Shopify Announces Third-Quarter 2018 Financial Results
Third-Quarter Revenue Grows 58% Year on Year
Shopify reports in U.S. dollars and in accordance with U.S. GAAP
Shopify Inc. (NYSE:SHOP)(TSX:SHOP), the leading multi-channel commerce platform, today announced strong financial results for
the quarter ended September 30, 2018.
“Solid execution and continued rapid growth drove our strong results in the third quarter,” stated Amy Shapero, Shopify’s CFO.
“We relentlessly shipped new products and features to prepare our merchants for their biggest selling season of the year,
merchants’ GMV expansion was well ahead of ecommerce growth overall, and our merchant base continues to expand at a healthy clip.
We’re well positioned to close 2018 and enter 2019 with excellent momentum.”
Third-Quarter Financial Highlights
- Total revenue in the third quarter was $270.1 million, a 58% increase from the comparable quarter in
2017.
- Subscription Solutions revenue grew 46% to $120.5 million. This increase was driven primarily by
growth in Monthly Recurring Revenue1 (“MRR”), driven primarily by an increase in the number of merchants joining the
Shopify platform.
- Merchant Solutions revenue grew 68%, to $149.5 million, driven primarily by the growth of Gross
Merchandise Volume2 (“GMV”), as well as by strong growth in Shopify Capital and Shopify Shipping, each of which
doubled over last year’s third quarter.
- MRR as of September 30, 2018 was $37.9 million, up 41% compared with $26.8 million as of September
30, 2017. Shopify Plus contributed $9.2 million, or 24%, of MRR compared with 20% of MRR as of September 30, 2017.
- GMV for the third quarter was $10.0 billion, an increase of $3.6 billion, or 55% over the third
quarter of 2017. Gross Payments Volume3 (“GPV”) grew to $4.1 billion, which accounted for 41% of GMV processed in the
quarter, versus $2.4 billion, or 37%, for the third quarter of 2017.
- Gross profit dollars grew 50% to $149.7 million as compared with the $100 million recorded for the
third quarter of 2017.
- Operating loss for the third quarter of 2018 was $31.4 million, or 12% of revenue, versus a loss of
$12.7 million, or 7.4% of revenue, for the comparable period a year ago.
- Adjusted operating loss4 for the third quarter of 2018 was 1.3% of revenue, or $3.6
million; adjusted operating income for the third quarter of 2017 was 1% of revenue, or $1.7 million.
- Net loss for the third quarter of 2018 was $23.2 million, or $0.22 per share, compared with $9.4
million, or $0.09 per share, for the third quarter of 2017.
- Adjusted net income4 for the third quarter of 2018 was $4.5 million, or $0.04 per share,
compared with adjusted net income of $5.0 million, or $0.05 per share, for the third quarter of 2017.
- At September 30, 2018, Shopify had $1.58 billion in cash, cash equivalents and marketable securities,
compared with $938 million on December 31, 2017.
Third-Quarter Business Highlights
In the third quarter, Shopify continued to deliver features to help merchants sell more, sell more efficiently, and optimize the
value of Shopify’s vast partner ecosystem:
- Shopify launched Locations, a multi-location inventory platform that enables merchants to update and
track inventory quantities across multiple locations from their Shopify account.
- Shopify introduced the new App Store, redesigned to make it easier for merchants to search for,
evaluate, and install apps that help them grow their business. It also benefits our partner ecosystem by offering faster
discovery of apps by the right merchants.
- Shopify launched Shopify AR, making selling with Augmented Reality (AR) accessible for small
businesses. Shopify AR has the potential to revolutionize mobile shopping by bringing products to life through 3D models shoppers
can size up, examine from all angles, and even place in the environment around them, directly through the Safari browser on iOS
12 devices-without the need for a separate mobile app.
- Shopify launched Shopify Payments and a local payment method in Germany, which allows for bank
transfers in addition to credit card payments. Shopify Payments is now available in 10 countries: the U.S., Canada, United
Kingdom, Australia, Ireland, New Zealand, Japan, Singapore, Hong Kong and Germany.
