EX-99.1 2 financialstatementsfy25q1.htm EX-99.1 Document



Lightspeed Commerce Inc.
Condensed Interim Consolidated Financial Statements
(Unaudited)
For the three months ended June 30, 2024
(expressed in thousands of US dollars)


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 equivalents673,948 722,102 
Trade and other receivables946,384 62,284 
Merchant cash advances1887,538 74,236 
Inventories18,256 16,492 
Other current assets1047,393 42,786 
Total current assets873,519 917,900 
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 
Goodwill111,349,375 1,349,235 
Other long-term assets1241,136 42,865 
Deferred tax assets319 552 
Total assets2,508,636 2,575,154 
Liabilities and Shareholders’ Equity
Current liabilities
Accounts payable and accrued liabilities1365,492 68,679 
Lease liabilities7,069 6,942 
Income taxes payable1,241 1,709 
Deferred revenue67,225 67,336 
Total current liabilities141,027 144,666 
Deferred revenue765 851 
Lease liabilities16,204 16,269 
Other long-term liabilities794 967 
Total liabilities158,790 162,753 
Shareholders’ equity
Share capital154,301,323 4,362,691 
Additional paid-in capital211,990 213,918 
Accumulated other comprehensive loss16(4,319)(4,045)
Accumulated deficit(2,159,148)(2,160,163)
Total shareholders’ equity2,349,846 2,412,401 
Total liabilities and shareholders’ equity2,508,636 2,575,154 
Commitments and contingencies14


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
20242023
$$
Revenues4266,091 209,086 
Direct cost of revenues5, 6157,883 121,181 
Gross profit108,208 87,905 
Operating expenses
General and administrative631,856 24,944 
Research and development627,471 34,035 
Sales and marketing657,070 55,288 
Depreciation of property and equipment1,973 1,457 
Depreciation of right-of-use assets1,394 2,230 
Foreign exchange loss85 671 
Acquisition-related compensation— 2,545 
Amortization of intangible assets22,895 24,505 
Restructuring149,541 472 
Total operating expenses152,285 146,147 
Operating loss(44,077)(58,242)
Net interest income710,166 10,362 
Loss before income taxes(33,911)(47,880)
Income tax expense (recovery)
Current801 1,215 
Deferred300 (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 operations240 (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 diluted8(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,
20242023
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 assets22,895 24,505 
Depreciation of property and equipment and lease right-of-use assets3,367 3,687 
Deferred income taxes300 (392)
Share-based compensation expense11,328 17,823 
Unrealized foreign exchange loss
3 322 
(Increase)/decrease in operating assets and increase/(decrease) in operating liabilities
Trade and other receivables15,576 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 activities6,869 7,141 
Cash flows from (used in) financing activities
Proceeds from exercise of stock options1,349 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 period722,102 800,154 
Cash and cash equivalents – End of period673,948 780,277 
Income taxes paid1,056 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, 2024153,547,616 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 awards612,956 14,605 (13,256)— — 1,349 
Share-based compensation— — 11,328 — — 11,328 
Shares repurchased and cancelled15(2,673,926)(75,973)— — 36,027 (39,946)
Other comprehensive loss16— — — (274)— (274)
Balance as at June 30, 2024151,486,646 4,301,323 211,990 (4,319)(2,159,148)2,349,846 
Balance as at March 31, 2023151,170,305 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 awards703,223 19,953 (18,736)— — 1,217 
Share-based compensation— — 17,823 — — 17,823 
Share-based acquisition-related compensation873 2,469 — — — 2,469 
Other comprehensive income16— — — 378 — 378 
Balance as at June 30, 2023151,874,401 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,
20242023
$$
Subscription revenue83,314 78,727 
Transaction-based revenue174,054 120,970 
Hardware and other revenue8,723 9,389 
Total revenues266,091 209,086 
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,
20242023
$$
Subscription cost of revenue17,507 19,340 
Transaction-based cost of revenue127,952 89,019 
Hardware and other cost of revenue12,424 12,822 
Total direct cost of revenues157,883 121,181 
    6. Employee compensation
The total employee compensation comprising salaries and benefits, including share-based compensation and related payroll taxes and restructuring, excluding government assistance and acquisition-related compensation, for the three months ended June 30, 2024, was $84,393 (June 30, 2023 – $82,712).
7
Lightspeed Commerce Inc.
Notes to Condensed Interim Consolidated Financial Statements
(Unaudited)
June 30, 2024 and 2023
(expressed in thousands of US dollars, except number of shares and per share amounts)
The following table outlines share-based compensation and related payroll taxes included in the following expenses:
Three months ended June 30,
20242023
$$
Direct cost of revenues742 1,853 
General and administrative4,300 6,181 
Research and development3,175 8,376 
Sales and marketing3,457 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,
20242023
$$
Interest income10,560 10,755 
Interest expense(394)(393)
Net interest income10,166 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,
20242023
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 receivables40,010 48,132 
Allowance for expected credit losses(7,927)(5,056)

