EX-99.1 2 financialstatementsfy24q2.htm EX-99.1 Document



Lightspeed Commerce Inc.
Condensed Interim Consolidated Financial Statements
(Unaudited)
For the three and six months ended September 30, 2023
(expressed in thousands of US dollars)


Lightspeed Commerce Inc.
Condensed Interim Consolidated Balance Sheets
(Unaudited)
As at September 30 and March 31, 2023
(expressed in thousands of US dollars)
Notes
September 30,
2023		March 31,
2023
Assets
$
$
Current assets
Cash and cash equivalents761,491 800,154 
Trade and other receivables9100,478 84,334 
Inventories18,059 12,839 
Other current assets1038,537 37,005 
Total current assets918,565 934,332 
Lease right-of-use assets, net
18,785 20,973 
Property and equipment, net
18,516 19,491 
Intangible assets, net
267,865 311,450 
Goodwill111,347,385 1,350,645 
Other long-term assets1239,562 31,540 
Deferred tax assets179 301 
Total assets2,610,857 2,668,732 
Liabilities and Shareholders’ Equity
Current liabilities
Accounts payable and accrued liabilities1371,052 68,827 
Lease liabilities6,701 6,617 
Income taxes payable2,459 6,919 
Deferred revenue63,029 68,094 
Total current liabilities143,241 150,457 
Deferred revenue1,291 1,226 
Lease liabilities16,952 18,574 
Other long-term liabilities1,123 1,026 
Total liabilities162,607 171,283 
Shareholders’ equity
Share capital154,336,578 4,298,683 
Additional paid-in capital205,679 198,022 
Accumulated other comprehensive loss16(6,613)(3,057)
Accumulated deficit(2,087,394)(1,996,199)
Total shareholders’ equity2,448,250 2,497,449 
Total liabilities and shareholders’ equity2,610,857 2,668,732 
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 and six months ended September 30, 2023 and 2022
(expressed in thousands of US dollars, except per share amounts)
Three months ended September 30,Six months ended September 30,
Notes
2023202220232022
$
$$$
Revenues4230,273 183,699 439,359 357,581 
Direct cost of revenues5, 6134,105 102,230 255,286 198,587 
Gross profit96,168 81,469 184,073 158,994 
Operating expenses
General and administrative626,324 25,132 51,268 55,371 
Research and development633,081 36,596 67,116 72,232 
Sales and marketing660,290 64,337 115,578 132,982 
Depreciation of property and equipment1,493 1,188 2,950 2,409 
Depreciation of right-of-use assets1,647 2,063 3,877 4,110 
Foreign exchange loss689 29 1,360 472 
Acquisition-related compensation560 12,653 3,105 29,756 
Amortization of intangible assets23,990 25,684 48,495 51,560 
Restructuring80 603 552 1,810 
Total operating expenses148,154 168,285 294,301 350,702 
Operating loss(51,986)(86,816)(110,228)(191,708)
Net interest income710,746 4,851 21,108 6,858 
Loss before income taxes(41,240)(81,965)(89,120)(184,850)
Income tax expense (recovery)
Current755 516 1,970 780 
Deferred497 (2,538)105 (4,891)
Total income tax expense (recovery)1,252 (2,022)2,075 (4,111)
Net loss(42,492)(79,943)(91,195)(180,739)
Other comprehensive loss
Items that may be reclassified to net loss
Foreign currency differences on translation of foreign operations(2,917)(6,689)(3,517)(15,522)
Change in net unrealized gain (loss) on cash flow hedging instruments, net of tax
(1,017)(2,059)(39)(2,778)
Total other comprehensive loss
16(3,934)(8,748)(3,556)(18,300)
Total comprehensive loss(46,426)(88,691)(94,751)(199,039)
Net loss per share – basic and diluted8(0.28)(0.53)(0.60)(1.21)

