Lightspeed POS Inc(NYSE:LSPD) 
Lightspeed POS Inc. provides commerce enabling Software as a Service (SaaS) platform for small and midsize businesses, retailers, restaurants, and golf course operators. Its SaaS platform enables customers to engage with consumers, manage operations, accept payments, etc. The company's solutions cov...
Website: http://www.lightspeedhq.com
Founded: 2005
IPO Price: $16 (Sep 08, 2020)
Full Time Employees: 1,100
Founder: Dax Dasilva
CEO: Jean Paul Chauvet
Sector: Technology
Industry: Software-Application
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At a glance:
- Revenue Growth Driven by Subscription & Payments Mix: Lightspeed POS continues to emphasize recurring subscription revenue and higher attach rates for payments, with growth increasingly tied to product mix and transaction volume.
- Path to Profitability Focused on Efficiency and Margin Expansion: Management’s strategy centers on operating expense discipline and improving gross margin (including payments and software margins) to drive more consistent profitability metrics over time.
- Customer Retention and ARPU Expansion Are Key Execution Metrics: Net retention, churn management, and average revenue per user (ARPU) expansion—through additional modules and payments adoption—remain central to sustained growth.
- SMB and Macro Sensitivity Remains a Core Risk Factor: As a commerce platform serving many SMBs, results can be impacted by broader consumer demand, discretionary spending trends, and merchant health, influencing transaction volumes and new customer adds.
- Competitive Fintech and POS Landscape Requires Continued Product Differentiation: Ongoing pressure from integrated payments competitors and POS platforms makes continued investment in product innovation, vertical solutions, and go-to-market execution critical.
Bull Thesis:
- Strong Growth in Gross Payment Volume (GPV) and ARPU: Lightspeed continues to demonstrate robust growth in Gross Payment Volume (GPV), indicating increasing adoption of its integrated payments solution. This, coupled with a focus on expanding Average Revenue Per User (ARPU) through cross-selling additional modules (e-commerce, analytics, capital), suggests a healthy monetization strategy and deeper merchant engagement.
- Expanding Product Ecosystem and Market Reach: Through strategic acquisitions (e.g., Ecwid, NuORDER) and organic development, Lightspeed has significantly broadened its product suite beyond core POS to include e-commerce, supplier network, and advanced analytics. This comprehensive ecosystem caters to a wider range of merchant needs and strengthens its competitive moat, while also expanding its geographical and vertical market penetration.
- Large and Underpenetrated Addressable Market: The global SMB retail and hospitality sectors represent a massive addressable market that is still undergoing digital transformation. Lightspeed's focus on complex, higher-value merchants within these segments positions it well to capture a significant share as businesses increasingly adopt modern, integrated cloud-based solutions, offering substantial long-term growth runway.
- Clear Path to Profitability and Positive Free Cash Flow: Management has outlined a clear strategy and timeline for achieving adjusted EBITDA profitability and positive free cash flow. Recent operational efficiencies, a focus on higher-margin payment processing, and disciplined spending indicate a commitment to improving financial health, which could de-risk the investment and attract a broader investor base.
Bear Thesis:
- Persistent Negative Free Cash Flow and Profitability Concerns: Despite revenue growth, Lightspeed has historically struggled with consistent profitability and generating positive free cash flow. Continued cash burn raises concerns about long-term financial sustainability and potential future capital raises, especially in a higher interest rate environment, if the path to profitability is delayed.
- Intense Competition and Pricing Pressure: The POS and payments market is highly competitive, with established players like Square, Shopify, Toast, and numerous regional competitors. This intense competition can lead to pricing pressure, higher customer acquisition costs, and potential churn, making it challenging for Lightspeed to maintain its growth trajectory and expand margins.
- Macroeconomic Headwinds Impacting SMBs: Lightspeed's customer base, primarily small and medium-sized businesses (SMBs) in retail and hospitality, is particularly vulnerable to macroeconomic downturns, inflation, and reduced consumer spending. These factors can lead to lower transaction volumes, business failures, and reduced demand for new software solutions, directly impacting Lightspeed's revenue and growth prospects.
- Integration Risks from Acquisitions: Lightspeed's growth strategy has heavily relied on acquisitions. While these have expanded its product offerings and market reach, they also introduce integration challenges, potential cultural clashes, and the risk of diluting focus or operational inefficiencies. Successfully integrating diverse platforms and teams while maintaining innovation can be complex and costly.
Main Competitors:
- Shopify Inc. ($SHOP) (Shopify POS), Competes directly in the retail POS and e-commerce space, offering a comprehensive platform for businesses to sell online and in-store. While Shopify is dominant in e-commerce, its Shopify POS solution is a strong contender for brick-and-mortar retailers, especially those looking for an integrated omnichannel experience.
- Block Inc. (Square) ($SQ) (Square POS (Square for Retail, Square for Restaurants)), A major competitor across various SMB segments, particularly in general retail and hospitality. Square offers a full ecosystem including POS hardware, software, payment processing, payroll, and lending, often appealing to smaller businesses with its user-friendly interface and integrated services.
- Toast Inc. ($TOST) (Toast POS), A highly specialized competitor focused exclusively on the restaurant industry. Toast offers an end-to-end platform including POS, payments, online ordering, kitchen display systems, and loyalty programs, making it a direct and formidable rival for Lightspeed's hospitality segment.
- Clover (Fiserv Inc.) ($FI) (Clover POS systems), Clover, a product of Fiserv, competes by offering a range of smart POS hardware and software solutions for various business types. It's often distributed through banks and payment processors, providing a strong alternative for SMBs seeking integrated payment and business management tools.
- Revel Systems (Revel POS), A cloud-based POS provider that competes with Lightspeed in both the retail and restaurant sectors. Revel focuses on scalability and enterprise-grade features, often targeting multi-location businesses and those requiring robust customization and integration capabilities.
Moat:
Lightspeed operates in a highly competitive and fragmented market for cloud-based POS and commerce solutions. Its primary moat lies in its specialization for complex retail (e.g., bike shops, golf courses) and hospitality verticals, offering deeper feature sets tailored to these niches compared to more generalist platforms. The company also benefits from its integrated payments solution (Lightspeed Payments) and a global presence. However, competition is intense from broad platforms like Shopify and Square, which offer strong omnichannel capabilities and extensive ecosystems, as well as from specialized players like Toast in hospitality. The ability to continuously innovate, offer competitive pricing, and provide seamless integrated services (especially payments) are critical for Lightspeed to maintain and grow its market share against these diverse competitors.
