash and cash equivalents
Share-based acquisition-related compensation
—
2,469
Amortization of intangible assets
22,895
24,505
Depreciation of property and equipment and lease right-of-use assets
3,367
3,687
Deferred income taxes
300
(392)
Share-based compensation expense
11,328
17,823
Unrealized foreign exchange loss
3
322
(Increase)/decrease in operating assets and increase/(decrease) in operating liabilities
Trade and other receivables
15,576
13,682
Merchant cash advances
(13,302)
(11,054)
Inventories
(1,764)
(1,810)
Other assets
(3,259)
(3,940)
Accounts payable and accrued liabilities
(3,361)
(8,172)
Income taxes payable
(468)
(3,817)
Deferred revenue
(197)
(563)
Other long-term liabilities
(173)
235
Net interest income
(10,166)
(10,362)
Total operating activities
(14,233)
(26,090)
Cash flows from (used in) investing activities
Additions to property and equipment
(847)
(1,070)
Additions to intangible assets
(3,269)
(2,285)
Interest income
10,985
10,496
Total investing activities
6,869
7,141
Cash flows from (used in) financing activities
Proceeds from exercise of stock options
1,349
1,217
Share issuance costs
—
(76)
Shares repurchased and cancelled
(39,946)
—
Payment of lease liabilities and movement in restricted lease deposits
(2,141)
(2,066)
Financing costs
(40)
—
Total financing activities
(40,778)
(925)
Effect of foreign exchange rate changes on cash and cash equivalents
(12)
(3)
Net decrease in cash and cash equivalents during the period
(48,154)
(19,877)
Cash and cash equivalents – Beginning of period
722,102
800,154
Cash and cash equivalents – End of period
673,948
780,277
Income taxes paid
1,056
5,067
The accompanying notes are an integral part of these unaudited condensed interim consolidated financial statements.
4
Lightspeed Commerce Inc.
Condensed Interim Consolidated Statements of Changes in Shareholders' Equity
(Unaudited)
For the three months ended June 30, 2024 and 2023
(expressed in thousands of US dollars, except number of shares)
Issued and
Outstanding Shares
Notes
Number
of shares
Amount
Additional paid-in capital
Accumulated other comprehensive income (loss)
Accumulated deficit
Total
$
$
$
$
$
Balance as at March 31, 2024
153,547,616
4,362,691
213,918
(4,045)
(2,160,163)
2,412,401
Net loss
—
—
—
—
(35,012)
(35,012)
Exercise of stock options and settlement of share awards
612,956
14,605
(13,256)
—
—
1,349
Share-based compensation
—
—
11,328
—
—
11,328
Shares repurchased and cancelled
15
(2,673,926)
(75,973)
—
—
36,027
(39,946)
Other comprehensive loss
16
—
—
—
(274)
—
(274)
Balance as at June 30, 2024
151,486,646
4,301,323
211,990
(4,319)
(2,159,148)
2,349,846
Balance as at March 31, 2023
151,170,305
4,298,683
198,022
(3,057)
(1,996,199)
2,497,449
Net loss
—
—
—
—
(48,703)
(48,703)
Share issuance costs
—
(129)
—
—
—
(129)
Exercise of stock options and settlement of share awards
703,223
19,953
(18,736)
—
—
1,217
Share-based compensation
—
—
17,823
—
—
17,823
Share-based acquisition-related compensation
873
2,469
—
—
—
2,469
Other comprehensive income
16
—
—
—
378
—
378
Balance as at June 30, 2023
151,874,401
4,320,976
197,109
(2,679)
(2,044,902)
2,470,504
The accompanying notes are an integral part of these unaudited condensed interim consolidated financial statements.
5
Lightspeed Commerce Inc.
Notes to Condensed Interim Consolidated Financial Statements
(Unaudited)
June 30, 2024 and 2023
(expressed in thousands of US dollars, except number of shares and per share amounts)
1. Organization and nature of operations
Lightspeed Commerce Inc. ("Lightspeed" or the "Company") was incorporated on March 21, 2005 under the Canada Business Corporations Act. Its head office is located at Gare Viger, 700 Saint-Antoine St. East, Suite 300, Montréal, Quebec, Canada. Lightspeed’s one-stop commerce platform provides its customers with the critical functionalities they need to engage with consumers, manage their operations, accept payments, and grow their business. Lightspeed has customers globally in over 100 countries, empowering single- and multi-location small and medium-sized businesses to compete in an omni-channel market environment by engaging with consumers across online, mobile, social, and physical channels.
