RE:Second quarter financial statements Hi Lauren, excellent job! It is very time consuming and rewarding to do what you did and not many have the patience to do it. I think this is what makes a great investor.
I have a quick question on the foreign exchange that you mentioned. Was this talked about on the conference call? I have not had the time to check it out. I'm going to assume they are comparing q2 2021 with q2 2020 but it's not clear if they are referring to overall revenue being reduced by 6% or just US revenue being reduced by 6% due to currency translation. Anyway, when a transaction is invoiced and paid in full during the quarter an exchange rate for that transaction is recorded. Those that are invoiced but not paid would be recorded at the prevailing exchange rate on Mar 31st 2021. It is best to look at the average exchange rate for Q2 2021 and compare that with q2 2020. I looked at the average exchange rate per month and took a simple mean of the 3 months and I get the following:
Q2 2020:
1us =~ 1.3418 cad
Q2 2021:
1us =~ 1.26419 cad
Last year the US dollar was stronger relative to the Canadian currency as you were able to buy more with it. I get that the q2 exchange rate declined by approximately 6% computed the following way:
(1.3419-1.26419)/1.3418 =~ 5.79%
I'm going to make the assumption that "US revenues" declined by approximately 6% due to currency translation.
Hope that helps,
P.S I like your reference to Babe Ruth. I happen to be an avid sports card collecter and have been since 1987 when I remember buying a pack of o-pee-chee cards for 25 cents!