Cover
Cover | 12 Months Ended |
Mar. 31, 2022 | |
Document Information [Line Items] | |
Document Type | 40-F |
Document Registration Statement | false |
Document Annual Report | true |
Document Period End Date | Mar. 31, 2022 |
Current Fiscal Year End Date | --03-31 |
Entity File Number | 001-39498 |
Entity Registrant Name | LIGHTSPEED COMMERCE INC. |
Entity Incorporation, State or Country Code | Z4 |
Entity Address, Address Line One | 700 Saint-Antoine Street East, Suite 300 |
Entity Address, City or Town | Montréal, Québec |
Entity Address, Country | CA |
Entity Address, Postal Zip Code | H2Y 1A6 |
City Area Code | (514) |
Local Phone Number | 907-1801 |
Title of 12(b) Security | Subordinate Voting Shares |
Trading Symbol | LSPD |
Security Exchange Name | NYSE |
Annual Information Form | true |
Audited Annual Financial Statements | true |
Entity Current Reporting Status | Yes |
Entity Interactive Data Current | Yes |
Entity Emerging Growth Company | false |
ICFR Auditor Attestation Flag | true |
Amendment Flag | false |
Document Fiscal Year Focus | 2022 |
Document Fiscal Period Focus | FY |
Entity Central Index Key | 0001823306 |
Business Contact | |
Document Information [Line Items] | |
Entity Address, Address Line One | 251 Little Falls Drive |
Entity Address, City or Town | Wilmington |
Entity Address, Postal Zip Code | 19808-1674 |
City Area Code | (302) |
Local Phone Number | 636-5400 |
Contact Personnel Name | Corporation Service Company |
Entity Address, State or Province | DE |
Audit Information
Audit Information | 12 Months Ended |
Mar. 31, 2022 | |
Auditor [Line Items] | |
Auditor Location | Montreal, Canada |
Auditor Name | PricewaterhouseCoopers LLP |
Auditor Firm ID | 271 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Mar. 31, 2022 | Mar. 31, 2021 |
Current assets | ||
Cash and cash equivalents | $ 953,654 | $ 807,150 |
Trade and other receivables | 45,766 | 24,771 |
Inventories | 7,540 | 1,573 |
Other current assets | 35,535 | 24,171 |
Total current assets | 1,042,495 | 857,665 |
Lease right-of-use assets, net | 25,539 | 21,206 |
Property and equipment, net | 16,456 | 8,342 |
Intangible assets, net | 409,568 | 234,493 |
Goodwill | 2,104,368 | 971,939 |
Contract asset | 21,400 | 11,504 |
Deferred tax assets | 154 | 170 |
Total assets | 3,619,980 | 2,105,319 |
Current liabilities | ||
Accounts payable and accrued liabilities | 78,307 | 65,052 |
Lease liabilities | 7,633 | 5,120 |
Income taxes payable | 6,718 | 114 |
Deferred revenue | 65,194 | 43,116 |
Total current liabilities | 157,852 | 113,402 |
Deferred revenue | 2,121 | 2,796 |
Lease liabilities | 23,037 | 20,558 |
Long-term debt | 29,841 | 29,770 |
Accrued payroll taxes on share-based compensation | 1,007 | 3,154 |
Deferred tax liabilities | 6,833 | 1,356 |
Total liabilities | 220,691 | 171,036 |
Shareholders’ equity | ||
Share capital | 4,199,025 | 2,526,448 |
Additional paid-in capital | 123,777 | 35,877 |
Accumulated other comprehensive income | 2,677 | 9,715 |
Accumulated deficit | (926,190) | (637,757) |
Total shareholders’ equity | 3,399,289 | 1,934,283 |
Total liabilities and shareholders’ equity | 3,619,980 | 2,105,319 |
Commitments and contingencies |
Consolidated Statements of Loss
Consolidated Statements of Loss and Comprehensive Loss - USD ($) $ in Thousands | 12 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Profit or loss [abstract] | ||
Revenues | $ 548,372 | $ 221,728 |
Direct cost of revenues | 277,199 | 94,059 |
Gross profit | 271,173 | 127,669 |
Operating expenses | ||
General and administrative | 95,253 | 53,035 |
Research and development | 121,150 | 55,303 |
Sales and marketing | 216,659 | 96,900 |
Depreciation of property and equipment | 4,993 | 2,479 |
Depreciation of right-of-use assets | 7,743 | 3,876 |
Foreign exchange loss | 611 | 2,098 |
Acquisition-related compensation | 50,491 | 11,807 |
Amortization of intangible assets | 91,812 | 30,128 |
Restructuring | 803 | 1,760 |
Total operating expenses | 589,515 | 257,386 |
Operating loss | (318,342) | (129,717) |
Net interest income (expense) | 2,988 | (353) |
Loss before income taxes | (315,354) | (130,070) |
Income tax expense (recovery) | ||
Current | 1,103 | 166 |
Deferred | (28,024) | (5,958) |
Total income tax recovery | (26,921) | (5,792) |
Net loss | (288,433) | (124,278) |
Other comprehensive income (loss) | ||
Foreign currency differences on translation of foreign operations | (7,061) | 15,986 |
Change in net unrealized gain on cash flow hedging instruments | 23 | 0 |
Other comprehensive loss | (7,038) | 15,986 |
Total comprehensive loss | $ (295,471) | $ (108,292) |
Basic net loss per share (in USD per share) | $ (2.04) | $ (1.18) |
Diluted net loss per share (in USD per share) | $ (2.04) | $ (1.18) |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Cash flows from (used in) operating activities | ||
Net loss | $ (288,433) | $ (124,278) |
Items not affecting cash and cash equivalents | ||
Share-based acquisition-related compensation | 45,042 | 4,518 |
Amortization of intangible assets | 91,812 | 30,128 |
Depreciation of property and equipment and lease right-of-use assets | 12,736 | 6,355 |
Deferred income taxes | (28,024) | (5,958) |
Share-based compensation expense | 108,916 | 32,739 |
Share-based compensation impact from replacement awards issued | 0 | 1,120 |
Unrealized foreign exchange loss | 5 | 320 |
(Increase)/decrease in operating assets and increase/(decrease) in operating liabilities | ||
Trade and other receivables | (5,384) | (9,177) |
Inventories | (5,967) | (256) |
Other assets | (25,008) | (11,963) |
Accounts payable and accrued liabilities | 6,842 | (15,333) |
Income taxes payable | 1,077 | 38 |
Deferred revenue | 4,552 | (3,991) |
Accrued payroll taxes on share-based compensation | (2,396) | 2,321 |
Net interest income (expense) | (2,988) | 353 |
Total operating activities | (87,218) | (93,064) |
Cash flows from (used in) investing activities | ||
Additions to property and equipment | (10,653) | (1,794) |
Acquisition of businesses, net of cash acquired | (559,429) | (235,576) |
Movement in restricted term deposits | 344 | 0 |
Interest income | 5,807 | 2,322 |
Total investing activities | (563,931) | (235,048) |
Cash flows from (used in) financing activities | ||
Proceeds from exercise of stock options | 17,494 | 21,008 |
Proceeds from issuance of share capital | 823,515 | 952,534 |
Share issuance costs | (34,190) | (45,319) |
Payment of lease liabilities net of incentives and movement in restricted lease deposits | (6,952) | (4,351) |
Financing costs | (1,810) | (1,557) |
Total financing activities | 798,057 | 922,315 |
Effect of foreign exchange rate changes on cash and cash equivalents | (404) | 1,978 |
Net increase in cash and cash equivalents during the year | 146,504 | 596,181 |
Cash and cash equivalents – Beginning of year | 807,150 | 210,969 |
Cash and cash equivalents – End of year | 953,654 | 807,150 |
Interest paid | 937 | 1,025 |
Income taxes paid | $ 748 | $ 147 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Shareholders' Equity $ in Thousands | USD ($)shares | Issued and Outstanding SharesUSD ($)shares | Additional paid-in capitalUSD ($) | Accumulated other comprehensive income (loss)USD ($) | Accumulated deficitUSD ($) |
Number of shares outstanding at beginning of period (in shares) at Mar. 31, 2020 | shares | 92,206,817 | ||||
Equity at beginning of period at Mar. 31, 2020 | $ 344,138 | $ 852,115 | $ 11,773 | $ (6,271) | $ (513,479) |
Net loss | (124,278) | (124,278) | |||
Issuance of shares upon public offerings (in shares) | shares | 19,756,196 | ||||
Issuance of shares upon public offerings | 952,534 | $ 952,534 | |||
Share issuance costs | $ (44,702) | $ (44,702) | |||
Exercise of stock options and settlement of share awards (in shares) | shares | 2,951,034 | 3,038,643 | |||
Exercise of stock options and settlement of share awards | $ 21,008 | $ 29,643 | (8,635) | ||
Share-based compensation | 32,739 | 32,739 | |||
Share-based acquisition-related compensation (in shares) | shares | 194,042 | ||||
Share-based acquisition-related compensation | 4,518 | $ 4,518 | |||
Shares issued in connection with business combination (in shares) | shares | 13,332,817 | ||||
Shares issued in connection with business combination | 690,788 | $ 690,788 | |||
Replacement awards issued in connection with business combination | 40,432 | 40,432 | |||
Share-based compensation impact from replacement awards issued in connection with business combination | 1,120 | $ 1,120 | |||
Other comprehensive loss | 15,986 | 15,986 | |||
Number of shares outstanding at end of period (in shares) at Mar. 31, 2021 | shares | 128,528,515 | ||||
Equity at end of the period at Mar. 31, 2021 | 1,934,283 | $ 2,526,448 | 35,877 | 9,715 | (637,757) |
Net loss | (288,433) | (288,433) | |||
Issuance of shares upon public offerings (in shares) | shares | 8,855,000 | ||||
Issuance of shares upon public offerings | 823,515 | $ 823,515 | |||
Share issuance costs | $ (33,984) | $ (33,984) | |||
Exercise of stock options and settlement of share awards (in shares) | shares | 1,061,359 | 1,332,218 | |||
Exercise of stock options and settlement of share awards | $ 17,494 | $ 38,510 | (21,016) | ||
Share-based compensation | 108,916 | 108,916 | |||
Share-based acquisition-related compensation (in shares) | shares | 638,323 | ||||
Share-based acquisition-related compensation | 45,042 | $ 45,042 | |||
Shares issued in connection with business combination (in shares) | shares | 9,307,256 | ||||
Shares issued in connection with business combination | 799,494 | $ 799,494 | |||
Other comprehensive loss | (7,038) | (7,038) | |||
Number of shares outstanding at end of period (in shares) at Mar. 31, 2022 | shares | 148,661,312 | ||||
Equity at end of the period at Mar. 31, 2022 | $ 3,399,289 | $ 4,199,025 | $ 123,777 | $ 2,677 | $ (926,190) |
Organization and nature of oper
Organization and nature of operations | 12 Months Ended |
Mar. 31, 2022 | |
Nature Of Operations [Abstract] | |
Organization and nature of operations | Organization and nature of operations Lightspeed Commerce Inc., formerly known as Lightspeed POS 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". |
Basis of presentation and conso
Basis of presentation and consolidation | 12 Months Ended |
Mar. 31, 2022 | |
Basis Of Presentation And Consolidation [Abstract] | |
Basis of presentation and consolidation | Basis of presentation and consolidation These consolidated financial statements have been prepared in accordance with International Financial Reporting Standards (IFRS) as issued by the International Accounting Standards Board (IASB) and were approved for issue by the Board of Directors (the "Board") of the Company on May 19, 2022. The consolidated financial statements have been prepared on a historical cost basis, except for our lease liabilities which are measured at present value and certain financial assets and liabilities, which have been measured at fair value as described below. The consolidated financial statements provide comparative information in respect of the previous period. Certain comparative figures have been reclassified in order to conform to the current period presentation. The consolidated financial statements include the accounts of Lightspeed and its wholly-owned subsidiaries including, but not limited to: Lightspeed Netherlands B.V, Lightspeed Payments USA Inc., Kounta Pty Ltd, Lightspeed POS Germany GmbH (formerly known as Gastrofix GmbH) ("Gastrofix"), Lightspeed Commerce USA Inc. (the successor to ShopKeep Inc.), Upserve, Inc., Vend Limited, Lightspeed NuORDER Inc. (the successor to NuORDER, Inc.) and Ecwid, Inc. (collectively, the "subsidiaries"). All significant intercompany balances and transactions have been eliminated on consolidation. Subsidiaries are all entities over which the Company has control. The Company controls an entity when the Company is exposed, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power over the entity. The financial statements of all subsidiaries, including those of new subsidiaries of Lightspeed from the reporting period starting on their acquisition or incorporation date, are prepared for the same reporting period as Lightspeed using Lightspeed’s accounting policies. All subsidiaries are fully consolidated until the date that Lightspeed’s control ceases. |
Significant accounting policies
Significant accounting policies | 12 Months Ended |
Mar. 31, 2022 | |
Disclosure Of Significant Accounting Policies [Abstract] | |
Significant accounting policies | Significant accounting policies Revenue recognition The Company’s main sources of revenue are subscriptions for its platforms and revenue from its payment processing services. In addition, the Company generates revenue from payment residuals, merchant cash advances, professional services and sales of hardware as described below. The Company recognizes revenue to depict the transfer of promised services to its customers in an amount that reflects the consideration to which the Company expects to be entitled in exchange for those services by applying the following steps: • Identifying the contract with a customer; • Identifying the performance obligations in the contract; • Determining the transaction price; • Allocating the transaction price; and • Recognizing revenue when, or as, the Company satisfies a performance obligation. The Company follows the guidance provided in IFRS 15, Appendix B, Principal versus Agent Considerations, for determining whether the revenue should be recognized based on the gross amount billed to a customer or the net amount retained. This determination is a matter of judgment that depends on the facts and circumstances of each arrangement. Sales taxes collected from customers and remitted to government authorities are excluded from revenue. The Company’s arrangements with customers can include multiple performance obligations. When contracts involve multiple performance obligations, the Company evaluates whether each performance obligation is distinct and should be accounted for as a separate unit of accounting. In the case of software subscriptions and hardware and other, the Company has determined that customers can benefit from each service on its own, and that each service being provided to the customer is separately identifiable from other promises in the contract. Specifically, the Company considers the distinct performance obligations to be the software subscriptions and the hardware and implementation services. Payment processing services, payment residuals and merchant cash advances were also considered to be distinct performance obligations. The total transaction price is determined at the inception of the contract and allocated to each performance obligation based on their relative standalone selling prices. The Company determines the standalone selling price by considering internal evidence such as normal or consistently applied standalone selling prices. The determination of standalone selling prices is made through consultation with and approval by management, taking into consideration the Company’s go-to-market strategy. The Company may modify its pricing practices in the future as its go-to-market strategies evolve, which could result in changes in relative standalone selling prices. Discounts are allocated to each performance obligation to which they relate based on their relative standalone selling price. The Company generally receives payment from its customers on the invoice due date. In all other cases, payment terms and conditions vary by contract type, although terms generally include a requirement for payment within 14 days of the invoice date. In instances where the timing of revenue recognition differs from the timing of invoicing and subsequent payment, we have determined the Company’s contracts generally do not include a significant financing component. Subscription revenue Software subscriptions include subscriptions to cloud-based solutions for both retail and hospitality platforms and for the Company's eCommerce offering. In addition to the core subscriptions outlined above, customers can purchase add-on services such as loyalty, delivery, order anywhere, advanced reporting, accounting and analytics, amongst others. Subscriptions include maintenance and support, which includes access to unspecified upgrades. The Company recognizes revenue for its software subscriptions ratably over the term of the contract commencing on the date the services are made available to customers. Transaction-based revenue The Company offers to its customers payment processing services, through connected terminals and online, that facilitate payment for goods and services sold by the customer to its consumers, for which the customers are charged a transaction fee. The Company recognizes revenue from payment processing services at the time of the transaction at the gross amount of consideration paid by the customer, as the Company is the principal in the arrangement with the customer. The Company is the principal as the Company controls the payment processing service before the customer receives it as the Company performs additional services which are integrated with the payment processing service prior to delivering the service to the customer. The Company also bears the risk for chargebacks and other financial losses if such amounts cannot be recovered from the customer and the Company has full discretion in establishing prices for the promised service. The Company incurs costs of interchange and network assessment fees, processing fees, and bank settlement fees to third-party payment processors and financial institutions involved in settlement, which are recorded as direct costs of revenue. The Company’s software also interfaces with third parties that enable credit card processing. These third parties generate revenue from charging transaction fees that are generally a fixed amount per transaction, or a fixed percentage of the transaction processed. As part of integrating with the solutions of these third parties, the Company negotiates a revenue share with them whereby the Company receives a portion of the revenues generated by the third parties. In addition, the Company has contracted with a number of third-party vendors that sell products to the same customers as the Company. The Company refers its customers to these vendors and earns a referral fee. The Company recognizes the revenues it receives from third-party vendors at the point in time when they are due from third-party vendors. These revenues are recognized at the net amount retained by the Company, whereby only the portion of revenues that the Company receives (or which is due) from the third-party vendor is recognized. The Company also earns revenue from eligible customers through its merchant cash advance ("MCA") program, Lightspeed Capital. Under this program, the Company purchases a designated amount of future receivables at a discount, and the customer remits a fixed percentage of their daily sales to the Company, until the outstanding balance has been fully remitted. The Company evaluates identified underwriting criteria including, but not limited to, the number of years in business, the nature of the business, and historical sales data, prior to purchasing the eligible customer's future receivables to help assess collectibility. As each MCA agreement does not have contractual terms that give rise on specified dates to cash flows that are solely payments of principal and interest on the MCA balance outstanding, each MCA is recorded at fair value through profit or loss. The initial fair value is generally equal to the transaction price, being the fair value of the consideration provided to the customer, reduced by any amounts that are not expected to be collected. The fair value of each MCA is reassessed at the end of each fiscal quarter. The amount of transaction-based revenue recognized from MCAs in the period is calculated as the gross amounts remitted by the customer in the period, reduced by the difference in value between the initial fair value and the reassessed fair value at the end of the period, excluding movements in the fair value that relate to amounts that are deemed uncollectible which are recognized within general and administrative expenses in the consolidated statements of loss and comprehensive loss. The Company is responsible for purchasing the designated amount of future receivables, bears the risk of financial losses if the receivables cannot be recovered from the customer, and the Company has full discretion in establishing the fees charged. The Company incurs processing and other fees with third-party platforms involved in the Company's MCA program, which are recorded as direct costs of revenue. Hardware and other revenue For retail, hospitality and eCommerce customers, the Company’s software integrates with various hardware solutions required to operate a location. As part of the sale process to both new and existing customers, the Company acts as a reseller of the hardware. Such sales consist primarily of hardware peripherals. In addition, in some cases where customers would like assistance deploying the Company’s software or integrating the Company’s software with other systems or setting up their eCommerce store, the Company provides professional services customized to the customer. Hardware equipment revenues are recognized at a point in time, namely when ownership passes to the customer, in accordance with the shipping terms, at the gross amount of consideration paid by the customer, as the Company is the principal in the arrangement with the customer. The Company is the principal as the Company controls the hardware equipment before the customer receives it. Most professional services are sold on a time-and-materials basis. Consulting engagements can last anywhere from one day to several weeks and are based strictly on the customer’s requirements. The Company’s software can typically be used as delivered to the customer. The Company’s professional services are generally not essential to the functionality of the software. For services performed on a time-and-materials basis, revenues are recognized as the services are delivered at the gross amount of consideration paid by the customer, as the Company is the principal in the arrangement with the customer. The Company is the principal as the Company controls the professional services before they are transferred to the customer. Contract assets The Company records contract assets ("commission assets") for selling commissions paid at the inception of a contract that are incremental costs of obtaining the contract if the Company expects to recover those costs. Commission assets are subsequently amortized on a systematic basis consistent with the pattern of the transfer of the good or service to which the commission asset relates. The Company applies the practical expedient that allows it to determine the pattern of the transfer of the good or service for a portfolio of contracts that have similar characteristics. For contracts where the amortization period of the commission assets would have been one year or less, the Company uses the practical expedient that allows it to recognize the incremental costs of obtaining those contracts as an expense when incurred. The Company records contract assets for discounts provided to customers at the inception of a contract. Contract assets are subsequently amortized against revenue on a systematic basis consistent with the term to which the contract asset relates. Deferred revenue Deferred revenue mainly comprises fees collected or contractually due for services in which the applicable revenue recognition criteria have not been met. This balance will be recognized as revenue as the services are performed. Cash and cash equivalents Cash comprises cash on deposit at banks and on hand. The Company considers all short term highly liquid investments that are readily convertible into known amounts of cash, with original maturities at their acquisition date of three months or less to be cash equivalents. Restricted cash The Company can be required to hold a defined amount of cash as collateral under the terms of certain business combination arrangements and lease agreements. Cash deposits held by the Company that have restrictions governing their use are classified as restricted cash, current or long-term, based on the remaining length of the restriction. Inventories Inventories, consisting of hardware equipment only, are recorded at the lower of cost and net realizable value with cost determined using the weighted average cost method. The Company provides an allowance for obsolescence based on estimated product life cycles, usage levels and technology changes. Changes in these estimates are reflected in the determination of cost of revenues. The amount of any impairment of inventories to net realizable value, and all losses on inventories, are recognized as an expense in the year during which the impairment or loss occurs. Deferred financing costs The Company records deferred financing costs related to its credit facilities when it is probable that some or all of the facilities will be drawn down. The deferred financing costs are amortized over the term of the related financing arrangement. The long-term debt is recorded at amortized cost using the effective interest method, net of deferred financing costs. Research and development tax credits Research and development costs are expensed as incurred, net of refundable investment tax credits. The Company’s research and development costs consist primarily of salaries and other related personnel expenses. The Company recognizes the benefit of refundable research and development investment tax credits as a reduction of research and development and support costs, while non-refundable investment tax credits that can only be claimed against income taxes otherwise payable are recognized as a reduction of income taxes when there is reasonable assurance that the claim will be recovered. Property and equipment Property and equipment are stated at cost less accumulated depreciation and impairment losses, if any. Depreciation is calculated using the straight-line method over the estimated useful lives of the related assets. Furniture and equipment are depreciated over five years, and computer equipment is depreciated over three years. Leasehold improvements are depreciated on a straight-line basis over the shorter of their estimated useful lives or the term of their associated leases. Leasehold improvements in progress are not depreciated until the related asset is ready for use. Intangible assets Acquired identifiable intangible assets Intangible assets are stated at cost, less accumulated amortization and impairment losses, if any. Amortization is calculated using the straight-line method over the estimated useful lives of the related assets. Software technologies that are acquired through business combinations are amortized over three three Internally generated intangible assets The Company recognizes internal development costs as intangible assets only when the following criteria are met: the technical feasibility of completing the intangible asset exists, there is an intent to complete and an ability to use or sell the intangible asset, the intangible asset will generate probable future economic benefits, there are adequate resources available to complete the development and to use or sell the intangible asset, and there is the ability to reliably measure the expenditure attributable to the intangible asset during its development. Impairment of long-lived assets The Company evaluates its property and equipment and intangible assets with finite useful lives for impairment when events or changes in circumstances indicate that the carrying amount of an asset or asset group may not be recoverable. An impairment loss is recognized for the amount by which the asset’s carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset’s fair value less costs of disposal and value in use. For the purposes of assessing impairment, assets are grouped at the lowest levels for which there are separately identifiable cash inflows which are largely independent of the cash inflows from other assets or groups of assets (cash-generating units or "CGUs"). Goodwill and impairment of goodwill Goodwill represents the excess of the purchase price over the estimated fair value of net tangible and identifiable assets of a business acquired in a business combination. After initial recognition, goodwill is measured at cost less any accumulated impairment losses, if any. For the purpose of impairment testing, goodwill acquired in a business combination is allocated to the Company's operating segment (the "Segment"), which is the level at which management monitors goodwill. The Company reviews the carrying value of goodwill in accordance with International Accounting Standard (IAS) 36, Impairment of Assets, on an annual basis on December 31 or more frequently if events or a change in circumstances indicate that it is more likely than not that the fair value of the goodwill is below its carrying amount. Impairment is determined by assessing the recoverable amount of the Segment. The Segment's recoverable amount is the higher of the Segment's fair value less costs of disposal and its value in use. A quantitative analysis was performed to determine the fair value less costs of disposal. Note 17 discusses the method and assumptions used for impairment testing. Business combinations The Company follows the acquisition method to account for business combinations in accordance with IFRS 3, Business Combinations. The acquisition method of accounting requires that assets acquired and liabilities assumed be recorded at their estimated fair values on the date of a business acquisition. The excess of the purchase price over the estimated fair value is recorded as goodwill. The amounts included in the consolidated statements of loss and comprehensive loss under acquisition-related compensation arise from business combinations made by the Company. Acquisition costs that are tied to continuing employment of pre-existing shareholders are required to be recognized as acquisition-related compensation and recognized in accordance with the vesting terms in the acquisition agreement. Consequently, those costs are not included in the total purchase consideration of the business combination. Our share-based acquisition-related compensation follows the guidance in IFRS 2, Share Based Payment. All other costs that are not eligible for capitalization related to the acquisition are expensed as incurred. New information obtained during the measurement period, up to 12 months following the acquisition date, about facts and circumstances existing at the acquisition date affect the acquisition accounting. Upon the conclusion of the measurement period or final determination of the values of assets acquired or liabilities assumed, whichever comes first, any subsequent adjustments are recorded in the consolidated statements of loss and comprehensive loss. Government assistance Government assistance is recognized when there is reasonable assurance that it will be received and all related conditions will be complied with. When the government assistance relates to an expense item, it is recognized as a reduction of expense over the period necessary to match the government assistance on a systematic basis to the costs that it is intended to subsidize. Income taxes Current tax The current tax payable is based on taxable income for the year. Taxable income differs from income as reported in the consolidated statements of loss and comprehensive loss because of items of income or expense that are taxable or deductible in other periods and items that are never taxable or deductible. The Company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period. Deferred tax Deferred tax is recognized on temporary differences between the carrying amounts of assets and liabilities in the consolidated financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are recognized for all taxable temporary differences. Deferred tax assets are recognized for all deductible temporary differences to the extent that it is probable that taxable profits against which those deductible temporary differences can be utilized will be available. Such deferred tax assets and liabilities are not recognized if the temporary difference arises from goodwill or from the initial recognition (other than in a business combination) of other assets and liabilities in a transaction that affects neither the taxable profit nor the accounting profit. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realized, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. The measurement of deferred tax liabilities and assets reflects the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities. Deferred tax assets and liabilities are offset when there is a legally enforceable right to offset current tax assets against current tax liabilities and when they relate to income taxes levied by the same taxation authority and the Company intends to settle its current tax assets and liabilities on a net basis. Current and deferred tax Current and deferred tax are recognized as an expense or income in net loss, except when they relate to items that are recognized outside of net loss (whether in other comprehensive income (loss) or directly in deficit), in which case the tax is also recognized outside of net loss. Provisions Provisions are recognized when the Company has a present legal or constructive obligation as a result of a past event, it is probable that an outflow of resources embodying economic benefits will be required to settle the obligation, and a reliable estimate can be made of the amount of the obligation. Restructuring provisions are recognized when the Company has put in place a detailed restructuring plan which has been communicated in sufficient detail to create a constructive obligation. Restructuring provisions include only costs directly related to the restructuring plan, and are measured at the best estimate of the amount required to settle the Company's obligations. If the known expected settlement date exceeds 12 months from the date of recognition, provisions are discounted using a current pre-tax interest rate that reflects the risks specific to the liability. Where discounting is used, the increase in the provision due to the passage of time is recognized as a finance cost. Provisions are reviewed at the end of each reporting period and adjusted as appropriate. Leases At inception of a contract, the Company assesses whether a contract is, or contains, a lease. A contract is, or contains, a lease if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. To assess whether a contract conveys the right to control the use of an identified asset, the Company assesses whether: • The contract involves the use of an identified asset - this may be specified explicitly or implicitly, and should be physically distinct or represent substantially all of the capacity of a physically distinct asset. If the supplier has a substantive substitution right, then the asset is not identified. • The Company has the right to obtain substantially all the economic benefits from the use of the asset throughout the period of use; and • The Company has the right to direct the use of the asset. The Company has this right when it has the decision-making rights that are most relevant to changing how and for what purpose the asset is used. At inception or on reassessment of a contract that contains a lease component, the Company allocates the consideration in the contract to each lease component on the basis of their relative standalone price. As a lessee The Company recognizes a right-of-use asset and a lease liability at the lease commencement date. The right-of-use asset is initially measured at cost, which comprises the initial amount of the lease liability adjusted for any lease payments made at or before the commencement date, plus any initial direct costs incurred and an estimate of costs to dismantle and remove the underlying asset or to restore the underlying asset or the site on which it is located, less any lease incentives received prior to the commencement date. The lease term is determined based on the non-cancellable period for which the Company has the right to use an underlying asset. The lease term is adjusted, if applicable, for periods covered by extension and termination options to the extent that the Company is reasonably certain to exercise them. The right-of-use asset is subsequently depreciated using the straight-line method from the commencement date to the end of the lease term, which is considered the appropriate useful life of any such asset. In addition, the right-of-use asset is reduced by impairment losses, if any, and adjusted for certain remeasurements of the lease liability, to the extent necessary. The lease liability is initially measured at the present value of the lease payments, net of lease incentives receivables, that are not paid at the commencement date, discounted using an incremental borrowing rate if the rate implicit in the lease arrangement is not readily determinable. Lease payments included in the measurement of the lease liability comprise fixed payments, including in-substance fixed payments and variable lease payments that depend on an index or a rate, initially measured using the index or rate as at the commencement date. The lease liability is subsequently measured at amortized cost using the effective interest method. It is remeasured when there is a change in future lease payments arising from a change in an index or rate, lease term, or if the Company changes its assessment of whether it will exercise an extension or termination option. When the lease liability is remeasured in this way, a corresponding adjustment is made to the carrying amount of the right-of-use asset, or is recorded in profit or loss if the carrying amount of the right-of-use asset has been reduced to zero. Short-term leases and leases of low-value assets The Company has elected not to recognize right-of-use assets and lease liabilities for short-term leases that have a lease term of 12 months or less and leases of low-value assets. The Company recognizes the lease payments associated with these leases as an expense on a straight-line basis over the lease term. On the consolidated statement of cash flows, lease payments related to short-term leases, low value assets and variable lease payments not included in lease liabilities are classified as cash flows used in operating activities, whereas the remaining lease payments are classified as cash flows used in financing activities. Equity incentive plans The Company has multiple equity incentive plans and records all share-based payments at their respective fair values. The Company recognizes share-based compensation expense over the vesting period of the tranche of awards being considered. The fair value of stock options granted to employees is estimated at the date of grant using the Black-Scholes option pricing model. The Company also estimates forfeitures at the time of grant and revises its estimate, if necessary, in subsequent periods if actual forfeitures differ from these estimates. Any consideration paid by employees on exercising stock options and the corresponding portion previously credited to additional paid-in capital are credited to share capital. The Black-Scholes option pricing model used by the Company to calculate option values was developed to estimate the fair value. This model also requires assumptions, including expected option life, volatility, risk-free interest rate and dividend yield, which greatly affect the calculated values. Expected option life is determined using the time-to-vest-plus-historical-calculation-from-vest-date method that derives the expected life based on a combination of each tranche’s time to vest plus the actual or expected life of an award based on the past activity or remaining time to expiry on outstanding awards. Expected volatility is determined using comparable companies for which the information is publicly available. The risk-free interest rate is determined based on the rate at the time of grant and cancellation for zero-coupon Canadian government securities with a remaining term equal to the expected life of the option. Dividend yield is based on the expected annual dividend rate at the time of grant. Expected forfeiture is derived from historical forfeiture rates. The fair value of options that contain market performance conditions is measured using the Monte Carlo pricing model to estimate the Company's potential future share price. Market conditions are considered in the fair value estimate on the grant date and this fair value is not revised subsequently. The fair value of restricted share units ("RSUs"), deferred share units ("DSUs") and performance share units which include non-market performance conditions ("PSUs") is measured using the fair value of the Company's shares as if the units were vested and issued on the grant date. An estimate of forfeitures is applied when determining share-based compensation expense as well as estimating the probability of meeting related performance conditions where applicable. Employee benefits The Company maintains defined contribution plans for which it pays fixed contributions to administered pension insurance plans on a mandatory or contractual basis. The Company has no further payment obligations once the contributions have been paid. Obligations for contributions to defined contribution pension plans are recognized as employee compensation as the services are provided. Segment information The Company’s Chief Operating Decision-Maker ("CODM") is the Chief Executive Officer. The CODM is the highest level of management responsible for assessing Lightspeed’s overall performance and making operational decisions such as resource allocations related to operations, product prioritization, and delegation of authority. Management has determined that the Company operates in a single operating and reportable segment. Loss per share Basic loss per share is calculated by dividing net loss attributable to holders of the Company's Common Shares by the weighted average number of Common Shares outstanding during the year. Diluted loss per share is calculated by dividing net loss attributable to holders of the Company's Common Shares by the weighted average number of Common Shares outstanding during the year, plus the effect of potentially-dilutive securities outstanding during the year. The Company uses the treasury stock method to the extent that the effect is dilutive. As a result of net losses incurred, all potentially-dilutive securities have been excluded from the calculation of diluted net loss per share because including them would be anti-dilutive. Financial instruments Financial assets Initial recognition and measurement The Company’s financial assets comprise cash and cash equivalents, restricted cash, trade and other receivables, merchant cash advances, foreign exchange forward contracts and other assets. All financial assets are recognized initially at fair value, plus, in the case of financial assets that are not measured at fair value through profit and loss, transaction costs that are attributable to the acquisition of the financial asset. Purchases and sales of financial assets are recognized on the settlement date being the date that the Company receives or delivers the asset. Receivables are non-derivative financial assets with fixed or determinable payments that are not quoted in an active market. They are included in current assets except for those with maturities greater than 12 months after the reporting period. Subsequent measurement Cash and cash equivalents, restricted cash, merchant cash advances and foreign exchange forward contracts are carried at fair value with gains and losses recognized in the consolidated statements of loss and comprehensive loss. Trade receivables are carried at amortized cost using the effective interest rate method. For information on impairment losses on trade and other receivables, refer to the Impairment of financial assets sec |
Significant accounting estimate
Significant accounting estimates and assumptions | 12 Months Ended |
Mar. 31, 2022 | |
Disclosure of changes in accounting estimates [abstract] | |
Significant accounting estimates and assumptions | Significant accounting estimates and assumptions Use of estimates The preparation of the consolidated financial statements in conformity with IFRS requires management to make judgements, estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Management reviews its estimates on an ongoing basis based on management’s best knowledge of current events and actions that the Company may undertake in the future. Actual results could differ from those estimates. Uncertainty about these assumptions and estimates could result in outcomes that require a material adjustment to the carrying amount of assets or liabilities affected in future periods. Key estimates and assumptions are as follows: COVID-19 Concerns related to the spread of COVID-19 and variants of the COVID-19 virus and the related containment measures intended to mitigate its impact have created substantial disruption in the global economy. The uncertainties around the COVID-19 pandemic, continuing resurgences of COVID-19 and variants of the COVID-19 virus, and related restrictions to contain its spread required the use of judgments and estimates which resulted in no material accounting impacts for the fiscal year ended March 31, 2022, other than the impact on expected credit losses driven by the changes in the macro-economic environment due to COVID-19. For information on the Company's loss allowance, refer to note 28. For the fiscal year ended March 31, 2021, the Company received $8,121 with respect to renumeration of eligible employees pursuant to government-sponsored COVID-19 wage subsidy programs globally (note 8). Revenue recognition The identification of revenue-generating contracts with customers, the identification of performance obligations, the determination of the transaction price and allocations between identified performance obligations, the use of the appropriate revenue recognition method for each performance obligation and the measure of progress for performance obligations satisfied over time are the main aspects of the revenue recognition process, all of which require the exercise of judgment and use of assumptions. The Company follows the guidance provided in IFRS 15, Appendix B, Principal versus Agent Considerations for determining whether revenue should be recognized at the gross amount of consideration paid by the customer or the net amount of consideration retained by the Company. This determination is a matter of judgment that depends on the facts and circumstances of each arrangement. Impairment of non-financial assets The Company’s impairment test for goodwill is based on internal estimates of fair value less costs of disposal calculations and uses valuation models such as the discounted cash flow model. Key assumptions on which management has based its determination of fair value less costs of disposal include an estimated discount rate, terminal value multiple, and estimated revenue growth rates. These estimates, including the methodology used, the assessment of CGUs and how goodwill is allocated, can have a material impact on the respective values and ultimately the amount of any goodwill impairment. Refer to note 17 for additional information on the assumptions used. Whenever property and equipment, lease right-of-use assets, and intangible assets are tested for impairment, the determination of the assets’ recoverable amount involves the use of estimates by management and can have a material impact on the respective values and ultimately the amount of any impairment. Business combinations The Company follows the acquisition method to account for business combinations. The acquisition method of accounting requires that assets acquired and liabilities assumed be recorded at their estimated fair values on the date of a business acquisition. The excess of the purchase price over the estimated fair value is recorded as goodwill. Such valuations require management to make significant estimates, assumptions, and judgments, especially with respect to intangible assets and contingent consideration. For intangible assets, the Company develops the fair value by using appropriate valuation techniques which are generally based on a forecast of the total expected future net discounted cash flows, and key assumptions generally consist of the future performance of the related assets, the discount rate, the attrition rate, the royalty rates, and the payments attach rate. Contingent consideration is measured at fair value using a discounted cash flow model. Recoverability of deferred tax assets and current and deferred income taxes and tax credits Uncertainties exist with respect to the interpretation of complex tax regulations and the amount and timing of future taxable income. The Company establishes provisions based on reasonable estimates for possible consequences of audits by the tax authorities. The amount of such provisions is based on various factors, such as experience of previous tax audits and differing interpretations of tax regulations by the taxable entity and the responsible tax authority. Deferred income tax assets are recognized for unused tax losses and deductible temporary differences to the extent it is probable that taxable income will be available against which the losses and deductible temporary differences can be utilized. Management’s judgment is required to determine the amount of deferred income tax assets that can be recognized, based upon the likely timing and the level of future taxable income together with future tax planning strategies. Share-based compensation The Company measures the cost of equity-settled transactions with employees by reference to the fair value of the related instruments at the date at which they are granted. Estimating fair value for share‑based payments requires determining the most appropriate valuation model for a grant, which depends on the terms and conditions of the grant. This also requires making assumptions and determining the most appropriate inputs to the valuation model including the expected life of the option, volatility and dividend yield. Refer to note 26 for additional information on the assumptions used. |
Business combinations
Business combinations | 12 Months Ended |
Mar. 31, 2022 | |
Disclosure of detailed information about business combination [abstract] | |
Business combinations | Business combinationsVend On April 16, 2021, the Company acquired all of the outstanding shares of Vend, a cloud-based retail management software company based in Auckland, New Zealand. The fair value of consideration of $371,869 consisted of $192,020 cash paid on the closing date, net of cash acquired, and 2,692,277 Common Shares, at a fair value of $66.89 per share, which is based on the quoted price of the Common Shares on the NYSE on the closing date. Transaction costs relating to due diligence fees, legal costs, accounting fees, advisory fees and other professional fees for the fiscal year ended March 31, 2021 amounting to $1,151 were incurred in relation to the acquisition, and $319 were incurred for the fiscal year ended March 31, 2022. These amounts have been included in general and administrative expenses in the Company's consolidated statements of loss and comprehensive loss. The results of operations of Vend have been consolidated with those of the Company as at April 16, 2021. The acquisition has been accounted for as a business combination in accordance with IFRS 3, Business Combinations, using the acquisition method whereby the net assets acquired and the liabilities assumed are recorded at fair value. The purchase price allocation was based on management’s best estimates of the fair values of Vend’s assets and liabilities as at April 16, 2021. The following table summarizes the allocations of the consideration paid and the amounts of estimated fair value of the assets acquired and liabilities assumed at the acquisition date: Current assets $ Cash and cash equivalents 12,753 Trade receivables and other assets 3,878 Total current assets 16,631 Property and equipment 868 Goodwill 293,664 Customer relationships 48,300 Software technology 43,700 Other long-term assets 437 Total assets 403,600 Current liabilities Accounts payable and accrued liabilities 4,241 Deferred revenue 5,961 Total current liabilities 10,202 Deferred tax liability 8,776 Total liabilities 18,978 Fair value of net assets acquired 384,622 Less: Cash acquired 12,753 Fair value of net assets acquired, less cash acquired 371,869 Paid in Common Shares of the Company 180,086 Paid in cash 192,020 Receivable from Vend (already received) (237) Fair value of consideration transferred 371,869 The goodwill related to the acquisition of Vend is composed of the benefits of increasing our strategic position by expanding our market presence, expected synergies in utilizing Vend technology in the Company’s product offerings, and integrating an assembled workforce that does not qualify for separate recognition. The goodwill is not deductible for tax purposes. The customer relationships of Vend and the software technology acquired are amortized on a straight-line basis over their estimated useful life of 6 years and 5 years, respectively. Right-of-use assets and lease liabilities of $2,761 were recorded by Lightspeed on the acquisition date of Vend. NuORDER On July 1, 2021, the Company acquired all of the outstanding shares of NuORDER, the provider of a digital platform that connects businesses and suppliers. The fair value of consideration transferred of $384,053 consisted of $207,118 cash paid on the closing date, net of cash acquired, and 2,143,393 Common Shares, at a fair value of $84.16 per share at the closing date, which is based on the quoted price of the Common Shares on the NYSE on the closing date. The issuance of an additional 500,629 Common Shares, at a fair value of $84.16 per share, is payable through July 2024 to certain employees contingent on continued employment of those employees and is accounted for as acquisition-related compensation expense. Transaction costs relating to due diligence fees, legal costs, accounting fees and other professional fees for the fiscal year ended March 31, 2022 amounting to $1,662 were incurred in relation to the acquisition. These amounts have been included in general and administrative expenses in the Company's consolidated statements of loss and comprehensive loss. The results of operations of NuORDER have been consolidated with those of the Company as at July 1, 2021. The acquisition has been accounted for as a business combination in accordance with IFRS 3, Business Combinations, using the acquisition method whereby the net assets acquired and the liabilities assumed are recorded at fair value. The preliminary purchase price allocation was based on management’s best estimates of the fair values of NuORDER's assets and liabilities as at the acquisition date. The following table summarizes the preliminary allocations of the consideration paid and the amounts of estimated fair value of the assets acquired and liabilities assumed at the acquisition date: Current assets $ Cash and cash equivalents 32,698 Accounts receivable and other assets 3,379 Total current assets 36,077 Property and equipment 310 Goodwill 300,516 Customer relationships 56,500 Software technology 48,200 Other long-term assets 598 Total assets 442,201 Current liabilities Accounts payable and accrued liabilities 5,080 Deferred revenue 6,737 Total current liabilities 11,817 Deferred revenue 379 Other long-term liabilities 249 Deferred tax liability 13,005 Total liabilities 25,450 Fair value of net assets acquired 416,751 Less: Cash acquired 32,698 Fair value of net assets acquired, less cash acquired 384,053 Paid in Common Shares of the Company 180,388 Paid in cash 207,118 Receivable from NuORDER (already partially received) (3,453) Fair value of consideration transferred 384,053 The goodwill related to the acquisition of NuORDER is composed of the expected synergies in utilizing NuORDER technology in the Company’s product offerings, the benefits of increasing our strategic position by expanding our market presence, and integrating an assembled workforce that does not qualify for separate recognition. The goodwill is not deductible for tax purposes. The customer relationships of NuORDER and the software technology acquired are amortized on a straight-line basis over their estimated useful life of 6 years and 5 years, respectively. Right-of-use assets and lease liabilities of $2,399 were recorded by Lightspeed on the acquisition date of NuORDER. The allocation of the purchase price to assets acquired and liabilities assumed was based upon a preliminary valuation for all items and may be subject to adjustment during the 12-month measurement period following the acquisition date given that the assessment of the fair value of the intangible assets, goodwill, acquired assets, and assumed liabilities is still ongoing. Ecwid On October 1, 2021, the Company acquired all of the outstanding shares of Ecwid, a California-based global eCommerce platform provider. The fair value of consideration transferred that was not contingent on the continued services of certain Ecwid personnel of $595,260 consisted of $161,922 cash paid on the closing date, net of cash acquired, and the issuance at closing of 4,471,586 Common Shares, at a fair value of $98.18 per share at the closing date, which is based on the quoted price of the Common Shares on the NYSE on the closing date. The Company also issued 371,088 Common Shares at closing, at a fair value of $98.18 per share, to certain Ecwid personnel, which Common Shares are subject to a right of buyback for nominal consideration in favour of the Company contingent on the continued services of such personnel over the next two years and are accounted for as acquisition-related compensation expense. An additional $12,805 in deferred cash consideration is payable, along with the future issuance of 41,410 Common Shares, at a fair value of $98.18 per share, to certain Ecwid personnel, which deferred cash consideration and Common Shares are also contingent on the continued services of such personnel over the next two years and are accounted for as acquisition-related compensation expense. In addition, a total of 49,875 restricted share units, at a fair value of $98.18 per restricted share unit, were granted to certain Ecwid personnel as acquisition consideration contingent on the continued services of such personnel over the next two years and were also accounted for as acquisition-related compensation expense. Transaction costs relating to due diligence fees, legal costs, accounting fees and other professional fees for the fiscal year ended March 31, 2022 amounting to $3,278 were incurred in relation to the acquisition. These amounts have been included in general and administrative expenses in the Company's consolidated statements of loss and comprehensive loss. The results of operations of Ecwid have been consolidated with those of the Company as at October 1, 2021. The acquisition has been accounted for as a business combination in accordance with IFRS 3, Business Combinations, using the acquisition method whereby the net assets acquired and the liabilities assumed are recorded at fair value. The preliminary purchase price allocation was based on management’s best estimates of the fair values of Ecwid's assets and liabilities as at October 1, 2021. The following table summarizes the preliminary allocations of the consideration paid and the amounts of estimated fair value of the assets acquired and liabilities assumed at the acquisition date: Current assets $ Cash and cash equivalents 9,261 Trade receivables and other assets 4,092 Total current assets 13,353 Property and equipment 525 Goodwill 543,160 Customer relationships 22,800 Software technology 49,300 Other long-term assets 168 Total assets 629,306 Current liabilities Accounts payable and accrued liabilities 3,715 Income tax payables 5,527 Deferred revenue 3,774 Total current liabilities 13,016 Deferred tax liability 11,769 Total liabilities 24,785 Fair value of net assets acquired 604,521 Less: Cash acquired 9,261 Fair value of net assets acquired, less cash acquired 595,260 Paid in Common Shares of the Company 439,020 Paid in cash 161,922 Receivable from Ecwid (already partially received) (5,682) Fair value of consideration transferred 595,260 The goodwill related to the acquisition of Ecwid is composed of the expected synergies in utilizing Ecwid technology in the Company’s product offerings, the benefits of increasing our strategic position by expanding our market presence, and integrating an assembled workforce that does not qualify for separate recognition. The goodwill is not deductible for tax purposes. The customer relationships of Ecwid and the software technology acquired are amortized on a straight-line basis over their estimated useful life of 5 years. As part of the acquisition, the Company negotiated indemnifications for the income tax payables and certain other liabilities assumed on acquisition totaling $5,660. The indemnification asset for these amounts are included in the receivable from Ecwid. The allocation of the purchase price to assets acquired and liabilities assumed was based upon a preliminary valuation for all items and may be subject to adjustment during the 12-month measurement period following the acquisition date given that the assessment of the fair value of the intangible assets, goodwill, acquired assets, and assumed liabilities is still ongoing. The amounts of revenues contributed by Vend, NuORDER and Ecwid from the dates of acquisition and included in the Company's consolidated statements of loss and comprehensive loss for the fiscal year ended March 31, 2022 is $76,107. The purchase price allocations of ShopKeep and Upserve were finalized during the fiscal year ended March 31, 2022. |
Revenues
Revenues | 12 Months Ended |
Mar. 31, 2022 | |
Disclosure Of Revenue From Contracts With Customers [Abstract] | |
Revenue from contracts with customers | Revenues The disaggregation of the Company’s revenue was as follows: 2022 2021 $ $ Subscription revenue 248,430 119,323 Transaction-based revenue 264,044 82,951 Hardware and other revenue 35,898 19,454 Total revenues 548,372 221,728 The Company discloses revenue by geographic area in note 30. Contract assets The amount of amortization of commission assets recognized as sales and marketing expense in the fiscal year ended March 31, 2022 is $8,138 (2021 – $6,183). The Company recorded a contract asset for discounts provided to customers at the inception of a contract of $4,139 included in other current assets and $5,591 included in other long-term assets as at March 31, 2022, with $3,679 being amortized into subscription revenue and transaction-based revenue for the fiscal year ended March 31, 2022 (2021 – $1,631 and $2,238 with $736 being amortized, respectively). Contract liabilities Revenue recognized that was included in the deferred revenue balance at the beginning of the years ended March 31, 2022 and 2021 is $43,116 and $36,622, respectively. |
Direct cost of revenues
Direct cost of revenues | 12 Months Ended |
Mar. 31, 2022 | |
Analysis of income and expense [abstract] | |
Direct cost of revenues | Direct cost of revenues 2022 2021 $ $ Subscription cost of revenue 72,192 31,756 Transaction-based cost of revenue 159,432 42,626 Hardware and other cost of revenue 45,575 19,677 Total direct cost of revenues 277,199 94,059 Subscription cost of revenue consists of support services provided by the Company to its customers and mostly consists of employee expenses and amounts paid to our third-party cloud service providers. Transaction-based cost of revenue consists of direct costs related to payment processing services, and employee expenses. Hardware and other cost of revenue consists of costs associated with our hardware solutions, expenses related to implementation services provided to customers, and employee expenses. Inventories expensed during fiscal the year ended March 31, 2022 in direct cost of revenues amount to $35,832 (2021 – $17,234). |
Government grants and subsidies
Government grants and subsidies | 12 Months Ended |
Mar. 31, 2022 | |
Disclosure Of Government Grants And Subsidies [Abstract] | |
Government grants and subsidies | Government grants and subsidies Government assistance recognized as a reduction of expenses is as follows: 2022 2021 $ $ Direct cost of revenues 1,144 1,651 General and administrative 545 2,055 Research and development 2,692 5,871 Sales and marketing 358 3,851 Total government assistance 4,739 13,428 Government assistance includes research and development tax credits, grants, government subsidies due to COVID-19 and other incentives. |
Employee compensation
Employee compensation | 12 Months Ended |
Mar. 31, 2022 | |
Disclosure Of Employee Benefits [Abstract] | |
Employee compensation | Employee compensation The total employee compensation comprising salaries and benefits, excluding government assistance, for the fiscal year ended March 31, 2022, was $341,851 (2021 - $169,809). Share-based compensation and related costs were included in the following expenses: 2022 2021 $ $ Direct cost of revenues 6,345 3,231 General and administrative 26,377 11,123 Research and development 29,705 10,941 Sales and marketing 46,639 19,460 Total share-based compensation and related costs 109,066 44,755 Included in the share-based compensation and related costs in the sales and marketing expense for the fiscal year ended March 31, 2022 was $10,801 for PSUs issued to the founders of NuORDER, with each tranche being tied to the continuing employment of the founders and, for applicable tranches, certain performance criteria being achieved. |
Finance income and costs
Finance income and costs | 12 Months Ended |
Mar. 31, 2022 | |
Analysis of income and expense [abstract] | |
Finance income and costs | Finance income and costs 2022 2021 $ $ Interest income 5,855 2,544 Interest expense (2,867) (2,897) Net interest income (expense) 2,988 (353) |
Loss per share
Loss per share | 12 Months Ended |
Mar. 31, 2022 | |
Earnings per share [abstract] | |
Loss per share | Loss per share The Company has stock options and share awards as potentially-dilutive securities. 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 securities 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 years ended March 31, 2022 and 2021. All outstanding potentially dilutive securities could potentially dilute loss per share in the future. 2022 2021 Issued Common Shares 148,661,312 128,528,515 Weighted average number of Common Shares (basic and diluted) 141,580,917 105,221,907 Net loss per share – basic and diluted ($2.04) ($1.18) |
Other current assets
Other current assets | 12 Months Ended |
Mar. 31, 2022 | |
Subclassifications of assets, liabilities and equities [abstract] | |
Other current assets | Other current assets 2022 2021 $ $ Restricted cash and restricted deposits 1,531 7,749 Prepaid expenses and deposits 20,478 10,458 Commission asset 8,959 4,000 Other 4,567 1,964 Total other current assets 35,535 24,171 |
Trade and other receivables
Trade and other receivables | 12 Months Ended |
Mar. 31, 2022 | |
Subclassifications of assets, liabilities and equities [abstract] | |