Income Statements:
Quarterly
Annual
| Unit: USD | 2025-11-06 | 2025-07-31 | 2025-05-22 | 2025-02-06 | 2024-11-07 | 2024-08-01 | 2024-05-16 | 2024-02-08 | 2023-11-02 | 2023-08-03 | 2023-05-18 | 2023-02-02 | 2022-11-03 | 2022-08-04 | 2022-05-19 | 2022-02-02 | 2021-11-04 | 2021-08-05 | 2021-05-20 | 2021-02-08 | 2021-02-04 | 2020-09-30 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
revenues | 266,091,000 | 209,086,000 | 183,699,000 | 173,882,000 | 152,676,000 | 133,218,000 | 115,920,000 | 57,611,000 | 45,493,000 | |||||||||||||
subscription | 93,543,000 | 90,862,000 | 87,858,000 | 88,064,000 | 85,536,000 | 81,348,000 | 80,882,000 | 81,043,000 | 76,215,000 | 74,494,000 | 70,542,000 | |||||||||||
transaction-based | 215,766,000 | 204,559,000 | 157,809,000 | 181,659,000 | 183,751,000 | 138,994,000 | 147,834,000 | 137,672,000 | 99,568,000 | 107,156,000 | 66,729,000 | |||||||||||
hardware and other | 9,654,000 | 9,521,000 | 7,752,000 | 10,411,000 | 7,895,000 | 9,874,000 | 10,979,000 | 11,558,000 | 8,445,000 | 7,047,000 | 9,287,000 | 7,127,000 | ||||||||||
total revenues | 318,963,000 | 304,942,000 | 253,419,000 | 280,134,000 | 277,182,000 | 230,216,000 | 239,695,000 | 230,273,000 | 184,228,000 | 188,697,000 | 146,558,000 | |||||||||||
yoy | 15.07% | 10.08% | 16.87% | 20.37% | 24.96% | 27.03% | 25.70% | |||||||||||||||
qoq | 4.60% | 20.33% | -9.54% | 1.07% | -3.95% | 4.09% | -2.37% | |||||||||||||||
direct cost of revenues | 595 | 301 | 840 | 157,883,000 | 121,181,000 | 102,230,000 | 96,357,000 | 73,675,000 | 68,272,000 | 58,347,000 | 24,334,000 | 17,988,000 | ||||||||||
total direct cost of revenues | 183,800,000 | 175,869,000 | 141,579,000 | 164,260,000 | 162,899,000 | |||||||||||||||||
gross profit | 135,163,000 | 129,073,000 | 111,840,000 | 115,874,000 | 114,283,000 | 108,208,000 | 99,700,000 | 101,477,000 | 96,168,000 | 87,905,000 | 86,961,000 | 86,006,000 | 81,469,000 | 77,525,000 | 69,653,000 | 79,001,000 | 64,946,000 | 57,573,000 | 43,957,000 | 43,686,770 | 33,277,000 | 27,505,000 |
yoy | 18.27% | 19.28% | 12.18% | 14.19% | 18.84% | 23.10% | 14.65% | 17.99% | 18.04% | 13.39% | 24.85% | 8.87% | 25.44% | 34.66% | 58.46% | 80.84% | 95.17% | 109.32% | ||||
qoq | 4.72% | 15.41% | -3.48% | 1.39% | 5.61% | 8.53% | -1.75% | 5.52% | 9.40% | 1.09% | 1.11% | 5.57% | 5.09% | 11.30% | -11.83% | 21.64% | 12.81% | 30.98% | 0.62% | 31.28% | 20.99% | |
gross margin % | 42.38% | 42.33% | 44.13% | 41.36% | 41.23% | Infinity% | 43.31% | 42.34% | 41.76% | Infinity% | 47.20% | 45.58% | Infinity% | Infinity% | 47.53% | Infinity% | Infinity% | Infinity% | Infinity% | Infinity% | Infinity% | Infinity% |
operating expenses | ||||||||||||||||||||||
general and administrative | 29,100,000 | 34,713,000 | 22,577,000 | 29,459,000 | 31,247,000 | 31,856,000 | 22,540,000 | 29,934,000 | 26,324,000 | 24,944,000 | 22,139,000 | 28,429,000 | 25,132,000 | 30,239,000 | 28,240,000 | 21,655,000 | 23,081,000 | 22,277,000 | 17,241,000 | 12,176,602 | 20,765,000 | 8,219,000 |
research and development | 32,694,000 | 32,425,000 | 30,196,000 | 32,148,000 | 30,520,000 | 27,471,000 | 27,625,000 | 34,675,000 | 33,081,000 | 34,035,000 | 30,805,000 | 37,405,000 | 36,596,000 | 35,636,000 | 36,837,000 | 32,005,000 | 30,092,000 | 22,216,000 | 16,859,000 | 16,400,000 | 12,252,000 | |
sales and marketing | 70,342,000 | 67,880,000 | 58,081,000 | 54,012,000 | 65,681,000 | 57,070,000 | 57,804,000 | 60,908,000 | 60,290,000 | 55,288,000 | 56,884,000 | 60,505,000 | 64,337,000 | 68,645,000 | 67,388,000 | 55,308,000 | 51,693,000 | 42,270,000 | 33,081,000 | 18,921,880 | 28,011,000 | 19,399,000 |
depreciation of property and equipment | 1,697,000 | 1,635,000 | 1,622,000 | 1,891,000 | 1,853,000 | 1,973,000 | 1,790,000 | 1,894,000 | 1,493,000 | 1,457,000 | 1,735,000 | 1,327,000 | 1,188,000 | 1,221,000 | 1,789,000 | 1,315,000 | 1,020,000 | 869,000 | 870,000 | 758,000 | 439,000 | |
depreciation of right-of-use assets | 1,292,000 | 1,188,000 | 1,239,000 | 1,218,000 | 1,369,000 | 1,394,000 | 2,418,000 | 1,651,000 | 1,647,000 | 2,230,000 | 2,025,000 | 2,109,000 | 2,063,000 | 2,047,000 | 2,032,000 | 2,078,000 | 2,008,000 | 1,625,000 | 1,221,000 | 956,000 | 872,000 | |
foreign exchange loss | 235,000 | -2,763,000 | 2,514,000 | 85,000 | 689,000 | 671,000 | 29,000 | 443,000 | 29,000 | 327,000 | 6,000 | 249,000 | ||||||||||
acquisition-related compensation | 157,000 | 157,000 | 157,000 | 157,000 | 52,000 | 560,000 | 2,545,000 | 5,746,000 | 6,290,000 | 12,653,000 | 17,103,000 | 20,433,000 | 19,012,000 | 9,032,000 | 2,014,000 | 2,144,000 | 2,258,000 | 2,276,000 | ||||
amortization of intangible assets | 34,681,000 | 34,681,000 | 20,820,000 | 22,105,000 | 22,612,000 | 22,895,000 | 22,882,000 | 23,671,000 | 23,990,000 | 24,505,000 | 24,620,000 | 25,366,000 | 25,684,000 | 25,876,000 | 26,151,000 | 25,851,000 | 22,797,000 | 17,013,000 | 13,359,000 | 7,960,000 | 4,404,000 | |
restructuring | 1,622,000 | 1,210,000 | 1,430,000 | 6,368,000 | 164,000 | 9,541,000 | 5,422,000 | 1,232,000 | 80,000 | 472,000 | 25,549,000 | 1,324,000 | 603,000 | 1,207,000 | 606,000 | 197,000 | 1,760,000 | |||||
total operating expenses | 171,820,000 | 171,126,000 | 691,894,000 | 149,872,000 | 152,161,000 | 152,285,000 | 140,982,000 | 152,986,000 | 148,154,000 | 146,147,000 | 169,800,000 | 910,499,000 | 168,285,000 | 182,417,000 | 183,505,000 | 157,551,000 | 139,729,000 | 108,730,000 | 87,085,000 | 45,042,652 | 77,886,000 | 48,151,000 |
operating income | -36,657,000 | -42,053,000 | -580,054,000 | -33,998,000 | -37,878,000 | -44,077,000 | -41,282,000 | -51,509,000 | -51,986,000 | -58,242,000 | -82,839,000 | -824,493,000 | -86,816,000 | -104,892,000 | -113,852,000 | -78,550,000 | -74,783,000 | -51,157,000 | -43,128,000 | -44,609,000 | -20,646,000 | |