The Company’s shares are listed on both the Toronto Stock Exchange ("TSX") and the New York Stock Exchange ("NYSE") under the stock symbol "LSPD".
2. Basis of presentation and consolidation
These unaudited condensed interim consolidated financial statements have been prepared in accordance with International Financial Reporting Standards ("IFRS") applicable to the preparation of interim financial statements, including International Accounting Standard ("IAS") 34, Interim Financial Reporting, as issued by the International Accounting Standards Board ("IASB"). Certain information and disclosures have been omitted or condensed. These unaudited condensed interim consolidated financial statements should be read together with the Company’s audited annual consolidated financial statements and notes thereto for the fiscal year ended March 31, 2024.
These unaudited condensed interim consolidated financial statements were approved for issue by the Board of Directors of the Company on July 31, 2024.
Seasonality of interim operations
The operations of the Company are seasonal, and the results of operations for any interim period are not necessarily indicative of operations for the full fiscal year or any future period.
Estimates, judgments and assumptions
The preparation of the unaudited condensed interim consolidated financial statements in accordance with IFRS requires management to make judgments, estimates and assumptions that affect the application of accounting policies and the reported amounts of assets, liabilities, revenues and expenses during the period. These estimates and assumptions are based on historical experience, expectations of the future, and other relevant factors and are reviewed regularly. Revisions to accounting estimates are recognized in the period in which the estimates are revised and in any future period affected. Actual results may differ from these estimates.
In preparing these unaudited condensed interim consolidated financial statements, the significant judgments made by management in applying the Company’s accounting policies and the key sources of uncertainty are the same as those applied and described in the Company’s audited annual consolidated financial statements for the fiscal year ended March 31, 2024.
3. Material accounting policies
The same accounting policies and methods of computation were followed in the preparation of these unaudited condensed interim consolidated financial statements as were followed in the preparation of the most recent audited annual consolidated financial statements.
6
Lightspeed Commerce Inc.
Notes to Condensed Interim Consolidated Financial Statements
(Unaudited)
June 30, 2024 and 2023
(expressed in thousands of US dollars, except number of shares and per share amounts)
New and amended material accounting policies issued but not yet effective
In May 2024, the IASB issued amendments to IFRS 9, Financial Instruments and IFRS 7, Financial Instruments: Disclosures to clarify the date of recognition and derecognition of some financial assets and liabilities including introducing a new exception for certain financial liabilities settled using an electronic payment system before the settlement date. The amendments also clarify the classification of certain financial assets and introduces disclosure requirements for financial instruments with contingent features and equity instruments classified at fair value through other comprehensive income. This amendment is effective for annual periods beginning on or after January 1, 2026. The Company is currently evaluating the impact of this amendment on its consolidated financial statements. The Company also continues to evaluate the impact of IFRS 18, Presentation and Disclosure in Financial Statements on its consolidated financial statements. For all other new and amended material accounting policies issued but not yet effective which have been identified in the most recent audited annual consolidated financial statements, the Company does not expect that the adoption of these standards will have a material impact on the financial statements of the Company in future periods.
4. Revenues
Three months ended June 30,
2024
2023
$
$
Subscription revenue
83,314
78,727
Transaction-based revenue
174,054
120,970
Hardware and other revenue
8,723
9,389
Total revenues
266,091
209,086
Transaction-based revenue includes $7,772 of revenue from merchant cash advances for the three months ended June 30, 2024 (June 30, 2023 – $1,593).
5. Direct cost of revenues
Three months ended June 30,
2024
2023
$
$
Subscription cost of revenue
17,507
19,340
Transaction-based cost of revenue
127,952
89,019
Hardware and other cost of revenue
12,424
12,822
Total direct cost of revenues
157,883
121,181
6. Employee compensation
The total employee compensation comprising salaries and benefits, including share-based compensation and related payroll taxes and restructuring, excluding government assistance and acquisition-related compensation, for the three months ended June 30, 2024, was $84,393 (June 30, 2023 – $82,712).
7
Lightspeed Commerce Inc.
Notes to Condensed Interim Consolidated Financial Statements
(Unaudited)
June 30, 2024 and 2023
(expressed in thousands of US dollars, except number of shares and per share amounts)
The following table outlines share-based compensation and related payroll taxes included in the following expenses:
Three months ended June 30,
2024
2023
$
$
Direct cost of revenues
742
1,853
General and administrative
4,300
6,181
Research and development
3,175
8,376
Sales and marketing
3,457
2,323
Total share-based compensation and related payroll taxes
11,674
18,733
As at June 30, 2024, the Company had 11,246,250 options (1,014,999 of which have vesting dependent on market conditions tied to the Company's future share price performance), 6,794,792 restricted share units, 131,713 deferred share units, and nil performance share units which include non-market performance conditions outstanding (June 30, 2023 - 11,950,520 options, 6,601,787 restricted share units, 75,869 deferred share units and 476,644 performance share units which include non-market performance conditions outstanding).