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 six months ended September 30, 2023 and 2022
(expressed in thousands of US dollars)
Six months ended September 30,
20232022
Cash flows from (used in) operating activities
$
$
Net loss(91,195)(180,739)
Items not affecting cash and cash equivalents
Share-based acquisition-related compensation2,953 26,740 
Amortization of intangible assets48,495 51,560 
Depreciation of property and equipment and lease right-of-use assets6,827 6,519 
Deferred income taxes105 (4,891)
Share-based compensation expense41,104 73,589 
Unrealized foreign exchange loss84 290 
(Increase)/decrease in operating assets and increase/(decrease) in operating liabilities
Trade and other receivables(16,292)(10,434)
Inventories(5,220)(2,473)
Other assets(9,283)368 
Accounts payable and accrued liabilities1,866 (8,029)
Income taxes payable(4,460)(46)
Deferred revenue(5,000)(2,786)
Other long-term liabilities188 (83)
Net interest income(21,108)(6,858)
Total operating activities(50,936)(57,273)
Cash flows from (used in) investing activities
Additions to property and equipment(1,909)(5,206)
Additions to intangible assets(5,141)(1,498)
Purchase of investments— (820)
Interest income 22,046 7,185 
Total investing activities14,996 (339)
Cash flows from (used in) financing activities
Proceeds from exercise of stock options1,601 4,033 
Share issuance costs(106)(193)
Repayment of long-term debt— (30,000)
Payment of lease liabilities net of incentives and movement in restricted lease deposits(3,905)(4,106)
Financing costs— (373)
Total financing activities(2,410)(30,639)
Effect of foreign exchange rate changes on cash and cash equivalents
(313)(2,827)
Net decrease in cash and cash equivalents during the period(38,663)(91,078)

Cash and cash equivalents – Beginning of period800,154 953,654 
Cash and cash equivalents – End of period761,491 862,576 
Interest paid to financial institutions— 373 
Income taxes paid6,432 768 
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 six months ended September 30, 2023 and 2022
(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, 2023151,170,305 4,298,683 198,022 (3,057)(1,996,199)2,497,449 
Net loss— — — — (91,195)(91,195)
Share issuance costs— (106)— — — (106)
Exercise of stock options and settlement of share awards1,200,943 35,048 (33,447)— — 1,601 
Share-based compensation— — 41,104 — — 41,104 
Share-based acquisition-related compensation
182,357 2,953 — — — 2,953 
Other comprehensive loss
16— — — (3,556)— (3,556)
Balance as at September 30, 2023152,553,605 4,336,578 205,679 (6,613)(2,087,394)2,448,250 
Balance as at March 31, 2022148,661,312 4,199,025 123,777 2,677 (926,190)3,399,289 
Net loss— — — — (180,739)(180,739)
Share issuance costs— (193)— — — (193)
Exercise of stock options and settlement of share awards1,431,737 29,961 (25,928)— — 4,033 
Share-based compensation— — 73,589 — — 73,589 
Share-based acquisition-related compensation222,715 26,740 — — — 26,740 
Other comprehensive loss16— — — (18,300)— (18,300)
Balance as at September 30, 2022150,315,764 4,255,533 171,438 (15,623)(1,106,929)3,304,419 




The accompanying notes are an integral part of these unaudited condensed interim consolidated financial statements.
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Lightspeed Commerce Inc.
Notes to Condensed Interim Consolidated Financial Statements
(Unaudited)
September 30, 2023 and 2022
(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, 2023.
These unaudited condensed interim consolidated financial statements were approved for issue by the Board of Directors of the Company on November 1, 2023.
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, 2023.
    3. Significant 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.
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Lightspeed Commerce Inc.
Notes to Condensed Interim Consolidated Financial Statements
(Unaudited)
September 30, 2023 and 2022
(expressed in thousands of US dollars, except number of shares and per share amounts)
New and amended standards effective within the three and six months ended September 30, 2023
In May 2023, the IASB issued International Tax Reform—Pillar Two Model Rules, which amended IAS 12, Income Taxes, to introduce a temporary exception to the requirements to recognize and disclose information about deferred tax assets and liabilities related to Pillar Two income taxes, and targeted disclosure requirements for affected entities. The relief is effective immediately upon issuance of the amendments and should be applied retrospectively in accordance with IAS 8, Accounting Policies, Changes in Accounting Estimates and Errors, while the targeted disclosure requirements are effective for annual reporting periods beginning on or after January 1, 2023, but not for any interim periods ending on or before December 31, 2023. The Company is currently assessing the impact of these amendments on the consolidated financial statements.
    4. Revenues
Three months ended September 30,Six months ended September 30,
20232022

20232022
$
$

$$

Subscription revenue81,043 74,494 159,770 148,054 
Transaction-based revenue137,672 101,304 258,642 192,828 
Hardware and other revenue11,558 7,901 20,947 16,699 
Total revenues230,273 183,699 439,359 357,581 
Transaction-based revenue includes $4,188 and $5,781 of revenue from merchant cash advances for the three and six months ended September 30, 2023, respectively (September 30, 2022 – $1,903 and $3,181).
    5. Direct cost of revenues