yoy | -3.22% | -4.59% | 1305.10% | -34.00% | -27.14% | -24.32% | -50.17% | -93.75% | -40.12% | -44.47% | -27.24% | 949.64% | 16.09% | 105.04% | 163.99% | 67.64% | 147.78% | |||||
qoq | -12.83% | -92.75% | 1606.14% | -10.24% | -14.06% | 6.77% | -19.85% | -0.92% | -10.74% | -29.69% | -89.95% | 849.70% | -17.23% | -7.87% | 44.94% | 5.04% | 46.18% | 18.62% | 116.07% | |||
operating margin % | -11.49% | -13.79% | -228.89% | -12.14% | -13.67% | -Infinity% | -17.93% | -21.49% | -22.58% | -Infinity% | -44.97% | -436.94% | -Infinity% | -Infinity% | -77.68% | -Infinity% | -Infinity% | -Infinity% | -Infinity% | NaN% | -Infinity% | -Infinity% |
net interest income | 5,219,000 | -6,209,000 | 8,401,000 | 8,388,000 | 9,543,000 | 10,166,000 | 10,524,000 | 10,899,000 | 10,746,000 | 10,362,000 | 9,654,000 | 8,300,000 | 4,851,000 | 2,007,000 | 1,014,000 | 1,029,000 | 719,000 | 226,000 | 147,000 | -67,000 | -132,000 | |
income before income taxes | -31,438,000 | -48,262,000 | -571,653,000 | -25,610,000 | -28,335,000 | -33,911,000 | -30,758,000 | -40,610,000 | -41,240,000 | -47,880,000 | -73,185,000 | -816,193,000 | -81,965,000 | -102,885,000 | -112,838,000 | -77,521,000 | -74,064,000 | -50,931,000 | -42,981,000 | -14,678,280 | -44,676,000 | -20,778,000 |
income tax expense | ||||||||||||||||||||||
current | 1,116,000 | 1,691,000 | 4,136,000 | 867,000 | 1,692,000 | 801,000 | 1,680,000 | 149,000 | 755,000 | 1,215,000 | 1,651,000 | 38,000 | 516,000 | 264,000 | 282,000 | 96,000 | 95,000 | 630,000 | 48,000 | 20,000 | 43,000 | |
deferred | 146,000 | -386,000 | 154,000 | 109,000 | -372,000 | 300,000 | 102,000 | -530,000 | 497,000 | -392,000 | -368,000 | -1,429,000 | -2,538,000 | -2,353,000 | 1,397,000 | -12,125,000 | -15,072,000 | -2,224,000 | -984,000 | -2,045,000 | -1,355,000 | |
total income tax expense | 1,262,000 | 1,305,000 | 4,290,000 | 976,000 | 1,320,000 | 1,101,000 | 1,782,000 | -381,000 | 1,252,000 | 823,000 | 1,283,000 | 1,679,000 | ||||||||||
net income | -32,700,000 | -49,567,000 | -575,943,000 | -26,586,000 | -29,655,000 | -35,012,000 | -32,540,000 | -40,229,000 | -42,492,000 | -48,703,000 | -74,468,000 | -814,802,000 | -79,943,000 | -100,796,000 | -114,517,000 | -65,492,000 | -59,087,000 | -49,337,000 | -42,045,000 | -15,262,630 | -42,651,000 | -19,466,000 |
yoy | 10.27% | 41.57% | 1669.95% | -33.91% | -30.21% | -28.11% | -56.30% | -95.06% | -46.85% | -51.68% | -34.97% | 1144.12% | 35.30% | 104.30% | 172.37% | 329.10% | 38.54% | 153.45% | ||||
qoq | -34.03% | -91.39% | 2066.34% | -10.35% | -15.30% | 7.60% | -19.11% | -5.33% | -12.75% | -34.60% | -90.86% | 919.23% | -20.69% | -11.98% | 74.86% | 10.84% | 19.76% | 17.34% | 175.48% | -64.22% | 119.11% | |
net income margin % | -10.25% | -16.25% | -227.27% | -9.49% | -10.70% | -Infinity% | -14.13% | -16.78% | -18.45% | -Infinity% | -40.42% | -431.80% | -Infinity% | -Infinity% | -78.14% | -Infinity% | -Infinity% | -Infinity% | -Infinity% | -Infinity% | -Infinity% | -Infinity% |
net income per share | -0.24 | -0.35 | -3.79 | -0.17 | -0.19 | -0.23 | -0.21 | -0.26 | -0.28 | -0.32 | -0.49 | -5.39 | -0.53 | -0.68 | -0.77 | -0.44 | -0.43 | -0.38 | -0.34 | -0.39 | -0.2 | |
total share-based compensation and related payroll taxes | 17,428 | 13,969 | 13,565 | |||||||||||||||||||
foreign exchange gain | -668,000 | -1,337,000 | 501,000 | -979,000 | 297,000 | -968,000 | 550,000 | 778,000 | 290,000 | |||||||||||||
goodwill impairment | 556,440,000 | 748,712,000 | ||||||||||||||||||||
other comprehensive income | ||||||||||||||||||||||
items that may be reclassified to net income | ||||||||||||||||||||||
foreign currency differences on translation of foreign operations | 2,930,000 | 4,609,000 | 240,000 | -3,164,000 | 5,379,000 | -2,917,000 | -600,000 | 739,000 | 9,197,000 | -6,689,000 | -8,833,000 | -685,000 | -2,251,000 | -4,429,000 | 304,000 | -5,053,000 | 8,070,000 | 6,076,000 | ||||
change in net unrealized gain on cash flow hedging instruments, net of tax | 1,082,000 | 584,000 | -514,000 | -544,000 | -1,017,000 | 978,000 | ||||||||||||||||
total other comprehensive income | 4,012,000 | 5,193,000 | -274,000 | -3,708,000 | 6,276,000 | 378,000 | 1,962,000 | 10,604,000 | -9,552,000 | -132,000 | -1,836,000 | -5,374,000 | ||||||||||
total comprehensive loss | -571,931,000 | -24,462,000 | -35,286,000 | -36,248,000 | -33,953,000 | -46,426,000 | -48,325,000 | -72,506,000 | -804,198,000 | -88,691,000 | -110,348,000 | -114,649,000 | -67,328,000 | -64,461,000 | -49,033,000 | -47,098,000 | -34,581,000 | -13,390,000 | ||||
weighted-average number of common shares – basic and diluted | 152,106,608 | 153,551,716 | 154,863,581 | 154,194,745 | 153,478,935 | 151,774,467 | 151,187,993 | 148,473,309 | ||||||||||||||
total cost of revenues | 130,516,000 | 138,218,000 | 134,105,000 | 97,267,000 | 102,691,000 | 76,905,000 | ||||||||||||||||
change in net unrealized gain on cash flow hedging instruments | 897,000 | 1,223,000 | 1,407,000 | 553,000 | ||||||||||||||||||
other comprehensive loss | ||||||||||||||||||||||
total other comprehensive loss | -3,934,000 | -8,748,000 | ||||||||||||||||||||
total income tax recovery | -1,391,000 | -2,022,000 | -2,089,000 | -12,029,000 | -14,977,000 | -1,594,000 | -936,000 | -2,025,000 | -1,312,000 | |||||||||||||
change in net unrealized loss on cash flow hedging instruments | -2,059,000 | -719,000 | 415,000 | -945,000 | ||||||||||||||||||
subscription and transaction-based | 75,268,000 | |||||||||||||||||||||
weighted-average number of common shares | 123,865,361 | |||||||||||||||||||||
revenue: | ||||||||||||||||||||||
subscription, processing and services-based recurring revenue | 48,641,996 | |||||||||||||||||||||
product revenue | 5,625,472 | |||||||||||||||||||||
total revenue | 54,267,468 | |||||||||||||||||||||