7. Finance income and costs
Three months ended June 30,
2024
2023
$
$
Interest income
10,560
10,755
Interest expense
(394)
(393)
Net interest income
10,166
10,362
8. Loss per share
The Company has stock options and share awards as potentially dilutive shares. Diluted net loss per share excludes all potentially-dilutive shares if their effect is anti-dilutive. As a result of net losses incurred, all potentially-dilutive shares have been excluded from the calculation of diluted net loss per share because including them would be anti-dilutive; therefore, basic and diluted number of shares is the same for the three months ended June 30, 2024 and 2023. All outstanding potentially dilutive shares could potentially dilute loss per share in the future.
Three months ended June 30,
2024
2023
Issued Common Shares
151,486,646
151,874,401
Weighted average number of Common Shares (basic and diluted)
154,744,336
152,523,457
Net loss per share – basic and diluted
($0.23)
($0.32)
8
Lightspeed Commerce Inc.
Notes to Condensed Interim Consolidated Financial Statements
(Unaudited)
June 30, 2024 and 2023
(expressed in thousands of US dollars, except number of shares and per share amounts)
The weighted average number of potentially dilutive shares that are not included in the diluted per share calculations because they would be anti-dilutive was 15,825,157 stock options and share awards for the three months ended June 30, 2024 (June 30, 2023 - 17,123,532). This weighted average number includes all of the Company's issued and outstanding potentially dilutive shares notwithstanding exercise prices, as applicable.
9. Trade and other receivables
June 30, 2024
March 31, 2024
$
$
Trade receivables
40,010
48,132
Allowance for expected credit losses
(7,927)
(5,056)
Trade receivables, net
32,083
43,076
Research and development tax credits receivable
4,982
8,276
Sales tax receivable
5,975
7,106
Accrued interest and other
3,344
3,826
Total trade and other receivables
46,384
62,284
10. Other current assets
June 30, 2024
March 31, 2024
$
$
Restricted cash and restricted deposits
1,611
1,582
Prepaid expenses and deposits
16,705
14,097
Commission asset
15,012
14,806
Contract asset and other
14,065
12,301
Total other current assets
47,393
42,786
11. Goodwill
The carrying amount of the Company's net assets exceeded the Company's market capitalization as at June 30, 2024, which triggered an impairment test to be performed for the Company's operating segment which is the level at which management monitors goodwill. The Company completed an impairment test of goodwill as at June 30, 2024 using a fair value less costs of disposal model which demonstrated no impairment of goodwill. The Company reassessed as at June 30, 2024 the key assumptions used in the December 31, 2023 annual test and no changes were noted that would lead to a goodwill impairment charge.
9
Lightspeed Commerce Inc.
Notes to Condensed Interim Consolidated Financial Statements
(Unaudited)
June 30, 2024 and 2023
(expressed in thousands of US dollars, except number of shares and per share amounts)
12. Other long-term assets
June 30, 2024
March 31, 2024
$
$
Restricted cash
374
368
Prepaid expenses and deposits
2,789
3,229
Commission asset
18,152
18,164
Contract asset
19,821
21,104
Total other long-term assets
41,136
42,865
13. Accounts payable and accrued liabilities
June 30, 2024
March 31, 2024
$
$
Trade payables
29,181
33,499
Accrued compensation and benefits
18,351
23,595
Accrued payroll taxes on share-based compensation
3,675
3,566
Sales tax payable
4,783
4,893
Provisions and other
9,502
3,126
Total accounts payable and accrued liabilities
65,492
68,679
14. Contingencies and Provisions
Beginning in October 2021, the Company and certain of the Company's officers and directors were named as defendants to an application for authorization to bring a securities class action filed before the Superior Court of Quebec, and the Company and certain of the Company's officers and directors were named as defendants in a securities class action brought in the U.S. district court for the Eastern District of New York (a separate action brought in the Southern District of New York was voluntarily dismissed after a lead plaintiff was appointed in the Eastern District of New York action). The application and action are sought on behalf of purchasers of the Company's Common Shares, and are based upon allegations that the defendants made false and/or misleading statements to the public and seek unspecified damages. On June 27, 2022, the Company filed a motion to dismiss the securities class action brought in the U.S. district court for the Eastern District of New York. Plaintiffs to the securities class action brought in the U.S. district court for the Eastern District of New York filed an opposition to the Company's motion to dismiss, and the Company filed a reply. The Company and management intend to vigorously defend against each of these proceedings.