- Shopify Shipping adoption surpassed one-third of all eligible merchants in the second quarter and
continued to climb steadily in the third quarter, as eligible merchants in the United States and Canada increasingly opt in to
Shopify Shipping for its favourable rates and ease of use.
- Purchases from merchants’ stores coming from mobile devices continued to climb in the quarter,
accounting for 77% of traffic and 67% of orders for the three months ended September 30, 2018, versus 74% and 62%, respectively,
for the third quarter of 2017.
- Shopify Capital issued $76.4 million in merchant cash advances in the third quarter of 2018, an
increase of 73% versus the $44.1 million issued in the third quarter of last year. Shopify Capital has grown to nearly $375
million in cumulative cash advanced since its launch in April 2016, approximately $100 million of which was outstanding on
September 30, 2018.
Subsequent to the close of the third quarter:
- Shopify launched its centralized marketing section on the Shopify dashboard where merchants can
leverage apps to create, implement, and evaluate marketing campaigns faster and more efficiently, all directly from their Shopify
dashboard, helping them reach the right audiences and sell more.
- Shopify launched Fraud Protect, a chargeback protection product available to merchants using Shopify
Payments that automates order reviews and covers chargeback costs on eligible orders. Fraud Protect is designed to help merchants
save time and worry less about the liability of fraudulent transactions.
- Shopify opened its first-ever brick-and-mortar space in Los Angeles featuring Shopify’s products,
services, and new technology, and serving as a hub where merchants can visit to receive support, inspiration, and education to
help grow their business.
Financial Outlook
The financial outlook that follows constitutes forward-looking information within the meaning of applicable securities laws and
is based on a number of assumptions and subject to a number of risks. Actual results could vary materially as a result of numerous
factors, including certain risk factors, many of which are beyond Shopify’s control. Please see “Forward-looking Statements”
below.
In addition to the other assumptions and factors described in this press release, Shopify’s outlook assumes the continuation of
growth trends in our industry, our ability to manage our growth effectively and the absence of material changes in our industry or
the global economy. The following statements supersede all prior statements made by Shopify and are based on current expectations.
As these statements are forward-looking, actual results may differ materially.
These statements do not give effect to the potential impact of mergers, acquisitions, divestitures or business combinations that
may be announced or closed after the date hereof. All numbers provided in this section are approximate.
For the full year 2018, Shopify currently expects:
- Revenues in the range of $1.045 billion to $1.055 billion
- GAAP operating loss in the range of $95 million to $97 million
- Adjusted operating profit4 in the range of $8 to $10 million, which excludes stock-based
compensation expenses and related payroll taxes of $105 million
For the fourth quarter of 2018, Shopify currently expects:
- Revenues in the range of $315 million to $325 million
- GAAP operating loss in the range of $15 million to $17 million
- Adjusted operating income4 in the range of $16 million to $18 million, which excludes
stock-based compensation expenses and related payroll taxes of $30 million
Quarterly Conference Call
Shopify’s management team will hold a conference call to discuss its third-quarter results today, October 25, 2018, at 8:30 a.m.
ET. The conference call will be webcast on the investor relations section of Shopify’s website at
https://investors.shopify.com/events/Events-Presentations/default.aspx. An archived replay of the webcast will be available
following the conclusion of the call.
Shopify’s Third-Quarter 2018 Interim Unaudited Condensed Consolidated Financial Statements and Notes and its Third-Quarter 2018
Management’s Discussion and Analysis are available on Shopify’s website at
www.shopify.com, and will be filed on SEDAR at
www.sedar.com and on EDGAR at
www.sec.gov.
About Shopify
Shopify is the leading omni-channel commerce platform. Merchants use Shopify to design, set up, and manage their stores across
multiple sales channels, including mobile, web, social media, marketplaces, brick-and-mortar locations, and pop-up shops. The
platform also provides merchants with a powerful back-office and a single view of their business, from payments to shipping. The
Shopify platform was engineered for reliability and scale, making enterprise-level technology available to businesses of all sizes.
Headquartered in Ottawa, Canada, Shopify currently powers over 600,000 businesses in approximately 175 countries and is trusted by
brands such as Nestle, Kylie Cosmetics, Allbirds, MVMT, and many more.