Trade and other receivables | Trade and other receivables 2022 2021 $ $ Trade 22,894 15,477 Loss allowance (3,043) (3,519) Total trade receivables 19,851 11,958 Research and development tax credits receivable 4,195 6,605 Sales tax receivable 6,323 2,827 Merchant cash advances 6,300 2,309 Acquisition-related receivables 9,097 1,072 Total trade and other receivables 45,766 24,771 |
Leases
Leases | 12 Months Ended |
Mar. 31, 2022 | |
Presentation of leases for lessee [abstract] | |
Leases | Leases The Company leases certain properties under non-cancellable lease agreements that relate to office spaces and vehicles. The remaining lease terms are between one The roll-forward of lease right-of-use assets is as follows: 2022 2021 Cost $ $ Balance - Beginning of fiscal year 27,054 18,403 Additions 6,934 5,255 Acquired in business combinations 5,160 7,439 Modifications to and disposals of lease contracts (1,863) (4,373) Exchange differences (284) 330 Balance - End of fiscal year 37,001 27,054 Accumulated depreciation Balance - Beginning of fiscal year 5,848 2,446 Depreciation charge 7,743 3,876 Modifications to and disposals of lease contracts (2,071) (544) Exchange differences (58) 70 Balance - End of fiscal year 11,462 5,848 Cost, net accumulated depreciation Balance - Beginning of fiscal year 21,206 15,957 Balance - End of fiscal year 25,539 21,206 Offices 24,655 20,355 Vehicles 884 851 The maturity analysis of lease liabilities as at March 31, 2022 is as follows: Fiscal Year $ 2023 7,633 2024 6,032 2025 5,165 2026 3,583 2027 2,395 2028 and thereafter 5,862 Total minimum payments 30,670 Expenses relating to short-term leases, including those excluded due to the election of the practical expedient, as well as variable lease payments not included in the measurement of lease liabilities, were approximately $3,455 for the fiscal year ended March 31, 2022 (2021 - $2,000). The interest expense for the fiscal year ended March 31, 2022 was $1,204 (2021 - $1,048). |
Property and equipment
Property and equipment | 12 Months Ended |
Mar. 31, 2022 | |
Property, plant and equipment [abstract] | |
Property and equipment | Property and equipment 2022 Furniture Equipment Computer Leasehold Total $ $ $ $ $ Cost As at March 31, 2021 2,177 1,759 6,460 7,451 17,847 Additions 19 461 3,564 7,360 11,404 Acquired through business combinations 308 — 1,122 273 1,703 Disposals (190) (245) (1,949) (1,532) (3,916) As at March 31, 2022 2,314 1,975 9,197 13,552 27,038 Accumulated depreciation As at March 31, 2021 1,004 1,181 4,441 2,879 9,505 Depreciation 612 406 2,722 1,253 4,993 Disposals (190) (245) (1,949) (1,532) (3,916) As at March 31, 2022 1,426 1,342 5,214 2,600 10,582 Net book value as at March 31, 2022 888 633 3,983 10,952 16,456 2021 Furniture Equipment Computer Leasehold Total $ $ $ $ $ Cost As at March 31, 2020 1,848 1,754 4,620 6,793 15,015 Additions 15 5 1,259 412 1,691 Acquired through business combinations 314 — 581 246 1,141 As at March 31, 2021 2,177 1,759 6,460 7,451 17,847 Accumulated depreciation As at March 31, 2020 763 1,031 3,355 1,877 7,026 Depreciation 241 150 1,086 1,002 2,479 As at March 31, 2021 1,004 1,181 4,441 2,879 9,505 Net book value as at March 31, 2021 1,173 578 2,019 4,572 8,342 |
Intangible assets
Intangible assets | 12 Months Ended |
Mar. 31, 2022 | |
Intangible Assets [Abstract] | |
Intangible assets | Intangible assets 2022 Acquired Customer Total $ $ $ Cost As at March 31, 2021 72,884 220,090 292,974 Acquired through business combinations 141,200 127,600 268,800 Exchange differences (503) (1,734) (2,237) As at March 31, 2022 213,581 345,956 559,537 Accumulated amortization As at March 31, 2021 30,640 27,841 58,481 Amortization 36,700 55,112 91,812 Exchange differences (65) (259) (324) As at March 31, 2022 67,275 82,694 149,969 Net book value as at March 31, 2022 146,306 263,262 409,568 2021 Acquired Customer Total $ $ $ Cost As at March 31, 2020 39,591 50,470 90,061 Acquired through business combinations 31,700 165,499 197,199 Exchange differences 1,593 4,121 5,714 As at March 31, 2021 72,884 220,090 292,974 Accumulated amortization As at March 31, 2020 19,974 7,268 27,242 Amortization 10,242 19,886 30,128 Exchange differences 424 687 1,111 As at March 31, 2021 30,640 27,841 58,481 Net book value as at March 31, 2021 42,244 192,249 234,493 |
Goodwill
Goodwill | 12 Months Ended |
Mar. 31, 2022 | |
Intangible Assets Abstract [Abstract] | |
Goodwill | Goodwill As at March 31, 2021, the goodwill balance was $971,939 and increased to $2,104,368 as at March 31, 2022 due to an increase of $293,664 arising from the Vend acquisition, $300,516 from the NuORDER acquisition and $543,160 from the Ecwid acquisition, and an exchange difference of $4,911. Impairment analysis The Company completed its annual impairment test of goodwill as of December 31, 2021 using a fair value less costs of disposal model. There were no indicators of impairment between December 31, 2021, the date on which the Company completed its annual impairment test of goodwill, and March 31, 2022. Tests performed on the Segment, as defined in note 3, demonstrated no impairment of goodwill for the years ended March 31, 2022 and 2021. The following key assumptions were used to determine recoverable amount for the impairment test performed during the year ended March 31, 2022: Pre-Tax Terminal Value Multiple Revenue Growth Rate Assumptions 30 % 8 32 % Fair value is based on a discounted cash flow model involving several key assumptions that were used in the test for goodwill impairment. Adjusted EBITDA was determined as a valuation basis, measuring a five-year projection based on actual year-end amounts and management’s best estimates. A terminal value was calculated based on revenues, with a weighted average cost of capital reflecting the current market assessment being used. The costs to sell were assumed to be 2.5% of the fair value amount. The carrying value of the Segment was compared with the fair value less cost of sale to test for impairment. No reasonably possible change in the key assumptions used in determining the recoverable amount would result in any impairment of goodwill. The Company reassessed its key assumptions as at March 31, 2022. The Terminal Value Multiple would have been reduced from 8 to 5 which would not result in a change to the conclusion that there is no impairment of goodwill. |
Other long-term assets
Other long-term assets | 12 Months Ended |
Mar. 31, 2022 | |
Other Non Current Assets [Abstract] | |
Other long-term assets | Other long-term assets 2022 2021 $ $ Restricted cash 260 1,325 Prepaid expenses and deposits 5,945 2,707 Commission asset 9,604 5,234 Contract asset 5,591 2,238 Total other-long term assets 21,400 11,504 |
Accounts payable, and accrued l
Accounts payable, and accrued liabilities | 12 Months Ended |
Mar. 31, 2022 | |
Subclassifications of assets, liabilities and equities [abstract] | |
Accounts payable, and accrued liabilities | Accounts payable and accrued liabilities 2022 2021 $ $ Trade 39,245 22,085 Accrued compensation and benefits 25,238 20,409 Accrued payroll taxes on share-based compensation 3,594 5,689 Acquisition-related payables 5,527 13,792 Other 4,703 3,077 Total accounts payable and accrued liabilities 78,307 65,052 |
Credit facility
Credit facility | 12 Months Ended |
Mar. 31, 2022 | |
Borrowing costs [abstract] | |
Credit facility | Credit facilityThe Company has credit facilities with the Canadian Imperial Bank of Commerce (“CIBC”), which include a $25,000 demand revolving operating credit facility (the “Revolver”) and a $50,000 stand-by acquisition term loan, $20,000 of which is uncommitted (the “Acquisition Facility”, and together with the Revolver, the “Credit Facilities”). The Revolver is available for draw at any time during the term of the Credit Facilities. The Acquisition Facility was drawn for $30,000 in January 2020 for the acquisition of Gastrofix and will mature 60 months thereafter. The interest rate on the current Acquisition Facility is equal to LIBOR +3%. Financial regulatory authorities have announced a transition away from IBORs towards alternative risk-free rates. Since the Acquisition Facility is based on LIBOR + 3% and the IBOR transition will result in the end of the oversight of this benchmark interest rate, the contractual terms of the Acquisition Facility are expected to be amended with an alternative benchmark. While no replacement rate has been agreed to as of yet, the Company is currently exploring its options regarding alternative benchmarks. The LIBOR benchmark used for the Acquisition Facility is expected to come to an end as of June 30, 2023. The financing costs related to the Credit Facilities are netted against the principal and are being amortized over the 60- month term. The Credit Facilities are subject to certain general and financial covenants, including the delivery of annual audited consolidated financial statements to the holders. The Credit Facilities are secured by all material assets of the Company. The Company was in compliance with covenants as at March 31, 2022. |
Share capital
Share capital | 12 Months Ended |
Mar. 31, 2022 | |
Disclosure Of Share Capital, Reserves And Other Equity Interest [Abstract] | |
Share capital | Share capital As at March 31, 2022, the Company had 148,661,312 Common Shares issued and outstanding, unlimited shares authorized (2021 – 128,528,515). 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. Common Shares The Common Shares consist of Subordinate Voting Shares with no par value. The holders of outstanding Common Shares are entitled to one vote per share and are entitled to receive dividends at such times and in such amounts and form as the Board may from time to time determine, but subject to the rights of the holders of any preferred shares. Preferred Shares The preferred shares are issuable at any time and from time to time in one or more series. The Board is authorized to fix before issue the number of, the consideration per share of, the designation of, and the provisions attaching to, the preferred shares of each series, which may include voting rights, the whole subject to the issue of a certificate of amendment setting forth the designation and provisions attaching to the preferred shares or shares of the series. Fiscal 2022 New Issue Offering On August 11, 2021, the Company completed a public offering of Subordinate Voting Shares in the United States and Canada through the issuance of new shares. The public offering consisted of an aggregate of 8,855,000 Subordinate Voting Shares, including the exercise in full by the underwriters of their over-allotment option on August 13, 2021, to purchase 1,155,000 additional Subordinate Voting Shares. The Subordinate Voting Shares were issued from treasury for gross proceeds of $823,515 for the Company, with share issuance costs (including the underwriters' fee and other expenses related to the offering) for the Company amounting to $33,042. Fiscal 2021 Initial Public Offering on the New York Stock Exchange On September 15, 2020, the Company completed an initial public offering on the NYSE and issued 10,896,196 Subordinate Voting Shares for a total gross consideration of $332,334, including 896,196 Subordinate Voting Shares issued upon the partial exercise of the underwriters’ over-allotment option which accounted for total gross consideration of $27,334. Share issuance costs amounted to $18,044. A secondary sale of 2,142,808 Subordinate Voting Shares by certain shareholders was also made on the same day for gross consideration of $65,356, with the underwriting fees relating to their shares being paid by the selling shareholders. This secondary sale included the conversion of 238,456 Multiple Voting Shares into Subordinate Voting Shares. Automatic Conversion of Multiple Voting Shares The Company previously had Multiple Voting Shares issued and outstanding, but all such Multiple Voting Shares were automatically converted into Subordinate Voting Shares on a one-for-one basis on December 1, 2020 as a result of reaching the automatic conversion ownership threshold attached to the Multiple Voting Shares, all in accordance with their terms. As a result of such automatic conversion, the Subordinate Voting Shares are the Company’s only class of shares issued and outstanding, and they continue to carry one vote per share. Pursuant to the terms of the Company’s restated articles of incorporation, upon the automatic conversion of all of its issued and outstanding Multiple Voting Shares, the authorized and unissued Multiple Voting Shares as a class were automatically deleted entirely from the Company’s authorized capital, together with the rights, privileges, restrictions and conditions attaching thereto, such that as at March 31, 2021, the Company has only two classes of shares authorized for issuance, being the Subordinate Voting Shares and the preferred shares. New Issue and Secondary Offering On February 12, 2021, the Company completed a marketed public offering of Subordinate Voting Shares in the United States and Canada through the issuance of new shares and a sale of shares held by certain shareholders, including DHIDasilva Holdings Inc. (a company controlled by our founder and Executive Chair) and certain members of management. The marketed public offering consisted of an aggregate of 9,660,000 Subordinate Voting Shares, including the exercise in full by the underwriters of their over-allotment option to purchase 1,260,000 additional Subordinate Voting Shares. A total of 8,860,000 Subordinate Voting Shares were issued from treasury for gross proceeds of $620,200 for the Company, with share issuance costs (including the underwriters' fee and other expenses related to the offering) for the Company amounting to $26,202. A sale of 800,000 Subordinate Voting Shares by DHIDasilva Holdings Inc. and certain members of management was also made on the same day for gross proceeds of $56,000, with the underwriting fees relating to their shares being paid by the selling shareholders. |
Accumulated other comprehensive
Accumulated other comprehensive income | 12 Months Ended |
Mar. 31, 2022 | |
Accumulated other comprehensive income [abstract] | |
Accumulated other comprehensive income | Accumulated other comprehensive income Foreign currency differences on translation of foreign operations Hedging reserve Total accumulated other comprehensive income (loss) 2022 2021 2022 2021 2022 2021 $ $ $ $ $ $ Balance - Beginning of fiscal year 9,715 (6,271) — — 9,715 (6,271) Other comprehensive income (loss) (7,061) 15,986 23 — (7,038) 15,986 Balance - End of fiscal year 2,654 9,715 23 — 2,677 9,715 |
Income taxes
Income taxes | 12 Months Ended |
Mar. 31, 2022 | |
Disclosure Of Income Tax [Abstract] | |
Income taxes | Income taxes Income tax expense (recovery) includes the following components: 2022 2021 $ $ Current United States 1,225 33 Europe (138) 140 Other 16 (7) 1,103 166 Deferred Canada (11) (55) United States (22,038) (61) Europe (1,229) (3,883) New Zealand (4,746) — Other — (1,959) (28,024) (5,958) Total income tax recovery (26,921) (5,792) The income tax expense (recovery) reported, which includes foreign taxes, differs from the amount of the income tax expense (recovery) computed by applying Canadian statutory rates as follows: 2022 2021 $ $ Loss before income taxes (315,354) (130,070) Statutory tax rate 26.5 % 26.5 % Income tax recovery at the statutory tax rate (83,589) (34,486) Impact of rate differential of foreign jurisdiction 7,078 1,570 Non-deductible share-based compensation and related costs 20,208 9,257 Acquisition-related compensation and transaction costs 1,480 5,080 Other non-deductible expenses (credits) and non-taxable amounts (496) 590 Changes in unrecognized benefits of deferred tax assets 27,972 11,403 Impact of foreign exchange and other 426 794 Total income tax recovery (26,921) (5,792) Deferred taxes reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. Significant components of the Company’s deferred tax assets and liabilities are as follows: 2022 2021 Deferred tax assets $ $ Property and equipment 2,402 2,115 Non-capital losses carried forward 78,292 41,308 Lease liabilities 6,354 6,073 Deferred revenue 1,217 1,011 Interest expenses carried forward 5,852 5,188 Others 6,338 2,288 Total deferred tax assets 100,455 57,983 Deferred tax liabilities Property and equipment (299) (54) Intangible assets (97,647) (50,476) Lease right-of-use assets (5,140) (5,000) Other (4,048) (3,639) Total deferred tax liabilities (107,134) (59,169) Net deferred tax liabilities (6,679) (1,186) As presented on the consolidated balance sheets: Deferred tax assets 154 170 Deferred tax liabilities (6,833) (1,356) Net deferred tax liabilities (6,679) (1,186) 2022 Balance as at March 31, 2021 Charged Business Balance as at March 31, 2022 $ $ $ $ Deferred tax assets (liabilities) continuity Property and equipment 2,061 75 (33) 2,103 Intangible assets (50,476) 22,042 (69,213) (97,647) Lease liabilities 6,073 5 276 6,354 Lease right-of-use assets (5,000) 86 (226) (5,140) Non-capital losses carried forward 41,308 3,439 33,545 78,292 Deferred revenue 1,011 206 — 1,217 Interest expenses carried forward 5,188 664 — 5,852 Other (1,351) 1,507 2,134 2,290 Net deferred tax liabilities (1,186) 28,024 (33,517) (6,679) 2021 Balance as at March 31, 2020 Charged Business Balance as at March 31, 2021 $ $ $ $ Deferred tax assets (liabilities) continuity Property and equipment 1,696 321 44 2,061 Intangible assets (15,403) 7,191 (42,264) (50,476) Lease liabilities 3,557 2,516 — 6,073 Lease right-of-use assets (3,226) (1,774) — (5,000) Non-capital losses carried forward 8,159 (1,290) 34,439 41,308 Deferred revenue — — 1,011 1,011 Interest expenses carried forward — 2,649 2,539 5,188 Other (1,252) (3,655) 3,556 (1,351) Net deferred tax liabilities (6,469) 5,958 (675) (1,186) The Company has accumulated other deductible temporary differences of $60,237 (2021 – $46,412) for Canadian tax purposes for which no deferred tax asset is recognized. The Company has accumulated research and development expenditures of $15,456 (2021 – $13,508) for Canadian federal income tax purposes. These expenditures are available to reduce future taxable income and have an unlimited carryforward period. 2022 2021 Calendar year in which the losses begin to expire $ $ Non-capital loss carryforwards Canada 151,096 73,737 2034 Belgium 41,928 40,383 No expiry Netherlands 38,213 31,105 2024 United States 366,680 236,149 2035 Germany 21,289 21,219 No expiry Switzerland 36,139 13,042 2023 New Zealand 57,366 — No expiry United Kingdom 9 — No expiry Australia 8,569 5,367 No expiry Total non-capital loss carryforwards 721,289 421,002 As at March 31, 2022, the Company and its subsidiaries have non-capital losses of $394,067 (2021 - $253,813) available to reduce future taxable income for which the benefits have not been recognized. From this amount, $226,403 (2021 - $185,666) expires from calendar year 2023 to 2041, while $167,664 (2021 - $68,147) has no expiry date. We have identified additional financing costs related to Fiscal 2021 that are deductible for tax purposes and were not previously disclosed. As a result, we have revised amounts previously disclosed in the income tax note for accumulated deductible temporary differences for Canadian tax purposes from $13,272 to $46,412, and Canadian non-capital loss carryforwards from $65,452 to $73,737. In addition, we have identified additional share-based payments related to Fiscal 2021 that are deductible for tax purposes and were not previously disclosed. As a result, we have revised amounts previously disclosed in the income tax note for United States non-capital loss carryforwards from $209,422 to $236,149. The cumulative impact of the additional financing costs and deductible share-based payments impacted the non-capital losses available to reduce future taxable income for which the benefits have not been recognized from $218,801 to $253,813. In addition, we have updated the amount of non-capital losses with an expiration period from $177,381 to $185,666 and the amount of non-capital losses without expiration from $41,420 to $68,147. Government assistance The Company incurred research and development expenditures and e-business development expenses which are eligible for tax credits. The tax credits recorded are based on management’s estimate of amounts expected to be recovered and are subject to audit by the taxation authorities and, accordingly, these amounts may vary. For the fiscal year ended March 31, 2022, the Company recorded a Canadian provision for refundable tax credits of $3,933 (2021 – $3,146). This amount has been recorded as a reduction of research and development and e‑business development expenditures for the year. As at March 31, 2022, the Company has available Canadian federal non-refundable investment tax credits of $2,548 (2021 – $2,230) related to research and development expenditures which may be used to reduce Canadian federal and provincial income taxes payable in future years. These non-refundable investment tax credits begin to expire in calendar year 2033. The Company also has a non-refundable e-business tax credit of $3,772 (2021 – $2,857) expiring on various dates starting in calendar year 2035. The benefits of these non-refundable investment tax credits have not been recognized. |
Commitments
Commitments | 12 Months Ended |
Mar. 31, 2022 | |
Disclosure Of Commitments [Abstract] | |
Commitments | Commitments Obligations under leases Refer to note 14 for the maturity analysis of lease liabilities as at March 31, 2022. In addition to the obligations under lease liabilities, the Company is subject to short-term leases and variable lease payments. The total amount of these payments over the next five years, as at March 31, 2022, is $8,000. Commitments In addition to the obligations under leases, the Company is subject to various non-cancelable service agreements with minimum spend commitments. |
Contingencies and Provisions
Contingencies and Provisions | 12 Months Ended |
Mar. 31, 2022 | |
Subclassifications of assets, liabilities and equities [abstract] | |
Contingencies and Provisions | Contingencies and Provisions 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 our Common Shares, and are based upon allegations that the defendants made false and/or misleading statements to the public and seek unspecified damages. The Company and management intend to vigorously defend against each of 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 Company and management intend to vigorously defend against the action. Based on the preliminary nature of the proceedings in the above mentioned matters, the outcomes remain uncertain and have not been provisioned for. Provisions A provision of $1,775 is included in accounts payable and accrued liabilities as disclosed in note 19 in respect of the settlement of a threatened litigation against one of the Company’s subsidiaries. Lightspeed was indemnified against the potential liability resulting therefrom as part of the acquisition of the subsidiary and the full potential amount of such liability was recovered as part of an indemnification payment received by the Company during the fiscal year ended March 31, 2022. The Company settled a provision of $1,487 during the fiscal year ended March 31, 2022 in respect of a litigation matter settled without any admission of wrongdoing by the Company. The Company was partially insured against potential liability in the matter and received an insurance payment of $516 during the fiscal year ended March 31, 2022. The settlement amount paid, net of the insurance payment received, was recognized within general and administrative expenses in the consolidated statements of loss and comprehensive loss. 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 |
Stock-based compensation
Stock-based compensation | 12 Months Ended |
Mar. 31, 2022 | |
Disclosure Of Share Based Payment Arrangements [Abstract] | |
Stock-based compensation | Share-based compensation (numbers of shares and awards are presented in per share and per award amounts) In 2012, the Company established the 2012 option plan (which was amended in 2015, 2019 and 2021) (the “2012 Legacy Option Plan”). In 2016, in connection with the grant of options to two senior executives of the Company, the Company established the 2016 option plan (which was amended in 2019) (the “2016 Legacy Option Plan” and, together with the 2012 Legacy Option Plan, the “Legacy Option Plans”). Employee stock option grants under the Legacy Option Plans generally vest as to 25% a year annually over four years and have a term of seven years. In connection with the Company's initial public offering in Canada (the "IPO"), the Legacy Option Plans were amended such that outstanding options granted thereunder are exercisable for Common Shares and no further awards can be made under the Legacy Option Plans. In connection with the IPO, an omnibus incentive plan (as amended and restated, the “Omnibus Incentive Plan”) was adopted. The Omnibus Incentive Plan was amended and restated in November 2019 to give effect to certain housekeeping amendments. The Omnibus Incentive Plan was amended and restated in September 2020 to convert such plan from a "fixed plan" to a "rolling plan", whereby the maximum number of Common Shares of the Company which may be reserved and set aside for issuance under such plan and the Legacy Option Plans were changed from a fixed number of Common Shares to a maximum aggregate number of Common Shares equal to 15% of all Common Shares issued and outstanding from time to time on a non-diluted basis. On that basis, as at March 31, 2022, the maximum number of Common Shares available under the Omnibus Incentive Plan and the Legacy Option Plans was 22,299,196. In February 2021, the Omnibus Incentive Plan was updated to amend certain definitions. The Omnibus Incentive Plan allows the Board to grant long-term equity-based awards to eligible participants in the form of stock options, RSUs, DSUs, and PSUs. All options granted under the Omnibus Incentive Plan have an exercise price determined and approved by the Board at the time of grant, which cannot be less than the market price of a Common Share on the date of the grant. Employee stock options under the Omnibus Incentive Plan generally vest as to 25% on the first anniversary of the grant date and then monthly thereafter for 36 months until fully vested or monthly for 48 months until fully vested, are granted with a term of seven years and settled via the issuance of new Common Shares upon exercise. In some instances, the Company has granted stock options with other non-standard vesting schedules. A portion of stock option grants under the Omnibus Incentive Plan vest as to 20% on the first anniversary, 25% on the second and third anniversaries and 30% on the fourth anniversary of the grant date. Each RSU, DSU and PSU evidences the right to receive one Common Share (issued from treasury or purchased on the open market), cash based on the value of a Common Share or a combination thereof at some future time. RSUs under the Omnibus Incentive Plan generally vest as to 30% either on the first anniversary of the grant date or spread over each of the first four quarterly anniversaries of the grant date, followed in either case by eight equal quarterly tranches until fully vested. In some instances, the Company has granted RSUs with other non-standard vesting schedules. PSU vesting is conditional on the attainment of specified performance metrics determined by the Board. RSUs and PSUs must be settled before the date that is three years after the last day of the calendar year in which the performance of services for which the RSUs or PSUs were granted, occurred. DSUs generally vest on the grant date and must be settled after the termination date of the holder, but prior to the last day of the calendar year following such termination date. Each of RSUs, DSUs and PSUs may be settled via the issuance of shares, cash or a combination thereof at the discretion of the Board. In connection with the acquisition of ShopKeep, the Company assumed the ShopKeep Plan. The assumed options were converted based on the option exchange ratio calculated in accordance with the definitive merger agreement into options to purchase the Company's Common Shares with corresponding adjustments made to (i) the number of shares issuable upon exercise of each assumed option and (ii) the exercise price of each such assumed option. A total of 1,226,214 Common Shares were reserved under the ShopKeep Plan. Immediately prior to the acquisition of ShopKeep, the ShopKeep Plan was amended such that outstanding options granted thereunder are exercisable for Common Shares and no further awards can be made under the ShopKeep Plan. The Company has also made grants of stock options and RSUs without shareholder approval in compliance with an allowance under the rules of the TSX as inducements for executive officers to enter into contracts of full-time employment with the Company. The terms of such grants generally align with the terms governing grants of comparable awards under the Omnibus Incentive Plan, though a separate share reserve is maintained for issuance in connection with the exercise or settlement of such awards. The Company has also made grants of long-term, multi-year performance-based stock options to its newly appointed Chief Executive Officer, and its newly promoted Chief Operating Officer and Chief Financial Officer. Such options will vest over an approximately 5-year time period and only upon achievement of predetermined performance criteria. The options were granted in accordance with the Omnibus Incentive Plan, with the exercise price determined and approved by the Board at the time of grant, which exercise prices were not less than the fair market price of a Common Share on the date of grant. The options have a term of seven years and are settled via the issuance of Common Shares upon exercise. The stock option activity and the weighted average exercise price are summarized as follows: 2022 2021 Number of options Weighted average exercise price Number of options Weighted average exercise price $ $ Outstanding – Beginning of year* 6,796,039 24.56 7,557,574 15.38 Granted** 7,920,684 49.47 2,183,108 41.55 Assumed through business combination — — 1,226,214 6.40 Exercised (1,061,359) 16.48 (2,951,034) 7.12 Forfeited (1,832,054) 47.84 (1,219,823) 22.48 Outstanding – End of fiscal year 11,823,310 38.37 6,796,039 24.48 Exercisable – End of fiscal year 2,600,818 23.05 1,523,685 17.40 *the 2022 beginning of year weighted average exercise price was adjusted from the prior year closing weighted average exercise price to account for the CAD to USD foreign exchange rate used when calculating the current fiscal years weighted average exercise prices. **Included in the stock options granted in the year were 2,500,000 stock options with vesting dependent on market conditions tied to the Company's future share price performance. The RSU, DSU and PSU activity and the weighted average grant date fair values as at March 31, 2022 are summarized as follows: 2022 2022 2022 RSU DSU PSU Number Weighted Number Weighted Number Weighted $ $ $ Outstanding – Beginning of year 939,833 44.93 14,751 26.68 75,182 24.90 Granted 3,016,792 48.89 20,227 47.14 953,290 28.73 Released (219,208) 52.19 (557) 73.39 (51,094) 24.97 Forfeited (423,286) 55.50 — — (24,088) 24.75 Outstanding – End of year 3,314,131 46.71 34,421 37.95 953,290 28.73 The RSU, DSU and PSU activity and the weighted average grant date fair values as at March 31, 2021 are summarized as follows: 2021 2021 2021 RSU DSU PSU Number Weighted Number Weighted Number Weighted $ $ $ Outstanding – Beginning of year 117,769 24.67 7,109 25.66 84,326 24.75 Granted 989,384 45.73 7,642 27.64 66,038 25.09 Released (36,515) 32.17 — — (51,094) 24.97 Forfeited (130,805) 36.30 — — (24,088) 24.75 Outstanding – End of year 939,833 44.93 14,751 26.68 75,182 24.90 The fair value of stock options granted to employees, excluding stock options that contain market conditions, was estimated at the dates of grant using the Black-Scholes option-pricing model with the following weighted average assumptions: 2022 2021 Expected volatility 47.25 % 45.55 % Risk-free interest rate 1.04 % 0.38 % Expected option life 4.07 years 4.27 years Expected dividend yield 0 % 0 % Forfeiture rate 27.07 % 28.51 % The fair value of stock options granted to employees with vesting dependent on market conditions tied to the Company's future share price performance is measured using the Monte Carlo pricing model to estimate the Company's potential future share price. This model leverages assumptions that the expected volatility of the share price is 41% and the expected option life is 7 years. The fair value of stock options, RSUs, DSUs and PSUs granted in the fiscal year ended March 31, 2022 amounted to $318,233 (2021 – $79,581). The initial aggregate fair value of options, RSUs and PSUs forfeited in the fiscal year ended March 31, 2022 amounted to $55,967 (2021 – $13,053). For the fiscal year ended March 31, 2022, share-based compensation expense of $108,916 (2021 – $32,739) was recorded in the consolidated statements of loss and comprehensive loss with a corresponding credit to additional paid-in capital. As at March 31, 2022, the total remaining unrecognized share-based compensation expense amounted to $147,052 (2021 – $45,365), which will be amortized over the weighted average remaining requisite service period of 1.90 years (2021 – 1.44 years). The following table summarizes information with respect to stock options outstanding and stock options exercisable as at March 31, 2022: Options outstanding Options exercisable Exercise Number Weighted Weighted Number Weighted Weighted $ $ $ 0.30 to 21.90 2,735,944 4.82 11.60 1,017,325 3.28 5.02 21.91 to 27.52 2,137,518 5.67 24.29 796,323 5.12 24.90 27.53 to 33.19 2,238,268 6.34 30.75 302,339 4.94 28.71 33.20 to 65.89 1,855,419 6.25 45.76 286,652 5.07 38.86 65.90 to 94.03 2,856,161 6.22 75.73 198,179 6.14 76.67 Total 11,823,310 5.82 38.37 2,600,818 4.45 23.05 The following table summarizes information with respect to stock options outstanding stock options exercisable as at March 31, 2021: Options outstanding Options exercisable Exercise Number Weighted Weighted Number Weighted Weighted $ $ $ 0.30 to 4.86 1,551,131 4.51 3.95 419,063 3.94 3.09 4.87 to 24.52 1,334,262 5.35 14.22 472,154 5.36 14.77 24.53 to 26.73 1,424,350 5.92 25.82 308,005 5.83 25.53 26.74 to 33.52 1,308,231 5.95 29.54 179,099 5.87 28.73 33.53 to 72.94 1,178,065 6.30 55.88 145,364 5.47 35.96 Total 6,796,039 5.56 24.48 1,523,685 5.13 17.40 |