The Company is presently engaged in a dispute with one of its residual payments partners that has resulted in that partner purporting to terminate two agreements it has with the Company and ceasing to pay the Company amounts owed pursuant to those agreements, which amounts owed exceed $9,525. Although the Company is not yet aware of a formal claim having been filed by the partner, the partner alleges that the Company has breached certain covenants in each of the two agreements and has made a demand for damages under each agreement. The Company intends to vigorously defend against any claims resulting from the dispute. Separately, the Company is evaluating recourse available to it under the aforesaid agreements. A provision is included in accounts payable and accrued liabilities in the provisions and other category in respect of the matter for the three months ended June 30, 2024.
10
Lightspeed Commerce Inc.
Notes to Condensed Interim Consolidated Financial Statements
(Unaudited)
June 30, 2024 and 2023
(expressed in thousands of US dollars, except number of shares and per share amounts)
On October 22, 2021, CloudofChange, LLC, a non-practising entity, filed a patent infringement lawsuit against the Company in the Western District of Texas. The patents at issue in the suit were U.S. Patents Nos. 9,400,640, 10,083,012 and 11,226,793. These patents are generally related to web-based point of sale builder systems. Separately, the Company applied for inter partes review of all three patents by the U.S. Patent Trial and Appeal Board (the "PTAB"). The PTAB issued final written decisions finding all asserted claims of all three patents unpatentable. The lawsuit has now been stayed pending final resolutions of the inter partes reviews. The plaintiff is in the process of appealing the PTAB's final written decisions and the Company and management intend to vigorously defend the PTAB's invalidity findings.
Except as indicated, the Company has not provisioned for the above-referenced matters.
The Company is involved in other litigation and claims in the normal course of business. Management is of the opinion that any resulting provisions and ultimate settlements would not materially affect the financial position and operating results of the Company.
Restructuring
The Company announced and implemented a reorganization to streamline the Company's operating model while continuing to focus on profitable growth. The restructuring expense consisted primarily of cash severance costs. The majority of the expected charges associated with this reorganization were incurred during the three months ended June 30, 2024.
Provision for severance
Three months ended June 30,
2024
2023
$
$
Balance - Beginning of period
2,591
1,106
Expensed during the period
9,541
472
Paid during the period
(10,207)
(830)
Balance - End of period
1,925
748
The provision is included in accounts payable and accrued liabilities in the provisions and other category in note 13.
15. Share capital
The Company’s authorized share capital consists of (i) an unlimited number of Subordinate Voting Shares and (ii) an unlimited number of preferred shares, issuable in series. All references to "Common Shares" refer to Subordinate Voting Shares in the capital of Lightspeed.
Normal Course Issuer Bid
The Board and the TSX approved a normal course issuer bid ("NCIB") for the Company to purchase at its discretion for cancellation up to 9,722,677 Subordinate Voting Shares of the Company, representing approximately 10% of the Company's "public float" (as defined in the TSX Company Manual) of Subordinate Voting Shares issued and outstanding as at March 22, 2024, over the twelve-month period commencing on April 5, 2024 and ending no later than April 4, 2025. Any Subordinate Voting Share purchased under the NCIB will be cancelled.
11
Lightspeed Commerce Inc.
Notes to Condensed Interim Consolidated Financial Statements
(Unaudited)
June 30, 2024 and 2023
(expressed in thousands of US dollars, except number of shares and per share amounts)
Under the NCIB, other than purchases made under block purchase exemptions, the Company is allowed, subject to applicable securities laws, to purchase daily, through the facilities of the TSX, a maximum of 165,177 Subordinate Voting Shares representing 25% of the average daily trading volume of 660,709 Subordinate Voting Shares, as calculated per the TSX rules for the six-month period ended on February 29, 2024.
In connection with the NCIB, the Company also entered into an automatic share purchase plan (“ASPP”) under which a designated broker may purchase Subordinate Voting Shares at times when the Company would ordinarily not be permitted to purchase its Subordinate Voting Shares due to regulatory restrictions and customary self-imposed blackout periods. Any repurchases made under the ASPP will be made in accordance with certain purchasing parameters.