cost of sales: | ||||||||||||||||||||||
subscription, processing and services-based costs | 5,577,021 | |||||||||||||||||||||
product costs | 5,003,677 | |||||||||||||||||||||
total cost of sales | 10,580,698 | |||||||||||||||||||||
operating expenses: | ||||||||||||||||||||||
technology, research and development | 13,944,170 | |||||||||||||||||||||
income from operations | -1,355,882 | |||||||||||||||||||||
other income: | ||||||||||||||||||||||
other income | -546 | |||||||||||||||||||||
interest expense | 8,839,040 | |||||||||||||||||||||
change in fair value of financial instruments | 4,483,904 | |||||||||||||||||||||
total other income | 13,322,398 | |||||||||||||||||||||
benefit for income taxes | -584,350 | |||||||||||||||||||||
see notes to consolidated financial statements. |
Balance Sheets:
Quarterly
Annual
| Unit: USD | 2025-11-06 | 2025-09-30 | 2025-07-31 | 2025-06-30 | 2025-03-31 | 2025-02-06 | 2024-12-31 | 2024-09-30 | 2024-08-01 | 2024-06-30 | 2024-03-31 | 2023-12-31 | 2023-09-30 | 2023-06-30 | 2023-03-31 | 2022-12-31 | 2022-09-30 | 2022-06-30 | 2022-03-31 | 2021-12-31 | 2021-09-30 | 2021-06-30 | 2021-03-31 | 2020-12-31 | 2020-09-30 | 2019-12-31 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
assets | ||||||||||||||||||||||||||
current assets | ||||||||||||||||||||||||||
cash and cash equivalents | 462,546,000 | 462,546,000 | 447,598,000 | 447,598,000 | 558,469,000 | 661,568,000 | 661,568,000 | 659,018,000 | 673,948,000 | 673,948,000 | 722,102,000 | 749,407,000 | 761,491,000 | 780,277,000 | 800,154,000 | 838,118,000 | 862,576,000 | 914,789,000 | 953,654,000 | 966,659,000 | 1,180,174,000 | 603,718,000 | 807,150,000 | 232,646,000 | 513,135,000 | 6,411,953 |
trade and other receivables | 44,639,000 | 44,639,000 | 52,127,000 | 52,127,000 | 53,077,000 | 43,655,000 | 43,655,000 | 49,191,000 | 46,384,000 | 46,384,000 | 62,284,000 | 113,249,000 | 100,478,000 | 81,965,000 | 84,334,000 | 68,575,000 | 57,119,000 | 51,092,000 | 45,766,000 | 50,710,000 | 32,046,000 | 26,784,000 | 24,771,000 | 19,854,000 | 10,180,000 | |
merchant cash advances | 107,068,000 | 107,068,000 | 103,626,000 | 103,626,000 | 106,169,000 | 101,316,000 | 101,316,000 | 105,444,000 | 87,538,000 | 87,538,000 | 74,236,000 | |||||||||||||||
inventories | 11,992,000 | 11,992,000 | 14,944,000 | 14,944,000 | 14,612,000 | 15,871,000 | 15,871,000 | 19,254,000 | 18,256,000 | 18,256,000 | 16,492,000 | 18,594,000 | 18,059,000 | 14,649,000 | 12,839,000 | 10,143,000 | 10,013,000 | 8,575,000 | 7,540,000 | 4,457,000 | 2,926,000 | 3,397,000 | 1,573,000 | 1,501,000 | 1,098,000 | |
other current assets | 67,080,000 | 67,080,000 | 69,480,000 | 69,480,000 | 65,696,000 | 55,896,000 | 55,896,000 | 47,685,000 | 47,393,000 | 47,393,000 | 42,786,000 | 44,153,000 | 38,537,000 | 39,306,000 | 37,005,000 | 33,934,000 | 31,527,000 | 30,060,000 | 35,535,000 | 35,122,000 | 19,294,000 | 26,885,000 | 24,171,000 | 24,757,000 | 15,088,000 | |
total current assets | 693,325,000 | 693,325,000 | 687,775,000 | 687,775,000 | 798,023,000 | 878,306,000 | 878,306,000 | 880,592,000 | 873,519,000 | 873,519,000 | 917,900,000 | 925,403,000 | 918,565,000 | 916,197,000 | 934,332,000 | 950,770,000 | 961,235,000 | 1,004,516,000 | 1,042,495,000 | 1,056,948,000 | 1,234,440,000 | 660,784,000 | 857,665,000 | 278,758,000 | 539,501,000 | 16,442,513 |
lease right-of-use assets | 13,491,000 | 13,491,000 | 11,774,000 | 11,774,000 | 12,714,000 | 14,496,000 | 14,496,000 | 15,691,000 | 17,574,000 | 17,574,000 | 17,075,000 | 17,875,000 | 18,785,000 | 18,991,000 | 20,973,000 | 22,305,000 | 22,937,000 | 23,879,000 | 25,539,000 | 27,540,000 | 25,583,000 | 25,148,000 | 21,206,000 | 21,244,000 | 14,143,000 | |
property and equipment | 17,532,000 | 17,532,000 | 17,043,000 | 17,043,000 | 17,102,000 | 17,538,000 | 17,538,000 | 18,527,000 | 19,296,000 | 19,296,000 | 20,496,000 | 19,284,000 | 18,516,000 | 19,094,000 | 19,491,000 | 19,587,000 | 18,769,000 | 17,687,000 | 16,456,000 | 15,674,000 | 11,500,000 | 9,549,000 | 8,342,000 | 8,816,000 | 7,658,000 | 955,092 |
intangible assets | 113,669,000 | 113,669,000 | 135,391,000 | 135,391,000 | 159,542,000 | 174,303,000 | 174,303,000 | 191,235,000 | 207,417,000 | 207,417,000 | 227,031,000 | 247,114,000 | 267,865,000 | 289,192,000 | 311,450,000 | 334,600,000 | 357,180,000 | 382,835,000 | 409,568,000 | 435,913,000 | 396,779,000 | 309,388,000 | 234,493,000 | 227,058,000 | 58,045,000 | |
goodwill | 805,899,000 | 805,899,000 | 805,321,000 | 805,321,000 | 797,962,000 | 1,351,489,000 | 1,351,489,000 | 1,359,882,000 | 1,349,375,000 | 1,349,375,000 | 1,349,235,000 | 1,352,203,000 | 1,347,385,000 | 1,350,070,000 | 1,350,645,000 | 1,350,009,000 | 2,091,056,000 | 2,097,100,000 | 2,104,368,000 | 2,103,356,000 | 1,557,293,000 | 1,266,031,000 | 971,939,000 | 999,689,000 | 155,828,000 | 8,842,046 |
other long-term assets | 37,386,000 | 37,386,000 | 38,964,000 | 38,964,000 | 40,562,000 | 41,218,000 | 41,218,000 | 39,756,000 | 41,136,000 | 41,136,000 | 42,865,000 | 41,998,000 | 39,562,000 | 34,824,000 | 31,540,000 | 29,233,000 | 26,452,000 | 26,473,000 | 21,400,000 | 20,956,000 | 17,114,000 | |||||
deferred tax assets | 377,000 | 377,000 | 356,000 | 356,000 | 298,000 | 513,000 | 513,000 | 557,000 | 319,000 | 319,000 | 552,000 | 710,000 | 179,000 | 372,000 | 301,000 | 144,000 | 140,000 | 152,000 | 154,000 | 61,000 | 51,000 | 139,000 | 170,000 | 39,000 | 78,000 | |
total assets | 1,681,679,000 | 1,681,679,000 | 1,696,624,000 | 1,696,624,000 | 1,826,203,000 | 2,477,863,000 | 2,477,863,000 | 2,506,240,000 | 2,508,636,000 | 2,508,636,000 | 2,575,154,000 | 2,604,587,000 | 2,610,857,000 | 2,628,740,000 | 2,668,732,000 | 2,706,648,000 | 3,477,769,000 | 3,552,642,000 | 3,619,980,000 | 3,660,448,000 | 3,242,760,000 | 2,285,762,000 | 2,105,319,000 | 1,546,723,000 | 782,018,000 | 32,875,785 |