Trade receivables, net32,083 43,076 
Research and development tax credits receivable4,982 8,276 
Sales tax receivable5,975 7,106 
Accrued interest and other3,344 3,826 
Total trade and other receivables46,384 62,284 
    10. Other current assets
June 30,
2024		March 31,
2024
$
$
Restricted cash and restricted deposits1,611 1,582 
Prepaid expenses and deposits16,705 14,097 
Commission asset15,012 14,806 
Contract asset and other14,065 12,301 
Total other current assets47,393 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 cash374 368 
Prepaid expenses and deposits2,789 3,229 
Commission asset18,152 18,164 
Contract asset19,821 21,104 
Total other long-term assets41,136 42,865 
    13. Accounts payable and accrued liabilities
June 30,
2024		March 31,
2024
$$

Trade payables29,181 33,499 
Accrued compensation and benefits18,351 23,595 
Accrued payroll taxes on share-based compensation3,675 3,566 
Sales tax payable4,783 4,893 
Provisions and other
9,502 3,126 
Total accounts payable and accrued liabilities65,492 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,
20242023
$$
Balance - Beginning of period2,591 1,106 
Expensed during the period9,541 472 
Paid during the period(10,207)(830)
Balance - End of period1,925 748 
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)
202420232024202320242023
$$$$$$
Balance as at March 31,(4,234)(2,932)189 (125)(4,045)(3,057)
Foreign currency differences on translation of foreign operations240 (600)— — 240 (600)
Change in net unrealized gain (loss) on cash flow hedging instruments
— — (582)1,285 (582)1,285 
Deferred income tax recovery (expense)
— — 68 (307)68 (307)
Balance as at June 30,(3,994)(3,532)(325)853 (4,319)(2,679)
Foreign exchange forward contracts
The Company designates certain foreign exchange forward contracts as cash flow hedges when all the requirements in IFRS 9, Financial Instruments are met. The Company's currency pair used for cash flow hedges is US dollar / Canadian dollar. The notional principal of the foreign exchange contracts was $79,800 CAD as at June 30, 2024 (March 31, 2024 - $95,550 CAD).
    17. Related party transactions
Key management personnel includes executive officers. Other related parties include close family members of the key management personnel and entities controlled by the key management personnel.
12
Lightspeed Commerce Inc.
Notes to Condensed Interim Consolidated Financial Statements
(Unaudited)
June 30, 2024 and 2023
(expressed in thousands of US dollars, except number of shares and per share amounts)
The executive compensation expense to the top five key management personnel is as follows:
Three months ended
June 30,
20242023
$$

Short-term employee benefits and termination benefits644 814 
Share-based payments3,010 3,364 
Total compensation paid to key management personnel3,654 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,
20242023
$
$
Balance - Beginning of period74,236 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 period87,538 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:
June 30, 2024March 31, 2024
Fair
value
hierarchy
Carrying
amount
Fair
value
Fair
value
hierarchy
Carrying
amount
Fair
value
$
$

$$

Assets:
Cash and cash equivalents
Level 1673,948 673,948 Level 1722,102 722,102 
Restricted cash and restricted depositsLevel 11,985 1,985 Level 11,950 1,950 
Merchant cash advancesLevel 387,538 87,538 Level 374,236 74,236 
Foreign exchange forward contractsLevel 20 0 Level 2257257
Liabilities:
Foreign exchange forward contractsLevel 2325 325 Level 200

14