Non-GAAP Financial Measures
To supplement its consolidated financial statements, which are prepared and presented in accordance with United States generally
accepted accounting principles (GAAP), Shopify uses certain non-GAAP financial measures to provide additional information in order
to assist investors in understanding its financial and operating performance.
Adjusted operating loss/profit, non-GAAP operating expenses, adjusted net loss/income and adjusted net loss/income per share are
non-GAAP financial measures that exclude the effect of share-based compensation expenses and related payroll taxes.
Management uses non-GAAP financial measures internally for financial and operational decision-making and as a means to evaluate
period-to-period comparisons. Shopify believes that these non-GAAP measures provide useful information about operating results,
enhance the overall understanding of past financial performance and future prospects, and allow for greater transparency with
respect to key metrics used by management in its financial and operational decision making. Non-GAAP financial measures are not
recognized measures for financial statement presentation under U.S. GAAP and do not have standardized meanings, and may not be
comparable to similar measures presented by other public companies. Such non-GAAP financial measures should be considered as a
supplement to, and not as a substitute for, or superior to, the corresponding measures calculated in accordance with GAAP. See the
financial tables below for a reconciliation of the non-GAAP measures.
Forward-looking Statements
This press release contains certain forward-looking statements within the meaning of applicable securities laws, including
statements regarding Shopify’s financial outlook and future financial performance. Words such as “expects”, “continue”, “will”,
“anticipates” and “intends” or similar expressions are intended to identify forward-looking statements.
These forward-looking statements are based on Shopify’s current projections and expectations about future
events and financial trends that management believes might affect its financial condition, results of operations, business strategy
and financial needs, and on certain assumptions and analysis made by Shopify in light of the experience and perception of
historical trends, current conditions and expected future developments and other factors management believes are appropriate. These
projections, expectations, assumptions and analyses are subject to known and unknown risks, uncertainties, assumptions and other
factors that could cause actual results, performance, events and achievements to differ materially from those anticipated in these
forward-looking statements. Although Shopify believes that the assumptions underlying these forward-looking statements are
reasonable, they may prove to be incorrect, and readers cannot be assured that actual results will be consistent with these
forward-looking statements. Actual results could differ materially from those projected in the forward-looking statements as a
result of numerous factors, including certain risk factors, many of which are beyond Shopify’s control, including but not limited
to: (i) merchant acquisition and retention; (ii) managing our growth; (iii) our history of losses; (iv) our limited operating
history; (v) our ability to innovate; (vi) a disruption of service or security breach; (vii) payments processed through Shopify
Payments; (viii) our reliance on a single supplier to provide the technology we offer through Shopify Payments; (ix) a breach
involving personally identifiable information; (x) serious software errors or defects; (xi) exchange rate fluctuations; (xii)
achieving or maintaining data transmission capacity; and (xiii) other one-time events and other important factors disclosed
previously and from time to time in Shopify’s filings with the U.S. Securities and Exchange Commission and the securities
commissions or similar securities regulatory authorities in each of the provinces or territories of Canada. The forward-looking
statements contained in this news release represent Shopify’s expectations as of the date of this news release, or as of the date
they are otherwise stated to be made, and subsequent events may cause these expectations to change. Shopify undertakes no
obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or
otherwise, except as may be required by law.
| |
|
Shopify Inc.