Three months ended September 30,

Six months ended September 30,
2023202220232022
$
$

$$
Subscription cost of revenue19,963 20,657 39,303 41,080 
Transaction-based cost of revenue99,425 70,011 188,444 132,912 
Hardware and other cost of revenue14,717 11,562 27,539 24,595 
Total direct cost of revenues134,105 102,230 255,286 198,587 
    6. Employee compensation
The total employee compensation comprising salaries and benefits, including share-based compensation and related costs, excluding government assistance and acquisition-related compensation, for the three and six months ended September 30, 2023, was $90,567 and $173,279 (September 30, 2022 – $96,912 and $199,123, respectively).
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Lightspeed Commerce Inc.
Notes to Condensed Interim Consolidated Financial Statements
(Unaudited)
September 30, 2023 and 2022
(expressed in thousands of US dollars, except number of shares and per share amounts)
The following table outlines share-based compensation and related costs included in the following expenses:
Three months ended September 30,Six months ended September 30,
2023202220232022
$$$$
Direct cost of revenues1,587 2,212 3,440 4,458 
General and administrative6,463 8,626 12,644 18,711 
Research and development6,963 9,984 15,339 20,869 
Sales and marketing8,291 14,106 10,614 29,192 
Total share-based compensation and related costs23,304 34,928 42,037 73,230 
As at September 30, 2023, the Company had 11,717,285 options, 6,767,005 restricted share units, 85,456 deferred share units, and nil performance share units which include non-market performance conditions outstanding (September 30, 2022 - 11,277,494 options, 4,638,239 restricted share units, 47,980 deferred share units and 619,640 performance share units which include non-market performance conditions outstanding).
    7. Finance income and costs
Three months ended September 30,Six months ended September 30,
20232022

20232022
$
$

$$

Interest income11,143 5,388 21,898 8,104 
Interest expense(397)(537)(790)(1,246)
Net interest income10,746 4,851 21,108 6,858 
    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 and six months ended September 30, 2023 and 2022. All outstanding potentially dilutive shares could potentially dilute loss per share in the future.

Three months ended September 30,

Six months ended September 30,
2023202220232022
Issued Common Shares
152,553,605 150,315,764 152,553,605 150,315,764 
Weighted average number of Common Shares (basic and diluted)153,478,935 149,688,692 153,003,277 149,332,947 
Net loss per share – basic and diluted($0.28)($0.53)($0.60)($1.21)
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 17,519,996 and 17,321,764 stock options and share awards for the three and six
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Lightspeed Commerce Inc.
Notes to Condensed Interim Consolidated Financial Statements
(Unaudited)
September 30, 2023 and 2022
(expressed in thousands of US dollars, except number of shares and per share amounts)
months ended September 30, 2023 (September 30, 2022 - 17,300,048 and 17,349,949). 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
September 30,
2023		March 31,
2023
$
$
Trade receivables37,236 37,167 
Allowance for expected credit losses(4,603)(4,131)

Trade receivables, net32,633 33,036 
Research and development tax credits receivable6,568 8,424 
Sales tax receivable5,211 4,862 
Merchant cash advances measured at fair value50,618 29,492 
Indemnification receivables708 4,042 
Accrued interest and other4,740 4,478 
Total trade and other receivables100,478 84,334 
The indemnification receivables are for indemnities on certain liabilities assumed through our acquisitions.
    10. Other current assets
September 30,
2023		March 31,
2023
$
$
Restricted cash and restricted deposits1,153 1,366 
Prepaid expenses and deposits12,432 14,149 
Commission asset13,357 12,160 
Contract asset and other11,595 9,330 
Total other current assets38,537 37,005 
    11. Goodwill
The carrying amount of the Company's net assets exceeded the Company's market capitalization as at September 30, 2023, 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 September 30, 2023 using a fair value less costs of disposal model which demonstrated no impairment of goodwill. The Company reassessed as at September 30, 2023 the key assumptions used in the December 31, 2022 test and found no reduction in the terminal value multiple, no increase in the discount rate and no decrease in the revenue growth rate.
9
Lightspeed Commerce Inc.
Notes to Condensed Interim Consolidated Financial Statements
(Unaudited)
September 30, 2023 and 2022
(expressed in thousands of US dollars, except number of shares and per share amounts)
    12. Other long-term assets
September 30,
2023		March 31,
2023
$
$

Restricted cash324 408 
Prepaid expenses and deposits3,762 3,775 
Commission asset17,043 15,147 
Contract asset16,960 10,691 
Investments1,473 1,519 
Total other long-term assets39,562 31,540 
    13. Accounts payable and accrued liabilities
September 30,
2023		March 31,
2023
$$