liabilities and shareholders’ equity | ||||||||||||||||||||||||||
current liabilities | ||||||||||||||||||||||||||
accounts payable and accrued liabilities | 70,674,000 | 70,674,000 | 72,867,000 | 72,867,000 | 73,075,000 | 77,204,000 | 77,204,000 | 73,003,000 | 65,492,000 | 65,492,000 | 68,679,000 | 77,673,000 | 71,052,000 | 60,744,000 | 68,827,000 | 69,748,000 | 73,462,000 | 71,565,000 | 78,307,000 | 69,894,000 | 78,632,000 | 77,177,000 | 65,052,000 | 72,069,000 | 38,754,000 | |
lease liabilities | 5,656,000 | 5,656,000 | 5,430,000 | 5,430,000 | 5,654,000 | 6,192,000 | 6,192,000 | 6,882,000 | 7,069,000 | 7,069,000 | 6,942,000 | 6,864,000 | 6,701,000 | 6,770,000 | 6,617,000 | 6,924,000 | 6,809,000 | 7,330,000 | 7,633,000 | 7,498,000 | 7,088,000 | 6,634,000 | 5,120,000 | 5,454,000 | 2,422,000 | |
income taxes payable | 1,809,000 | 1,809,000 | 1,833,000 | 1,833,000 | 1,540,000 | 754,000 | 754,000 | 1,804,000 | 1,241,000 | 1,241,000 | 1,709,000 | 1,247,000 | 2,459,000 | 3,102,000 | 6,919,000 | 6,627,000 | 6,672,000 | 6,643,000 | 6,718,000 | 6,092,000 | 397,000 | 787,000 | 114,000 | 78,000 | 75,000 | |
deferred revenue | 70,611,000 | 70,611,000 | 69,461,000 | 69,461,000 | 68,714,000 | 59,908,000 | 59,908,000 | 63,248,000 | 67,225,000 | 67,225,000 | 67,336,000 | 63,121,000 | 63,029,000 | 67,474,000 | 68,094,000 | 61,636,000 | 62,931,000 | 65,650,000 | 65,194,000 | 2,360,000 | 2,405,000 | 2,629,000 | 2,796,000 | 4,058,000 | 3,645,000 | 4,270,654 |
total current liabilities | 148,750,000 | 148,750,000 | 149,591,000 | 149,591,000 | 148,983,000 | 144,058,000 | 144,058,000 | 144,937,000 | 141,027,000 | 141,027,000 | 144,666,000 | 148,905,000 | 143,241,000 | 138,090,000 | 150,457,000 | 144,935,000 | 149,874,000 | 181,046,000 | 157,852,000 | 145,614,000 | 144,542,000 | 134,662,000 | 113,402,000 | 117,565,000 | 74,534,000 | 14,680,409 |
other long-term liabilities | 869,000 | 869,000 | 744,000 | 744,000 | 562,000 | 1,136,000 | 1,136,000 | 1,247,000 | 794,000 | 794,000 | 967,000 | 1,974,000 | 1,123,000 | 1,170,000 | 1,026,000 | 3,154,000 | 4,890,000 | 3,959,000 | ||||||||
deferred tax liabilities | 144,000 | 144,000 | 216,000 | 216,000 | 284,000 | 330,000 | 330,000 | 379,000 | 222,000 | 1,608,000 | 4,456,000 | 6,833,000 | 3,929,000 | 6,371,000 | 7,930,000 | 1,356,000 | 2,823,000 | 4,170,000 | ||||||||
total liabilities | 162,622,000 | 162,622,000 | 162,527,000 | 162,527,000 | 162,236,000 | 159,278,000 | 159,278,000 | 162,285,000 | 158,790,000 | 158,790,000 | 162,753,000 | 168,365,000 | 162,607,000 | 158,236,000 | 171,283,000 | 167,127,000 | 173,350,000 | 209,216,000 | 220,691,000 | 207,910,000 | 210,896,000 | 202,395,000 | 171,036,000 | 179,432,000 | 129,906,000 | 82,474,713 |
shareholders’ equity | ||||||||||||||||||||||||||
share capital | 3,889,091,000 | 3,889,091,000 | 3,878,111,000 | 3,878,111,000 | 4,157,395,000 | 4,349,947,000 | 4,349,947,000 | 4,311,821,000 | 4,301,323,000 | 4,301,323,000 | 4,362,691,000 | 4,355,013,000 | 4,336,578,000 | 4,320,976,000 | 4,298,683,000 | 4,274,008,000 | 4,255,533,000 | 4,229,756,000 | 4,199,025,000 | 4,174,745,000 | 3,708,709,000 | 2,716,142,000 | 2,526,448,000 | 1,920,064,000 | 1,176,654,000 | |
additional paid-in capital | 212,848,000 | 212,848,000 | 206,445,000 | 206,445,000 | 200,634,000 | 195,501,000 | 195,501,000 | 220,063,000 | 211,990,000 | 211,990,000 | 213,918,000 | 209,169,000 | 205,679,000 | 197,109,000 | 198,022,000 | 192,263,000 | 171,438,000 | 147,531,000 | 123,777,000 | 86,657,000 | 64,691,000 | 44,300,000 | 35,877,000 | 28,171,000 | 21,821,000 | 18,498,962 |
accumulated other comprehensive income | 2,913,000 | 2,913,000 | 3,071,000 | 3,071,000 | 874,000 | -3,057,000 | -5,019,000 | -15,623,000 | -6,875,000 | 2,677,000 | 2,809,000 | 4,645,000 | 10,019,000 | 9,715,000 | 14,768,000 | 6,698,000 | ||||||||||
accumulated deficit | -2,585,795,000 | -2,585,795,000 | -2,553,530,000 | -2,553,530,000 | -2,686,600,000 | -2,215,389,000 | -2,215,389,000 | -2,188,803,000 | -2,159,148,000 | -2,159,148,000 | -2,160,163,000 | -2,127,623,000 | -2,087,394,000 | -2,044,902,000 | -1,996,199,000 | -1,921,731,000 | -1,106,929,000 | -1,026,986,000 | -926,190,000 | -811,673,000 | -746,181,000 | -687,094,000 | -637,757,000 | -595,712,000 | -553,061,000 | -143,901,281 |
total shareholders’ equity | 1,519,057,000 | 1,519,057,000 | 1,534,097,000 | 1,534,097,000 | 1,663,967,000 | 2,318,585,000 | 2,318,585,000 | 2,343,955,000 | 2,349,846,000 | 2,349,846,000 | 2,412,401,000 | 2,436,222,000 | 2,448,250,000 | 2,470,504,000 | 2,497,449,000 | 2,539,521,000 | 3,304,419,000 | 3,343,426,000 | 3,399,289,000 | 3,452,538,000 | 3,031,864,000 | 2,083,367,000 | 1,934,283,000 | 1,367,291,000 | 652,112,000 | |
total liabilities and shareholders’ equity | 1,681,679,000 | 1,681,679,000 | 1,696,624,000 | 1,696,624,000 | 1,826,203,000 | 2,477,863,000 | 2,477,863,000 | 2,506,240,000 | 2,508,636,000 | 2,508,636,000 | 2,575,154,000 | 2,604,587,000 | 2,610,857,000 | 2,628,740,000 | 2,668,732,000 | 2,706,648,000 | 3,477,769,000 | 3,552,642,000 | 3,619,980,000 | 3,660,448,000 | 3,242,760,000 | 2,285,762,000 | 2,105,319,000 | 1,546,723,000 | 782,018,000 | |
commitments and contingencies | ||||||||||||||||||||||||||
accumulated other comprehensive loss | -7,462,000 | -11,474,000 | -11,474,000 | -4,319,000 | -4,319,000 | -4,045,000 | -337,000 | -6,613,000 | -2,679,000 | -140,099 | ||||||||||||||||
long-term debt | 29,841,000 | 29,823,000 | 29,805,000 | 29,787,000 | 29,770,000 | 29,752,000 | 29,734,000 | |||||||||||||||||||
accrued payroll taxes on share-based compensation | 851,000 | 924,000 | 981,000 | 1,007,000 | 1,267,000 | |||||||||||||||||||||
current portion of long-term debt | 29,858,000 | |||||||||||||||||||||||||