Condensed Consolidated Statements of Operations and Comprehensive Loss
(Expressed in US $000’s, except share and per share amounts, unaudited)
|
| |
|
|
Three months ended |
|
Nine Months Ended |
|
|
September
30, 2018
|
|
September
30, 2017
|
|
September
30, 2018
|
|
September
30, 2017
|
|
|
$ |
|
$ |
|
|
$ |
|
|
$ |
|
| Revenues |
|
|
|
|
|
|
|
|
| Subscription solutions |
|
120,517 |
|
|
82,435 |
|
|
331,436 |
|
|
216,113 |
|
| Merchant solutions |
|
149,547 |
|
|
89,021 |
|
|
397,931 |
|
|
234,377 |
|
|
|
270,064 |
|
|
171,456 |
|
|
729,367 |
|
|
450,490 |
|
| Cost of revenues |
|
|
|
|
|
|
|
|
| Subscription solutions |
|
26,600 |
|
|
15,458 |
|
|
74,284 |
|
|
41,400 |
|
| Merchant solutions |
|
93,737 |
|
|
55,971 |
|
|
244,559 |
|
|
149,982 |
|
|
|
120,337 |
|
|
71,429 |
|
|
318,843 |
|
|
191,382 |
|
| Gross profit |
|
149,727 |
|
|
100,027 |
|
|
410,524 |
|
|
259,108 |
|
| Operating expenses |
|
|
|
|
|
|
|
|
| Sales and marketing |
|
91,635 |
|
|
58,314 |
|
|
254,906 |
|
|
158,520 |
|
| Research and development |
|
61,629 |
|
|
36,350 |
|
|
163,650 |
|
|
95,658 |
|
| General and administrative |
|
27,831 |
|
|
18,039 |
|
|
74,430 |
|
|
47,974 |
|
| Total operating expenses |
|
181,095 |
|
|
112,703 |
|
|
492,986 |
|
|
302,152 |
|
| Loss from operations |
|
(31,368 |
) |
|
(12,676 |
) |
|
(82,462 |
) |
|
(43,044 |
) |
|
|
|
|
|
|
|
|
|
| Other income |
|
8,184 |
|
|
3,296 |
|
|
19,423 |
|
|
6,036 |
|
| Net loss |
|
(23,184 |
) |
|
(9,380 |
) |
|
(63,039 |
) |
|
(37,008 |
) |
| Other comprehensive income (loss), net of tax |
|
6,101 |
|
|
2,604 |
|
|
(5,131 |
) |
|
8,672 |
|
| Comprehensive loss |
|
(17,083 |
) |
|
(6,776 |
) |
|
(68,170 |
) |
|
(28,336 |
) |
|
Basic and diluted net loss per share attributable to
shareholders
|
|
(0.22 |
) |
|
(0.09 |
) |
|
|
(0.60 |
) |
|
|
(0.39 |
) |
|
|
Weighted average shares used to compute basic and
diluted net loss per share attributable to
shareholders
|
|
106,647,222 |
|
|
98,777,975 |
|
|
104,976,730 |
|
|
94,502,097 |
|
| |
| |
|
Shopify Inc.
Condensed Consolidated Balance Sheets
(Expressed in US $000’s except share amounts, unaudited)
|
| |
|
|
As at |
|
|
September 30, 2018 |
|
December 31, 2017 |
|
|
$ |
|
$ |
| Assets |
|
|
|
|
| Current assets |
|
|
|
|
| Cash and cash equivalents |
|
243,421 |
|
|
141,677 |
|
| Marketable securities |
|
1,334,804 |
|
|
796,362 |
|
| Trade and other receivables, net |
|
35,799 |
|
|
21,939 |
|
| Merchant cash advances receivable, net |
|
99,518 |
|
|
47,101 |
|
| Other current assets |
|
23,444 |
|
|
18,598 |
|
|
|
1,736,986 |
|
|
1,025,677 |
|
| Long-term assets |
|
|
|
|
| Property and equipment, net |
|
55,754 |
|
|
50,360 |
|
| Intangible assets, net |
|
26,060 |
|
|
17,210 |
|
| Goodwill |
|
22,894 |
|
|
20,317 |
|
|
|
104,708 |
|
|
87,887 |
|
| Total assets |
|
1,841,694 |
|
|
1,113,564 |
|
| Liabilities and shareholders’ equity |
|
|
|
|
| Current liabilities |
|
|
|
|
| Accounts payable and accrued liabilities |
|
107,839 |
|
|
62,576 |
|
| Current portion of deferred revenue |
|
36,987 |
|
|
30,694 |
|
| Current portion of lease incentives |
|
2,121 |
|
|
1,484 |
|
|
|
146,947 |
|
|
94,754 |
|
| Long-term liabilities |
|
|
|
|
| Deferred revenue |
|
1,744 |
|
|
1,352 |
|
| Lease incentives |
|
19,605 |
|
|
14,970 |
|
| Deferred tax liability |
|
1,320 |
|
|
1,388 |
|
|
|
22,669 |
|
|
17,710 |
|
| Shareholders’ equity |
|
|
|
|
|
Common stock, unlimited Class A subordinate voting shares
authorized, 94,487,350 and 87,067,604 issued and outstanding;
unlimited Class B multiple voting shares authorized, 12,481,600
and 12,810,084 issued and outstanding
|
|
1,794,013 |
|
|
1,077,477 |
|
| Additional paid-in capital |
|
66,004 |
|
|
43,392 |
|
| Accumulated other comprehensive income (loss) |
|
(1,696 |
) |
|
3,435 |
|
| Accumulated deficit |
|
(186,243 |
) |
|
(123,204 |
) |
| Total shareholders’ equity |
|
1,672,078 |
|
|
1,001,100 |
|
| Total liabilities and shareholders’ equity |
|
1,841,694 |
|
|
1,113,564 |
|
|
|
|
|
|
|
|
| |
|
Shopify Inc.
Condensed Consolidated Statements of Cash Flows
(Expressed in US $000’s, unaudited)
|
| |
|
|
Nine Months Ended |
|
|
September 30,
2018
|
|
September 30,
2017
|
|
|
$ |
|
|
$ |
|
| Cash flows from operating activities |
|
|
|
|
| Net loss for the period |
|
(63,039)
|
|
(37,008 |
) |
|
Adjustments to reconcile net loss to net cash provided by (used in) operating
activities:
|
|
|
|
|
| Amortization and depreciation |
|
21,204 |
|
15,624 |
|
| Stock-based compensation |
|
68,301 |
|
34,185 |
|
| Provision for uncollectible receivables related to merchant cash advances |
|
|
5,043
|
|
2,473 |
|
| Unrealized foreign exchange (gain) loss |
|
637 |
|
(1,502 |
) |
| Changes in operating assets and liabilities: |
|
|
|
|
| Trade and other receivables |
|
(22,524)
|
|
(8,701 |
) |
| Merchant cash advances receivable |
|
(57,460)
|
|
(40,853 |
) |
| Other current assets |
|
(8,255)
|
|
(2,179 |
) |
| Accounts payable and accrued liabilities |
|
44,203 |
|
15,193 |
|
| Deferred revenue |
|
6,685 |
|
8,862 |
|
| Lease incentives |
|
5,272 |
|
2,812 |
|
| Net cash provided by (used in) operating activities |
|
67 |
|
(11,094 |
) |
| Cash flows from investing activities |
|
|
|
|
| Purchase of marketable securities |
|
(1,689,553)
|
|
(949,202 |
) |
| Maturity of marketable securities |
|
1,160,003 |
|
451,509 |
|
| Acquisitions of property and equipment |
|
(20,432)
|
|
(9,258 |
) |
| Acquisitions of intangible assets |
|
(12,328)
|
|
(2,882 |
) |
| Acquisition of businesses, net of cash acquired |
|
(3,718)
|
|
(15,718 |
) |
| Net cash used by investing activities |
|
(566,028)
|
|
(525,551 |
) |
| Cash flows from financing activities |
|
|
|
|
| Proceeds from the exercise of stock options |
|
|
22,273
|
|
10,500 |
|
| Proceeds from public offering, net of issuance costs |
|
|
646,984
|
|
560,057 |
|
| Net cash provided by financing activities |
|
|
669,257
|
|
570,557 |
|
| Effect of foreign exchange on cash and cash equivalents |
|
(1,552)
|
|
1,924 |
|
| Net increase in cash and cash equivalents |
|
101,744 |
|
35,836 |
|
| Cash and cash equivalents – Beginning of Period |
|
141,677 |
|
84,013 |
|
| Cash and cash equivalents – End of Period |
|
243,421 |
|
119,849 |
|
|
|
|
|
|
| |
|
Shopify Inc.
Reconciliation from GAAP to Non-GAAP Results
(Expressed in US $000’s, except share and per share amounts, unaudited)
|
| |
|
|
Three months ended |
|
Nine Months Ended |
|
|
September 30,
2018
|
|
September 30,
2017
|
|
September 30,
2018
|
|
September 30,
2017
|
|
|
$ |
|
$ |
|
$ |
|
$ |
| GAAP Gross profit |
|
149,727 |
|
|
100,027 |
|
|
410,524 |
|
|
259,108 |
|
| % of Revenue |
|
55 |
% |
|
58 |
% |
|
56 |
% |
|
58 |
% |
| add: stock-based compensation |
|
618 |
|
|
318 |
|
|
1,628 |
|
|
794 |
|
|
add: payroll taxes related to stock-based
compensation
|
|
37 |
|
|
37 |
|
|
153 |
|
|
117 |
|
| Non-GAAP Gross profit |
|
150,382 |
|
|
100,382 |
|
|
412,305 |
|
|
260,019 |
|
| % of Revenue |
|
56 |
% |
|
59 |
% |
|
57 |
% |
|
58 |
% |
|
|
|
|
|
|
|
|
|
| GAAP Sales and marketing |
|
91,635 |
|
|
58,314 |
|
|
254,906 |
|
|
158,520 |
|
| % of Revenue |
|
34 |
% |
|
34 |
% |
|
35 |
% |
|
35 |
% |
| less: stock-based compensation |
|
6,015 |
|
|
2,565 |
|
|
15,775 |
|
|
6,050 |
|
|
less: payroll taxes related to stock-based
compensation
|
|
382 |
|
|
164 |
|
|
1,640 |
|
|
644 |
|
| Non-GAAP Sales and marketing |
|
85,238 |
|
|
55,585 |
|
|
237,491 |
|
|
151,826 |
|
| % of Revenue |
|
32 |
% |
|
32 |
% |
|
33 |
% |
|
34 |
% |
|
|
|
|
|
|
|
|
|
| GAAP Research and development |
|
61,629 |
|
|
36,350 |
|
|
163,650 |
|
|
95,658 |
|
| % of Revenue |
|
23 |
% |
|
21 |
% |
|
22 |
% |
|
21 |
% |
| less: stock-based compensation |
|
14,719 |
|
|
8,595 |
|
|
39,223 |
|
|
21,681 |
|
|
less: payroll taxes related to stock-based
compensation
|
|
950 |
|
|
729 |
|
|
3,583 |
|
|
2,036 |
|
| Non-GAAP Research and development |
|
45,960 |
|
|
27,026 |
|
|
120,844 |
|
|
71,941 |
|
| % of Revenue |
|
17 |
% |
|
16 |
% |
|
17 |
% |
|
16 |
% |
|
|
|
|
|
|
|
|
|
| GAAP General and administrative |
|
27,831 |
|
|
18,039 |
|
|
74,430 |
|
|
47,974 |
|
| % of Revenue |
|
10 |
% |
|
11 |
% |
|
10 |
% |
|
11 |
% |
| less: stock-based compensation |
|
4,833 |
|
|
1,898 |
|
|
11,675 |
|
|
5,659 |
|
|
less: payroll taxes related to stock-based
compensation
|
|
174 |
|
|
83 |
|
|
659 |
|
|
524 |
|
| Non-GAAP General and administrative |
|
22,824 |
|
|
16,058 |
|
|
62,096 |
|
|
41,791 |
|
| % of Revenue |
|
8 |
% |
|
9 |
% |
|
9 |
% |
|
9 |
% |
|
|
|
|
|
|
|
|
|
| GAAP Operating expenses |
|
181,095 |
|
|
112,703 |
|
|
492,986 |
|
|
302,152 |
|
| % of Revenue |
|
67 |
% |
|
66 |
% |
|
68 |
% |
|
67 |
% |
| less: stock-based compensation |
|
25,567 |
|
|
13,058 |
|
|
66,673 |
|
|
33,390 |
|
|
less: payroll taxes related to stock-based
compensation
|
|
1,506 |
|
|
976 |
|
|
5,882 |
|
|
3,204 |
|
| Non-GAAP Operating Expenses |
|
154,022 |
|
|
98,669 |
|
|
420,431 |
|
|
265,558 |
|
| % of Revenue |
|
57 |
% |
|
58 |
% |
|
58 |
% |
|
59 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
Shopify Inc.
Reconciliation from GAAP to Non-GAAP Results (continued)
(Expressed in US $000’s, except share and per share amounts, unaudited)
|
| |
|
|
Three months ended |
|
Nine Months Ended |
|
|
September 30,
2018
|
|
September 30,
2017
|
|
September 30,
2018
|
|
September 30,
2017
|
|
|
$ |
|
$ |
|
$ |
|
$ |
| GAAP Operating loss |
|
(31,368 |
) |
|
(12,676 |
) |
|
(82,462 |
) |
|
(43,044 |
) |
| % of Revenue |
|
(12 |
)% |
|
(7 |
)% |
|
(11 |
)% |
|
(10 |
)% |
| add: stock-based compensation |
|
26,185 |
|
|
13,376 |
|
|
68,301 |
|
|
34,184 |
|
|
add: payroll taxes related to stock-based
compensation
|
|
1,543 |
|
|
1,013 |
|
|
6,035 |
|
|
3,321 |
|
| Adjusted Operating income (loss) |
|
(3,640 |
) |
|
1,713 |
|
|
(8,126 |
) |
|
(5,539 |
) |
| % of Revenue |
|
(1 |
)% |
|
1 |
% |
|
(1 |
)% |
|
(1 |
)% |
|
|
|
|
|
|
|
|
|
| GAAP Net loss |
|
(23,184 |
) |
|
(9,380 |
) |
|
(63,039 |
) |
|
(37,008 |
) |
| % of Revenue |
|
(9 |
)% |
|
(5 |
)% |
|
(9 |
)% |
|
(8 |
)% |
| add: stock-based compensation |
|
26,185 |
|
|
13,376 |
|
|
68,301 |
|
|
34,184 |
|
|
add: payroll taxes related to stock-based
compensation
|
|
1,543 |
|
|
1,013 |
|
|
6,035 |
|
|
3,321 |
|
| Adjusted Net income |
|
4,544 |
|
|
5,009 |
|
|
11,297 |
|
|
497 |
|
| % of Revenue |
|
2 |
% |
|
3 |
% |
|
2 |
% |
|
— |
% |
|
|
|
|
|
|
|
|
|
| GAAP net loss per share attributable to shareholders |
|
(0.22 |
) |
|
(0.09 |
) |
|
(0.60 |
) |
|
(0.39 |
) |
| add: stock-based compensation |
|
0.25 |
|
|
0.14 |
|
|
0.65 |
|
|
0.36 |
|
|
add: payroll taxes related to stock-based
compensation
|
|
0.01 |
|
|
0.01 |
|
|
0.06 |
|
|
0.04 |
|
|
Adjusted net income per share attributable to
shareholders
|
|
0.04 |
|
|
0.05 |
|
|
0.11 |
|
|
0.01 |
|
|
Weighted average shares used to compute GAAP
and non-GAAP net loss per share attributable to
shareholders
|
|
106,647,222 |
|
|
98,777,975 |
|
|
104,976,730 |
|
|
94,502,097 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 1. |
|
Monthly Recurring Revenue, or MRR, is calculated by multiplying the number of
merchants by the average monthly subscription plan fee in effect on the last day of that period and is used by management as a
directional indicator of subscription solutions revenue going forward assuming merchants maintain their subscription plan the
following month. |
| 2. |
|
Gross Merchandise Volume, or GMV, represents the total dollar value of orders
processed on the Shopify platform in the period, net of refunds, and inclusive of shipping and handling, duty and value-added
taxes. |
| 3. |
|
Gross Payments Volume, or GPV, is the amount of GMV processed through Shopify
Payments. |
| 4. |
|
Please refer to “Non-GAAP Financial Measures” in this press release. |
Shopify
INVESTORS:
Katie Keita, 613-241-2828 x 1024
Director, Investor Relations
IR@shopify.com
or
MEDIA:
Sheryl So, 416-238-6705 x 302
Public Relations Manager
press@shopify.com
View source version on businesswire.com: https://www.businesswire.com/news/home/20181025005229/en/