Related party transactions
Related party transactions | 12 Months Ended |
Mar. 31, 2022 | |
Related Party [Abstract] | |
Related party transactions | Related party transactions Key management personnel includes the C-Level executives, and other Executive Vice-Presidents. 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: 2022 2021 $ $ Short-term employee benefits 2,914 1,732 Share-based payments 21,251 4,200 Total compensation paid to key management personnel 24,165 5,932 |
Financial instruments
Financial instruments | 12 Months Ended |
Mar. 31, 2022 | |
Disclosure of detailed information about financial instruments [abstract] | |
Financial instruments | Financial instruments Fair value The Company measures the fair value of certain 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, trade receivables, trade accounts payable, accrued compensation and benefits, and other accruals 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 March 31, 2022 and 2021. 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 are based on bid/ask quotations and 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. Contingent consideration On January 7, 2020, the Company acquired Gastrofix, a cloud-based POS hospitality software provider in Germany. The amount included in the purchase price related to the estimated fair value of contingent consideration was nil. The contingent consideration was valued by the Company using a discounted cash flow model under the income approach, and is calculated based on estimates of future revenue performance. The maximum potential contingent consideration payout was $10,030 over the two years following the acquisition. The fair value of the contingent consideration, if above nil, is presented as a component of accounts payable and accrued liabilities on the consolidated balance sheets. The change in the fair value of the contingent consideration, if any, is recognized within general and administrative expenses in the consolidated statements of loss and comprehensive loss. The conditions surrounding the contingent consideration were not satisfied and no contingent consideration was paid by the Company. As at March 31, 2022 and 2021 , financial instruments measured at fair value in the consolidated balance sheets were as follows: March 31, 2022 March 31, 2021 Fair value hierarchy Carrying amount Fair value Fair value hierarchy Carrying amount Fair value $ $ $ $ Assets: Cash and cash equivalents Level 1 953,654 953,654 Level 1 807,150 807,150 Restricted cash and restricted deposits Level 1 1,791 1,791 Level 1 9,074 9,074 Merchant cash advances Level 3 6,300 6,300 Level 3 2,309 2,309 Foreign exchange forward contracts Level 2 23 23 — — — Liabilities: Contingent consideration — — — Level 3 0 0 Credit and concentration risk Generally, the carrying amount on the consolidated balance sheet of the Company’s financial assets exposed to credit risk, net of any applicable provisions for losses, represents the maximum amount exposed to credit risk. The Company’s credit risk is primarily attributable to its cash and cash equivalents and trade receivables. The Company does not require a guarantee from its customers. Credit risk with respect to cash and cash equivalents is managed by maintaining balances only with high credit quality financial institutions. The Company does not hold any collateral as security. Due to the Company’s diverse customer base, there is no particular concentration of credit risk related to the Company’s trade receivables. Moreover, trade receivable balances are managed and analyzed on an ongoing basis to ensure the loss allowance is established and maintained at an appropriate amount. The Company maintains a loss allowance for a portion of trade receivables when collection becomes doubtful on the basis described in note 3. As described in that note, the ECL includes forward-looking factors specific to the debtors and the economic environment. In the fiscal year ended March 31, 2022, potential effects from the COVID-19 pandemic and spread or resurgences of variants of the COVID-19 virus on the Company's credit risk have been considered and have resulted in an increase to its allowance for ECLs from what the allowance would have been without factoring in the effects of the COVID-19 pandemic. The Company continues its assessment given the uncertainty of COVID-19's global impact. The loss allowance as at March 31, 2022 and 2021 was determined as follows: 2022 Not 0–30 30–60 60–90 90–180 180+ Expected loss rate 3 % 14 % 46 % 64 % 68 % 70 % Gross carrying amount 17,279 2,212 617 213 577 1,996 Loss allowance 518 310 284 136 392 1,403 2021 Not 0–30 30–60 60–90 90–180 180+ Expected loss rate 3 % 14 % 41 % 55 % 63 % 67 % Gross carrying amount 9,328 1,087 917 231 1,156 2,758 Loss allowance 280 152 376 127 728 1,856 Changes in the loss allowance were as follows: 2022 2021 $ $ Balance – Beginning of fiscal year 3,519 2,878 Increase 1,603 2,777 Write-offs (2,079) (2,136) Balance – End of fiscal year 3,043 3,519 The Company is exposed to the risk of being unable to honour its financial commitments by the deadlines set, under the terms of such commitments and at a reasonable price. The Company manages its liquidity risk by forecasting cash flows from operations and anticipated investing and financing activities. As at March 31, 2022 and 2021, the maturity analysis of financial liabilities represented the following: 2022 <1 1 to 3 4 to 5 >5 Total $ $ $ $ $ Accounts payable and accrued liabilities 78,307 — — — 78,307 Accrued payroll taxes on share-based compensation — 1,007 — — 1,007 Long-term debt — 30,000 — — 30,000 2021 <1 1 to 3 4 to 5 >5 Total $ $ $ $ $ Accounts payable and accrued liabilities 65,052 — — — 65,052 Accrued payroll taxes on share-based compensation — 3,154 — — 3,154 Long-term debt — — 30,000 — 30,000 For the maturity analysis of lease liabilities, see note 14. Details of contractual commitments are included in note 24. The Company has $953,654 of cash and cash equivalents as well as $25,000 available under the Revolver as at March 31, 2022, demonstrating its liquidity and its ability to cover upcoming financial liabilities. Foreign exchange risk The main currencies which expose the Company to foreign exchange risk due to financial instruments denominated in foreign currencies are the Canadian dollar, the Euro, the British pound sterling, the Australian dollar and the New Zealand dollar. The following table provides a summary of the Company's foreign exchange exposures, after taking into account relevant foreign exchange forward contracts, expressed in thousands of US dollars: 2022 CAD EUR GBP AUD NZD Other Total $ $ $ $ $ $ $ Cash and cash equivalents and restricted cash 13,885 6,270 1,338 2,522 2,651 3,785 30,451 Trade and other receivables 3,454 4,086 1,472 2,675 49 1,062 12,798 Accounts payable and accrued liabilities (18,508) (5,755) (1,466) (2,834) (2,407) (2,131) (33,101) Accrued payroll taxes on share-based compensation (287) (270) (142) (53) — (37) (789) Lease liabilities (13,400) (4,447) (4,315) (477) (548) (259) (23,446) Net financial position exposure (14,856) (116) (3,113) 1,833 (255) 2,420 (14,087) 2021 CAD EUR GBP AUD NZD Other Total $ $ $ $ $ $ $ Cash and cash equivalents and restricted cash 3,141 15,913 470 958 — 1,649 22,131 Trade and other receivables 5,122 2,740 469 793 — 1,030 10,154 Accounts payable and accrued liabilities (13,729) (18,898) (2,154) (4,529) (484) (826) (40,620) Accrued payroll taxes on share-based compensation (1,816) (622) (309) (239) (42) (36) (3,064) Lease liabilities (14,102) (3,214) (842) (646) — (517) (19,321) Net financial position exposure (21,384) (4,081) (2,366) (3,663) (526) 1,300 (30,720) The table below shows the immediate increase/(decrease) in net loss before tax of a 1% strengthening in the average exchange rate of significant currencies to which the Company has transaction exposure as at March 31, 2022 and 2021. The sensitivity associated with a 1% weakening of a particular currency would be equal and opposite. This assumes that each currency moves in isolation. CAD EUR GBP AUD NZD Other $ $ $ $ $ $ 2022 (1,347) (1,092) (383) (512) (167) (166) 2021 (590) (84) 20 (20) (6) (12) Foreign exchange forward contracts The Company's policy is to mitigate its exposure to foreign exchange risk by entering into derivative instruments. The Company has hedged some of its foreign currency exchange risk. The Company has entered into multiple foreign exchange forward contracts, none of which are for a period greater than one year. The Company's currency pair used for cash flow hedges is US dollar / Canadian dollar. The Company does not use derivative instruments for speculative purposes. Cash flow hedges The Company has a hedging program to mitigate the impact of foreign currency fluctuations on future cash flows and earnings. Under this program the Company has entered into foreign exchange forward contracts and designated those hedges as cash flow hedges. The program was adopted during the fiscal year ended March 31, 2022. The notional principal of the foreign exchange contracts was approximately $26,000 CAD as at March 31, 2022 (March 31, 2021 - nil). Hedging reserve 2022 2021 $ $ Balance as at March 31, — — Unrealized losses on fair value that may be subsequently reclassified to consolidated statements of loss (337) — Losses reclassified to direct cost of revenues, general and administrative expenses, research and development expenses, and sales and marketing expenses. 360 — Balance as at March 31, 23 — No hedge ineffectiveness was recorded during the fiscal year ended March 31, 2022. All hedging relationships have been maintained as at March 31, 2022. No balance in the hedging reserve relates to hedging relationships for which hedged accounting is no longer applied. Interest rate risk Interest rate risk is the risk that changes in interest rates will have a negative impact on earnings and cash flows. Certain of the Company’s cash earns interest. The Company’s trade and other receivables, accounts payable and accrued liabilities and lease liabilities do not bear interest. Our exposure to interest rate risk is related to the Acquisition Facility. The Company is not exposed to material interest rate risk. Share price risk Accrued payroll taxes on share-based compensation (social costs) are payroll taxes associated with share-based compensation that the Company is subject to in various countries in which it operates. Social costs are accrued at each reporting period based inputs including, but not limited to, the number of stock options and share awards outstanding, the vesting of the stock options and share awards, the exercise price, and the Company’s share price. Changes in the accrual are recognized in direct cost of revenues and operating expenses. An increase in share price will increase the accrual for social costs, and a decrease in share price will result in a decrease in the accrual for social costs, all other things being equal, including the number of vested stock options and exercise price remaining constant. Based on the outstanding share-based payment awards at March 31, 2022, the impact on the accrual for social costs of an increase or decrease in the Company’s share price of 10% would result in a change of $527 as at March 31, 2022. |
Capital risk management
Capital risk management | 12 Months Ended |
Mar. 31, 2022 | |
Disclosure of objectives, policies and processes for managing capital [abstract] | |
Capital risk management | Capital risk management The general objectives of the Company to manage its capital reside in the preservation of the Company’s ability to continue operating, in providing benefits to its stakeholders and in providing an adequate return on investment to its shareholders by selling its services at a price commensurate with the level of operating risk assumed by the Company. The Company thus determines the total amount of capital required consistent with risk levels. This capital structure is adjusted on a timely basis depending on changes in the economic environment and in the risks of the underlying assets. |
Geographic information
Geographic information | 12 Months Ended |
Mar. 31, 2022 | |
Operating Segments [Abstract] | |
Geographic information | Geographic information The geographic segmentation of the Company’s assets is as follows: 2022 2021 Property Right-of-use assets Intangible Goodwill Property Right-of-use assets Intangible Goodwill $ $ $ $ $ $ $ $ Canada 10,356 10,062 990 2,104,368 5,536 10,266 3,563 971,939 United States 1,155 6,079 303,393 — 1,083 6,225 184,797 — New Zealand 656 517 75,892 — — — — — Germany 288 1,312 16,594 — 312 1,624 25,711 — Other 4,001 7,569 12,699 — 1,411 3,091 20,422 — Geographic sales based on customer location are detailed as follows: 2022 2021 $ $ United States 395,871 140,856 Canada 33,423 17,636 Australia 29,230 13,627 Netherlands 19,658 15,080 Other 70,190 34,529 |
Significant accounting polici_2
Significant accounting policies (Policies) | 12 Months Ended |
Mar. 31, 2022 | |
Disclosure Of Significant Accounting Policies [Abstract] | |
Basis of presentation and consolidation | Basis of presentation and consolidation These consolidated financial statements have been prepared in accordance with International Financial Reporting Standards (IFRS) as issued by the International Accounting Standards Board (IASB) and were approved for issue by the Board of Directors (the "Board") of the Company on May 19, 2022. The consolidated financial statements have been prepared on a historical cost basis, except for our lease liabilities which are measured at present value and certain financial assets and liabilities, which have been measured at fair value as described below. The consolidated financial statements provide comparative information in respect of the previous period. Certain comparative figures have been reclassified in order to conform to the current period presentation. The consolidated financial statements include the accounts of Lightspeed and its wholly-owned subsidiaries including, but not limited to: Lightspeed Netherlands B.V, Lightspeed Payments USA Inc., Kounta Pty Ltd, Lightspeed POS Germany GmbH (formerly known as Gastrofix GmbH) ("Gastrofix"), Lightspeed Commerce USA Inc. (the successor to ShopKeep Inc.), Upserve, Inc., Vend Limited, Lightspeed NuORDER Inc. (the successor to NuORDER, Inc.) and Ecwid, Inc. (collectively, the "subsidiaries"). All significant intercompany balances and transactions have been eliminated on consolidation. Subsidiaries are all entities over which the Company has control. The Company controls an entity when the Company is exposed, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power over the entity. The financial statements of all subsidiaries, including those of new subsidiaries of Lightspeed from the reporting period starting on their acquisition or incorporation date, are prepared for the same reporting period as Lightspeed using Lightspeed’s accounting policies. All subsidiaries are fully consolidated until the date that Lightspeed’s control ceases. |
Revenue recognition | Revenue recognition The Company’s main sources of revenue are subscriptions for its platforms and revenue from its payment processing services. In addition, the Company generates revenue from payment residuals, merchant cash advances, professional services and sales of hardware as described below. The Company recognizes revenue to depict the transfer of promised services to its customers in an amount that reflects the consideration to which the Company expects to be entitled in exchange for those services by applying the following steps: • Identifying the contract with a customer; • Identifying the performance obligations in the contract; • Determining the transaction price; • Allocating the transaction price; and • Recognizing revenue when, or as, the Company satisfies a performance obligation. The Company follows the guidance provided in IFRS 15, Appendix B, Principal versus Agent Considerations, for determining whether the revenue should be recognized based on the gross amount billed to a customer or the net amount retained. This determination is a matter of judgment that depends on the facts and circumstances of each arrangement. Sales taxes collected from customers and remitted to government authorities are excluded from revenue. The Company’s arrangements with customers can include multiple performance obligations. When contracts involve multiple performance obligations, the Company evaluates whether each performance obligation is distinct and should be accounted for as a separate unit of accounting. In the case of software subscriptions and hardware and other, the Company has determined that customers can benefit from each service on its own, and that each service being provided to the customer is separately identifiable from other promises in the contract. Specifically, the Company considers the distinct performance obligations to be the software subscriptions and the hardware and implementation services. Payment processing services, payment residuals and merchant cash advances were also considered to be distinct performance obligations. The total transaction price is determined at the inception of the contract and allocated to each performance obligation based on their relative standalone selling prices. The Company determines the standalone selling price by considering internal evidence such as normal or consistently applied standalone selling prices. The determination of standalone selling prices is made through consultation with and approval by management, taking into consideration the Company’s go-to-market strategy. The Company may modify its pricing practices in the future as its go-to-market strategies evolve, which could result in changes in relative standalone selling prices. Discounts are allocated to each performance obligation to which they relate based on their relative standalone selling price. The Company generally receives payment from its customers on the invoice due date. In all other cases, payment terms and conditions vary by contract type, although terms generally include a requirement for payment within 14 days of the invoice date. In instances where the timing of revenue recognition differs from the timing of invoicing and subsequent payment, we have determined the Company’s contracts generally do not include a significant financing component. Subscription revenue Software subscriptions include subscriptions to cloud-based solutions for both retail and hospitality platforms and for the Company's eCommerce offering. In addition to the core subscriptions outlined above, customers can purchase add-on services such as loyalty, delivery, order anywhere, advanced reporting, accounting and analytics, amongst others. Subscriptions include maintenance and support, which includes access to unspecified upgrades. The Company recognizes revenue for its software subscriptions ratably over the term of the contract commencing on the date the services are made available to customers. Transaction-based revenue The Company offers to its customers payment processing services, through connected terminals and online, that facilitate payment for goods and services sold by the customer to its consumers, for which the customers are charged a transaction fee. The Company recognizes revenue from payment processing services at the time of the transaction at the gross amount of consideration paid by the customer, as the Company is the principal in the arrangement with the customer. The Company is the principal as the Company controls the payment processing service before the customer receives it as the Company performs additional services which are integrated with the payment processing service prior to delivering the service to the customer. The Company also bears the risk for chargebacks and other financial losses if such amounts cannot be recovered from the customer and the Company has full discretion in establishing prices for the promised service. The Company incurs costs of interchange and network assessment fees, processing fees, and bank settlement fees to third-party payment processors and financial institutions involved in settlement, which are recorded as direct costs of revenue. The Company’s software also interfaces with third parties that enable credit card processing. These third parties generate revenue from charging transaction fees that are generally a fixed amount per transaction, or a fixed percentage of the transaction processed. As part of integrating with the solutions of these third parties, the Company negotiates a revenue share with them whereby the Company receives a portion of the revenues generated by the third parties. In addition, the Company has contracted with a number of third-party vendors that sell products to the same customers as the Company. The Company refers its customers to these vendors and earns a referral fee. The Company recognizes the revenues it receives from third-party vendors at the point in time when they are due from third-party vendors. These revenues are recognized at the net amount retained by the Company, whereby only the portion of revenues that the Company receives (or which is due) from the third-party vendor is recognized. The Company also earns revenue from eligible customers through its merchant cash advance ("MCA") program, Lightspeed Capital. Under this program, the Company purchases a designated amount of future receivables at a discount, and the customer remits a fixed percentage of their daily sales to the Company, until the outstanding balance has been fully remitted. The Company evaluates identified underwriting criteria including, but not limited to, the number of years in business, the nature of the business, and historical sales data, prior to purchasing the eligible customer's future receivables to help assess collectibility. As each MCA agreement does not have contractual terms that give rise on specified dates to cash flows that are solely payments of principal and interest on the MCA balance outstanding, each MCA is recorded at fair value through profit or loss. The initial fair value is generally equal to the transaction price, being the fair value of the consideration provided to the customer, reduced by any amounts that are not expected to be collected. The fair value of each MCA is reassessed at the end of each fiscal quarter. The amount of transaction-based revenue recognized from MCAs in the period is calculated as the gross amounts remitted by the customer in the period, reduced by the difference in value between the initial fair value and the reassessed fair value at the end of the period, excluding movements in the fair value that relate to amounts that are deemed uncollectible which are recognized within general and administrative expenses in the consolidated statements of loss and comprehensive loss. The Company is responsible for purchasing the designated amount of future receivables, bears the risk of financial losses if the receivables cannot be recovered from the customer, and the Company has full discretion in establishing the fees charged. The Company incurs processing and other fees with third-party platforms involved in the Company's MCA program, which are recorded as direct costs of revenue. Hardware and other revenue For retail, hospitality and eCommerce customers, the Company’s software integrates with various hardware solutions required to operate a location. As part of the sale process to both new and existing customers, the Company acts as a reseller of the hardware. Such sales consist primarily of hardware peripherals. In addition, in some cases where customers would like assistance deploying the Company’s software or integrating the Company’s software with other systems or setting up their eCommerce store, the Company provides professional services customized to the customer. Hardware equipment revenues are recognized at a point in time, namely when ownership passes to the customer, in accordance with the shipping terms, at the gross amount of consideration paid by the customer, as the Company is the principal in the arrangement with the customer. The Company is the principal as the Company controls the hardware equipment before the customer receives it. Most professional services are sold on a time-and-materials basis. Consulting engagements can last anywhere from one day to several weeks and are based strictly on the customer’s requirements. The Company’s software can typically be used as delivered to the customer. The Company’s professional services are generally not essential to the functionality of the software. For services performed on a time-and-materials basis, revenues are recognized as the services are delivered at the gross amount of consideration paid by the customer, as the Company is the principal in the arrangement with the customer. The Company is the principal as the Company controls the professional services before they are transferred to the customer. Contract assets The Company records contract assets ("commission assets") for selling commissions paid at the inception of a contract that are incremental costs of obtaining the contract if the Company expects to recover those costs. Commission assets are subsequently amortized on a systematic basis consistent with the pattern of the transfer of the good or service to which the commission asset relates. The Company applies the practical expedient that allows it to determine the pattern of the transfer of the good or service for a portfolio of contracts that have similar characteristics. For contracts where the amortization period of the commission assets would have been one year or less, the Company uses the practical expedient that allows it to recognize the incremental costs of obtaining those contracts as an expense when incurred. The Company records contract assets for discounts provided to customers at the inception of a contract. Contract assets are subsequently amortized against revenue on a systematic basis consistent with the term to which the contract asset relates. Deferred revenue Deferred revenue mainly comprises fees collected or contractually due for services in which the applicable revenue recognition criteria have not been met. This balance will be recognized as revenue as the services are performed. |
Cash and cash equivalents | Cash and cash equivalents Cash comprises cash on deposit at banks and on hand. The Company considers all short term highly liquid investments that are readily convertible into known amounts of cash, with original maturities at their acquisition date of three months or less to be cash equivalents. |
Restricted cash | Restricted cashThe Company can be required to hold a defined amount of cash as collateral under the terms of certain business combination arrangements and lease agreements. Cash deposits held by the Company that have restrictions governing their use are classified as restricted cash, current or long-term, based on the remaining length of the restriction. |
Inventories | Inventories Inventories, consisting of hardware equipment only, are recorded at the lower of cost and net realizable value with cost determined using the weighted average cost method. The Company provides an allowance for obsolescence based on estimated product life cycles, usage levels and technology changes. Changes in these estimates are reflected in the |
Deferred financing costs | Deferred financing costsThe Company records deferred financing costs related to its credit facilities when it is probable that some or all of the facilities will be drawn down. The deferred financing costs are amortized over the term of the related financing arrangement. The long-term debt is recorded at amortized cost using the effective interest method, net of deferred financing costs. |
Research and development tax credits | Research and development tax credits Research and development costs are expensed as incurred, net of refundable investment tax credits. The Company’s research and development costs consist primarily of salaries and other related personnel expenses. The Company recognizes the benefit of refundable research and development investment tax credits as a reduction of research and development and support costs, while non-refundable investment tax credits that can only be claimed against income taxes otherwise payable are recognized as a reduction of income taxes when there is reasonable assurance that the claim will be recovered. |
Property and equipment | Property and equipment Property and equipment are stated at cost less accumulated depreciation and impairment losses, if any. Depreciation is calculated using the straight-line method over the estimated useful lives of the related assets. Furniture and equipment are depreciated over five years, and computer equipment is depreciated over three years. Leasehold improvements are depreciated on a straight-line basis over the shorter of their estimated useful lives or the term of their associated leases. Leasehold improvements in progress are not depreciated until the related asset is ready for use. |
Intangible assets | Intangible assets Acquired identifiable intangible assets Intangible assets are stated at cost, less accumulated amortization and impairment losses, if any. Amortization is calculated using the straight-line method over the estimated useful lives of the related assets. Software technologies that are acquired through business combinations are amortized over three three Internally generated intangible assets The Company recognizes internal development costs as intangible assets only when the following criteria are met: the technical feasibility of completing the intangible asset exists, there is an intent to complete and an ability to use or sell the intangible asset, the intangible asset will generate probable future economic benefits, there are adequate resources available to complete the development and to use or sell the intangible asset, and there is the ability to reliably measure the expenditure attributable to the intangible asset during its development. |
Impairment of long-lived assets | Impairment of long-lived assets The Company evaluates its property and equipment and intangible assets with finite useful lives for impairment when events or changes in circumstances indicate that the carrying amount of an asset or asset group may not be recoverable. An |
Goodwill and impairment of goodwill | Goodwill and impairment of goodwill Goodwill represents the excess of the purchase price over the estimated fair value of net tangible and identifiable assets of a business acquired in a business combination. After initial recognition, goodwill is measured at cost less any accumulated impairment losses, if any. For the purpose of impairment testing, goodwill acquired in a business combination is allocated to the Company's operating segment (the "Segment"), which is the level at which management monitors goodwill. The Company reviews the carrying value of goodwill in accordance with International Accounting Standard (IAS) 36, Impairment of Assets, on an annual basis on December 31 or more frequently if events or a change in circumstances indicate that it is more likely than not that the fair value of the goodwill is below its carrying amount. Impairment is determined by assessing the recoverable amount of the Segment. The Segment's recoverable amount is the higher of the Segment's fair value less costs of disposal and its value in use. A quantitative analysis was performed to determine the fair value less costs of disposal. Note 17 discusses the method and assumptions used for impairment testing. |
Business combinations | Business combinations The Company follows the acquisition method to account for business combinations in accordance with IFRS 3, Business Combinations. The acquisition method of accounting requires that assets acquired and liabilities assumed be recorded at their estimated fair values on the date of a business acquisition. The excess of the purchase price over the estimated fair value is recorded as goodwill. The amounts included in the consolidated statements of loss and comprehensive loss under acquisition-related compensation arise from business combinations made by the Company. Acquisition costs that are tied to continuing employment of pre-existing shareholders are required to be recognized as acquisition-related compensation and recognized in accordance with the vesting terms in the acquisition agreement. Consequently, those costs are not included in the total purchase consideration of the business combination. Our share-based acquisition-related compensation follows the guidance in IFRS 2, Share Based Payment. All other costs that are not eligible for capitalization related to the acquisition are expensed as incurred. |
Government assistance | Government assistance Government assistance is recognized when there is reasonable assurance that it will be received and all related conditions will be complied with. When the government assistance relates to an expense item, it is recognized as a reduction of expense over the period necessary to match the government assistance on a systematic basis to the costs that it is intended to subsidize. |
Income taxes | Income taxes Current tax The current tax payable is based on taxable income for the year. Taxable income differs from income as reported in the consolidated statements of loss and comprehensive loss because of items of income or expense that are taxable or deductible in other periods and items that are never taxable or deductible. The Company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period. Deferred tax Deferred tax is recognized on temporary differences between the carrying amounts of assets and liabilities in the consolidated financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are recognized for all taxable temporary differences. Deferred tax assets are recognized for all deductible temporary differences to the extent that it is probable that taxable profits against which those deductible temporary differences can be utilized will be available. Such deferred tax assets and liabilities are not recognized if the temporary difference arises from goodwill or from the initial recognition (other than in a business combination) of other assets and liabilities in a transaction that affects neither the taxable profit nor the accounting profit. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realized, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. The measurement of deferred tax liabilities and assets reflects the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities. Deferred tax assets and liabilities are offset when there is a legally enforceable right to offset current tax assets against current tax liabilities and when they relate to income taxes levied by the same taxation authority and the Company intends to settle its current tax assets and liabilities on a net basis. Current and deferred tax Current and deferred tax are recognized as an expense or income in net loss, except when they relate to items that are recognized outside of net loss (whether in other comprehensive income (loss) or directly in deficit), in which case the tax is also recognized outside of net loss. |
Provisions | Provisions Provisions are recognized when the Company has a present legal or constructive obligation as a result of a past event, it is probable that an outflow of resources embodying economic benefits will be required to settle the obligation, and a reliable estimate can be made of the amount of the obligation. Restructuring provisions are recognized when the Company has put in place a detailed restructuring plan which has been communicated in sufficient detail to create a constructive obligation. Restructuring provisions include only costs directly related to the restructuring plan, and are measured at the best estimate of the amount required to settle the Company's obligations. |
Leases | Leases At inception of a contract, the Company assesses whether a contract is, or contains, a lease. A contract is, or contains, a lease if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. To assess whether a contract conveys the right to control the use of an identified asset, the Company assesses whether: • The contract involves the use of an identified asset - this may be specified explicitly or implicitly, and should be physically distinct or represent substantially all of the capacity of a physically distinct asset. If the supplier has a substantive substitution right, then the asset is not identified. • The Company has the right to obtain substantially all the economic benefits from the use of the asset throughout the period of use; and • The Company has the right to direct the use of the asset. The Company has this right when it has the decision-making rights that are most relevant to changing how and for what purpose the asset is used. At inception or on reassessment of a contract that contains a lease component, the Company allocates the consideration in the contract to each lease component on the basis of their relative standalone price. As a lessee The Company recognizes a right-of-use asset and a lease liability at the lease commencement date. The right-of-use asset is initially measured at cost, which comprises the initial amount of the lease liability adjusted for any lease payments made at or before the commencement date, plus any initial direct costs incurred and an estimate of costs to dismantle and remove the underlying asset or to restore the underlying asset or the site on which it is located, less any lease incentives received prior to the commencement date. The lease term is determined based on the non-cancellable period for which the Company has the right to use an underlying asset. The lease term is adjusted, if applicable, for periods covered by extension and termination options to the extent that the Company is reasonably certain to exercise them. The right-of-use asset is subsequently depreciated using the straight-line method from the commencement date to the end of the lease term, which is considered the appropriate useful life of any such asset. In addition, the right-of-use asset is reduced by impairment losses, if any, and adjusted for certain remeasurements of the lease liability, to the extent necessary. The lease liability is initially measured at the present value of the lease payments, net of lease incentives receivables, that are not paid at the commencement date, discounted using an incremental borrowing rate if the rate implicit in the lease arrangement is not readily determinable. Lease payments included in the measurement of the lease liability comprise fixed payments, including in-substance fixed payments and variable lease payments that depend on an index or a rate, initially measured using the index or rate as at the commencement date. The lease liability is subsequently measured at amortized cost using the effective interest method. It is remeasured when there is a change in future lease payments arising from a change in an index or rate, lease term, or if the Company changes its assessment of whether it will exercise an extension or termination option. When the lease liability is remeasured in this way, a corresponding adjustment is made to the carrying amount of the right-of-use asset, or is recorded in profit or loss if the carrying amount of the right-of-use asset has been reduced to zero. Short-term leases and leases of low-value assets The Company has elected not to recognize right-of-use assets and lease liabilities for short-term leases that have a lease term of 12 months or less and leases of low-value assets. The Company recognizes the lease payments associated with these leases as an expense on a straight-line basis over the lease term. On the consolidated statement of cash flows, lease payments related to short-term leases, low value assets and variable lease payments not included in lease liabilities are classified as cash flows used in operating activities, whereas the remaining lease payments are classified as cash flows used in financing activities. |
Equity incentive plan | Equity incentive plans The Company has multiple equity incentive plans and records all share-based payments at their respective fair values. The Company recognizes share-based compensation expense over the vesting period of the tranche of awards being considered. The fair value of stock options granted to employees is estimated at the date of grant using the Black-Scholes option pricing model. The Company also estimates forfeitures at the time of grant and revises its estimate, if necessary, in subsequent periods if actual forfeitures differ from these estimates. Any consideration paid by employees on exercising stock options and the corresponding portion previously credited to additional paid-in capital are credited to share capital. The Black-Scholes option pricing model used by the Company to calculate option values was developed to estimate the fair value. This model also requires assumptions, including expected option life, volatility, risk-free interest rate and dividend yield, which greatly affect the calculated values. Expected option life is determined using the time-to-vest-plus-historical-calculation-from-vest-date method that derives the expected life based on a combination of each tranche’s time to vest plus the actual or expected life of an award based on the past activity or remaining time to expiry on outstanding awards. Expected volatility is determined using comparable companies for which the information is publicly available. The risk-free interest rate is determined based on the rate at the time of grant and cancellation for zero-coupon Canadian government securities with a remaining term equal to the expected life of the option. Dividend yield is based on the expected annual dividend rate at the time of grant. Expected forfeiture is derived from historical forfeiture rates. The fair value of options that contain market performance conditions is measured using the Monte Carlo pricing model to estimate the Company's potential future share price. Market conditions are considered in the fair value estimate on the grant date and this fair value is not revised subsequently. The fair value of restricted share units ("RSUs"), deferred share units ("DSUs") and performance share units which include non-market performance conditions ("PSUs") is measured using the fair value of the Company's shares as if the units were vested and issued on the grant date. An estimate of forfeitures is applied when determining share-based compensation expense as well as estimating the probability of meeting related performance conditions where applicable. |
Employee benefits | Employee benefitsThe Company maintains defined contribution plans for which it pays fixed contributions to administered pension insurance plans on a mandatory or contractual basis. The Company has no further payment obligations once the contributions have been paid. Obligations for contributions to defined contribution pension plans are recognized as employee compensation as the services are provided. |
Segment information | Segment information The Company’s Chief Operating Decision-Maker ("CODM") is the Chief Executive Officer. The CODM is the highest level of management responsible for assessing Lightspeed’s overall performance and making operational decisions such as resource allocations related to operations, product prioritization, and delegation of authority. Management has determined that the Company operates in a single operating and reportable segment. |
Loss per share | Loss per share Basic loss per share is calculated by dividing net loss attributable to holders of the Company's Common Shares by the weighted average number of Common Shares outstanding during the year. Diluted loss per share is calculated by dividing net loss attributable to holders of the Company's Common Shares by the weighted average number of Common Shares outstanding during the year, plus the effect of potentially-dilutive securities outstanding during the year. The Company uses the treasury stock method to the extent that the effect is dilutive. As a result of net losses incurred, all potentially-dilutive securities have been excluded from the calculation of diluted net loss per share because including them would be anti-dilutive. |
Financial assets | Financial assets Initial recognition and measurement The Company’s financial assets comprise cash and cash equivalents, restricted cash, trade and other receivables, merchant cash advances, foreign exchange forward contracts and other assets. All financial assets are recognized initially at fair value, plus, in the case of financial assets that are not measured at fair value through profit and loss, transaction costs that are attributable to the acquisition of the financial asset. Purchases and sales of financial assets are recognized on the settlement date being the date that the Company receives or delivers the asset. Receivables are non-derivative financial assets with fixed or determinable payments that are not quoted in an active market. They are included in current assets except for those with maturities greater than 12 months after the reporting period. Subsequent measurement Cash and cash equivalents, restricted cash, merchant cash advances and foreign exchange forward contracts are carried at fair value with gains and losses recognized in the consolidated statements of loss and comprehensive loss. Trade receivables are carried at amortized cost using the effective interest rate method. For information on impairment losses on trade and other receivables, refer to the Impairment of financial assets section below. Derecognition Financial assets are derecognized when the rights to receive cash flows from the asset have expired or when the financial assets are written off. Impairment of financial assets The Company assesses at each reporting date whether there is any evidence that its trade receivables are impaired. The Company uses the simplified approach for measuring impairment for its trade receivables as these financial assets do not have a significant financing component as defined under IFRS 15, Revenue from Contracts with Customers. Therefore, the |
Financial liabilities | Financial liabilities Initial recognition and measurement The Company’s financial liabilities comprise accounts payable and accrued liabilities, lease liabilities, other liabilities, long-term debt and foreign exchange forward contracts. All financial liabilities except lease liabilities are recognized initially at fair value. The Company assesses whether embedded derivative financial instruments are required to be separated from host contracts when the Company first becomes party to the contract. Subsequent measurements After initial recognition, financial liabilities, excluding contingent consideration and foreign exchange forward contracts, are subsequently measured at amortized cost using the effective interest method. The effective interest method amortization is included as a finance cost in the consolidated statements of loss and comprehensive loss. Financial liabilities are classified as current liabilities unless the Company has an unconditional right to defer settlement of the liability for at least 12 months after the reporting date. The Company accounts for contingent consideration as a financial liability measured at fair value through profit or loss and subsequently re-measures fair value at the end of each reporting period. The fair value of the contingent consideration, if above nil, is presented as a component of accounts payable and accrued liabilities as well as other long-term liabilities on the consolidated balance sheets. The change in the fair value of the contingent consideration, if any, is recognized within general and administrative expenses in the consolidated statements of loss and comprehensive loss. Derecognition Financial liabilities are derecognized when the obligation under the liability is discharged, cancelled, or expires. Gains and losses are recognized in the consolidated statements of loss and comprehensive loss when the liabilities are derecognized. |
Foreign exchange forward contracts | 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 recognizes these foreign exchange forward contracts as either assets or liabilities on the consolidated balance sheets and these contracts are measured at fair value at each reporting period. The asset and liability positions of the foreign exchange forward contracts are included in other current assets and accounts payable and accrued liabilities on the consolidated balance sheets, respectively. The Company reflects the gain or loss on the effective portion of a cash flow hedge in other comprehensive income (loss) and subsequently reclassifies cumulative gains and losses to direct cost of revenues, general and administrative, research and development, or sales and marketing expenses, depending on the risk hedged, when the hedged transactions impact the consolidated statements of loss and comprehensive loss. If the hedged transactions become probable of not occurring, the corresponding amounts in |
Foreign currency translation | Foreign currency translation Functional and presentation currency The functional as well as the presentation currency of Lightspeed is the US dollar. Items included in the consolidated financial statements of the Company are measured in the functional currency, which is the currency of the primary economic environment in which the entity operates. Foreign currency transactions are translated into the functional currency using the exchange rates prevailing at the date of the transactions or when items are remeasured. Foreign exchange gains and losses resulting from the settlement of such transactions and from the changes at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognized in the consolidated statements of loss and comprehensive loss. Foreign operations The results and financial position of all the Company entities that have a functional currency different from the presentation currency are translated into US dollars as follows: assets and liabilities are translated at the closing rate at the reporting date; income and expenses for each statement of operation are translated at average exchange rates; and all resulting exchange differences are recognized in other comprehensive income (loss). For foreign currency translation purposes, goodwill and fair value adjustments arising on the acquisition of a foreign operation are treated as assets and liabilities of the operation and translated at the closing rate at each reporting date. |
New accounting pronouncements | New accounting pronouncements are issued by the IASB or other standard-setting bodies, and they are adopted by the Company as at the specified effective date. New and amended standards and interpretations adopted by the Company In August 2020, the IASB issued Interest Rate Benchmark Reform-Phase 2, which amends IFRS 9 Financial Instruments, IAS 39 Financial Instruments: Recognition and Measurement, IFRS 7 Financial Instruments: Disclosures and IFRS 16 Leases. The amendments focus on the effects on financial statements when a company replaces the old interest rate benchmark with an alternative benchmark rate as a result of the reform. The amendments are effective for annual periods beginning on or after January 1, 2021, with early application permitted. The Company has adopted these amendments as of April 1, 2021. There was no impact on the Company's accounting policies or the consolidated financial statements as a result of adopting such amendments. There were no other IFRS or IFRIC interpretations effective as of April 1, 2021 that had a material impact on the Company's accounting policies or the consolidated financial statements. New and amended standards and interpretations issued not yet effective At the date of authorization of these financial statements, the Company has not yet applied the following new and revised IFRS Standards that have been issued but are not yet effective. The IASB has issued amendments to IAS 16 Property, Plant and Equipment to prohibit deducting from the cost of an item of property, plant and equipment any proceeds from selling items produced before that asset is available for use. The amendments also clarify the meaning of "testing whether an asset is functioning properly". The IASB also issued an amendment to IAS 37 Provisions, Contingent Liabilities and Contingent Assets to clarify the cost of fulfilling a contract in assessing whether a contract is onerous. The amendments to IAS 16 and IAS 37 are effective for annual periods beginning on or after January 1, 2022, with early application permitted. The IASB has also issued amendments to IAS 1 Presentation of Financial Statements affecting the presentation of liabilities as current or non-current in the statement of financial position and requiring companies to disclose their material accounting policy information. It has also issued amendments to IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors clarifying how to distinguish changes in accounting policies from changes in accounting estimates and amendments to IAS 12 Income Taxes requiring companies to recognize deferred tax on particular transactions that, on initial recognition, give rise to equal amounts of taxable and deductible temporary differences. The amendments to IAS 1, IAS 8 and IAS 12 are effective for annual periods beginning on or after January 1, 2023, with early application permitted. The Company does not expect that the adoption of the standards listed above will have a material impact on the financial statements of the Company in future periods. |
Significant accounting estimates and assumptions | Significant accounting estimates and assumptions Use of estimates The preparation of the consolidated financial statements in conformity with IFRS requires management to make judgements, estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Management reviews its estimates on an ongoing basis based on management’s best knowledge of current events and actions that the Company may undertake in the future. Actual results could differ from those estimates. Uncertainty about these assumptions and estimates could result in outcomes that require a material adjustment to the carrying amount of assets or liabilities affected in future periods. Key estimates and assumptions are as follows: COVID-19 Concerns related to the spread of COVID-19 and variants of the COVID-19 virus and the related containment measures intended to mitigate its impact have created substantial disruption in the global economy. The uncertainties around the COVID-19 pandemic, continuing resurgences of COVID-19 and variants of the COVID-19 virus, and related restrictions to contain its spread required the use of judgments and estimates which resulted in no material accounting impacts for the fiscal year ended March 31, 2022, other than the impact on expected credit losses driven by the changes in the macro-economic environment due to COVID-19. For information on the Company's loss allowance, refer to note 28. For the fiscal year ended March 31, 2021, the Company received $8,121 with respect to renumeration of eligible employees pursuant to government-sponsored COVID-19 wage subsidy programs globally (note 8). Revenue recognition The identification of revenue-generating contracts with customers, the identification of performance obligations, the determination of the transaction price and allocations between identified performance obligations, the use of the appropriate revenue recognition method for each performance obligation and the measure of progress for performance obligations satisfied over time are the main aspects of the revenue recognition process, all of which require the exercise of judgment and use of assumptions. The Company follows the guidance provided in IFRS 15, Appendix B, Principal versus Agent Considerations for determining whether revenue should be recognized at the gross amount of consideration paid by the customer or the net amount of consideration retained by the Company. This determination is a matter of judgment that depends on the facts and circumstances of each arrangement. Impairment of non-financial assets The Company’s impairment test for goodwill is based on internal estimates of fair value less costs of disposal calculations and uses valuation models such as the discounted cash flow model. Key assumptions on which management has based its determination of fair value less costs of disposal include an estimated discount rate, terminal value multiple, and estimated revenue growth rates. These estimates, including the methodology used, the assessment of CGUs and how goodwill is allocated, can have a material impact on the respective values and ultimately the amount of any goodwill impairment. Refer to note 17 for additional information on the assumptions used. Whenever property and equipment, lease right-of-use assets, and intangible assets are tested for impairment, the determination of the assets’ recoverable amount involves the use of estimates by management and can have a material impact on the respective values and ultimately the amount of any impairment. Business combinations The Company follows the acquisition method to account for business combinations. The acquisition method of accounting requires that assets acquired and liabilities assumed be recorded at their estimated fair values on the date of a business acquisition. The excess of the purchase price over the estimated fair value is recorded as goodwill. Such valuations require management to make significant estimates, assumptions, and judgments, especially with respect to intangible assets and contingent consideration. For intangible assets, the Company develops the fair value by using appropriate valuation techniques which are generally based on a forecast of the total expected future net discounted cash flows, and key assumptions generally consist of the future performance of the related assets, the discount rate, the attrition rate, the royalty rates, and the payments attach rate. Contingent consideration is measured at fair value using a discounted cash flow model. Recoverability of deferred tax assets and current and deferred income taxes and tax credits Uncertainties exist with respect to the interpretation of complex tax regulations and the amount and timing of future taxable income. The Company establishes provisions based on reasonable estimates for possible consequences of audits by the tax authorities. The amount of such provisions is based on various factors, such as experience of previous tax audits and differing interpretations of tax regulations by the taxable entity and the responsible tax authority. Deferred income tax assets are recognized for unused tax losses and deductible temporary differences to the extent it is probable that taxable income will be available against which the losses and deductible temporary differences can be utilized. Management’s judgment is required to determine the amount of deferred income tax assets that can be recognized, based upon the likely timing and the level of future taxable income together with future tax planning strategies. Share-based compensation The Company measures the cost of equity-settled transactions with employees by reference to the fair value of the related instruments at the date at which they are granted. Estimating fair value for share‑based payments requires determining the most appropriate valuation model for a grant, which depends on the terms and conditions of the grant. This also requires making assumptions and determining the most appropriate inputs to the valuation model including the expected life of the option, volatility and dividend yield. Refer to note 26 for additional information on the assumptions used. |
Business combinations (Tables)
Business combinations (Tables) | 12 Months Ended |
Mar. 31, 2022 | |
Disclosure of detailed information about business combination [abstract] | |
Consideration paid and acquisition fate fair value of assets and liabilities | The following table summarizes the allocations of the consideration paid and the amounts of estimated fair value of the assets acquired and liabilities assumed at the acquisition date: Current assets $ Cash and cash equivalents 12,753 Trade receivables and other assets 3,878 Total current assets 16,631 Property and equipment 868 Goodwill 293,664 Customer relationships 48,300 Software technology 43,700 Other long-term assets 437 Total assets 403,600 Current liabilities Accounts payable and accrued liabilities 4,241 Deferred revenue 5,961 Total current liabilities 10,202 Deferred tax liability 8,776 Total liabilities 18,978 Fair value of net assets acquired 384,622 Less: Cash acquired 12,753 Fair value of net assets acquired, less cash acquired 371,869 Paid in Common Shares of the Company 180,086 Paid in cash 192,020 Receivable from Vend (already received) (237) Fair value of consideration transferred 371,869 The following table summarizes the preliminary allocations of the consideration paid and the amounts of estimated fair value of the assets acquired and liabilities assumed at the acquisition date: Current assets $ Cash and cash equivalents 32,698 Accounts receivable and other assets 3,379 Total current assets 36,077 Property and equipment 310 Goodwill 300,516 Customer relationships 56,500 Software technology 48,200 Other long-term assets 598 Total assets 442,201 Current liabilities Accounts payable and accrued liabilities 5,080 Deferred revenue 6,737 Total current liabilities 11,817 Deferred revenue 379 Other long-term liabilities 249 Deferred tax liability 13,005 Total liabilities 25,450 Fair value of net assets acquired 416,751 Less: Cash acquired 32,698 Fair value of net assets acquired, less cash acquired 384,053 Paid in Common Shares of the Company 180,388 Paid in cash 207,118 Receivable from NuORDER (already partially received) (3,453) Fair value of consideration transferred 384,053 The following table summarizes the preliminary allocations of the consideration paid and the amounts of estimated fair value of the assets acquired and liabilities assumed at the acquisition date: Current assets $ Cash and cash equivalents 9,261 Trade receivables and other assets 4,092 Total current assets 13,353 Property and equipment 525 Goodwill 543,160 Customer relationships 22,800 Software technology 49,300 Other long-term assets 168 Total assets 629,306 Current liabilities Accounts payable and accrued liabilities 3,715 Income tax payables 5,527 Deferred revenue 3,774 Total current liabilities 13,016 Deferred tax liability 11,769 Total liabilities 24,785 Fair value of net assets acquired 604,521 Less: Cash acquired 9,261 Fair value of net assets acquired, less cash acquired 595,260 Paid in Common Shares of the Company 439,020 Paid in cash 161,922 Receivable from Ecwid (already partially received) (5,682) Fair value of consideration transferred 595,260 |
Revenues (Tables)
Revenues (Tables) | 12 Months Ended |
Mar. 31, 2022 | |
Disclosure Of Revenue From Contracts With Customers [Abstract] | |
Disclosure of disaggregation of revenue from contracts with customers | The disaggregation of the Company’s revenue was as follows: 2022 2021 $ $ Subscription revenue 248,430 119,323 Transaction-based revenue 264,044 82,951 Hardware and other revenue 35,898 19,454 Total revenues 548,372 221,728 |
Direct cost of revenues (Tables
Direct cost of revenues (Tables) | 12 Months Ended |
Mar. 31, 2022 | |
Analysis of income and expense [abstract] | |
Direct cost of revenues | 2022 2021 $ $ Subscription cost of revenue 72,192 31,756 Transaction-based cost of revenue 159,432 42,626 Hardware and other cost of revenue 45,575 19,677 Total direct cost of revenues 277,199 94,059 |
Government grants and subsidi_2
Government grants and subsidies (Tables) | 12 Months Ended |
Mar. 31, 2022 | |
Disclosure Of Government Grants And Subsidies [Abstract] | |
Government grants | Government assistance recognized as a reduction of expenses is as follows: 2022 2021 $ $ Direct cost of revenues 1,144 1,651 General and administrative 545 2,055 Research and development 2,692 5,871 Sales and marketing 358 3,851 Total government assistance 4,739 13,428 |
Employee compensation (Tables)
Employee compensation (Tables) | 12 Months Ended |
Mar. 31, 2022 | |
Disclosure Of Employee Benefits [Abstract] | |
Stock-based compensation and related costs | Share-based compensation and related costs were included in the following expenses: 2022 2021 $ $ Direct cost of revenues 6,345 3,231 General and administrative 26,377 11,123 Research and development 29,705 10,941 Sales and marketing 46,639 19,460 Total share-based compensation and related costs 109,066 44,755 |
Finance income and costs (Table
Finance income and costs (Tables) | 12 Months Ended |
Mar. 31, 2022 | |
Analysis of income and expense [abstract] | |
Finance income and costs | 2022 2021 $ $ Interest income 5,855 2,544 Interest expense (2,867) (2,897) Net interest income (expense) 2,988 (353) |
Loss per share (Tables)
Loss per share (Tables) | 12 Months Ended |
Mar. 31, 2022 | |
Earnings per share [abstract] | |
Outstanding potentially dilutive securities | All outstanding potentially dilutive securities could potentially dilute loss per share in the future. 2022 2021 Issued Common Shares 148,661,312 128,528,515 Weighted average number of Common Shares (basic and diluted) 141,580,917 105,221,907 Net loss per share – basic and diluted ($2.04) ($1.18) |
Other current assets (Tables)
Other current assets (Tables) | 12 Months Ended |
Mar. 31, 2022 | |
Subclassifications of assets, liabilities and equities [abstract] | |
Other current assets | 2022 2021 $ $ Restricted cash and restricted deposits 1,531 7,749 Prepaid expenses and deposits 20,478 10,458 Commission asset 8,959 4,000 Other 4,567 1,964 Total other current assets 35,535 24,171 |
Trade and other receivables (Ta
Trade and other receivables (Tables) | 12 Months Ended |
Mar. 31, 2022 | |
Subclassifications of assets, liabilities and equities [abstract] | |
Trade and other receivables | 2022 2021 $ $ Trade 22,894 15,477 Loss allowance (3,043) (3,519) Total trade receivables 19,851 11,958 Research and development tax credits receivable 4,195 6,605 Sales tax receivable 6,323 2,827 Merchant cash advances 6,300 2,309 Acquisition-related receivables 9,097 1,072 Total trade and other receivables 45,766 24,771 |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Mar. 31, 2022 | |
Presentation of leases for lessee [abstract] | |
Roll-forward of lease right-of-used assets | The roll-forward of lease right-of-use assets is as follows: 2022 2021 Cost $ $ Balance - Beginning of fiscal year 27,054 18,403 Additions 6,934 5,255 Acquired in business combinations 5,160 7,439 Modifications to and disposals of lease contracts (1,863) (4,373) Exchange differences (284) 330 Balance - End of fiscal year 37,001 27,054 Accumulated depreciation Balance - Beginning of fiscal year 5,848 2,446 Depreciation charge 7,743 3,876 Modifications to and disposals of lease contracts (2,071) (544) Exchange differences (58) 70 Balance - End of fiscal year 11,462 5,848 Cost, net accumulated depreciation Balance - Beginning of fiscal year 21,206 15,957 Balance - End of fiscal year 25,539 21,206 Offices 24,655 20,355 Vehicles 884 851 |
Maturity of lease liabilities | The maturity analysis of lease liabilities as at March 31, 2022 is as follows: Fiscal Year $ 2023 7,633 2024 6,032 2025 5,165 2026 3,583 2027 2,395 2028 and thereafter 5,862 Total minimum payments 30,670 As at March 31, 2022 and 2021, the maturity analysis of financial liabilities represented the following: 2022 <1 1 to 3 4 to 5 >5 Total $ $ $ $ $ Accounts payable and accrued liabilities 78,307 — — — 78,307 Accrued payroll taxes on share-based compensation — 1,007 — — 1,007 Long-term debt — 30,000 — — 30,000 2021 <1 1 to 3 4 to 5 >5 Total $ $ $ $ $ Accounts payable and accrued liabilities 65,052 — — — 65,052 Accrued payroll taxes on share-based compensation — 3,154 — — 3,154 Long-term debt — — 30,000 — 30,000 |
Property, plant and equipment (
Property, plant and equipment (Tables) | 12 Months Ended |
Mar. 31, 2022 | |
Property, plant and equipment [abstract] | |
Property and equipment | 2022 Furniture Equipment Computer Leasehold Total $ $ $ $ $ Cost As at March 31, 2021 2,177 1,759 6,460 7,451 17,847 Additions 19 461 3,564 7,360 11,404 Acquired through business combinations 308 — 1,122 273 1,703 Disposals (190) (245) (1,949) (1,532) (3,916) As at March 31, 2022 2,314 1,975 9,197 13,552 27,038 Accumulated depreciation As at March 31, 2021 1,004 1,181 4,441 2,879 9,505 Depreciation 612 406 2,722 1,253 4,993 Disposals (190) (245) (1,949) (1,532) (3,916) As at March 31, 2022 1,426 1,342 5,214 2,600 10,582 Net book value as at March 31, 2022 888 633 3,983 10,952 16,456 2021 Furniture Equipment Computer Leasehold Total $ $ $ $ $ Cost As at March 31, 2020 1,848 1,754 4,620 6,793 15,015 Additions 15 5 1,259 412 1,691 Acquired through business combinations 314 — 581 246 1,141 As at March 31, 2021 2,177 1,759 6,460 7,451 17,847 Accumulated depreciation As at March 31, 2020 763 1,031 3,355 1,877 7,026 Depreciation 241 150 1,086 1,002 2,479 As at March 31, 2021 1,004 1,181 4,441 2,879 9,505 Net book value as at March 31, 2021 1,173 578 2,019 4,572 8,342 |
Intangible assets (Tables)
Intangible assets (Tables) | 12 Months Ended |
Mar. 31, 2022 | |
Intangible Assets [Abstract] | |
Intangible assets | 2022 Acquired Customer Total $ $ $ Cost As at March 31, 2021 72,884 220,090 292,974 Acquired through business combinations 141,200 127,600 268,800 Exchange differences (503) (1,734) (2,237) As at March 31, 2022 213,581 345,956 559,537 Accumulated amortization As at March 31, 2021 30,640 27,841 58,481 Amortization 36,700 55,112 91,812 Exchange differences (65) (259) (324) As at March 31, 2022 67,275 82,694 149,969 Net book value as at March 31, 2022 146,306 263,262 409,568 2021 Acquired Customer Total $ $ $ Cost As at March 31, 2020 39,591 50,470 90,061 Acquired through business combinations 31,700 165,499 197,199 Exchange differences 1,593 4,121 5,714 As at March 31, 2021 72,884 220,090 292,974 Accumulated amortization As at March 31, 2020 19,974 7,268 27,242 Amortization 10,242 19,886 30,128 Exchange differences 424 687 1,111 As at March 31, 2021 30,640 27,841 58,481 Net book value as at March 31, 2021 42,244 192,249 234,493 |
Goodwill (Tables)
Goodwill (Tables) | 12 Months Ended |
Mar. 31, 2022 | |
Intangible Assets Abstract [Abstract] | |
Key assumptions were used to determine recoverable amounts for the impairment tests | The following key assumptions were used to determine recoverable amount for the impairment test performed during the year ended March 31, 2022: Pre-Tax Terminal Value Multiple Revenue Growth Rate Assumptions 30 % 8 32 % |
Other long-term assets (Tables)
Other long-term assets (Tables) | 12 Months Ended |
Mar. 31, 2022 | |
Other Non Current Assets [Abstract] | |
Other long-term assets | 2022 2021 $ $ Restricted cash 260 1,325 Prepaid expenses and deposits 5,945 2,707 Commission asset 9,604 5,234 Contract asset 5,591 2,238 Total other-long term assets 21,400 11,504 |
Accounts payable, and accrued_2
Accounts payable, and accrued liabilities (Tables) | 12 Months Ended |
Mar. 31, 2022 | |
Subclassifications of assets, liabilities and equities [abstract] | |
Accounts payable, accrued liabilities and other current liabilities | 2022 2021 $ $ Trade 39,245 22,085 Accrued compensation and benefits 25,238 20,409 Accrued payroll taxes on share-based compensation 3,594 5,689 Acquisition-related payables 5,527 13,792 Other 4,703 3,077 Total accounts payable and accrued liabilities 78,307 65,052 |
Accumulated other comprehensi_2
Accumulated other comprehensive income (Tables) | 12 Months Ended |
Mar. 31, 2022 | |
Accumulated other comprehensive income [abstract] | |
Schedule of accumulated other comprehensive income | Foreign currency differences on translation of foreign operations Hedging reserve Total accumulated other comprehensive income (loss) 2022 2021 2022 2021 2022 2021 $ $ $ $ $ $ Balance - Beginning of fiscal year 9,715 (6,271) — — 9,715 (6,271) Other comprehensive income (loss) (7,061) 15,986 23 — (7,038) 15,986 Balance - End of fiscal year 2,654 9,715 23 — 2,677 9,715 |
Income taxes (Tables)
Income taxes (Tables) | 12 Months Ended |
Mar. 31, 2022 | |
Disclosure Of Income Tax [Abstract] | |
Income tax expense (recovery) | Income tax expense (recovery) includes the following components: 2022 2021 $ $ Current United States 1,225 33 Europe (138) 140 Other 16 (7) 1,103 166 Deferred Canada (11) (55) United States (22,038) (61) Europe (1,229) (3,883) New Zealand (4,746) — Other — (1,959) (28,024) (5,958) Total income tax recovery (26,921) (5,792) The income tax expense (recovery) reported, which includes foreign taxes, differs from the amount of the income tax expense (recovery) computed by applying Canadian statutory rates as follows: 2022 2021 $ $ Loss before income taxes (315,354) (130,070) Statutory tax rate 26.5 % 26.5 % Income tax recovery at the statutory tax rate (83,589) (34,486) Impact of rate differential of foreign jurisdiction 7,078 1,570 Non-deductible share-based compensation and related costs 20,208 9,257 Acquisition-related compensation and transaction costs 1,480 5,080 Other non-deductible expenses (credits) and non-taxable amounts (496) 590 Changes in unrecognized benefits of deferred tax assets 27,972 11,403 Impact of foreign exchange and other 426 794 Total income tax recovery (26,921) (5,792) |
Deferred tax assets/liabilities | Significant components of the Company’s deferred tax assets and liabilities are as follows: 2022 2021 Deferred tax assets $ $ Property and equipment 2,402 2,115 Non-capital losses carried forward 78,292 41,308 Lease liabilities 6,354 6,073 Deferred revenue 1,217 1,011 Interest expenses carried forward 5,852 5,188 Others 6,338 2,288 Total deferred tax assets 100,455 57,983 Deferred tax liabilities Property and equipment (299) (54) Intangible assets (97,647) (50,476) Lease right-of-use assets (5,140) (5,000) Other (4,048) (3,639) Total deferred tax liabilities (107,134) (59,169) Net deferred tax liabilities (6,679) (1,186) As presented on the consolidated balance sheets: Deferred tax assets 154 170 Deferred tax liabilities (6,833) (1,356) Net deferred tax liabilities (6,679) (1,186) 2022 Balance as at March 31, 2021 Charged Business Balance as at March 31, 2022 $ $ $ $ Deferred tax assets (liabilities) continuity Property and equipment 2,061 75 (33) 2,103 Intangible assets (50,476) 22,042 (69,213) (97,647) Lease liabilities 6,073 5 276 6,354 Lease right-of-use assets (5,000) 86 (226) (5,140) Non-capital losses carried forward 41,308 3,439 33,545 78,292 Deferred revenue 1,011 206 — 1,217 Interest expenses carried forward 5,188 664 — 5,852 Other (1,351) 1,507 2,134 2,290 Net deferred tax liabilities (1,186) 28,024 (33,517) (6,679) 2021 Balance as at March 31, 2020 Charged Business Balance as at March 31, 2021 $ $ $ $ Deferred tax assets (liabilities) continuity Property and equipment 1,696 321 44 2,061 Intangible assets (15,403) 7,191 (42,264) (50,476) Lease liabilities 3,557 2,516 — 6,073 Lease right-of-use assets (3,226) (1,774) — (5,000) Non-capital losses carried forward 8,159 (1,290) 34,439 41,308 Deferred revenue — — 1,011 1,011 Interest expenses carried forward — 2,649 2,539 5,188 Other (1,252) (3,655) 3,556 (1,351) Net deferred tax liabilities (6,469) 5,958 (675) (1,186) |
Non-capital loss carryforwards | 2022 2021 Calendar year in which the losses begin to expire $ $ Non-capital loss carryforwards Canada 151,096 73,737 2034 Belgium 41,928 40,383 No expiry Netherlands 38,213 31,105 2024 United States 366,680 236,149 2035 Germany 21,289 21,219 No expiry Switzerland 36,139 13,042 2023 New Zealand 57,366 — No expiry United Kingdom 9 — No expiry Australia 8,569 5,367 No expiry Total non-capital loss carryforwards 721,289 421,002 |
Stock-based compensation (Table
Stock-based compensation (Tables) | 12 Months Ended |
Mar. 31, 2022 | |
Disclosure Of Share Based Payment Arrangements [Abstract] | |
Stock option activity and the weighted average exercise price | The stock option activity and the weighted average exercise price are summarized as follows: 2022 2021 Number of options Weighted average exercise price Number of options Weighted average exercise price $ $ Outstanding – Beginning of year* 6,796,039 24.56 7,557,574 15.38 Granted** 7,920,684 49.47 2,183,108 41.55 Assumed through business combination — — 1,226,214 6.40 Exercised (1,061,359) 16.48 (2,951,034) 7.12 Forfeited (1,832,054) 47.84 (1,219,823) 22.48 Outstanding – End of fiscal year 11,823,310 38.37 6,796,039 24.48 Exercisable – End of fiscal year 2,600,818 23.05 1,523,685 17.40 *the 2022 beginning of year weighted average exercise price was adjusted from the prior year closing weighted average exercise price to account for the CAD to USD foreign exchange rate used when calculating the current fiscal years weighted average exercise prices. **Included in the stock options granted in the year were 2,500,000 stock options with vesting dependent on market conditions tied to the Company's future share price performance. |
The RSU, DSU and PSU activity and the weighted average grant date fair values | The RSU, DSU and PSU activity and the weighted average grant date fair values as at March 31, 2022 are summarized as follows: 2022 2022 2022 RSU DSU PSU Number Weighted Number Weighted Number Weighted $ $ $ Outstanding – Beginning of year 939,833 44.93 14,751 26.68 75,182 24.90 Granted 3,016,792 48.89 20,227 47.14 953,290 28.73 Released (219,208) 52.19 (557) 73.39 (51,094) 24.97 Forfeited (423,286) 55.50 — — (24,088) 24.75 Outstanding – End of year 3,314,131 46.71 34,421 37.95 953,290 28.73 The RSU, DSU and PSU activity and the weighted average grant date fair values as at March 31, 2021 are summarized as follows: 2021 2021 2021 RSU DSU PSU Number Weighted Number Weighted Number Weighted $ $ $ Outstanding – Beginning of year 117,769 24.67 7,109 25.66 84,326 24.75 Granted 989,384 45.73 7,642 27.64 66,038 25.09 Released (36,515) 32.17 — — (51,094) 24.97 Forfeited (130,805) 36.30 — — (24,088) 24.75 Outstanding – End of year 939,833 44.93 14,751 26.68 75,182 24.90 |
Weighted average assumptions | The fair value of stock options granted to employees, excluding stock options that contain market conditions, was estimated at the dates of grant using the Black-Scholes option-pricing model with the following weighted average assumptions: 2022 2021 Expected volatility 47.25 % 45.55 % Risk-free interest rate 1.04 % 0.38 % Expected option life 4.07 years 4.27 years Expected dividend yield 0 % 0 % Forfeiture rate 27.07 % 28.51 % The fair value of stock options granted to employees with vesting dependent on market conditions tied to the Company's future share price performance is measured using the Monte Carlo pricing model to estimate the Company's potential future share price. This model leverages assumptions that the expected volatility of the share price is 41% and the expected option life is 7 years. |
Range of exercise prices of outstanding share options | The following table summarizes information with respect to stock options outstanding and stock options exercisable as at March 31, 2022: Options outstanding Options exercisable Exercise Number Weighted Weighted Number Weighted Weighted $ $ $ 0.30 to 21.90 2,735,944 4.82 11.60 1,017,325 3.28 5.02 21.91 to 27.52 2,137,518 5.67 24.29 796,323 5.12 24.90 27.53 to 33.19 2,238,268 6.34 30.75 302,339 4.94 28.71 33.20 to 65.89 1,855,419 6.25 45.76 286,652 5.07 38.86 65.90 to 94.03 2,856,161 6.22 75.73 198,179 6.14 76.67 Total 11,823,310 5.82 38.37 2,600,818 4.45 23.05 The following table summarizes information with respect to stock options outstanding stock options exercisable as at March 31, 2021: Options outstanding Options exercisable Exercise Number Weighted Weighted Number Weighted Weighted $ $ $ 0.30 to 4.86 1,551,131 4.51 3.95 419,063 3.94 3.09 4.87 to 24.52 1,334,262 5.35 14.22 472,154 5.36 14.77 24.53 to 26.73 1,424,350 5.92 25.82 308,005 5.83 25.53 26.74 to 33.52 1,308,231 5.95 29.54 179,099 5.87 28.73 33.53 to 72.94 1,178,065 6.30 55.88 145,364 5.47 35.96 Total 6,796,039 5.56 24.48 1,523,685 5.13 17.40 |
Stock options outstanding and stock options exercisable | The following table summarizes information with respect to stock options outstanding and stock options exercisable as at March 31, 2022: Options outstanding Options exercisable Exercise Number Weighted Weighted Number Weighted Weighted $ $ $ 0.30 to 21.90 2,735,944 4.82 11.60 1,017,325 3.28 5.02 21.91 to 27.52 2,137,518 5.67 24.29 796,323 5.12 24.90 27.53 to 33.19 2,238,268 6.34 30.75 302,339 4.94 28.71 33.20 to 65.89 1,855,419 6.25 45.76 286,652 5.07 38.86 65.90 to 94.03 2,856,161 6.22 75.73 198,179 6.14 76.67 Total 11,823,310 5.82 38.37 2,600,818 4.45 23.05 The following table summarizes information with respect to stock options outstanding stock options exercisable as at March 31, 2021: Options outstanding Options exercisable Exercise Number Weighted Weighted Number Weighted Weighted $ $ $ 0.30 to 4.86 1,551,131 4.51 3.95 419,063 3.94 3.09 4.87 to 24.52 1,334,262 5.35 14.22 472,154 5.36 14.77 24.53 to 26.73 1,424,350 5.92 25.82 308,005 5.83 25.53 26.74 to 33.52 1,308,231 5.95 29.54 179,099 5.87 28.73 33.53 to 72.94 1,178,065 6.30 55.88 145,364 5.47 35.96 Total 6,796,039 5.56 24.48 1,523,685 5.13 17.40 |
Related party transactions (Tab
Related party transactions (Tables) | 12 Months Ended |
Mar. 31, 2022 | |
Related Party [Abstract] | |
The executive compensation expense to the top five key management personnel | The executive compensation expense to the top five key management personnel is as follows: 2022 2021 $ $ Short-term employee benefits 2,914 1,732 Share-based payments 21,251 4,200 Total compensation paid to key management personnel 24,165 5,932 |
Financial instruments (Tables)
Financial instruments (Tables) | 12 Months Ended |
Mar. 31, 2022 | |
Disclosure of detailed information about financial instruments [abstract] | |
Disclosure of fair value measurement of liabilities | , financial instruments measured at fair value in the consolidated balance sheets were as follows: March 31, 2022 March 31, 2021 Fair value hierarchy Carrying amount Fair value Fair value hierarchy Carrying amount Fair value $ $ $ $ Assets: Cash and cash equivalents Level 1 953,654 953,654 Level 1 807,150 807,150 Restricted cash and restricted deposits Level 1 1,791 1,791 Level 1 9,074 9,074 Merchant cash advances Level 3 6,300 6,300 Level 3 2,309 2,309 Foreign exchange forward contracts Level 2 23 23 — — — Liabilities: Contingent consideration — — — Level 3 0 0 |
Financial instruments measured at fair value in the condensed interim consolidated balance sheet | , financial instruments measured at fair value in the consolidated balance sheets were as follows: March 31, 2022 March 31, 2021 Fair value hierarchy Carrying amount Fair value Fair value hierarchy Carrying amount Fair value $ $ $ $ Assets: Cash and cash equivalents Level 1 953,654 953,654 Level 1 807,150 807,150 Restricted cash and restricted deposits Level 1 1,791 1,791 Level 1 9,074 9,074 Merchant cash advances Level 3 6,300 6,300 Level 3 2,309 2,309 Foreign exchange forward contracts Level 2 23 23 — — — Liabilities: Contingent consideration — — — Level 3 0 0 |
Disclosure of provision matrix | The loss allowance as at March 31, 2022 and 2021 was determined as follows: 2022 Not 0–30 30–60 60–90 90–180 180+ Expected loss rate 3 % 14 % 46 % 64 % 68 % 70 % Gross carrying amount 17,279 2,212 617 213 577 1,996 Loss allowance 518 310 284 136 392 1,403 2021 Not 0–30 30–60 60–90 90–180 180+ Expected loss rate 3 % 14 % 41 % 55 % 63 % 67 % Gross carrying amount 9,328 1,087 917 231 1,156 2,758 Loss allowance 280 152 376 127 728 1,856 |
Changes in the loss allowance | Changes in the loss allowance were as follows: 2022 2021 $ $ Balance – Beginning of fiscal year 3,519 2,878 Increase 1,603 2,777 Write-offs (2,079) (2,136) Balance – End of fiscal year 3,043 3,519 |
Maturity of financial liabilities | The maturity analysis of lease liabilities as at March 31, 2022 is as follows: Fiscal Year $ 2023 7,633 2024 6,032 2025 5,165 2026 3,583 2027 2,395 2028 and thereafter 5,862 Total minimum payments 30,670 As at March 31, 2022 and 2021, the maturity analysis of financial liabilities represented the following: 2022 <1 1 to 3 4 to 5 >5 Total $ $ $ $ $ Accounts payable and accrued liabilities 78,307 — — — 78,307 Accrued payroll taxes on share-based compensation — 1,007 — — 1,007 Long-term debt — 30,000 — — 30,000 2021 <1 1 to 3 4 to 5 >5 Total $ $ $ $ $ Accounts payable and accrued liabilities 65,052 — — — 65,052 Accrued payroll taxes on share-based compensation — 3,154 — — 3,154 Long-term debt — — 30,000 — 30,000 |
Currency Risk | 2022 CAD EUR GBP AUD NZD Other Total $ $ $ $ $ $ $ Cash and cash equivalents and restricted cash 13,885 6,270 1,338 2,522 2,651 3,785 30,451 Trade and other receivables 3,454 4,086 1,472 2,675 49 1,062 12,798 Accounts payable and accrued liabilities (18,508) (5,755) (1,466) (2,834) (2,407) (2,131) (33,101) Accrued payroll taxes on share-based compensation (287) (270) (142) (53) — (37) (789) Lease liabilities (13,400) (4,447) (4,315) (477) (548) (259) (23,446) Net financial position exposure (14,856) (116) (3,113) 1,833 (255) 2,420 (14,087) 2021 CAD EUR GBP AUD NZD Other Total $ $ $ $ $ $ $ Cash and cash equivalents and restricted cash 3,141 15,913 470 958 — 1,649 22,131 Trade and other receivables 5,122 2,740 469 793 — 1,030 10,154 Accounts payable and accrued liabilities (13,729) (18,898) (2,154) (4,529) (484) (826) (40,620) Accrued payroll taxes on share-based compensation (1,816) (622) (309) (239) (42) (36) (3,064) Lease liabilities (14,102) (3,214) (842) (646) — (517) (19,321) Net financial position exposure (21,384) (4,081) (2,366) (3,663) (526) 1,300 (30,720) The table below shows the immediate increase/(decrease) in net loss before tax of a 1% strengthening in the average exchange rate of significant currencies to which the Company has transaction exposure as at March 31, 2022 and 2021. The sensitivity associated with a 1% weakening of a particular currency would be equal and opposite. This assumes that each currency moves in isolation. CAD EUR GBP AUD NZD Other $ $ $ $ $ $ 2022 (1,347) (1,092) (383) (512) (167) (166) 2021 (590) (84) 20 (20) (6) (12) |
Hedging reserve | Hedging reserve 2022 2021 $ $ Balance as at March 31, — — Unrealized losses on fair value that may be subsequently reclassified to consolidated statements of loss (337) — Losses reclassified to direct cost of revenues, general and administrative expenses, research and development expenses, and sales and marketing expenses. 360 — Balance as at March 31, 23 — |
Geographic information (Tables)
Geographic information (Tables) | 12 Months Ended |
Mar. 31, 2022 | |
Operating Segments [Abstract] | |
The geographic segmentation of the Company's assets and sales | The geographic segmentation of the Company’s assets is as follows: 2022 2021 Property Right-of-use assets Intangible Goodwill Property Right-of-use assets Intangible Goodwill $ $ $ $ $ $ $ $ Canada 10,356 10,062 990 2,104,368 5,536 10,266 3,563 971,939 United States 1,155 6,079 303,393 — 1,083 6,225 184,797 — New Zealand 656 517 75,892 — — — — — Germany 288 1,312 16,594 — 312 1,624 25,711 — Other 4,001 7,569 12,699 — 1,411 3,091 20,422 — Geographic sales based on customer location are detailed as follows: 2022 2021 $ $ United States 395,871 140,856 Canada 33,423 17,636 Australia 29,230 13,627 Netherlands 19,658 15,080 Other 70,190 34,529 |
Organization and nature of op_2
Organization and nature of operations (Details) | Mar. 31, 2022country |
Nature Of Operations [Abstract] | |
Number of countries | 100 |
Significant accounting polici_3
Significant accounting policies (Details) | 12 Months Ended |
Mar. 31, 2022 | |
Acquired software technologies | Bottom of range | |
Disclosure significant accounting policies and related changes in the current reporting period [line items] | |
Useful life measured as period of time, intangible assets other than goodwill | 3 years |
Acquired software technologies | Top of range | |
Disclosure significant accounting policies and related changes in the current reporting period [line items] | |
Useful life measured as period of time, intangible assets other than goodwill | 5 years |
Customer relationships | Bottom of range | |
Disclosure significant accounting policies and related changes in the current reporting period [line items] | |
Useful life measured as period of time, intangible assets other than goodwill | 3 years |
Customer relationships | Top of range | |
Disclosure significant accounting policies and related changes in the current reporting period [line items] | |
Useful life measured as period of time, intangible assets other than goodwill | 6 years |
Furniture | |
Disclosure significant accounting policies and related changes in the current reporting period [line items] | |
Useful life measured as period of time, property, plant and equipment | 5 years |
Equipment | |
Disclosure significant accounting policies and related changes in the current reporting period [line items] | |
Useful life measured as period of time, property, plant and equipment | 5 years |
Computer equipment | |
Disclosure significant accounting policies and related changes in the current reporting period [line items] | |
Useful life measured as period of time, property, plant and equipment | 3 years |
Significant accounting estima_2
Significant accounting estimates and assumptions (Details) $ in Thousands | 12 Months Ended |
Mar. 31, 2021USD ($) | |
Disclosure of changes in accounting estimates [abstract] | |
Income from government grants, related to COVID-19 wage subsidy programs | $ 8,121 |
Business combinations - Vend Na
Business combinations - Vend Narrative (Details) - Vend Limited $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Mar. 31, 2022USD ($) | Mar. 31, 2021USD ($) | Apr. 16, 2021USD ($)shares$ / shares | |
Disclosure of detailed information about business combination [line items] | |||
Fair value of net assets acquired, less cash acquired | $ 371,869 | ||
Cash and cash equivalents | $ 192,020 | ||
Number shares issued as consideration (in shares) | shares | 2,692,277 | ||
Fair value per share transferred (in USD per share) | $ / shares | $ 66.89 | ||
Acquisition-related costs | $ 319 | $ 1,151 | |
Right-of-use assets at acquisition date | $ 2,761 | ||
Lease liabilities at acquisition date | $ 2,761 | ||
Customer relationships | |||
Disclosure of detailed information about business combination [line items] | |||
Useful life measured as period of time, intangible assets other than goodwill | 6 years | ||
Acquired software technologies | |||
Disclosure of detailed information about business combination [line items] | |||
Useful life measured as period of time, intangible assets other than goodwill | 5 years |
Business combinations - Schedul
Business combinations - Schedule of Vend Acquisition (Details) - Vend Limited $ in Thousands | Apr. 16, 2021USD ($) |
Current assets | |
Cash and cash equivalents | $ 12,753 |
Trade receivables and other assets | 3,878 |
Total current assets | 16,631 |
Property and equipment | 868 |
Goodwill | 293,664 |
Customer relationships | 48,300 |
Software technology | 43,700 |
Other long-term assets | 437 |
Total assets | 403,600 |
Current liabilities | |
Accounts payable and accrued liabilities | 4,241 |
Deferred revenue | 5,961 |
Total current liabilities | 10,202 |
Deferred tax liability | 8,776 |
Total liabilities | 18,978 |
Fair value of net assets acquired | 384,622 |
Less: Cash acquired | 12,753 |
Fair value of net assets acquired, less cash acquired | 371,869 |
Paid in Common Shares of the Company | 180,086 |
Paid in cash | 192,020 |
Receivable from Vend (already received) | $ (237) |
Business combinations - NuOrder
Business combinations - NuOrder Narrative (Details) - NuORDER $ / shares in Units, $ in Thousands | 12 Months Ended | |
Mar. 31, 2022USD ($)shares$ / shares | Jul. 01, 2021USD ($)shares$ / shares | |
Disclosure of detailed information about business combination [line items] | ||
Fair value of net assets acquired, less cash acquired | $ 384,053 | |
Paid in cash | $ 207,118 | |
Number shares issued as consideration (in shares) | shares | 500,629 | 2,143,393 |
Fair value per share transferred (in USD per share) | $ / shares | $ 84.16 | $ 84.16 |
Acquisition-related costs | $ 1,662 | |
Right-of-use assets at acquisition date | $ 2,399 | |
Lease liabilities at acquisition date | $ 2,399 | |
Customer relationships | ||
Disclosure of detailed information about business combination [line items] | ||
Useful life measured as period of time, intangible assets other than goodwill | 6 years | |
Acquired software technologies | ||
Disclosure of detailed information about business combination [line items] | ||
Useful life measured as period of time, intangible assets other than goodwill | 5 years |
Business combinations - Sched_2
Business combinations - Schedule of NuOrder (Details) - NuORDER $ in Thousands | Jul. 01, 2021USD ($) |
Current assets | |
Cash and cash equivalents | $ 32,698 |
Trade receivables and other assets | 3,379 |
Total current assets | 36,077 |
Property and equipment | 310 |
Goodwill | 300,516 |
Customer relationships | 56,500 |
Software technology | 48,200 |
Other long-term assets | 598 |
Total assets | 442,201 |
Current liabilities | |
Accounts payable and accrued liabilities | 5,080 |
Deferred revenue | 6,737 |
Total current liabilities | 11,817 |
Deferred revenue | 379 |
Other long-term liabilities | 249 |
Deferred tax liability | 13,005 |
Total liabilities | 25,450 |
Fair value of net assets acquired | 416,751 |
Less: Cash acquired | 32,698 |
Fair value of net assets acquired, less cash acquired | 384,053 |
Paid in Common Shares of the Company | 180,388 |
Paid in cash | 207,118 |
Receivable from NuORDER (already partially received) | $ 3,453 |
Business combinations - Ecwid N
Business combinations - Ecwid Narrative (Details) $ / shares in Units, $ in Thousands | Oct. 01, 2021USD ($)shares$ / shares | Mar. 31, 2022USD ($)shares$ / shares |
Disclosure of detailed information about business combination [line items] | ||
Revenue of acquiree | $ 76,107 | |
Ecwid | ||
Disclosure of detailed information about business combination [line items] | ||
Fair value of net assets acquired, less cash acquired | $ 595,260 | |
Cash and cash equivalents | $ 161,922 | |
Number shares issued as consideration (in shares) | shares | 4,471,586 | 41,410 |
Fair value per share transferred (in USD per share) | $ / shares | $ 98.18 | $ 98.18 |
Acquisition-related costs | $ 3,278 | |
Amortization period, unrecognized expense | 2 years | |
Contingent consideration recognised as of acquisition date | $ 12,805 | |
Indemnified liabilities at acquisition date | $ 5,660 | |
Ecwid | Equity-Settled Share-Based Payment Arrangement | ||
Disclosure of detailed information about business combination [line items] | ||
Number shares issued as consideration (in shares) | shares | 371,088 | |
Fair value per share transferred (in USD per share) | $ / shares | $ 98.18 | |
Amortization period, unrecognized expense | 2 years | |
Ecwid | Restricted Share Units (RSU) | ||
Disclosure of detailed information about business combination [line items] | ||
Number shares issued as consideration (in shares) | shares | 49,875 | |
Fair value per share transferred (in USD per share) | $ / shares | $ 98.18 | |
Amortization period, unrecognized expense | 2 years | |
Ecwid | Acquired software technologies | ||
Disclosure of detailed information about business combination [line items] | ||
Useful life measured as period of time, intangible assets other than goodwill | 5 years |
Business combinations - Sched_3
Business combinations - Schedule of Ecwid (Details) - Ecwid $ in Thousands | Oct. 01, 2021USD ($) |
Current assets | |
Cash and cash equivalents | $ 9,261 |
Trade receivables and other assets | 4,092 |
Total current assets | 13,353 |
Property and equipment | 525 |
Goodwill | 543,160 |
Customer relationships | 22,800 |
Software technology | 49,300 |
Other long-term assets | 168 |
Total assets | 629,306 |
Current liabilities | |
Accounts payable and accrued liabilities | 3,715 |
Income tax payables | 5,527 |
Deferred revenue | 3,774 |
Total current liabilities | 13,016 |
Deferred tax liability | 11,769 |
Total liabilities | 24,785 |
Fair value of net assets acquired | 604,521 |
Less: Cash acquired | 9,261 |
Fair value of net assets acquired, less cash acquired | 595,260 |
Paid in Common Shares of the Company | 439,020 |
Cash and cash equivalents | 161,922 |
Receivable from Ecwid (already partially received) | $ (5,682) |
Revenues - Disaggregation of re
Revenues - Disaggregation of revenue (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Disclosure of revenue from contracts with customers [line items] | ||
Total revenues | $ 548,372 | $ 221,728 |
Subscription revenue | ||
Disclosure of revenue from contracts with customers [line items] | ||
Total revenues | 248,430 | 119,323 |
Transaction-based revenue | ||
Disclosure of revenue from contracts with customers [line items] | ||
Total revenues | 264,044 | 82,951 |
Hardware and other revenue | ||
Disclosure of revenue from contracts with customers [line items] | ||
Total revenues | $ 35,898 | $ 19,454 |
Revenues - Narrative (Details)
Revenues - Narrative (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Disclosure of revenue from contracts with customers [line items] | ||
Revenue that was included in contract liability balance at beginning of period | $ 43,116 | $ 36,622 |
Other current assets | ||
Disclosure of revenue from contracts with customers [line items] | ||
Discounts current contract asset | 4,139 | 1,631 |
Other non-current assets | ||
Disclosure of revenue from contracts with customers [line items] | ||
Discounts non-current contract asset | 5,591 | 2,238 |
Sales and marketing | ||
Disclosure of revenue from contracts with customers [line items] | ||
Amortisation, assets recognised from costs incurred to obtain or fulfill contracts | 8,138 | 6,183 |
Revenues | Hardware and other revenue | ||
Disclosure of revenue from contracts with customers [line items] | ||
Amortisation, assets recognised from costs incurred to obtain or fulfill contracts | $ 3,679 | $ 736 |
Direct cost of revenues (Detail
Direct cost of revenues (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Disclosure of direct cost of revenues [Line Items] | ||
Direct cost of revenues | $ 277,199 | $ 94,059 |
Cost of merchandise sold | 35,832 | 17,234 |
Subscription revenue | ||
Disclosure of direct cost of revenues [Line Items] | ||
Direct cost of revenues | 72,192 | 31,756 |
Transaction-based revenue | ||
Disclosure of direct cost of revenues [Line Items] | ||
Direct cost of revenues | 159,432 | 42,626 |
Hardware and other revenue | ||
Disclosure of direct cost of revenues [Line Items] | ||
Direct cost of revenues | $ 45,575 | $ 19,677 |
Government grants and subsidi_3
Government grants and subsidies (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Disclosure of government grants [Line Items] | ||
Income from government grants | $ 4,739 | $ 13,428 |
Direct cost of revenues | ||
Disclosure of government grants [Line Items] | ||
Income from government grants | 1,144 | 1,651 |
General and administrative | ||
Disclosure of government grants [Line Items] | ||
Income from government grants | 545 | 2,055 |
Research and development | ||
Disclosure of government grants [Line Items] | ||
Income from government grants | 2,692 | 5,871 |
Sales and marketing | ||
Disclosure of government grants [Line Items] | ||
Income from government grants | $ 358 | $ 3,851 |
Employee compensation - Narrati
Employee compensation - Narrative (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Disclosure Of Employee Benefits [Abstract] | ||
Employee benefit expense, excl. tax credits and government subsidies | $ 341,851 | $ 169,809 |
Total share-based compensation and related costs | 109,066 | 44,755 |
Post-employment benefit expense, defined contribution plans | $ 4,264 | $ 1,436 |
Employee compensation - Schedul
Employee compensation - Schedule of Stock Based Compensation (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Disclosure of stock based compensation [Line Items] | ||
Total share-based compensation and related costs | $ 109,066 | $ 44,755 |
Direct cost of revenues | ||
Disclosure of stock based compensation [Line Items] | ||
Total share-based compensation and related costs | 6,345 | 3,231 |
General and administrative | ||
Disclosure of stock based compensation [Line Items] | ||
Total share-based compensation and related costs | 26,377 | 11,123 |
Research and development | ||
Disclosure of stock based compensation [Line Items] | ||
Total share-based compensation and related costs | 29,705 | 10,941 |
Sales and marketing | ||
Disclosure of stock based compensation [Line Items] | ||
Total share-based compensation and related costs | 46,639 | $ 19,460 |
Sales and marketing | Performance Share Units (PSU) | ||
Disclosure of stock based compensation [Line Items] | ||
Total share-based compensation and related costs | $ 10,801 |
Finance income and costs (Detai
Finance income and costs (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Analysis of income and expense [abstract] | ||
Interest income | $ 5,855 | $ 2,544 |
Interest expense | (2,867) | (2,897) |
Net interest income (expense) | $ 2,988 | $ (353) |
Loss per share - Schedule of Ne
Loss per share - Schedule of Net Loss per Common Share (Details) - $ / shares | 12 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Earnings per share [abstract] | ||
Issued common shares (in shares) | 148,661,312 | 128,528,515 |
Weighted average number of Common Shares - Basic (in shares) | 141,580,917 | 105,221,907 |
Weighted average number of Common Shares - Diluted (in shares) | 141,580,917 | 105,221,907 |
Diluted net loss per share (in USD per share) | $ (2.04) | $ (1.18) |
Basic net loss per share (in USD per share) | $ (2.04) | $ (1.18) |
Loss per share - Narrative (Det
Loss per share - Narrative (Details) - shares | 12 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Stock options and awards | ||
Earnings per share [line items] | ||
Weighted average number of potential dilutive securities (in shares) | 10,515,666 | 7,934,988 |
Other current assets (Details)
Other current assets (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Mar. 31, 2021 |
Subclassifications of assets, liabilities and equities [abstract] | ||
Restricted cash and restricted deposits | $ 1,531 | $ 7,749 |
Prepaid expenses and deposits | 20,478 | 10,458 |
Commission asset | 8,959 | 4,000 |
Other | 4,567 | 1,964 |
Other current assets | $ 35,535 | $ 24,171 |
Trade and other receivables (De
Trade and other receivables (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Mar. 31, 2021 |
Disclosure of trade and other receivables [line items] | ||
Total trade receivables | $ 19,851 | $ 11,958 |
Research and development tax credits receivable | 4,195 | 6,605 |
Sales tax receivable | 6,323 | 2,827 |
Merchant cash advances | 6,300 | 2,309 |
Acquisition-related receivables | 9,097 | 1,072 |
Trade and other receivables | 45,766 | 24,771 |
Gross carrying amount | ||
Disclosure of trade and other receivables [line items] | ||
Total trade receivables | 22,894 | 15,477 |
Accumulated impairment | ||
Disclosure of trade and other receivables [line items] | ||
Total trade receivables | $ (3,043) | $ (3,519) |
Leases - Narrative (Details)
Leases - Narrative (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Disclosure of leases - narrative [line items] | ||
Expense relating to variable lease payments not included in measurement of lease liabilities | $ 3,455 | $ 2,000 |
Interest expense on lease liabilities | $ 1,204 | $ 1,048 |
Minimum | ||
Disclosure of leases - narrative [line items] | ||
Lease term | 1 year | |
Maximum | ||
Disclosure of leases - narrative [line items] | ||
Lease term | 8 years |
Leases - Roll-Forward of Right-
Leases - Roll-Forward of Right-To-Use Assets (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Cost | ||
Balance - Beginning of fiscal year | $ 21,206 | $ 15,957 |
Balance - End of fiscal year | 25,539 | 21,206 |
Accumulated depreciation | ||
Balance - Beginning of fiscal year | (21,206) | (15,957) |
Depreciation of right-of-use assets | 7,743 | 3,876 |
Balance - End of fiscal year | (25,539) | (21,206) |
Cost, net accumulated depreciation | ||
Cost, net accumulated depreciation | 25,539 | 21,206 |
Offices | ||
Cost | ||
Balance - Beginning of fiscal year | 20,355 | |
Balance - End of fiscal year | 24,655 | 20,355 |
Accumulated depreciation | ||
Balance - Beginning of fiscal year | (20,355) | |
Balance - End of fiscal year | (24,655) | (20,355) |
Cost, net accumulated depreciation | ||
Cost, net accumulated depreciation | 24,655 | 20,355 |
Vehicles | ||
Cost | ||
Balance - Beginning of fiscal year | 851 | |
Balance - End of fiscal year | 884 | 851 |
Accumulated depreciation | ||
Balance - Beginning of fiscal year | (851) | |
Balance - End of fiscal year | (884) | (851) |
Cost, net accumulated depreciation | ||
Cost, net accumulated depreciation | 884 | 851 |
Gross carrying amount | ||
Cost | ||
Balance - Beginning of fiscal year | 27,054 | 18,403 |
Additions | 6,934 | 5,255 |
Acquired in business combinations | 5,160 | 7,439 |
Modifications to and disposals of lease contracts | (1,863) | (4,373) |
Exchange differences | (284) | 330 |
Balance - End of fiscal year | 37,001 | 27,054 |
Accumulated depreciation | ||
Balance - Beginning of fiscal year | (27,054) | (18,403) |
Modifications to and disposals of lease contracts | (1,863) | (4,373) |
Exchange differences | (284) | 330 |
Balance - End of fiscal year | (37,001) | (27,054) |
Cost, net accumulated depreciation | ||
Cost, net accumulated depreciation | 37,001 | 27,054 |
Accumulated depreciation, amortisation and impairment | ||
Cost | ||
Balance - Beginning of fiscal year | (5,848) | (2,446) |
Modifications to and disposals of lease contracts | (2,071) | (544) |
Exchange differences | (58) | 70 |
Balance - End of fiscal year | (11,462) | (5,848) |
Accumulated depreciation | ||
Balance - Beginning of fiscal year | 5,848 | 2,446 |
Depreciation of right-of-use assets | 7,743 | 3,876 |
Modifications to and disposals of lease contracts | (2,071) | (544) |
Exchange differences | (58) | 70 |
Balance - End of fiscal year | 11,462 | 5,848 |
Cost, net accumulated depreciation | ||
Cost, net accumulated depreciation | $ (11,462) | $ (5,848) |
Leases - Maturity Analysis of L
Leases - Maturity Analysis of Lease Liabilities (Details) $ in Thousands | Mar. 31, 2022USD ($) |
Disclosure of maturity analysis of lease liabilities [line items] | |
Total minimum payments | $ 30,670 |
2023 | |
Disclosure of maturity analysis of lease liabilities [line items] | |
Total minimum payments | 7,633 |
2024 | |
Disclosure of maturity analysis of lease liabilities [line items] | |
Total minimum payments | 6,032 |
2025 | |
Disclosure of maturity analysis of lease liabilities [line items] | |
Total minimum payments | 5,165 |
2026 | |
Disclosure of maturity analysis of lease liabilities [line items] | |
Total minimum payments | 3,583 |
2027 | |
Disclosure of maturity analysis of lease liabilities [line items] | |
Total minimum payments | 2,395 |
2028 and thereafter | |
Disclosure of maturity analysis of lease liabilities [line items] | |
Total minimum payments | $ 5,862 |
Property, plant and equipment_2
Property, plant and equipment (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Disclosure significant accounting policies and related changes in the current reporting period [line items] | ||
Property, plant and equipment at beginning of period | $ 8,342 | |
Depreciation of property and equipment | 4,993 | $ 2,479 |
Property, plant and equipment at end of period | 16,456 | 8,342 |
Furniture | ||
Disclosure significant accounting policies and related changes in the current reporting period [line items] | ||
Property, plant and equipment at beginning of period | 1,173 | |
Property, plant and equipment at end of period | 888 | 1,173 |
Equipment | ||
Disclosure significant accounting policies and related changes in the current reporting period [line items] | ||
Property, plant and equipment at beginning of period | 578 | |
Property, plant and equipment at end of period | 633 | 578 |
Computer equipment | ||
Disclosure significant accounting policies and related changes in the current reporting period [line items] | ||
Property, plant and equipment at beginning of period | 2,019 | |
Property, plant and equipment at end of period | 3,983 | 2,019 |
Leasehold improvements | ||
Disclosure significant accounting policies and related changes in the current reporting period [line items] | ||
Property, plant and equipment at beginning of period | 4,572 | |
Property, plant and equipment at end of period | 10,952 | 4,572 |
Gross carrying amount | ||
Disclosure significant accounting policies and related changes in the current reporting period [line items] | ||
Property, plant and equipment at beginning of period | 17,847 | 15,015 |
Additions | 11,404 | 1,691 |
Acquired through business combinations | 1,703 | 1,141 |
Disposals | (3,916) | |
Property, plant and equipment at end of period | 27,038 | 17,847 |
Gross carrying amount | Furniture | ||
Disclosure significant accounting policies and related changes in the current reporting period [line items] | ||
Property, plant and equipment at beginning of period | 2,177 | 1,848 |
Additions | 19 | 15 |
Acquired through business combinations | 308 | 314 |
Disposals | (190) | |
Property, plant and equipment at end of period | 2,314 | 2,177 |
Gross carrying amount | Equipment | ||
Disclosure significant accounting policies and related changes in the current reporting period [line items] | ||
Property, plant and equipment at beginning of period | 1,759 | 1,754 |
Additions | 461 | 5 |
Acquired through business combinations | 0 | 0 |
Disposals | (245) | |
Property, plant and equipment at end of period | 1,975 | 1,759 |
Gross carrying amount | Computer equipment | ||
Disclosure significant accounting policies and related changes in the current reporting period [line items] | ||
Property, plant and equipment at beginning of period | 6,460 | 4,620 |
Additions | 3,564 | 1,259 |
Acquired through business combinations | 1,122 | 581 |
Disposals | (1,949) | |
Property, plant and equipment at end of period | 9,197 | 6,460 |
Gross carrying amount | Leasehold improvements | ||
Disclosure significant accounting policies and related changes in the current reporting period [line items] | ||
Property, plant and equipment at beginning of period | 7,451 | 6,793 |
Additions | 7,360 | 412 |
Acquired through business combinations | 273 | 246 |
Disposals | (1,532) | |
Property, plant and equipment at end of period | 13,552 | 7,451 |
Accumulated depreciation, amortisation and impairment | ||
Disclosure significant accounting policies and related changes in the current reporting period [line items] | ||
Property, plant and equipment at beginning of period | (9,505) | (7,026) |
Depreciation of property and equipment | 4,993 | 2,479 |
Disposals | 3,916 | |
Property, plant and equipment at end of period | (10,582) | (9,505) |
Accumulated depreciation, amortisation and impairment | Furniture | ||
Disclosure significant accounting policies and related changes in the current reporting period [line items] | ||
Property, plant and equipment at beginning of period | (1,004) | (763) |
Depreciation of property and equipment | 612 | 241 |
Disposals | 190 | |
Property, plant and equipment at end of period | (1,426) | (1,004) |
Accumulated depreciation, amortisation and impairment | Equipment | ||
Disclosure significant accounting policies and related changes in the current reporting period [line items] | ||
Property, plant and equipment at beginning of period | (1,181) | (1,031) |
Depreciation of property and equipment | 406 | 150 |
Disposals | 245 | |
Property, plant and equipment at end of period | (1,342) | (1,181) |
Accumulated depreciation, amortisation and impairment | Computer equipment | ||
Disclosure significant accounting policies and related changes in the current reporting period [line items] | ||
Property, plant and equipment at beginning of period | (4,441) | (3,355) |
Depreciation of property and equipment | 2,722 | 1,086 |
Disposals | 1,949 | |
Property, plant and equipment at end of period | (5,214) | (4,441) |
Accumulated depreciation, amortisation and impairment | Leasehold improvements | ||
Disclosure significant accounting policies and related changes in the current reporting period [line items] | ||
Property, plant and equipment at beginning of period | (2,879) | (1,877) |
Depreciation of property and equipment | 1,253 | 1,002 |
Disposals | 1,532 | |
Property, plant and equipment at end of period | $ (2,600) | $ (2,879) |
Intangible assets (Details)
Intangible assets (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Disclosure of detailed information about intangible assets [line items] | ||
Intangible assets other than goodwill at beginning of period | $ 234,493 | |
Amortization of intangible assets | 91,812 | $ 30,128 |
Intangible assets other than goodwill at end of period | 409,568 | 234,493 |
Acquired software technologies | ||
Disclosure of detailed information about intangible assets [line items] | ||
Intangible assets other than goodwill at beginning of period | 42,244 | |
Intangible assets other than goodwill at end of period | 146,306 | 42,244 |
Customer relationships | ||
Disclosure of detailed information about intangible assets [line items] | ||
Intangible assets other than goodwill at beginning of period | 192,249 | |
Intangible assets other than goodwill at end of period | 263,262 | 192,249 |
Gross carrying amount | ||
Disclosure of detailed information about intangible assets [line items] | ||
Intangible assets other than goodwill at beginning of period | 292,974 | 90,061 |
Acquired through business combinations | 268,800 | 197,199 |
Exchange differences | (2,237) | 5,714 |
Intangible assets other than goodwill at end of period | 559,537 | 292,974 |
Gross carrying amount | Acquired software technologies | ||
Disclosure of detailed information about intangible assets [line items] | ||
Intangible assets other than goodwill at beginning of period | 72,884 | 39,591 |
Acquired through business combinations | 141,200 | 31,700 |
Exchange differences | (503) | 1,593 |
Intangible assets other than goodwill at end of period | 213,581 | 72,884 |
Gross carrying amount | Customer relationships | ||
Disclosure of detailed information about intangible assets [line items] | ||
Intangible assets other than goodwill at beginning of period | 220,090 | 50,470 |
Acquired through business combinations | 127,600 | 165,499 |
Exchange differences | (1,734) | 4,121 |
Intangible assets other than goodwill at end of period | 345,956 | 220,090 |
Accumulated depreciation, amortisation and impairment | ||
Disclosure of detailed information about intangible assets [line items] | ||
Intangible assets other than goodwill at beginning of period | (58,481) | (27,242) |
Exchange differences | (324) | 1,111 |
Amortization of intangible assets | 91,812 | 30,128 |
Intangible assets other than goodwill at end of period | (149,969) | (58,481) |
Accumulated depreciation, amortisation and impairment | Acquired software technologies | ||
Disclosure of detailed information about intangible assets [line items] | ||
Intangible assets other than goodwill at beginning of period | (30,640) | (19,974) |
Exchange differences | (65) | 424 |
Amortization of intangible assets | 36,700 | 10,242 |
Intangible assets other than goodwill at end of period | (67,275) | (30,640) |
Accumulated depreciation, amortisation and impairment | Customer relationships | ||
Disclosure of detailed information about intangible assets [line items] | ||
Intangible assets other than goodwill at beginning of period | (27,841) | (7,268) |
Exchange differences | (259) | 687 |
Amortization of intangible assets | 55,112 | 19,886 |
Intangible assets other than goodwill at end of period | $ (82,694) | $ (27,841) |
Goodwill - Narrative (Details)
Goodwill - Narrative (Details) - USD ($) | 12 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Disclosure of goodwill - impairment analysis [line items] | ||
Goodwill | $ 2,104,368,000 | $ 971,939,000 |
Change through net exchange differences, goodwill | 4,911,000 | |
Impairment loss recognised in profit or loss, goodwill | $ 0 | $ 0 |
Measurement period, cash flow projections | 5 years | |
Cost to sell as a percentage of fair value, goodwill | 2.50% | |
Terminal Value Multiple | 800.00% | |
Forecast | ||
Disclosure of goodwill - impairment analysis [line items] | ||
Terminal Value Multiple | 500.00% | |
Vend Limited | ||
Disclosure of goodwill - impairment analysis [line items] | ||
Additional recognition, goodwill | $ 293,664,000 | |
NuORDER | ||
Disclosure of goodwill - impairment analysis [line items] | ||
Additional recognition, goodwill | 300,516,000 | |
Ecwid | ||
Disclosure of goodwill - impairment analysis [line items] | ||
Additional recognition, goodwill | $ 543,160,000 |
Goodwill - Impairment Analysis
Goodwill - Impairment Analysis (Details) | Mar. 31, 2022 |
Intangible Assets Abstract [Abstract] | |
Pre-Tax Discount Rate | 30.00% |
Terminal Value Multiple | 800.00% |
Revenue Growth Rate | 32.00% |
Other long-term assets (Details
Other long-term assets (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Mar. 31, 2021 |
Other Non Current Assets [Abstract] | ||
Restricted cash | $ 260 | $ 1,325 |
Prepaid expenses and deposits | 5,945 | 2,707 |
Commission asset | 9,604 | 5,234 |
Contract asset | 5,591 | 2,238 |
Total other-long term assets | $ 21,400 | $ 11,504 |
Accounts payable, and accrued_3
Accounts payable, and accrued liabilities (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Mar. 31, 2021 |
Subclassifications of assets, liabilities and equities [abstract] | ||
Trade | $ 39,245 | $ 22,085 |
Accrued compensation and benefits | 25,238 | 20,409 |
Accrued payroll taxes on share-based compensation | 3,594 | 5,689 |
Acquisition-related payables | 5,527 | 13,792 |
Other | 4,703 | 3,077 |
Total accounts payable and accrued liabilities | $ 78,307 | $ 65,052 |
Credit facility (Details)
Credit facility (Details) - USD ($) $ in Thousands | 1 Months Ended | 12 Months Ended |
Jan. 31, 2020 | Mar. 31, 2022 | |
Disclosure of detailed information about borrowings [line items] | ||
Amortization term financing costs | 60 months | |
Demand revolving operating credit facility | ||
Disclosure of detailed information about borrowings [line items] | ||
Maximum borrowing capacity | $ 25,000 | |
Stand-by acquisition term loan | ||
Disclosure of detailed information about borrowings [line items] | ||
Maximum borrowing capacity | $ 50,000 | |
Proceeds from borrowings | $ 30,000 | |
Borrowings, adjustment to interest rate basis | 3.00% | |
Uncommitted portion, stand-by acquisition term loan | ||
Disclosure of detailed information about borrowings [line items] | ||
Maximum borrowing capacity | $ 20,000 |
Share capital (Details)
Share capital (Details) | 12 Months Ended | ||
Mar. 31, 2022voteshares | Mar. 31, 2021shares | Mar. 31, 2020shares | |
Disclosure of classes of share capital [table] | |||
Issued common shares (in shares) | 148,661,312 | 128,528,515 | |
Subordinate voting shares | |||
Disclosure of classes of share capital [table] | |||
Votes per share (in votes per share) | vote | 1 | ||
Issued and Outstanding Shares | |||
Disclosure of classes of share capital [table] | |||
Issued common shares (in shares) | 148,661,312 | 128,528,515 | |
Outstanding common shares (in shares) | 148,661,312 | 128,528,515 | 92,206,817 |
Share capital - Initial Public
Share capital - Initial Public Offering (Details) $ in Thousands | Aug. 13, 2021USD ($)shares | Aug. 11, 2021shares | Sep. 15, 2020USD ($)shares | Mar. 31, 2022USD ($)classOfSharesvote | Mar. 31, 2021USD ($)classOfShares | Dec. 01, 2020 |
Disclosure of classes of share capital [table] | ||||||
Issuance of shares upon public offerings | $ 823,515 | $ 952,534 | ||||
Share issuance costs | $ 33,984 | $ 44,702 | ||||
Conversion ratio, multiple voting shares into subordinate voting shares | 1 | |||||
Number of share classes | classOfShares | 2 | 2 | ||||
Subordinate voting shares | ||||||
Disclosure of classes of share capital [table] | ||||||
Issuance of shares upon public offerings | $ 823,515 | |||||
Share issuance costs | $ 33,042 | $ 18,044 | ||||
Votes per share (in votes per share) | vote | 1 | |||||
Initial public offering | Subordinate voting shares | ||||||
Disclosure of classes of share capital [table] | ||||||
Issuance of shares upon public offerings (in shares) | shares | 8,855,000 | 10,896,196 | ||||
Issuance of shares upon public offerings | $ 332,334 | |||||
Initial public offering, over-allotment option | Subordinate voting shares | ||||||
Disclosure of classes of share capital [table] | ||||||
Issuance of shares upon public offerings (in shares) | shares | 1,155,000 | 896,196 | ||||
Issuance of shares upon public offerings | $ 27,334 | |||||
Initial public offering, secondary sale | Subordinate voting shares | ||||||
Disclosure of classes of share capital [table] | ||||||
Issuance of shares upon public offerings (in shares) | shares | 2,142,808 | |||||
Issuance of shares upon public offerings | $ 65,356 | |||||
Initial public offering, secondary sale | Multiple voting shares | ||||||
Disclosure of classes of share capital [table] | ||||||
Number of shares converted (in shares) | shares | 238,456 |
Share capital - New Issue and S
Share capital - New Issue and Secondary Offering (Details) - USD ($) $ in Thousands | Aug. 13, 2021 | Feb. 12, 2021 | Sep. 15, 2020 | Mar. 31, 2022 | Mar. 31, 2021 |
Disclosure of classes of share capital [table] | |||||
Issuance of shares upon public offerings | $ 823,515 | $ 952,534 | |||
Share issuance costs | $ 33,984 | $ 44,702 | |||
Subordinate voting shares | |||||
Disclosure of classes of share capital [table] | |||||
Issuance of shares upon public offerings | $ 823,515 | ||||
Share issuance costs | $ 33,042 | $ 18,044 | |||
Marketed public offering | Subordinate voting shares | |||||
Disclosure of classes of share capital [table] | |||||
Number of common shares issued, bought deal offering | 9,660,000 | ||||
Issuance of shares upon public offerings (in shares) | 8,860,000 | ||||
Issuance of shares upon public offerings | $ 620,200 | ||||
Share issuance costs | $ 26,202 | ||||
Marketed public offering, over-allotment option | Subordinate voting shares | |||||
Disclosure of classes of share capital [table] | |||||
Number of common shares issued, bought deal offering | 1,260,000 | ||||
Marketed public offering, secondary sale | Subordinate voting shares | |||||
Disclosure of classes of share capital [table] | |||||
Issuance of shares upon public offerings (in shares) | 800,000 | ||||
Proceeds from issue of ordinary shares | $ 56,000 |
Accumulated other comprehensi_3
Accumulated other comprehensive income (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Disclosure of reserves within equity [line items] | ||
Balance - Beginning of fiscal year | $ 9,715 | $ (6,271) |
Other comprehensive income (loss) | (7,038) | 15,986 |
Balance - End of fiscal year | 2,677 | 9,715 |
Foreign currency differences on translation of foreign operations | ||
Disclosure of reserves within equity [line items] | ||
Balance - Beginning of fiscal year | 9,715 | (6,271) |
Other comprehensive income (loss) | (7,061) | 15,986 |
Balance - End of fiscal year | 2,654 | 9,715 |
Hedging reserve | ||
Disclosure of reserves within equity [line items] | ||
Balance - Beginning of fiscal year | 0 | 0 |
Other comprehensive income (loss) | 23 | 0 |
Balance - End of fiscal year | $ 23 | $ 0 |
Income taxes - Income Tax Expen
Income taxes - Income Tax Expense (Recovery) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Current | ||
Current | $ 1,103 | $ 166 |
Deferred | ||
Deferred | (28,024) | (5,958) |
Total income tax recovery | (26,921) | (5,792) |
Canada | ||
Deferred | ||
Deferred | (11) | (55) |
United States | ||
Current | ||
Current | 1,225 | 33 |
Deferred | ||
Deferred | (22,038) | (61) |
Europe | ||
Current | ||
Current | (138) | 140 |
Deferred | ||
Deferred | (1,229) | (3,883) |
New Zealand | ||
Deferred | ||
Deferred | (4,746) | 0 |
Other | ||
Current | ||
Current | 16 | (7) |
Deferred | ||
Deferred | $ 0 | $ (1,959) |
Income taxes - Income Tax Exp_2
Income taxes - Income Tax Expense (Recovery) Reconciliation Canada (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Disclosure Of Income Tax [Abstract] | ||
Income tax recovery at the statutory tax rate | $ (83,589) | $ (34,486) |
Impact of rate differential of foreign jurisdiction | 7,078 | 1,570 |
Non-deductible share-based compensation and related costs | 20,208 | 9,257 |
Acquisition-related compensation and transaction costs | 1,480 | 5,080 |
Other non-deductible expenses (credits) and non-taxable amounts | (496) | 590 |
Changes in unrecognized benefits of deferred tax assets | 27,972 | 11,403 |
Impact of foreign exchange and other | 426 | 794 |
Total income tax recovery | $ (26,921) | $ (5,792) |
Income taxes - Net Deferred Tax
Income taxes - Net Deferred Tax (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Mar. 31, 2021 |
Disclosure of deferred tax [Line Items] | ||
Deferred tax assets | $ 154 | $ 170 |
Deferred tax liabilities | (6,833) | (1,356) |
Net deferred tax liabilities | (6,679) | (1,186) |
Before offset amount | ||
Disclosure of deferred tax [Line Items] | ||
Deferred tax assets | 100,455 | 57,983 |
Deferred tax liabilities | (107,134) | (59,169) |
Property and equipment | ||
Disclosure of deferred tax [Line Items] | ||
Deferred tax assets | 2,402 | 2,115 |
Deferred tax liabilities | (299) | (54) |
Intangible assets | ||
Disclosure of deferred tax [Line Items] | ||
Deferred tax liabilities | (97,647) | (50,476) |
Non-capital losses carried forward | ||
Disclosure of deferred tax [Line Items] | ||
Deferred tax assets | 78,292 | 41,308 |
Lease liabilities | ||
Disclosure of deferred tax [Line Items] | ||
Deferred tax assets | 6,354 | 6,073 |
Deferred revenue | ||
Disclosure of deferred tax [Line Items] | ||
Deferred tax assets | 1,217 | 1,011 |
Interest expenses carried forward | ||
Disclosure of deferred tax [Line Items] | ||
Deferred tax assets | 5,852 | 5,188 |
Lease right-of-use assets | ||
Disclosure of deferred tax [Line Items] | ||
Deferred tax liabilities | (5,140) | (5,000) |
Others | ||
Disclosure of deferred tax [Line Items] | ||
Deferred tax assets | 6,338 | 2,288 |
Deferred tax liabilities | $ (4,048) | $ (3,639) |
Income taxes - Deferred Tax Ass
Income taxes - Deferred Tax Assets (Liabilities) Continuity (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Disclosure of deferred tax [Line Items] | ||
Balance as at March 31, 2021 | $ 1,186 | $ 6,469 |
Charged (credited) to consolidated statement of loss | 28,024 | 5,958 |
Business acquisitions and other | (33,517) | (675) |
Balance as at March 31, 2022 | 6,679 | 1,186 |
Property and equipment | ||
Disclosure of deferred tax [Line Items] | ||
Balance as at March 31, 2021 | 2,061 | 1,696 |
Charged (credited) to consolidated statement of loss | 75 | 321 |
Business acquisitions and other | (33) | 44 |
Balance as at March 31, 2022 | 2,103 | 2,061 |
Non-capital losses carried forward | ||
Disclosure of deferred tax [Line Items] | ||
Balance as at March 31, 2021 | 41,308 | 8,159 |
Charged (credited) to consolidated statement of loss | 3,439 | (1,290) |
Business acquisitions and other | 33,545 | 34,439 |
Balance as at March 31, 2022 | 78,292 | 41,308 |
Lease liabilities | ||
Disclosure of deferred tax [Line Items] | ||
Balance as at March 31, 2021 | 6,073 | 3,557 |
Charged (credited) to consolidated statement of loss | 5 | 2,516 |
Business acquisitions and other | 276 | 0 |
Balance as at March 31, 2022 | 6,354 | 6,073 |
Deferred revenue | ||
Disclosure of deferred tax [Line Items] | ||
Balance as at March 31, 2021 | 1,011 | 0 |
Charged (credited) to consolidated statement of loss | 206 | 0 |
Business acquisitions and other | 0 | 1,011 |
Balance as at March 31, 2022 | 1,217 | 1,011 |
Interest expenses carried forward | ||
Disclosure of deferred tax [Line Items] | ||
Balance as at March 31, 2021 | 5,188 | 0 |
Charged (credited) to consolidated statement of loss | 664 | 2,649 |
Business acquisitions and other | 0 | 2,539 |
Balance as at March 31, 2022 | 5,852 | 5,188 |
Intangible assets | ||
Disclosure of deferred tax [Line Items] | ||
Balance as at March 31, 2021 | (50,476) | (15,403) |
Charged (credited) to consolidated statement of loss | 22,042 | 7,191 |
Business acquisitions and other | (69,213) | (42,264) |
Balance as at March 31, 2022 | (97,647) | (50,476) |
Lease right-of-use assets | ||
Disclosure of deferred tax [Line Items] | ||
Balance as at March 31, 2021 | (5,000) | (3,226) |
Charged (credited) to consolidated statement of loss | 86 | (1,774) |
Business acquisitions and other | (226) | 0 |
Balance as at March 31, 2022 | (5,140) | (5,000) |
Others | ||
Disclosure of deferred tax [Line Items] | ||
Balance as at March 31, 2021 | (1,351) | (1,252) |
Charged (credited) to consolidated statement of loss | 1,507 | (3,655) |
Business acquisitions and other | 2,134 | 3,556 |
Balance as at March 31, 2022 | $ 2,290 | $ (1,351) |
Income taxes - Narrative (Detai
Income taxes - Narrative (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Disclosure of income taxes [Line Items] | ||
Deductible temporary differences for which no deferred tax asset is recognised | $ 394,067 | $ 253,813 |
Non-capital loss carryforwards | 721,289 | 421,002 |
Previously stated | ||
Disclosure of income taxes [Line Items] | ||
Deductible temporary differences for which no deferred tax asset is recognised | 218,801 | |
With expiry | ||
Disclosure of income taxes [Line Items] | ||
Deductible temporary differences for which no deferred tax asset is recognised | 226,403 | 185,666 |
With expiry | Previously stated | ||
Disclosure of income taxes [Line Items] | ||
Deductible temporary differences for which no deferred tax asset is recognised | 177,381 | |
No expiry | ||
Disclosure of income taxes [Line Items] | ||
Deductible temporary differences for which no deferred tax asset is recognised | 167,664 | 68,147 |
No expiry | Previously stated | ||
Disclosure of income taxes [Line Items] | ||
Deductible temporary differences for which no deferred tax asset is recognised | 41,420 | |
Research and development | ||
Disclosure of income taxes [Line Items] | ||
Unused tax credits for which no deferred tax asset recognised | 2,548 | 2,230 |
E-business | ||
Disclosure of income taxes [Line Items] | ||
Unused tax credits for which no deferred tax asset recognised | 3,772 | 2,857 |
Canada | ||
Disclosure of income taxes [Line Items] | ||
Deductible temporary differences for which no deferred tax asset is recognised | 60,237 | 46,412 |
Research and development expense, available for reduction of future taxable income | 15,456 | 13,508 |
Non-capital loss carryforwards | 151,096 | 73,737 |
Provision for tax refund receivable | 3,933 | 3,146 |
Canada | Previously stated | ||
Disclosure of income taxes [Line Items] | ||
Deductible temporary differences for which no deferred tax asset is recognised | 13,272 | |
Non-capital loss carryforwards | 65,452 | |
United States | ||
Disclosure of income taxes [Line Items] | ||
Non-capital loss carryforwards | $ 366,680 | 236,149 |
United States | Previously stated | ||
Disclosure of income taxes [Line Items] | ||
Non-capital loss carryforwards | $ 209,422 |
Income taxes - Non-Capital Loss
Income taxes - Non-Capital Loss Carryforwards (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Mar. 31, 2021 |
Disclosure of income taxes [Line Items] | ||
Non-capital loss carryforwards | $ 721,289 | $ 421,002 |
Canada | ||
Disclosure of income taxes [Line Items] | ||
Non-capital loss carryforwards | 151,096 | 73,737 |
Belgium | ||
Disclosure of income taxes [Line Items] | ||
Non-capital loss carryforwards | 41,928 | 40,383 |
Netherlands | ||
Disclosure of income taxes [Line Items] | ||
Non-capital loss carryforwards | 38,213 | 31,105 |
United States | ||
Disclosure of income taxes [Line Items] | ||
Non-capital loss carryforwards | 366,680 | 236,149 |
Germany | ||
Disclosure of income taxes [Line Items] | ||
Non-capital loss carryforwards | 21,289 | 21,219 |
Switzerland | ||
Disclosure of income taxes [Line Items] | ||
Non-capital loss carryforwards | 36,139 | 13,042 |
New Zealand | ||
Disclosure of income taxes [Line Items] | ||
Non-capital loss carryforwards | 57,366 | 0 |
United Kingdom | ||
Disclosure of income taxes [Line Items] | ||
Non-capital loss carryforwards | 9 | 0 |
Australia | ||
Disclosure of income taxes [Line Items] | ||
Non-capital loss carryforwards | $ 8,569 | $ 5,367 |
Commitments (Details)
Commitments (Details) $ in Thousands | Mar. 31, 2022USD ($) |
Disclosure of detailed information about borrowings [line items] | |
Lease commitments for variable lease payments and short-term leases for which recognition exemption has been used | $ 8,000 |
Payment processors | |
Disclosure of detailed information about borrowings [line items] | |
Contractual commitments | 32,730 |
Service providers | |
Disclosure of detailed information about borrowings [line items] | |
Contractual commitments | $ 60,579 |
Contingencies and Provisions (D
Contingencies and Provisions (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Disclosure of other provisions [line items] | ||
Restructuring | $ 803 | $ 1,760 |
Legal proceedings provision | ||
Disclosure of other provisions [line items] | ||
Other provisions | 1,775 | |
Provision used, other provisions | 1,487 | |
Insurance Income | $ 516 |
Stock-based compensation - Narr
Stock-based compensation - Narrative (Details) $ in Thousands | 1 Months Ended | 12 Months Ended | ||
Sep. 30, 2020shares | Mar. 31, 2022USD ($)yearshares | Mar. 31, 2021USD ($)year | Dec. 31, 2016seniorExecutives | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||
Number of shares receivable, per share based payments option (in shares) | shares | 1 | |||
Expected volatility | 47.25% | 45.55% | ||
Expected option life | year | 4.07 | 4.27 | ||
Fair value of stock options granted | $ 318,233 | $ 79,581 | ||
Fair value of stock options forfeited | 55,967 | 13,053 | ||
Total share-based compensation and related costs | $ 109,066 | 44,755 | ||
Option pricing model | ||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||
Expected volatility | 41.00% | |||
Expected option life | year | 7 | |||
Share Options | ||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||
Total share-based compensation and related costs | $ 108,916 | 32,739 | ||
Unrecognized expense | $ 147,052 | $ 45,365 | ||
Amortization period, unrecognized expense | 1 year 10 months 24 days | 1 year 5 months 8 days | ||
Legacy Option Plans | ||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||
Number of senior executives | seniorExecutives | 2 | |||
Vesting percentage | 25.00% | |||
Vesting period | 4 years | |||
Term of options granted | 7 years | |||
Maximum number of shares reserved, percentage of shares outstanding | shares | 0.15 | |||
Omnibus Incentive Plan | Share Options | ||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||
Term of options granted | 7 years | |||
Omnibus Incentive Plan | Share Options | Key management personnel of entity | ||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||
Vesting period | 5 years | |||
Term of options granted | 7 years | |||
Omnibus Incentive Plan | Share Options | Minimum | ||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||
Vesting period | 36 months | |||
Omnibus Incentive Plan | Share Options | Maximum | ||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||
Vesting period | 48 months | |||
Omnibus Incentive Plan | PSUs and RSUs | ||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||
Term of options granted | 3 years | |||
Omnibus Incentive Plan | First anniversary | Share Options | ||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||
Vesting percentage | 25.00% | |||
Omnibus Incentive Plan | First anniversary | RSU | ||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||
Vesting percentage | 30.00% | |||
Omnibus Incentive Plan | Quarterly after first anniversary | RSU | ||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||
Vesting percentage | 8.75% | |||
Portion of Omnibus Incentive Plan | First anniversary | Share Options | ||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||
Vesting percentage | 20.00% | |||
Portion of Omnibus Incentive Plan | Second anniversary | Share Options | ||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||
Vesting percentage | 25.00% | |||
Portion of Omnibus Incentive Plan | Third anniversary | Share Options | ||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||
Vesting percentage | 25.00% | |||
Portion of Omnibus Incentive Plan | Fourth anniversary | Share Options | ||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||
Vesting percentage | 30.00% | |||
Amended and Restated Omnibus Plan and Legacy Option Plans | ||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||
Number of shares reserved for issue under options (in shares) | shares | 22,299,196 | |||
ShopKeep plan | ||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||
Number of shares reserved for issue under options (in shares) | shares | 1,226,214 |
Stock-based compensation - Reco
Stock-based compensation - Reconciliation of Stock Options Outstanding (Details) | 12 Months Ended | |
Mar. 31, 2022shares$ / shares | Mar. 31, 2021shares$ / shares | |
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | ||
Outstanding - Beginning of year (in shares) | shares | 6,796,039 | 7,557,574 |
Granted (in shares) | shares | 7,920,684 | 2,183,108 |
Assumed through business combination (in shares) | shares | 0 | 1,226,214 |
Exercised (in shares) | shares | (1,061,359) | (2,951,034) |
Forfeited (in shares) | shares | (1,832,054) | (1,219,823) |
Outstanding - End of fiscal year (in shares) | shares | 11,823,310 | 6,796,039 |
Exercisable - End of fiscal year (in shares) | shares | 2,600,818 | 1,523,685 |
Weighted average exercise price, options outstanding, beginning of year, after foreign exchange adjustment (in USD per share) | $ / shares | $ 24.56 | |
Weighted average exercise price, options outstanding, beginning of year (in USD per share) | $ / shares | $ 24.48 | 15.38 |
Weighted average exercise price, options granted (in USD per share) | $ / shares | 49.47 | 41.55 |
Weighted average exercise price, options assumed in business combination (in USD per share) | $ / shares | 0 | 6.40 |
Weighted average exercise price, options exercised (in USD per share) | $ / shares | 16.48 | 7.12 |
Weighted average exercise price, options forfeited (in USD per share) | $ / shares | 47.84 | 22.48 |
Weighted average exercise price, options outstanding, end of year (in USD per share) | $ / shares | 38.37 | 24.48 |
Weighted average exercisable price, options expired (in USD per share) | $ / shares | $ 23.05 | $ 17.40 |
Share options conditional to share price | ||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | ||
Granted (in shares) | shares | 2,500,000 |
Stock-based compensation - Re_2
Stock-based compensation - Reconciliation of RSU, DSU and PSU Options Outstanding (Details) | 12 Months Ended | |
Mar. 31, 2022shares$ / shares | Mar. 31, 2021shares$ / shares | |
Disclosure of range of exercise prices of outstanding share options [line items] | ||
Outstanding - Beginning of year (in shares) | 6,796,039 | 7,557,574 |
Granted (in shares) | 7,920,684 | 2,183,108 |
Forfeited (in shares) | (1,832,054) | (1,219,823) |
Outstanding - End of fiscal year (in shares) | 11,823,310 | 6,796,039 |
Weighted average exercise price, options outstanding, beginning of year (in USD per share) | $ / shares | $ 24.48 | $ 15.38 |
Weighted average exercise price, options granted (in USD per share) | $ / shares | 49.47 | 41.55 |
Weighted average exercise price, options forfeited (in USD per share) | $ / shares | 47.84 | 22.48 |
Weighted average exercise price, options outstanding, end of year (in USD per share) | $ / shares | $ 38.37 | $ 24.48 |
RSU | ||
Disclosure of range of exercise prices of outstanding share options [line items] | ||
Outstanding - Beginning of year (in shares) | 939,833 | 117,769 |
Granted (in shares) | 3,016,792 | 989,384 |
Released (in shares) | (219,208) | (36,515) |
Forfeited (in shares) | (423,286) | (130,805) |
Outstanding - End of fiscal year (in shares) | 3,314,131 | 939,833 |
Weighted average exercise price, options outstanding, beginning of year (in USD per share) | $ / shares | $ 44.93 | $ 24.67 |
Weighted average exercise price, options granted (in USD per share) | $ / shares | 48.89 | 45.73 |
Weighted average exercise price, options released (in USD per share) | $ / shares | 52.19 | 32.17 |
Weighted average exercise price, options forfeited (in USD per share) | $ / shares | 55.50 | 36.30 |
Weighted average exercise price, options outstanding, end of year (in USD per share) | $ / shares | $ 46.71 | $ 44.93 |
DSU | ||
Disclosure of range of exercise prices of outstanding share options [line items] | ||
Outstanding - Beginning of year (in shares) | 14,751 | 7,109 |
Granted (in shares) | 20,227 | 7,642 |
Released (in shares) | (557) | 0 |
Forfeited (in shares) | 0 | 0 |
Outstanding - End of fiscal year (in shares) | 34,421 | 14,751 |
Weighted average exercise price, options outstanding, beginning of year (in USD per share) | $ / shares | $ 26.68 | $ 25.66 |
Weighted average exercise price, options granted (in USD per share) | $ / shares | 47.14 | 27.64 |
Weighted average exercise price, options released (in USD per share) | $ / shares | 73.39 | 0 |
Weighted average exercise price, options forfeited (in USD per share) | $ / shares | 0 | 0 |
Weighted average exercise price, options outstanding, end of year (in USD per share) | $ / shares | $ 37.95 | $ 26.68 |
PSU | ||
Disclosure of range of exercise prices of outstanding share options [line items] | ||
Outstanding - Beginning of year (in shares) | 75,182 | 84,326 |
Granted (in shares) | 953,290 | 66,038 |
Released (in shares) | (51,094) | (51,094) |
Forfeited (in shares) | (24,088) | (24,088) |
Outstanding - End of fiscal year (in shares) | 953,290 | 75,182 |
Weighted average exercise price, options outstanding, beginning of year (in USD per share) | $ / shares | $ 24.90 | $ 24.75 |
Weighted average exercise price, options granted (in USD per share) | $ / shares | 28.73 | 25.09 |
Weighted average exercise price, options released (in USD per share) | $ / shares | 24.97 | 24.97 |
Weighted average exercise price, options forfeited (in USD per share) | $ / shares | 24.75 | 24.75 |
Weighted average exercise price, options outstanding, end of year (in USD per share) | $ / shares | $ 28.73 | $ 24.90 |
Share options conditional to share price | ||
Disclosure of range of exercise prices of outstanding share options [line items] | ||
Granted (in shares) | 2,500,000 |
Stock-based compensation - Weig
Stock-based compensation - Weighted Average Assumptions of Stock Options Granted (Details) - year | 12 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Disclosure Of Share Based Payment Arrangements [Abstract] | ||
Expected volatility | 47.25% | 45.55% |
Risk-free interest rate | 1.04% | 0.38% |
Expected option life | 4.07 | 4.27 |
Expected dividend yield | 0.00% | 0.00% |
Forfeiture rate | 27.07% | 28.51% |
Stock-based compensation - Summ
Stock-based compensation - Summary of Stock Options Outstanding and Exercisable (Details) | 12 Months Ended | ||
Mar. 31, 2022shares$ / shares | Mar. 31, 2021shares$ / shares | Mar. 31, 2020shares$ / shares | |
Disclosure of range of exercise prices of outstanding share options [line items] | |||
Number of share options outstanding (in shares) | shares | 11,823,310 | 6,796,039 | 7,557,574 |
Weighted average remaining contractual life of outstanding share options (years) | 5 years 9 months 25 days | 5 years 6 months 21 days | |
Weighted average exercise price, options outstanding (in USD per share) | $ 38.37 | $ 24.48 | $ 15.38 |
Number of share options exercisable (in shares) | shares | 2,600,818 | 1,523,685 | |
Weighted average remaining contractual life of share options exercisable (years) | 4 years 5 months 12 days | 5 years 1 month 17 days | |
Weighted average exercisable price, options expired (in USD per share) | $ 23.05 | $ 17.40 | |
Exercise price range one | |||
Disclosure of range of exercise prices of outstanding share options [line items] | |||
Number of share options outstanding (in shares) | shares | 2,735,944 | 1,551,131 | |
Weighted average remaining contractual life of outstanding share options (years) | 4 years 9 months 25 days | 4 years 6 months 3 days | |
Weighted average exercise price, options outstanding (in USD per share) | $ 11.60 | $ 3.95 | |
Number of share options exercisable (in shares) | shares | 1,017,325 | 419,063 | |
Weighted average remaining contractual life of share options exercisable (years) | 3 years 3 months 10 days | 3 years 11 months 8 days | |
Weighted average exercisable price, options expired (in USD per share) | $ 5.02 | $ 3.09 | |
Exercise price range one | Bottom of range | |||
Disclosure of range of exercise prices of outstanding share options [line items] | |||
Exercise price of outstanding share options (in USD per share) | 0.30 | 0.30 | |
Exercise price range one | Top of range | |||
Disclosure of range of exercise prices of outstanding share options [line items] | |||
Exercise price of outstanding share options (in USD per share) | $ 21.90 | $ 4.86 | |
Exercise price range two | |||
Disclosure of range of exercise prices of outstanding share options [line items] | |||
Number of share options outstanding (in shares) | shares | 2,137,518 | 1,334,262 | |
Weighted average remaining contractual life of outstanding share options (years) | 5 years 8 months 1 day | 5 years 4 months 6 days | |
Weighted average exercise price, options outstanding (in USD per share) | $ 24.29 | $ 14.22 | |
Number of share options exercisable (in shares) | shares | 796,323 | 472,154 | |
Weighted average remaining contractual life of share options exercisable (years) | 5 years 1 month 13 days | 5 years 4 months 9 days | |
Weighted average exercisable price, options expired (in USD per share) | $ 24.90 | $ 14.77 | |
Exercise price range two | Bottom of range | |||
Disclosure of range of exercise prices of outstanding share options [line items] | |||
Exercise price of outstanding share options (in USD per share) | 21.91 | 4.87 | |
Exercise price range two | Top of range | |||
Disclosure of range of exercise prices of outstanding share options [line items] | |||
Exercise price of outstanding share options (in USD per share) | $ 27.52 | $ 24.52 | |
Exercise price range three | |||
Disclosure of range of exercise prices of outstanding share options [line items] | |||
Number of share options outstanding (in shares) | shares | 2,238,268 | 1,424,350 | |
Weighted average remaining contractual life of outstanding share options (years) | 6 years 4 months 2 days | 5 years 11 months 1 day | |
Weighted average exercise price, options outstanding (in USD per share) | $ 30.75 | $ 25.82 | |
Number of share options exercisable (in shares) | shares | 302,339 | 308,005 | |
Weighted average remaining contractual life of share options exercisable (years) | 4 years 11 months 8 days | 5 years 9 months 29 days | |
Weighted average exercisable price, options expired (in USD per share) | $ 28.71 | $ 25.53 | |
Exercise price range three | Bottom of range | |||
Disclosure of range of exercise prices of outstanding share options [line items] | |||
Exercise price of outstanding share options (in USD per share) | 27.53 | 24.53 | |
Exercise price range three | Top of range | |||
Disclosure of range of exercise prices of outstanding share options [line items] | |||
Exercise price of outstanding share options (in USD per share) | $ 33.19 | $ 26.73 | |
Exercise price range four | |||
Disclosure of range of exercise prices of outstanding share options [line items] | |||
Number of share options outstanding (in shares) | shares | 1,855,419 | 1,308,231 | |
Weighted average remaining contractual life of outstanding share options (years) | 6 years 3 months | 5 years 11 months 12 days | |
Weighted average exercise price, options outstanding (in USD per share) | $ 45.76 | $ 29.54 | |
Number of share options exercisable (in shares) | shares | 286,652 | 179,099 | |
Weighted average remaining contractual life of share options exercisable (years) | 5 years 25 days | 5 years 10 months 13 days | |
Weighted average exercisable price, options expired (in USD per share) | $ 38.86 | $ 28.73 | |
Exercise price range four | Bottom of range | |||
Disclosure of range of exercise prices of outstanding share options [line items] | |||
Exercise price of outstanding share options (in USD per share) | 33.20 | 26.74 | |
Exercise price range four | Top of range | |||
Disclosure of range of exercise prices of outstanding share options [line items] | |||
Exercise price of outstanding share options (in USD per share) | $ 65.89 | $ 33.52 | |
Exercise price range five | |||
Disclosure of range of exercise prices of outstanding share options [line items] | |||
Number of share options outstanding (in shares) | shares | 2,856,161 | 1,178,065 | |
Weighted average remaining contractual life of outstanding share options (years) | 6 years 2 months 19 days | 6 years 3 months 18 days | |
Weighted average exercise price, options outstanding (in USD per share) | $ 75.73 | $ 55.88 | |
Number of share options exercisable (in shares) | shares | 198,179 | 145,364 | |
Weighted average remaining contractual life of share options exercisable (years) | 6 years 1 month 20 days | 5 years 5 months 19 days | |
Weighted average exercisable price, options expired (in USD per share) | $ 76.67 | $ 35.96 | |
Exercise price range five | Bottom of range | |||
Disclosure of range of exercise prices of outstanding share options [line items] | |||
Exercise price of outstanding share options (in USD per share) | 65.90 | 33.53 | |
Exercise price range five | Top of range | |||
Disclosure of range of exercise prices of outstanding share options [line items] | |||
Exercise price of outstanding share options (in USD per share) | $ 94.03 | $ 72.94 |
Related party transactions (Det
Related party transactions (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Related Party [Abstract] | ||
Short-term employee benefits | $ 2,914 | $ 1,732 |
Share-based payments | 21,251 | 4,200 |
Total compensation paid to key management personnel | $ 24,165 | $ 5,932 |
Financial instruments - Narrati
Financial instruments - Narrative (Details) $ in Thousands | 24 Months Ended | ||||
Jan. 07, 2022USD ($) | Mar. 31, 2022USD ($)CAD ($) | Mar. 31, 2021USD ($)CAD ($) | Mar. 31, 2020USD ($) | Jan. 07, 2020USD ($) | |
Disclosure of detailed information about financial instruments [line items] | |||||
Cash and cash equivalents | $ 953,654 | $ 807,150 | $ 210,969 | ||
Undrawn borrowing facilities | $ 25,000 | ||||
Nominal amount of hedging instrument | 26,000,000 | 0 | |||
Level 3 | Contingent consideration | |||||
Disclosure of detailed information about financial instruments [line items] | |||||
Financial liabilities, at fair value | $ 0 | ||||
Equity price risk | |||||
Disclosure of detailed information about financial instruments [line items] | |||||
10% change in the ordinary share price of the company, impact on accrual for social costs | $ 527 | ||||
Gastrofix | |||||
Disclosure of detailed information about financial instruments [line items] | |||||
Contingent consideration recognised as of acquisition date | $ 0 | ||||
Gastrofix | Level 3 | |||||
Disclosure of detailed information about financial instruments [line items] | |||||
Financial liabilities, at fair value | $ 0 | ||||
Gastrofix | Forecast | |||||
Disclosure of detailed information about financial instruments [line items] | |||||
Maximum amount of potential contingent consideration payable | $ 10,030 |
Financial instruments - Measure
Financial instruments - Measurement at Fair Value (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Mar. 31, 2021 |
Level 1 | Cash and cash equivalents | ||
Disclosure of detailed information about financial instruments [line items] | ||
Financial assets, carrying amount | $ 953,654 | $ 807,150 |
Financial assets, at fair value | 953,654 | 807,150 |
Level 1 | Restricted cash and restricted deposits | ||
Disclosure of detailed information about financial instruments [line items] | ||
Financial assets, carrying amount | 1,791 | 9,074 |
Financial assets, at fair value | 1,791 | 9,074 |
Level 2 | Foreign exchange forward contracts | ||
Disclosure of detailed information about financial instruments [line items] | ||
Financial assets, carrying amount | 23 | |
Financial assets, at fair value | 23 | |
Level 3 | Merchant cash advances | ||
Disclosure of detailed information about financial instruments [line items] | ||
Financial assets, carrying amount | 6,300 | 2,309 |
Financial assets, at fair value | $ 6,300 | 2,309 |
Level 3 | Contingent consideration | ||
Disclosure of detailed information about financial instruments [line items] | ||
Financial liabilities, carrying amount | 0 | |
Financial liabilities, at fair value | $ 0 |
Financial instruments - Allowan
Financial instruments - Allowance for Expected Credit Losses (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Changes in allowance account for credit losses of financial assets [abstract] | ||
Balance – Beginning of fiscal year | $ 3,519 | $ 2,878 |
Increase | 1,603 | 2,777 |
Write-offs | (2,079) | (2,136) |
Balance – End of fiscal year | $ 3,043 | $ 3,519 |
Not past due | ||
Disclosure of detailed information about financial instruments [line items] | ||
Expected loss rate | 3.00% | 3.00% |
Not past due | Gross carrying amount | ||
Disclosure of detailed information about financial instruments [line items] | ||
Financial assets, carrying amount | $ (17,279) | $ (9,328) |
Not past due | Loss allowance | ||
Disclosure of detailed information about financial instruments [line items] | ||
Financial assets, carrying amount | $ 518 | $ 280 |
0–30 | ||
Disclosure of detailed information about financial instruments [line items] | ||
Expected loss rate | 14.00% | 14.00% |
0–30 | Gross carrying amount | ||
Disclosure of detailed information about financial instruments [line items] | ||
Financial assets, carrying amount | $ (2,212) | $ (1,087) |
0–30 | Loss allowance | ||
Disclosure of detailed information about financial instruments [line items] | ||
Financial assets, carrying amount | $ 310 | $ 152 |
30–60 | ||
Disclosure of detailed information about financial instruments [line items] | ||
Expected loss rate | 46.00% | 41.00% |
30–60 | Gross carrying amount | ||
Disclosure of detailed information about financial instruments [line items] | ||
Financial assets, carrying amount | $ (617) | $ (917) |
30–60 | Loss allowance | ||
Disclosure of detailed information about financial instruments [line items] | ||
Financial assets, carrying amount | $ 284 | $ 376 |
60–90 | ||
Disclosure of detailed information about financial instruments [line items] | ||
Expected loss rate | 64.00% | 55.00% |
60–90 | Gross carrying amount | ||
Disclosure of detailed information about financial instruments [line items] | ||
Financial assets, carrying amount | $ (213) | $ (231) |
60–90 | Loss allowance | ||
Disclosure of detailed information about financial instruments [line items] | ||
Financial assets, carrying amount | $ 136 | $ 127 |
90–180 | ||
Disclosure of detailed information about financial instruments [line items] | ||
Expected loss rate | 68.00% | 63.00% |
90–180 | Gross carrying amount | ||
Disclosure of detailed information about financial instruments [line items] | ||
Financial assets, carrying amount | $ (577) | $ (1,156) |
90–180 | Loss allowance | ||
Disclosure of detailed information about financial instruments [line items] | ||
Financial assets, carrying amount | $ 392 | $ 728 |
180+ | ||
Disclosure of detailed information about financial instruments [line items] | ||
Expected loss rate | 70.00% | 67.00% |
180+ | Gross carrying amount | ||
Disclosure of detailed information about financial instruments [line items] | ||
Financial assets, carrying amount | $ (1,996) | $ (2,758) |
180+ | Loss allowance | ||
Disclosure of detailed information about financial instruments [line items] | ||
Financial assets, carrying amount | $ 1,403 | $ 1,856 |
Financial instruments - Maturit
Financial instruments - Maturity Analysis of Financial Liabilities (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Mar. 31, 2021 |
Disclosure of detailed information about financial instruments [line items] | ||
Accrued payroll taxes on share-based compensation | $ 1,007 | $ 3,154 |
Liquidity risk | ||
Disclosure of detailed information about financial instruments [line items] | ||
Accounts payable and accrued liabilities | 78,307 | 65,052 |
Accrued payroll taxes on share-based compensation | 1,007 | 3,154 |
Long-term debt | 30,000 | 30,000 |
Less than 1 Year | Liquidity risk | ||
Disclosure of detailed information about financial instruments [line items] | ||
Accounts payable and accrued liabilities | 78,307 | 65,052 |
Accrued payroll taxes on share-based compensation | 0 | 0 |
Long-term debt | 0 | 0 |
1 to 3 Years | Liquidity risk | ||
Disclosure of detailed information about financial instruments [line items] | ||
Accounts payable and accrued liabilities | 0 | 0 |
Accrued payroll taxes on share-based compensation | 1,007 | 3,154 |
Long-term debt | 30,000 | 0 |
4 to 5 Years | Liquidity risk | ||
Disclosure of detailed information about financial instruments [line items] | ||
Accounts payable and accrued liabilities | 0 | 0 |
Accrued payroll taxes on share-based compensation | 0 | 0 |
Long-term debt | 0 | 30,000 |
>5 Years | Liquidity risk | ||
Disclosure of detailed information about financial instruments [line items] | ||
Accounts payable and accrued liabilities | 0 | 0 |
Accrued payroll taxes on share-based compensation | 0 | 0 |
Long-term debt | $ 0 | $ 0 |
Financial instruments - Currenc
Financial instruments - Currency Risk Exposure (Details) - Currency risk - USD ($) $ in Thousands | 12 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Disclosure of detailed information about financial instruments [line items] | ||
Net financial position exposure | $ (14,087) | $ (30,720) |
Cash and cash equivalents and restricted cash | ||
Disclosure of detailed information about financial instruments [line items] | ||
Net financial position exposure | 30,451 | 22,131 |
Trade and other receivables | ||
Disclosure of detailed information about financial instruments [line items] | ||
Net financial position exposure | 12,798 | 10,154 |
Accounts payable and accrued liabilities | ||
Disclosure of detailed information about financial instruments [line items] | ||
Net financial position exposure | (33,101) | (40,620) |
Accrued payroll taxes on share-based compensation | ||
Disclosure of detailed information about financial instruments [line items] | ||
Net financial position exposure | (789) | (3,064) |
Lease liabilities | ||
Disclosure of detailed information about financial instruments [line items] | ||
Net financial position exposure | (23,446) | (19,321) |
CAD | ||
Disclosure of detailed information about financial instruments [line items] | ||
Net financial position exposure | (14,856) | (21,384) |
Impact of 1% Strengthening in the closing exchange rate on loss before tax | (1,347) | (590) |
CAD | Cash and cash equivalents and restricted cash | ||
Disclosure of detailed information about financial instruments [line items] | ||
Net financial position exposure | 13,885 | 3,141 |
CAD | Trade and other receivables | ||
Disclosure of detailed information about financial instruments [line items] | ||
Net financial position exposure | 3,454 | 5,122 |
CAD | Accounts payable and accrued liabilities | ||
Disclosure of detailed information about financial instruments [line items] | ||
Net financial position exposure | (18,508) | (13,729) |
CAD | Accrued payroll taxes on share-based compensation | ||
Disclosure of detailed information about financial instruments [line items] | ||
Net financial position exposure | (287) | (1,816) |
CAD | Lease liabilities | ||
Disclosure of detailed information about financial instruments [line items] | ||
Net financial position exposure | (13,400) | (14,102) |
EUR | ||
Disclosure of detailed information about financial instruments [line items] | ||
Net financial position exposure | (116) | (4,081) |
Impact of 1% Strengthening in the closing exchange rate on loss before tax | (1,092) | (84) |
EUR | Cash and cash equivalents and restricted cash | ||
Disclosure of detailed information about financial instruments [line items] | ||
Net financial position exposure | 6,270 | 15,913 |
EUR | Trade and other receivables | ||
Disclosure of detailed information about financial instruments [line items] | ||
Net financial position exposure | 4,086 | 2,740 |
EUR | Accounts payable and accrued liabilities | ||
Disclosure of detailed information about financial instruments [line items] | ||
Net financial position exposure | (5,755) | (18,898) |
EUR | Accrued payroll taxes on share-based compensation | ||
Disclosure of detailed information about financial instruments [line items] | ||
Net financial position exposure | (270) | (622) |
EUR | Lease liabilities | ||
Disclosure of detailed information about financial instruments [line items] | ||
Net financial position exposure | (4,447) | (3,214) |
GBP | ||
Disclosure of detailed information about financial instruments [line items] | ||
Net financial position exposure | (3,113) | (2,366) |
Impact of 1% Strengthening in the closing exchange rate on loss before tax | (383) | 20 |
GBP | Cash and cash equivalents and restricted cash | ||
Disclosure of detailed information about financial instruments [line items] | ||
Net financial position exposure | 1,338 | 470 |
GBP | Trade and other receivables | ||
Disclosure of detailed information about financial instruments [line items] | ||
Net financial position exposure | 1,472 | 469 |
GBP | Accounts payable and accrued liabilities | ||
Disclosure of detailed information about financial instruments [line items] | ||
Net financial position exposure | (1,466) | (2,154) |
GBP | Accrued payroll taxes on share-based compensation | ||
Disclosure of detailed information about financial instruments [line items] | ||
Net financial position exposure | (142) | (309) |
GBP | Lease liabilities | ||
Disclosure of detailed information about financial instruments [line items] | ||
Net financial position exposure | (4,315) | (842) |
AUD | ||
Disclosure of detailed information about financial instruments [line items] | ||
Net financial position exposure | 1,833 | (3,663) |
Impact of 1% Strengthening in the closing exchange rate on loss before tax | (512) | (20) |
AUD | Cash and cash equivalents and restricted cash | ||
Disclosure of detailed information about financial instruments [line items] | ||
Net financial position exposure | 2,522 | 958 |
AUD | Trade and other receivables | ||
Disclosure of detailed information about financial instruments [line items] | ||
Net financial position exposure | 2,675 | 793 |
AUD | Accounts payable and accrued liabilities | ||
Disclosure of detailed information about financial instruments [line items] | ||
Net financial position exposure | (2,834) | (4,529) |
AUD | Accrued payroll taxes on share-based compensation | ||
Disclosure of detailed information about financial instruments [line items] | ||
Net financial position exposure | (53) | (239) |
AUD | Lease liabilities | ||
Disclosure of detailed information about financial instruments [line items] | ||
Net financial position exposure | (477) | (646) |
NZD | ||
Disclosure of detailed information about financial instruments [line items] | ||
Net financial position exposure | (255) | (526) |
Impact of 1% Strengthening in the closing exchange rate on loss before tax | (167) | (6) |
NZD | Cash and cash equivalents and restricted cash | ||
Disclosure of detailed information about financial instruments [line items] | ||
Net financial position exposure | 2,651 | 0 |
NZD | Trade and other receivables | ||
Disclosure of detailed information about financial instruments [line items] | ||
Net financial position exposure | 49 | 0 |
NZD | Accounts payable and accrued liabilities | ||
Disclosure of detailed information about financial instruments [line items] | ||
Net financial position exposure | (2,407) | (484) |
NZD | Accrued payroll taxes on share-based compensation | ||
Disclosure of detailed information about financial instruments [line items] | ||
Net financial position exposure | 0 | (42) |
NZD | Lease liabilities | ||
Disclosure of detailed information about financial instruments [line items] | ||
Net financial position exposure | (548) | 0 |
Other | ||
Disclosure of detailed information about financial instruments [line items] | ||
Net financial position exposure | 2,420 | 1,300 |
Impact of 1% Strengthening in the closing exchange rate on loss before tax | (166) | (12) |
Other | Cash and cash equivalents and restricted cash | ||
Disclosure of detailed information about financial instruments [line items] | ||
Net financial position exposure | 3,785 | 1,649 |
Other | Trade and other receivables | ||
Disclosure of detailed information about financial instruments [line items] | ||
Net financial position exposure | 1,062 | 1,030 |
Other | Accounts payable and accrued liabilities | ||
Disclosure of detailed information about financial instruments [line items] | ||
Net financial position exposure | (2,131) | (826) |
Other | Accrued payroll taxes on share-based compensation | ||
Disclosure of detailed information about financial instruments [line items] | ||
Net financial position exposure | (37) | (36) |
Other | Lease liabilities | ||
Disclosure of detailed information about financial instruments [line items] | ||
Net financial position exposure | $ (259) | $ (517) |
Financial instruments - Hedging
Financial instruments - Hedging reserve (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Hedging Reserve of cash flow hedges [Roll Forward] | ||
Balance at beginning of the year | $ 0 | $ 0 |
Unrealized losses on fair value that may be subsequently reclassified to consolidated statements of loss | (337) | 0 |
Losses reclassified to direct cost of revenues, general and administrative expenses, research and development expenses, and sales and marketing expenses. | 360 | 0 |
Balance at end of the year | $ 23 | $ 0 |
Geographic information - Assets
Geographic information - Assets per Geographic Segment (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2022 | Mar. 31, 2021 | Mar. 31, 2020 | |
Disclosure of geographical areas [line items] | |||
Property and equipment | $ 16,456 | $ 8,342 | |
Right-of-use assets | 25,539 | 21,206 | $ 15,957 |
Intangible assets | 409,568 | 234,493 | |
Goodwill | 2,104,368 | 971,939 | |
Revenues | 548,372 | 221,728 | |
Canada | |||
Disclosure of geographical areas [line items] | |||
Property and equipment | 10,356 | 5,536 | |
Right-of-use assets | 10,062 | 10,266 | |
Intangible assets | 990 | 3,563 | |
Goodwill | 2,104,368 | 971,939 | |
Revenues | 33,423 | 17,636 | |
United States | |||
Disclosure of geographical areas [line items] | |||
Property and equipment | 1,155 | 1,083 | |
Right-of-use assets | 6,079 | 6,225 | |
Intangible assets | 303,393 | 184,797 | |
Goodwill | 0 | 0 | |
Revenues | 395,871 | 140,856 | |
New Zealand | |||
Disclosure of geographical areas [line items] | |||
Property and equipment | 656 | 0 | |
Right-of-use assets | 517 | 0 | |
Intangible assets | 75,892 | 0 | |
Goodwill | 0 | 0 | |
Germany | |||
Disclosure of geographical areas [line items] | |||
Property and equipment | 288 | 312 | |
Right-of-use assets | 1,312 | 1,624 | |
Intangible assets | 16,594 | 25,711 | |
Goodwill | 0 | 0 | |
Other | |||
Disclosure of geographical areas [line items] | |||
Property and equipment | 4,001 | 1,411 | |
Right-of-use assets | 7,569 | 3,091 | |
Intangible assets | 12,699 | 20,422 | |
Goodwill | 0 | 0 | |
Revenues | $ 70,190 | $ 34,529 |
Geographic information - Sales
Geographic information - Sales per Geographic Segment (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Disclosure of geographical areas [line items] | ||
Total revenues | $ 548,372 | $ 221,728 |
United States | ||
Disclosure of geographical areas [line items] | ||
Total revenues | 395,871 | 140,856 |
Canada | ||
Disclosure of geographical areas [line items] | ||
Total revenues | 33,423 | 17,636 |
Australia | ||
Disclosure of geographical areas [line items] | ||
Total revenues | 29,230 | 13,627 |
Netherlands | ||
Disclosure of geographical areas [line items] | ||
Total revenues | 19,658 | 15,080 |
Other | ||
Disclosure of geographical areas [line items] | ||
Total revenues | $ 70,190 | $ 34,529 |