current portion of deferred revenue | 62,130,000 | 58,425,000 | 50,064,000 | 43,116,000 | 39,964,000 | 33,283,000 | ||||||||||||||||||||
accrued payroll taxes on stock-based compensation | 4,774,000 | 3,938,000 | ||||||||||||||||||||||||
restricted cash and other long-term assets | 14,723,000 | 11,504,000 | 11,119,000 | 6,765,000 | ||||||||||||||||||||||
current assets: | ||||||||||||||||||||||||||
accounts receivable | 2,667,432 | |||||||||||||||||||||||||
merchant cash advance receivable | 3,784,688 | |||||||||||||||||||||||||
inventory | 582,757 | |||||||||||||||||||||||||
prepaid expenses and other current assets | 2,267,580 | |||||||||||||||||||||||||
deferred commission expense | 728,103 | |||||||||||||||||||||||||
capitalized software and intangibles | 5,079,789 | |||||||||||||||||||||||||
deferred commission expense, net of current portion | 1,374,199 | |||||||||||||||||||||||||
other non-current assets | 182,146 | |||||||||||||||||||||||||
liabilities, convertible preferred stock and | ||||||||||||||||||||||||||
stockholders' deficit | ||||||||||||||||||||||||||
current liabilities: | ||||||||||||||||||||||||||
accounts payable | 3,181,798 | |||||||||||||||||||||||||
accrued expenses | 4,504,008 | |||||||||||||||||||||||||
other current liabilities | 1,984,358 | |||||||||||||||||||||||||
convertible preferred stock warrant | 739,591 | |||||||||||||||||||||||||
deferred tax liabilities — non-current | 182,494 | |||||||||||||||||||||||||
line of credit | 10,803,855 | |||||||||||||||||||||||||
notes payable - convertible notes | 42,414,264 | |||||||||||||||||||||||||
notes payable - term loans | 14,393,691 | |||||||||||||||||||||||||
convertible preferred stock: | ||||||||||||||||||||||||||
series a, par value 0.001 per share... | 2,200,532 | |||||||||||||||||||||||||
series b, par value 0.001 per share... | 10,272,912 | |||||||||||||||||||||||||
series c, par value 0.001 per share... | 25,567,289 | |||||||||||||||||||||||||
series d, par value 0.001 per share... | 38,001,172 | |||||||||||||||||||||||||
total convertible preferred stock | 76,041,905 | |||||||||||||||||||||||||
stockholders' deficit: | ||||||||||||||||||||||||||
common stock, par value 0.001 per share... | 473 | |||||||||||||||||||||||||
note receivable from stockholder | -98,888 | |||||||||||||||||||||||||
total stockholders' deficit | -125,640,833 | |||||||||||||||||||||||||
total liabilities, convertible preferred stock and stockholders' deficit | 32,875,785 | |||||||||||||||||||||||||
see notes to consolidated financial statements. |
Cashflow Statements:
Quarterly
Annual
| Unit: USD | 2025-09-30 | 2025-07-31 | 2025-06-30 | 2025-03-31 | 2024-12-31 | 2024-09-30 | 2024-08-01 | 2024-06-30 | 2024-03-31 | 2023-12-31 | 2023-09-30 | 2023-06-30 | 2023-03-31 | 2022-12-31 | 2022-09-30 | 2022-06-30 | 2022-03-31 | 2021-12-31 | 2021-09-30 | 2021-06-30 | 2021-03-31 | 2020-12-31 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
cash flows from operating activities | ||||||||||||||||||||||
net loss | -49,567,000 | -35,012,000 | ||||||||||||||||||||
items not affecting cash and cash equivalents | ||||||||||||||||||||||
amortization of intangible assets | 34,681,000 | 34,681,000 | 34,681,000 | 20,820,000 | 22,105,000 | 22,612,000 | 22,895,000 | 22,895,000 | 22,882,000 | 23,671,000 | 23,990,000 | 24,505,000 | 24,620,000 | 25,366,000 | 25,684,000 | 25,876,000 | 26,151,000 | 25,851,000 | 22,797,000 | 17,013,000 | 13,359,000 | 7,960,000 |
depreciation of property and equipment and lease right-of-use assets | 2,989,000 | 2,823,000 | 2,823,000 | 2,861,000 | 3,109,000 | 3,222,000 | 3,367,000 | 3,367,000 | 4,208,000 | 3,545,000 | 3,140,000 | 3,687,000 | 3,760,000 | 3,436,000 | 3,251,000 | 3,268,000 | 3,821,000 | 3,393,000 | 3,028,000 | 2,494,000 | 2,091,000 | 1,714,000 |
deferred income tax recovery | ||||||||||||||||||||||
share-based compensation expense | 16,907,000 | 12,963,000 | 12,963,000 | 12,622,000 | 13,326,000 | 18,329,000 | 11,328,000 | 11,328,000 | 12,410,000 | 21,399,000 | 23,281,000 | 17,823,000 | 21,322,000 | 34,256,000 | 35,061,000 | 38,528,000 | 41,934,000 | |||||
unrealized foreign exchange loss | -501,000 | 92,000 | 5,000 | 3,000 | 3,000 | 72,000 | -238,000 | 322,000 | 50,000 | -240,000 | 36,000 | 254,000 | -267,000 | |||||||||
decrease in operating assets and increase in operating liabilities | ||||||||||||||||||||||
trade and other receivables | 7,509,000 | 475,000 | 475,000 | -10,002,000 | 5,280,000 | -1,941,000 | 15,576,000 | 15,576,000 | 21,997,000 | -13,271,000 | -18,920,000 | 2,628,000 | -15,470,000 | -9,255,000 | -5,513,000 | -4,921,000 | 5,711,000 | -10,774,000 | 562,000 | -883,000 | -4,544,000 | -5,098,000 |
merchant cash advances | -3,442,000 | 2,543,000 | 2,543,000 | -4,853,000 | 4,128,000 | -17,906,000 | -13,302,000 | -13,302,000 | ||||||||||||||
inventories | 2,952,000 | -332,000 | -332,000 | 1,259,000 | 3,383,000 | -998,000 | -1,764,000 | -1,764,000 | 2,102,000 | -535,000 | -3,410,000 | -1,810,000 | -2,696,000 | -130,000 | -1,438,000 | -1,035,000 | -3,083,000 | -1,531,000 | 471,000 | -1,824,000 | -107,000 | 17,000 |
other assets | 3,355,000 | -1,073,000 | -1,073,000 | -9,387,000 | -10,192,000 | 1,935,000 | -3,259,000 | -3,259,000 | 863,000 | -7,339,000 | -5,343,000 | -3,940,000 | -5,240,000 | -5,114,000 | -1,563,000 | 1,931,000 | -2,418,000 | -18,732,000 | -1,035,000 | -2,823,000 | -1,582,000 | -10,362,000 |
accounts payable and accrued liabilities | -2,606,000 | 3,295,000 | 3,295,000 | -4,438,000 | 622,000 | 6,285,000 | -3,361,000 | -3,361,000 | -8,647,000 | 6,587,000 | 10,038,000 | -8,172,000 | 1,347,000 | -2,333,000 | -153,000 | -7,876,000 | 8,843,000 | -11,287,000 | 1,550,000 | 7,736,000 | 1,769,000 | -17,629,000 |
income taxes payable | -24,000 | 293,000 | 293,000 | 786,000 | -1,050,000 | 563,000 | -468,000 | -468,000 | 462,000 | -1,212,000 | -643,000 | -3,817,000 | 292,000 | -45,000 | 29,000 | -75,000 | 626,000 | 168,000 | -390,000 | 673,000 | 36,000 | |
deferred revenue | 1,048,000 | 791,000 | 791,000 | 9,108,000 | -3,198,000 | -4,210,000 | -197,000 | -197,000 | 4,172,000 | -305,000 | -4,437,000 | -563,000 | 6,044,000 | -1,253,000 | -3,006,000 | 220,000 | 2,825,000 | -114,000 | 1,021,000 | 820,000 | 1,890,000 | -715,000 |
other long-term liabilities | 125,000 | 182,000 | 182,000 | -574,000 | -20,000 | 363,000 | -173,000 | -173,000 | -1,007,000 | 851,000 | -47,000 | 235,000 | 784,000 | -419,000 | 1,870,000 | |||||||
net interest expense | 6,209,000 | |||||||||||||||||||||
total operating activities | 25,541,000 | 12,396,000 | 12,396,000 | -9,938,000 | 2,720,000 | -11,311,000 | -14,233,000 | -14,233,000 | -28,536,000 | -18,195,000 | -24,846,000 | -26,090,000 | -41,587,000 | -26,424,000 | -23,859,000 | -33,414,000 | -11,342,000 | -48,236,000 | -13,030,000 | -14,610,000 | -24,131,000 | -54,143,000 |
cash flows from investing activities | ||||||||||||||||||||||
additions to property and equipment | -1,707,000 | -1,804,000 | -1,804,000 | -941,000 | -938,000 | -1,055,000 | -847,000 | -847,000 | -3,315,000 | -2,282,000 | -839,000 | -1,070,000 | -2,016,000 | -2,005,000 | -2,126,000 | -3,080,000 | -1,905,000 | -5,216,000 | -2,297,000 | -1,235,000 | -362,000 | -786,000 |
additions to intangible assets | -12,960,000 | -10,515,000 | -10,515,000 | -6,058,000 | -5,181,000 | -4,834,000 | -3,269,000 | -3,269,000 | -2,958,000 | -2,579,000 | -2,856,000 | -2,285,000 | -1,519,000 | -877,000 | -895,000 | -603,000 | ||||||
acquisition of business, net of cash acquired | -700,000 | -107,000 | -1,231,000 | -232,910,000 | ||||||||||||||||||
interest income | 5,668,000 | 6,114,000 | 6,114,000 | 8,144,000 | 9,235,000 | 10,314,000 | 10,985,000 | 10,985,000 | 10,377,000 | 11,711,000 | 11,550,000 | 10,496,000 | 9,751,000 | 6,521,000 | 4,874,000 | 2,311,000 | 1,685,000 | 1,841,000 | 1,085,000 | 1,196,000 | 683,000 | 743,000 |
total investing activities | -9,164,000 | -6,205,000 | -6,205,000 | 445,000 | 3,009,000 | -2,281,000 | 6,869,000 | 6,869,000 | 4,104,000 | 6,850,000 | 7,855,000 | 7,141,000 | 5,953,000 | 3,203,000 | 1,853,000 | -2,192,000 | -199,000 | -164,258,000 | -207,749,000 | -191,725,000 | -910,000 | -232,953,000 |
cash flows from financing activities | ||||||||||||||||||||||
proceeds from exercise of stock options | 931,000 | 19,000 | 19,000 | 238,000 | 242,000 | 1,349,000 | 1,349,000 | 17,000 | 526,000 | 384,000 | 1,217,000 | 413,000 | 264,000 | 3,481,000 | 552,000 | 569,000 | 2,102,000 | 9,279,000 | 5,544,000 | 7,681,000 | 8,275,000 | |
shares repurchased and cancelled | 0 | -86,238,000 | -86,238,000 | -92,371,000 | 0 | 0 | -39,946,000 | -39,946,000 | ||||||||||||||
shares repurchased for settlement of non-treasury rsus | -20,000 | -30,188,000 | -30,188,000 | |||||||||||||||||||
payment of lease liabilities | ||||||||||||||||||||||
financing costs | -135,000 | -1,000 | -4,000 | -40,000 | -40,000 | 0 | -324,000 | -361,000 | -103,000 | -270,000 | -365,000 | -657,000 | -501,000 | -287,000 | -307,000 | -235,000 | ||||||
total financing activities | -1,394,000 | -118,475,000 | -118,475,000 | -94,181,000 | -1,768,000 | -1,949,000 | -40,778,000 | -40,778,000 | -2,347,000 | -1,469,000 | -1,485,000 | -925,000 | -2,376,000 | -2,396,000 | -28,829,000 | -1,810,000 | -1,715,000 | -1,070,000 | 798,077,000 | 2,765,000 | 599,541,000 | 5,886,000 |
effect of foreign exchange rate changes on cash and cash equivalents | -35,000 | 1,413,000 | 1,413,000 | 575,000 | -1,411,000 | 611,000 | -12,000 | -12,000 | -526,000 | 730,000 | 46,000 | 1,159,000 | -1,378,000 | -1,449,000 | 251,000 | 49,000 | -842,000 | 138,000 | 4,000 | 721,000 | ||
net decrease in cash and cash equivalents during the period | 14,948,000 | -110,871,000 | -110,871,000 | 2,550,000 | -14,930,000 | -48,154,000 | -48,154,000 | -12,084,000 | -18,786,000 | -19,877,000 | -38,865,000 | -203,432,000 | ||||||||||
cash and cash equivalents – beginning of period | 0 | 558,469,000 | 558,469,000 | 0 | 0 | 722,102,000 | 722,102,000 | 0 | 0 | 800,154,000 | 0 | 0 | 953,654,000 | 0 | 0 | 807,150,000 | 0 | 0 | ||||
cash and cash equivalents – end of period | 14,948,000 | 447,598,000 | 447,598,000 | 2,550,000 | -14,930,000 | 673,948,000 | 673,948,000 | -12,084,000 | -18,786,000 | 780,277,000 | -24,458,000 | -52,213,000 | 914,789,000 | -213,515,000 | 576,456,000 | 603,718,000 | 574,504,000 | -280,489,000 | ||||
income taxes paid | 740,000 | 1,390,000 | 1,390,000 | 412,000 | 2,216,000 | 970,000 | 1,056,000 | 1,056,000 | 1,075,000 | 115,000 | 1,365,000 | 5,067,000 | 175,000 | 211,000 | 757,000 | 11,000 | 61,000 | 52,000 | 488,000 | 147,000 | 110,000 | 1,000 |
cash flows from (used in) operating activities | ||||||||||||||||||||||
net income | -49,567,000 | -26,586,000 | -35,012,000 | -32,540,000 | -40,229,000 | -42,492,000 | -48,703,000 | -74,468,000 | -814,802,000 | -79,943,000 | -100,796,000 | -114,517,000 | -65,492,000 | -59,087,000 | -49,337,000 | -42,045,000 | -42,651,000 | |||||
unrealized foreign exchange gain | -501,000 | 209,000 | 220,000 | -85,000 | 514,000 | |||||||||||||||||
(increase)/decrease in operating assets and increase/(decrease) in operating liabilities | ||||||||||||||||||||||
net interest income | 6,209,000 | -8,401,000 | -8,388,000 | -9,543,000 | -10,166,000 | -10,166,000 | -10,524,000 | -10,899,000 | -10,746,000 | -10,362,000 | -9,654,000 | -8,300,000 | -4,851,000 | -2,007,000 | -1,014,000 | -1,029,000 | -719,000 | -226,000 | -147,000 | 67,000 | ||
cash flows from (used in) investing activities | ||||||||||||||||||||||
cash flows from (used in) financing activities | ||||||||||||||||||||||
deferred income tax expense | -386,000 | -386,000 | 154,000 | 109,000 | ||||||||||||||||||
payment of lease liabilities and movement in restricted lease deposits | -2,059,000 | -2,059,000 | -2,077,000 | -2,005,000 | -2,187,000 | -2,141,000 | -2,141,000 | -1,127,000 | -1,922,000 | |||||||||||||
share-based acquisition-related compensation | 0 | 0 | 484,000 | 2,469,000 | 8,699,000 | 4,780,000 | 11,142,000 | 15,598,000 | 18,909,000 | |||||||||||||
goodwill impairment | 0 | |||||||||||||||||||||
proceeds from exercise of stock options, net of tax withholding for net share settlement | ||||||||||||||||||||||
share issuance costs | 0 | 0 | -30,000 | -76,000 | 0 | 0 | -55,000 | -476,000 | -33,089,000 | -570,000 | -26,445,000 | -1,217,000 | ||||||||||
net decrease in cash and cash equivalents during the year | ||||||||||||||||||||||
cash and cash equivalents – beginning of year | ||||||||||||||||||||||
cash and cash equivalents – end of year | ||||||||||||||||||||||
deferred income taxes | 300,000 | 300,000 | 102,000 | -530,000 | 497,000 | -392,000 | -368,000 | -1,429,000 | -2,538,000 | -2,353,000 | 1,397,000 | -12,125,000 | -15,072,000 | -2,224,000 | -984,000 | -2,045,000 | ||||||
purchase of investments | -263,000 | -436,000 | 0 | -820,000 | ||||||||||||||||||
repayment of long-term debt | 0 | 0 | ||||||||||||||||||||
interest paid to financial institutions | ||||||||||||||||||||||
payment of lease liabilities net of incentives and movement in restricted lease deposits | -1,958,000 | -1,839,000 | -2,066,000 | -2,465,000 | -2,299,000 | -2,014,000 | -2,092,000 | -1,864,000 | ||||||||||||||
acquisition of businesses, net of cash acquired | -160,883,000 | -206,881,000 | -191,686,000 | |||||||||||||||||||
movement in restricted term deposits | 0 | 0 | ||||||||||||||||||||
proceeds from issuance of share capital | 0 | 0 | 620,200,000 | 0 | ||||||||||||||||||
net increase in cash and cash equivalents during the year | ||||||||||||||||||||||
bank interest paid | ||||||||||||||||||||||
accrued payroll taxes on share-based compensation | -73,000 | -57,000 | -26,000 | -260,000 | ||||||||||||||||||
net increase in cash and cash equivalents during the period | -24,458,000 | -213,515,000 | 574,504,000 | -280,489,000 | ||||||||||||||||||
interest paid | 1,000 | 103,000 | 270,000 | 233,000 | 224,000 | 237,000 | 243,000 | 238,000 | 235,000 | |||||||||||||
share-based compensation impact from replacement awards issued | ||||||||||||||||||||||
acquisition-related compensation | 8,392,000 | 580,000 | -5,145,000 | 2,258,000 | ||||||||||||||||||
stock-based compensation expense | 24,656,000 | 12,387,000 | 11,782,000 | 8,834,000 | ||||||||||||||||||
accrued payroll taxes on stock-based compensation | ||||||||||||||||||||||
stock-based compensation impact from replacement awards issued | 0 | |||||||||||||||||||||
proceeds from draw-down of long-term debt | ||||||||||||||||||||||
payment of lease liabilities net of incentives and movements in restricted lease deposits | ||||||||||||||||||||||
cash flows from operating activities: | ||||||||||||||||||||||
adjustments to reconcile net income to net cash from operating activities: | ||||||||||||||||||||||
movement in deferred taxes | ||||||||||||||||||||||
fair value adjustments | ||||||||||||||||||||||
depreciation and amortization | ||||||||||||||||||||||
amortization of debt discount, issuance costs and embedded derivative | ||||||||||||||||||||||
stock-based compensation | ||||||||||||||||||||||
disposal of assets | ||||||||||||||||||||||
changes in operating assets & liabilities: | ||||||||||||||||||||||
accounts receivable | ||||||||||||||||||||||
inventory | ||||||||||||||||||||||
prepaid expenses and other current assets | ||||||||||||||||||||||
other non-current assets | ||||||||||||||||||||||
accounts payable | ||||||||||||||||||||||
accrued expenses | ||||||||||||||||||||||
other current liabilities | ||||||||||||||||||||||
net cash from operating activities | ||||||||||||||||||||||
capital expenditures | ||||||||||||||||||||||
free cash flows | ||||||||||||||||||||||
cash flows from investing activities: | ||||||||||||||||||||||
purchases of property and equipment | ||||||||||||||||||||||
purchases of capitalized software and other intangibles | ||||||||||||||||||||||
merchant cash advance funded | ||||||||||||||||||||||
merchant cash advance repaid | ||||||||||||||||||||||
net cash from investing activities | ||||||||||||||||||||||
cash flows from financing activities: | ||||||||||||||||||||||
proceeds from issuance of convertible notes | ||||||||||||||||||||||
payments of debt issuance costs | ||||||||||||||||||||||
proceeds from secured term loan | ||||||||||||||||||||||
(repayments) / draw down on line of credit | ||||||||||||||||||||||
repurchase of founders shares | ||||||||||||||||||||||
repayment of debt | ||||||||||||||||||||||
net proceeds from exercise of stock options | ||||||||||||||||||||||
net cash from financing activities | ||||||||||||||||||||||
effect of exchange rate changes on cash | ||||||||||||||||||||||
net change in cash | ||||||||||||||||||||||
cash — beginning of year | ||||||||||||||||||||||
cash — end of year | ||||||||||||||||||||||
see notes to consolidated financial statements. | ||||||||||||||||||||||
shopkeep inc | ||||||||||||||||||||||
consolidated statements of cash flows | ||||||||||||||||||||||
supplemental disclosure of cash flow information: | ||||||||||||||||||||||
cash paid for interest | ||||||||||||||||||||||
non-cash investing and financing activities: | ||||||||||||||||||||||
capitalized technology included within accrued expenses | ||||||||||||||||||||||
issuance of warrants in connection with convertible notes | ||||||||||||||||||||||
issuance of warrants in connection with debt refinancing |