Trade payables42,421 36,958 
Accrued compensation and benefits19,604 22,543 
Accrued payroll taxes on share-based compensation3,307 3,030 
Acquisition-related payables662 331 
Sales tax payable4,115 3,556 
Other943 2,409 
Total accounts payable and accrued liabilities71,052 68,827 
    14. Contingencies, Provisions and Commitments
Contingencies
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 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, approximately $6,500 in the six months ended September 30, 2023, beginning in April 2023. Although the Company is not yet aware of a formal claim having been filed by the partner, the partner alleges that the
10
Lightspeed Commerce Inc.
Notes to Condensed Interim Consolidated Financial Statements
(Unaudited)
September 30, 2023 and 2022
(expressed in thousands of US dollars, except number of shares and per share amounts)
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.
On September 3, 2023, Tyro Payments Limited commenced proceedings in the Supreme Court of New South Wales against a subsidiary of the Company, alleging breach of certain contractual obligations and seeking orders, among other things, for damages and restraining the subsidiary from engaging in certain conduct. A hearing on the matter is scheduled for early November. The Company and management intend to vigorously defend against these proceedings.
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 include U.S. Patents Nos. 9,400,640, 10,083,012 and 11,226,793. These patents generally relate to web-based point of sale builder systems. The matter had been scheduled for trial in September 2023, but was postponed and is now expected to proceed to trial in early calendar 2024. The Company has separately, applied for, and had instituted its applications for, inter partes review of all three patents by the U.S. Patent Trial and Appeal Board (the "PTAB"). In mid-October 2023, the PTAB issued final written decisions on Patent Nos 9,400,640 and 10,083,012 finding all of their claims unpatentable. A final written decision in respect of the remaining patent is expected by mid-November 2023. The Company and management intend to vigorously defend against the action.
The Company has not provisioned for the above-referenced matters.
Provisions
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.
Commitments
During the six months ended September 30, 2023, the Company increased its commitments from those disclosed in its audited annual consolidated financial statements for the fiscal year ended March 31, 2023. The Company renegotiated certain contracts with payments processors which include additional commitments of $12,435 over the next five fiscal years.
    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.
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Lightspeed Commerce Inc.
Notes to Condensed Interim Consolidated Financial Statements
(Unaudited)
September 30, 2023 and 2022
(expressed in thousands of US dollars, except number of shares and per share amounts)
    16. Accumulated other comprehensive income (loss)
Foreign currency differences on translation of foreign operations
Hedging reserve
Total accumulated other comprehensive income (loss)
202320222023202220232022
$$$$$$
Balance as at March 31,(2,932)2,654 (125)23 (3,057)2,677 
Foreign currency differences on translation of foreign operations(3,517)(15,522)— — (3,517)(15,522)
Change in net unrealized gain (loss) on cash flow hedging instruments
— — (39)(2,778)(39)(2,778)
Balance as at September 30,(6,449)(12,868)(164)(2,755)(6,613)(15,623)
Foreign exchange forward contracts
The Company designates certain foreign exchange forward contracts as cash flow hedges when all the requirements in IFRS 9, Financial Instruments are met. The Company's currency pair used for cash flow hedges is US dollar / Canadian dollar. The notional principal of the foreign exchange contracts was $54,600 CAD as at September 30, 2023 (March 31, 2023 - $109,200 CAD).
    17. Related party transactions
Key management personnel includes executive officers. Other related parties include close family members of the key management personnel and entities controlled by the key management personnel.
The executive compensation expense to the top five key management personnel is as follows:
Three months ended September 30,Six months ended
September 30,
2023202220232022
$$$$

Short-term employee benefits and termination benefits784 685 1,598 1,414 
Share-based payments4,163 6,314 7,527 13,325 
Total compensation paid to key management personnel4,947 6,999 9,125 14,739 
    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;
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Lightspeed Commerce Inc.
Notes to Condensed Interim Consolidated Financial Statements
(Unaudited)
September 30, 2023 and 2022
(expressed in thousands of US dollars, except number of shares and per share amounts)
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 September 30 and March 31, 2023.
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. The fair value of investments was determined based on Level 3 inputs using the prices for financial instruments stemming from private investments that the Company participated in.
As at September 30 and March 31, 2023, financial instruments measured at fair value in the unaudited condensed interim consolidated balance sheets were as follows:
September 30, 2023March 31, 2023
Fair
value
hierarchy
Carrying
amount
Fair
value
Fair
value
hierarchy
Carrying
amount
Fair
value
$
$

$$

Assets:
Cash and cash equivalents
Level 1761,491 761,491 Level 1800,154 800,154 
Restricted cash and restricted depositsLevel 11,477 1,477 Level 11,774 1,774 
Merchant cash advancesLevel 350,618 50,618 Level 329,492 29,492 
InvestmentsLevel 31,473 1,473 Level 31,519 1,519 
Liabilities:
Foreign exchange forward contractsLevel 2164 164 Level 2125125

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