During the three months ended June 30, 2024, the Company repurchased and cancelled 2,673,926 Subordinate Voting Shares for a total consideration, including transaction costs, of $39,946. The Company did not repurchase any of its Subordinate Voting Shares under an NCIB in the three months ended June 30, 2023.
16. Accumulated other comprehensive income (loss)
Foreign currency differences on translation of foreign operations
Hedging reserve
Total accumulated other comprehensive income (loss)
2024
2023
2024
2023
2024
2023
$
$
$
$
$
$
Balance as at March 31,
(4,234)
(2,932)
189
(125)
(4,045)
(3,057)
Foreign currency differences on translation of foreign operations
240
(600)
—
—
240
(600)
Change in net unrealized gain (loss) on cash flow hedging instruments
—
—
(582)
1,285
(582)
1,285
Deferred income tax recovery (expense)
—
—
68
(307)
68
(307)
Balance as at June 30,
(3,994)
(3,532)
(325)
853
(4,319)
(2,679)
Foreign exchange forward contracts
The Company designates certain foreign exchange forward contracts as cash flow hedges when all the requirements in IFRS 9, Financial Instruments are met. The Company's currency pair used for cash flow hedges is US dollar / Canadian dollar. The notional principal of the foreign exchange contracts was $79,800 CAD as at June 30, 2024 (March 31, 2024 - $95,550 CAD).
17. Related party transactions
Key management personnel includes executive officers. Other related parties include close family members of the key management personnel and entities controlled by the key management personnel.
12
Lightspeed Commerce Inc.
Notes to Condensed Interim Consolidated Financial Statements
(Unaudited)
June 30, 2024 and 2023
(expressed in thousands of US dollars, except number of shares and per share amounts)
The executive compensation expense to the top five key management personnel is as follows:
Three months ended June 30,
2024
2023
$
$
Short-term employee benefits and termination benefits
644
814
Share-based payments
3,010
3,364
Total compensation paid to key management personnel
3,654
4,178
18. Financial instruments
Fair value
The Company measures the fair value of its financial assets and financial liabilities using a fair value hierarchy. A financial instrument’s classification within the fair value hierarchy is based upon the lowest level of input that is significant to the fair value measurement. Three levels of inputs may be used to measure fair value. The different levels of the fair value hierarchy are defined as follows:
Level 1: Quoted prices (unadjusted) in active markets for identical assets or liabilities;
Level 2: Other techniques for which inputs are based on quoted prices for identical or similar instruments in markets that are not active, quoted prices for similar instruments in active markets, 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 asset or liability;
Level 3: Techniques which use inputs that have a significant effect on the recognized fair value that require the Company to use its own assumptions about market participant assumptions.
The Company estimated the fair value of its financial instruments as described below.
The fair value of cash and cash equivalents, restricted cash and restricted deposits, trade receivables and trade accounts payable and accrued liabilities is considered to be equal to their respective carrying values due to their short-term maturities.
The fair value of accrued payroll taxes on share-based compensation approximates its carrying value as at June 30 and March 31, 2024.
Recurring fair value measurements
The fair value of foreign exchange forward contracts was determined based on Level 2 inputs, which included period-end mid-market quotations for each underlying contract as calculated by the financial institution with which the Company has transacted. The quotations represent the discounted future settlement amounts based on current market rates.
The fair value of merchant cash advances was determined based on Level 3 inputs by calculating the present value of the future estimated cash flows based on the terms of the agreements. Key assumptions for the three months ended June 30, 2024 include an average repayment period of 8 months, an average discount rate of 15% and amounts deemed uncollectible, which includes write offs, of $2,582. No reasonably possible change in the key assumptions would lead to a significant change in the fair value of merchant cash advances due to their expected short-term repayment periods.
13
Lightspeed Commerce Inc.
Notes to Condensed Interim Consolidated Financial Statements
(Unaudited)
June 30, 2024 and 2023
(expressed in thousands of US dollars, except number of shares and per share amounts)
The movement in the merchant cash advances is as follows:
Three months ended June 30,
2024
2023
$
$
Balance - Beginning of period
74,236
29,492
Principal issued
64,067
32,838
Principal collected
(55,955)
(22,714)
Transaction-based revenues from fees collected incorporating fair value movement
7,772
1,593
General & administrative expenses from amounts deemed uncollectible
(2,582)
(663)
Balance - End of period
87,538
40,546
As at June 30 and March 31, 2024, financial instruments measured at fair value in the unaudited condensed interim consolidated balance sheets were as follows:
