Shopify (Shop) Q220

Shopify (SHOP)
Price $1053.59 7/29/2020
P/S of 62.17
P/E N/A
Q2 Non-GAAP EPS of $1.05 beats by $1.03; GAAP EPS of $0.29 beats by $0.87.
Revenue of $714.34M (+97.3% Y/Y) beats by $202.78M.

Current:

July 29th, 2020 2Q:2020 earnings’ highlights:
** Revenue was $714.314 million up 97% from $361.979 million
** TTM revenue was $2.080 billion or $16.95 per share
** Earnings per share $.29 up from (loss)($0.26)
** TTM earnings (loss) ($.061)
** Diluted share count 122,749,980 million
** Cash $4.001 billion; debt 0
** Free cash flow for the quarter was $156.601 million up from $2.173 million yoy
** TTM Free cash flow was $51.797 million or $.42 per share
** Stock based compensation for the quarter was $62.3 million up from $39.2 million
** TTM stock based compensation was $204.2 million up from $123.9 million
** Gross profits were $375,034 million up 83% from $204,765 million
** Total operating expenses were $374,750 million up 53% from $244,385 million
** MRR $57 million up 21% compared with $47.1 million
** GMV $30.1 billion up 118% from $13.8 billion
** TTM GMV is $82.9 billion compared to 49.7 billion
**GPV is $13.4 billion up 131% from $5.8 billion this accounted for 45% of GMV
** Trading range between May 6th, 2020 and July 29th, 2020 was $669 to $1107.92 : PE ratio range NA: PS ratio range was 39.48 to 65.38
**The day of the report the stock went from $985 at the close on July 28th to a high of $1,107.92 to close at $1,053.59 an increase of 7 %.

Revenue

Wow Revenue grew at 97.34%. This is the most their Revenue has grown since they IPO’d. This quarter the company was profitable on a Gaap basis. They had Revenue of $714 million dollars giving them a run rate of $2.8 billion dollars. I wasn’t all that impressed with their Subscription solutions only being up 28% (This is the portion where they add customers to a subscription plan) But their Merchant Solutions is hitting it out of the park. It was up 148%. (Merchant solutions is payment processing fees from shopify payments, POS hardware and transaction fees, etc.) Their Gross Merchandise Volume was up a healthy 119%. So their Monthly recurring revenue was only up 21% this month and their portion of Shopify + of that was 29% up 3% YoY.

They were Gaap positive this quarter with $.29 in earnings up from a loss of (.26). They had a non-Gaap earnings of $1.05 up from $.10 YoY. Their Share count is up 10% YoY and is now at 122,749,980 million diluted.


Revenue Growth
Q117  Q217  Q317  Q417  Q118  Q218  Q318  Q418  Q119  Q219  Q319  Q419  Q120 Q220
75%   75%   72%   71%   68%   62%   58%   54%   50%   48%   45%   47%   47%  97%

   
Revenue Guidance                 
         Q217  Q317  Q417  Q118  Q218  Q318  Q418  Q119  Q219  Q319  Q419  Q120  Q220
Guided   65%   66%   59%   57%   53%   49%   44%   44%   43%   40%   39%   38%   N/A 
Actual   75%   72%   71%   68%   62%   58%   54%   50%   48%   45%   47%   47%   97%

All numbers Gaap in Millions except EPS


       Q118     Q218      Q318      Q418     Q119     Q219      Q319      Q419      Q120      Q220    
Rev    $214.3   $245      $270.1    $343.9   $320.5   $362      $391      $505.2    $470      $714
EPS   ($.16)    ($.23)    ($.22)    ($.01)   ($.22)   ($.26)    ($.64)    $.01      ($.27)    $.29      
Share  102.26   105.98    106.65    107.73   110.92   112.01    113.09    113.03    116.81    122.75  

Balance Sheet

Shopify strengthened their balance sheet in order to fund their growth and to take advantage of any M and A deals they want to get involved in by offering Class A subordinate voting shares in the second quarter of 2020 for $1.46 billion. They now have $4.01 billion in cash on the balance sheet with no debt.

 millions
        Q217 Q317 Q417 Q118  Q218  Q318  Q418   Q119   Q219   Q319   Q419   Q120   Q220
Cash    199  927  938  1,580 1,574 1,578 1,970  1,997  2,013  2,670  2,455  2,360  4,001
Debt    $0   $0   $0   $0    $0    $0    $0     $0     $0     $0     $0     $0     $0                                                

CashFlow Statement

Their Free cashflow this quarter really jumped up. They had $156.601 million in Free cash flow this quarter. A good part of that was stock compensation and accounts payable.

  all numbers in millions
        Q118     Q218     Q318     Q418     Q119     Q219     Q319     Q419     Q120      Q220
FCF    ($7.3)   ($10.6)   ($2.5)   $1.7     $14.8    $2.2    ($42.6)   $39.5    ($101.7)  $156.6

Here are some numbers to keep track of.


                   Q317  Q417  Q118  Q218  Q318  Q418  Q119  Q219  Q319  Q419  Q120  Q220
Sub Solutions      65%   67%   61%   55%   46%   42%   40%   43%   42%   36%   34%   28%      
Gr Margin%         58%   54%   58%   55%   55%   53%   56%   57%   56%   52%   55%   53%
Mer. Solutions     79%   74%   75%   68%   68%   63%   58%   57%   58%   64%   57%   148%
GMV                69%   65%   64%   56%   55%   54%   49%   51%   58%   47%   46%   119%             
MRR                65%   62%   57%   49%   41%   37%   36%   34%   34%   32%   25%   21%
Shop + % MRR       20%   21%   22%   23%   24%   25%   26%   26%   27%   27%   28%   29%   

The Company’s sources of revenue consist of subscription solutions and merchant solutions. The Company principally generates subscription solutions revenue through the sale of subscriptions to the platform. The Company also generates additional subscription solutions revenues from the sale of themes and apps, the registration of domain names, and the collection of variable platform fees.
The Company generates merchant solutions revenue by providing additional services to merchants to increase their use of the platform. The majority of the Company’s merchant solutions revenue is from fees earned from merchants based on their customer orders processed through Shopify Payments. The Company also earns merchant solutions revenue relating to Shopify Shipping, Shopify Capital, other transaction services and referral fees, as well as from the sale of Point-of-Sale (POS) hardware.
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.

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.

Shopify Plus is Shopify’s enterprise eCommerce platform for large and growing online stores and brands. It’s a hosted platform customized, staffed, and priced for big brands. .

Conclusion:

It is amazing. A company this big growing at 97 percent revenue growth. When will this end? Nobody really has a clue. I know I don’t because until they get a vaccine for the Corona Virus more and more companies are going on line. That’s just the way it is going to be. Even the Restaurants are going on line and Shopify has a pre designed store just for them to get on line easier. Their free trial period came to an end on May 31st so next quarter we should see how well they did adding subscription Revenue.
Before Shopify started Shopify pay, shipping and all the other portions of their business the MRR was what I wanted to keep my eye on, but now that is just icing on the cake. Their real revenue comes from Merchant solutions. This company has been very smart to diversify and now they have multiple Revenue streams. This is exactly what you want to see. A company keeping the fly wheel moving to bring in more Revenue. What will be next? They still are building out Shopify fulfillment network, 6 rivers system, Shopify balance brand, wholesale B2B and whatever else they can think of in the future. It is amazing how many different levers they are finding to pull.

Last quarter the P/S was around 50 when I wrote my write up. I stated then that I wouldn’t be selling or buying shares, even though it was a good quarter, because I thought it was too expensive. I was wrong, I should have bought a boat load. Now the stock is more expensive and after this quarter I went and bought a bunch of shares. I think this company is going to just keep growing and I could easily see them reaching a market cap of 500 million. I could see them doubling their market cap by the end of 2021. At this time I think this is a fine place to put some of my money back to work.

Historic notes
February 17, 2016 4Q:2015 earnings’ highlights:
** 4Q revenue was $70.173 million up from $35.182 million
** Fiscal 2015 revenue was $205.233 million or $2.63 per share
** 4Q earnings (loss) ($0.08) up from a (loss) ($0.12)
** Fiscal 2015 (loss) ($0.30) up from a (loss) ($0.57)
** Diluted share count 77.997 million
** Cash $190.173 million: debt 0
** Free Cash flow for the year was negative ($769,000)
** Trading range between February 17, 2016 and May 4, 2016 was $19.51 to $32.39: PE NA: PS ratio range 7.42 to 12.32: Cash flow yield NA

May 4, 2016 1Q:2016 earnings’ highlights:
** Revenue was $72.722 million up from $37.348 million
** TTM revenue was $240.607 million or $2.99 per share
** Earnings (loss) ($0.11) up from a (loss) ($0.12)
** TTM earnings were (loss) ($0.29)
** Diluted share count 80.489 million
** Cash $189.5 million: debt 0
** Free Cash flow for the quarter was negative ($2.06 million) down from $1.442 million
** TTM Free cash flow was negative ($4.271 million)
** MRR $12.8 million up 73%
** GMV $2.7 billion up 102%
** Trading range between May 4, 2015 and August 3, 2016 was $25.70 to $34.76: PE ratio range NA: PS ratio range was 8.59 to 11.63: Cash flow yield range NA

August 3, 2016 2Q:2016 earnings’ highlights:
** Revenue was $86.647 million up from $44.926 million
** TTM revenue was $282.328 million or $3.47 per share
** Earnings were (loss) ($0.10) down from loss ($0.06)
** TTM earnings were (loss) ($0.33) per share
** Diluted share count 81.349 million
** Cash $179.646 million: debt 0
** Free Cash flow for six months was negative ($3.852 million) down from $5.447 million
** TTM Free cash flow was ($10.068 million)
** GMV was $3.4 billion
Trading range between August 3, 2016 and November 2, 2016 was $35.55 to $45: PE ratio range NA: PS ratio range was 10.25 to 12.97: Cash flow yield range was NA

November 2, 2016 3Q:2016 earnings’ highlights:
** Revenue was $99.578 million up from $52.786 million
** TTM revenue was $329.12 million or $3.88 per share
** Earnings (loss) ($0.11) down from a (loss) ($0.06)
** TTM earnings (loss) ($0.38) per share
** Diluted share count 84.913 million
** Cash $400.287 million: debt 0
** Free Cash flow for nine months was negative ($7.984 million) down from negative ($568,000)
** TTM Free cash flow was negative ($8.185 million)
** Trading range between November 2, 2016 and February 15, 2017 was $37.74 to $57.16: PS ratio range was 9.73 to 14.73: Cash flow yield range was NA

February 15, 2017 4Q:2016 earnings’ highlights:
** Revenue for the quarter was $130.383 million up 85.8% from $70.173 million
** Fiscal 2016 revenue was $389.33 million up from $205.233 million
** TTM revenue per share was $4.37 per share
** 4Q earnings were (loss) ($0.10) down from a (loss) of ($0.08)
** Fiscal 2016 earnings (loss) ($0.42) down from a (loss) of ($0.30)
** Diluted share count 89.137 million
** Cash $392.414 million: debt 0
** Free Cash flow for the year was negative ($9.716 million) down from negative ($769,000)
** Stock based compensation was $22.896 million up 82.14% from $7.805 million
** Total expenses for the quarter were $139.688 million up from $76.692 million
** Merchants >375,000
** GMV for 2016 was $15.4 billion
** Trading range between February 15, 2017 and May 2, 2017 was $54.30 to $78.19: PS ratio range was 12.43 to 17.89: Cash flow yield NA

May 2, 2017 1Q:2017 earnings’ highlights:
** Revenue was $127.379 million up 75.16% from $72.722 million
** TTM revenue was $443.987 million or $4.92 per share
** Earnings per share (loss) ($0.15) down from (loss)($0.11)
** TTM earnings (loss) ($0.46)
** Diluted share count 90.243 million
** Cash $395.69 million; debt 0
** Free Cash flow for the quarter was $1.366 million up from negative ($2.1 million)
** TTM Free cash flow was $13.18 million or $0.15 per share
** Stock based compensation for the quarter was $9.207 million up from $3.374 million
** TTM stock based compensation was $28.729 million up 25.48% from the fourth quarter
** Gross profits were 72.241 million up 80.2% from $40.085 million
** Cost of sales was $55.138 million up 72.1% from 68.9%
** Total expenses were $141.84 million up from $82.434 million
** Total operating expenses were $86.702 million up 74.11% from $49.797 million
** MRR $20.7 million up 62%
** GMV $4.8 billion up from $2.7 billion
** TTM GMV is $17.5 billion
** Merchants > Give only annual guidance
** Employees 1900 as of December 31, 2017
** Stock based compensation for the quarter was $9.207 up from $3.374
** Trading range between May 2, 2017 and August 1, 2017 was $77.57 to $100.80 (JUNE 9, 2017): PE ratio range NA: PS ratio range was 15.77 to 20.49

August 1, 2017 2Q:2017 earnings’ highlights:
** Revenue was $151.655 million up from $86.647 million
** TTM revenue was $508.995 million or $5.40 per share
** Earnings Loss ($0.15) down from a loss of ($0.10)
** TTM earnings were (loss) ($0.51)
** Diluted share count 94.29 million
** Cash and investments $932.417 million: debt 0
** Free Cash flow for six months was negative ($10.149 million) down from negative ($3.852 million)
** Free Cash flow for the quarter was negative ($11.515 million) down from negative ($1.752 million)
** TTM Free cash flow was negative ($16.013 million)
** GMV $5.8 billion up 74% from $3.4 billion
** TTM GMV $19.9 billion.
** Gross margins 57.26% up from 54.85%
** Stock based compensation for six months was 20.808 million up 148% from $8.375 million
** Stock based compensation for the quarter was $11.601 million up from $5 million
** Trading range between August 1, 2017 and October 31, 2017 was $88.21 to $123.94 (9/18/2017): PE Na: PS ratio range was 16.34 to 22.95

October 31, 2017 3Q:2017 earnings’ highlights:
** Revenue was $171.456 million up 72.18% from $99.578 million
** TTM revenue was $580.87 million or $5.88 per share
** Net income (loss) ($0.09) up from (loss) ($0.11)
** TTM net income per share (loss) ($0.49) per share
** Diluted share count 98.78 million
** Cash $926.559 million: debt 0
** Free Cash flow for nine months was negative ($20.352 million) down from negative ($7.984 million)
** Free Cash flow for the quarter was negative ($10.203 million) down from negative ($4.132 million).
** TTMFree cash flow was negative ($22.084 million)
** GMV was $6.4 billion up from $3.8 billion
** TTM GMV was $22.5 billion
** Stock based compensation for nine months $34.185 million up from $14.834 million
** Stock based compensation for the quarter was $13.377 million up from 6.459 million
** Trading range between October 31, 2017 and February 15, 2018 was $92.41 to $138.16: PE ratio NA: PS ratio range was 15.72 to 23.5

February 15, 2018 4Q:2017 earnings’ highlights:
** 4Q revenue was $222.814 million up 70.89% from $130.383 million
** Fiscal 2017 revenue was $673.304 million up from $389.33 million
** TTM revenue per share was $6.76 per share
** 4Q earnings were (loss) ($0.03) up from a (loss) ($0.10)
** Fiscal 2017 earnings were (loss) ($0.42) compared to ($0.42)
** Diluted share count was 99.552 million
** Free Cash flow for the year was negative ($12.142 million) down from negative ($9.756 million)
** Free Cash flow for the quarter was $8.21 million up from negative ($1.772 million)
** Stock based compensation was $49.163 million up from $22.896 million
** Stock based compensation for the quarter was $28.811 million up 257% from $8.062 million
** Cash was $938.039 million: debt 0
** Trading range between February 15, 2018 and the present February 16, 2018 was $130.30 to $140.75: PS ratio range was 19.28 to 20.82

May 1, 2018 1Q:2018 earnings’ highlights:
** Revenue was $214,340 million up 68% from $127,379 million
** TTM revenue was $760,265 million or $7.43 per share
** Earnings per share (loss) ($0.16) down from (loss)($0.15)
** TTM earnings (loss) ($0.43)
** Diluted share count 102,256,644 million
** Cash $1.580 billion; debt 0
** Free Cash flow for the quarter was negative($7.280 million) down from $1.366 million
** TTM Free cash flow was negative ($19.9 million) or na per share
** Stock based compensation for the quarter was $17,925 million up from $9,207 million
** TTM stock based compensation was $57,881 million
** Gross profits were 123.8 million up 71% from $72.2 million
** Total expenses were $234,673 million up from $141,840 million
** Total operating expenses were $144,175 million up 66% from $86,702 million
** MRR $32,461 million up 57%
** GMV $7.952 billion up from $4.852 billion
** TTM GMV is $29.4 billion
** Merchants > Give only annual guidance
** Trading range between February 16th 2018 and May 1, 2018 was $112.50 to $154.82 PE ratio range NA: PS ratio range was 15.14 to 20.837

July 31, 2018 2Q:2018 earnings’ highlights:
** Revenue was $244,963 million up 64% from $151,655 million
** TTM revenue was $853,573 million or $8.05 per share
** Earnings per share (loss) ($0.23) down from (loss)($0.15)
** TTM earnings (loss) ($0.51)
** Diluted share count 105,978,076 million
** Cash $1.574 billion; debt 0
** Free Cash flow for the quarter was negative($10.6 million) up from negative ($11.5 million)
** TTM Free cash flow was negative ($-19.9 million) or na per share
** Stock based compensation for the quarter was $24,191 million up from $11.6 million
** TTM stock based compensation was $84,304 million
** Gross profits were 137 million up 58% from $86.8million
** Total expenses were $268,916 million up from $165,685 million
** Total operating expenses were $167.7 million up 63% from $102.8 million
** MRR $35.3 million up 49% compared with $23.7 million
** GMV $9.1 billion up 56% from 5.8 billion
** TTM GMV is $32.7 billion
** Merchants > Give only annual guidance
** Trading range between May 2, 2018 and August 1, 2018 was $122.48 to $176.60 : PE ratio range NA: PS ratio range was 15.21 to 21.94
**Shopify dropped 8% the day after the report to finished at 136.36 on August 1st, 2018

October 25th, 2018 3Q:2018 earnings’ highlights:
** Revenue was $270,064 million up 58% from $171,456 million
** TTM revenue was $952,181 million or $8.92 per share
** Earnings per share (loss) ($0.22) down from (loss)($0.09)
** TTM earnings (loss) ($0.70)
** Diluted share count 106,647,222 million
** Cash $1.578 billion; debt 0
**Free Cash flow for the quarter was negative($2.5 million) up from negative (10.3 million)
** TTM Free cash flow was negative ($-12.2 million) or na per share
** Stock based compensation for the quarter was $26.1 million up from $13.4 million
** TTM stock based compensation was $83.3 million
** Gross profits were $149.7 million up 50% from $100 million
** Total operating expenses were $181.1 million up 61% from $112.7 million
** MRR $37.9 million up 41% compared with $26.8 million
** GMV $10 billion up 55% from $6.4 billion
** TTM GMV is $36.2 billion
**GPV is $4.1 billion up 71% from $2.4 billion this accounted for 41% of GMV
** Merchants > Give only annual guidance
** Trading range between Aug 2, 2018 and Oct. 25th, 2018 was $122.05 to $168.95 : PE ratio range NA: PS ratio range was 13.67 to 18.92
**Shopify opened at $131.36 the day of the report and went up to $138.34 to close the day at $136.99

February 12th, 2019 4Q:2018 earnings’ highlights:
** Revenue was $343,862 million up 54% from $222,814 million
** TTM revenue was $1,073,229 billion or $9.96 per share
** Earnings per share (loss) ($0.01) up from (loss)($0.03)
** TTM earnings (loss) ($0.61)
** Diluted share count 107,734,499 million
** Cash $1.970 billion; debt 0
** Free Cash flow for the quarter was $1.739 million down from $8.210 million yoy
** TTM Free cash flow was negative ($-18.6 million) or na per share
** Stock based compensation for the quarter was $27.4 million up from $14.978 million
** TTM stock based compensation was $95.7 million up from $49.2 million
** Gross profits were $185.7 million up 53% from $121.1 million
** Total operating expenses were $195.2 million up 53% from $127.3 million
** MRR $40.9 million up 37% compared with $29.9 million
** GMV $14 billion up 54% from $9.1 billion
** TTM GMV is $41.1 billion
**GPV is $5.8 billion up 65.7% from $3.5 billion this accounted for 41% of GMV
** Shopify Plus ended year with approximately 5300 merchants
** Trading range between Oct.26th, 2018 and Feb.11th, 2019 was $117.64 to $180 : PE ratio range NA: PS ratio range was 11.81 to 18.06
**Shopify opened at $163.65 the day of the report and went up to $175.89 to close the day at $175.55
April 30th, 2019 1Q:2019 earnings’ highlights:
** Revenue was $320,482 million up 49.52% from $214,340 million
** TTM revenue was $1,179,371 billion or $10.63 per share
** Earnings per share (loss) ($0.22) down from (loss)($0.16)
** TTM earnings (loss) ($0.68)
** Diluted share count 110,921,276.00 million
** Cash $1.997 billion; debt 0
**Free Cash flow for the quarter was $14.792 million up from ($7.280) million yoy
** TTM Free cash flow was $3.5 million or 3 cents per share
** Stock based compensation for the quarter was $31.2 million up from $17.9 million
** TTM stock based compensation was $102.6 million up from $49.2 million
** Gross profits were $185.7 million up 53% from $121.1 million
** Total operating expenses were $195.2 million up 53% from $127.3 million
** MRR $40.9 million up 37% compared with $29.9 million
** GMV $11.9 billion up 49% from 8 billion
** TTM GMV is $45 billion
**GPV is $4.9 billion up 63% from $3 billion this accounted for 41% of GMV
** Trading range between Feb 12th, 2019 and June 1st, 2019 was $169.56 to $285.96 : PE ratio range NA: PS ratio range was 15.95 to 24.36

August 1st, 2019 2Q:2019 earnings’ highlights:
** Revenue was $361,979 million up 47.77% from $244,963 million
** TTM revenue was $1,296,387 billion or $11.57 per share
** Earnings per share (loss) ($0.26) down from (loss)($0.23)
** TTM earnings (loss) ($0.71)
** Diluted share count 112,013,409 million
** Cash $2.013 billion; debt 0
** Free Cash flow for the quarter was $2.173 million up from ( $10.264) million yoy
** TTM Free cash flow was 16.243 M or $.15 per share
** Stock based compensation for the quarter was $39.2 million up from $24.2 million
** TTM stock based compensation was $123.9 million up from $84.3 million
** Gross profits were $204.8 million up 50% from $137 million
** Total operating expenses were $244,385 million up 46% from $167,716 million
** MRR $47.1 million up 33% compared with $35.3 million
** GMV $13.8 billion up 51% from $9.1 billion
** TTM GMV is $49.7 billion
**GPV is $5.8 billion up 61% from $3.6 billion this accounted for 42% of GMV
** Trading range between June 3rd, 2019 and August 1st, 2019 was $262.17 to $350.79 : PE ratio range NA: PS ratio range was 22.65 to 30.31
**Shopify opened at $334.01 the day of the report and went up to $350.79 to close at $341.39

October 29th, 2019 3Q:2019 earnings’ highlights:
** Revenue was $390,552 million up 45% from $270,064 million
** TTM revenue was $1,416,875 billion or $12.52 per share
** Earnings per share (loss) ($0.64) down from (loss)($0.22)
** TTM earnings (loss) ($01.13)
** Diluted share count 113,086,997 million
** Cash $2,670,182 billion; debt 0
** Free Cash flow for the quarter was ($42,595) million down from ($2,461) million yoy
** TTM Free cash flow was negative ($-23,891) or na per share
** Stock based compensation for the quarter was $40,064 million up from $26.1 million
** TTM stock based compensation was $137.9 million up from $97 million
** Gross profits were $216.7 million up 45% from $149.7 million
** Total operating expenses were $252.4 million up 39% from $181.1 million
** MRR $50.7 million up 34% compared with $37.9 million
** GMV $14.8 billion up 48% from $10 billion
** TTM GMV is $54.5 billion
**GPV is $6.2 billion up 51% from $4.1 billion this accounted for 41% of GMV
** Trading range between Aug 2nd, 2019 and Oct. 29th, 2019 was $286.07 to $409.61 : PE ratio range NA: PS ratio range was 22.83 to 32.69

February 12th, 2020 4Q:2019 earnings’ highlights:
** Revenue was $505,160 million up 47% from $343,862 million
** TTM revenue was $1,578,173 billion or $ 13.96 per share
** Earnings per share $.01 up from (loss)($0.01)
** TTM earnings (loss) ($1.11)
** Diluted share count 113026424 million
** Cash $2,361 billion; debt 0
** Free Cash flow for the quarter was $39.5 million up from $1.739 million yoy
** TTM Free cash flow was 13,856 million or $.12 per share
** Stock based compensation for the quarter was $27.4 million up from $14.978 million
** TTM stock based compensation was $158.5 million up from $95.6 million
** Gross profits were $263,891 million up 42% from $185,743 million
** Total operating expenses were $293,970 million up 51% from $195,201 million
** MRR $53.9 million up 32% compared with $40.9 million
** GMV $20.6 billion up 47% from $14 billion
** TTM GMV is $61.1 billion
**GPV is $8.9 billion up 53% from $5.8 billion this accounted for 41% of GMV
** Shopify Plus ended year with approximately 7,100 merchants up from 5,300 YoY
** Trading range between Oct.30th, 2019 and Feb.12th, 2020 was $282.08 to $593.89 : PE ratio range NA: PS ratio range was 20.20 to 42.53

May 6th, 2020 1Q:2020 earnings’ highlights:
** Revenue was $470,001 million up 47% from $320,482 million
** TTM revenue was $1,727,692 billion or $14.79 per share
** Earnings per share (loss) ($0.27) down from (loss)($0.22)
** TTM earnings (loss) ($1.16)
** Diluted share count 116,806,549 million
** Cash $2.361 billion; debt 0
** Free Cash flow for the quarter was (loss) (101,695) million down from $14.792 million yoy
** TTM Free cash flow was negative ($102.6 million) or na per share
** Stock based compensation for the quarter was $53.8 million up from $31.2 million
** TTM stock based compensation was $160.5 million up from $96.8 million
** Gross profits were $256,950 million up 43% from $180,291 million
** Total operating expenses were $330.2 million up 53% from $216.1 million
** MRR $55.4 million up 25% compared with $44.2 million
** GMV $17.4 billion up 46% from $11.9 billion
** TTM GMV is $66.6 billion
**GPV is $7.3 billion up 49% from $4.9 billion this accounted for 42% of GMV
** Trading range between Feb. 13th, 2020 and May 6th, 2020 was $305.30 to $739.24 : PE ratio range NA: PS ratio range was 20.64 to 50
**The day of the report the stock went from $672.88 at the opening to a high of $739.24 to close at $733.53 an increase of 9 %.

July 29th, 2020 2Q:2020 earnings’ highlights:
** Revenue was $714.314 million up 97% from $361.979 million
** TTM revenue was $2.080 billion or $16.95 per share
** Earnings per share $.29 up from (loss)($0.26)
** TTM earnings (loss) ($.061)
** Diluted share count 122,749,980 million
** Cash $4.001 billion; debt 0
** Free cash flow for the quarter was $156.601 million up from $2.173 million yoy
** TTM Free cash flow was $51.797 million or $.42 per share
** Stock based compensation for the quarter was $62.3 million up from $39.2 million
** TTM stock based compensation was $204.2 million up from $123.9 million
** Gross profits were $375,034 million up 83% from $204,765 million
** Total operating expenses were $374,750 million up 53% from $244,385 million
** MRR $57 million up 21% compared with $47.1 million
** GMV $30.1 billion up 118% from $13.8 billion
** TTM GMV is $82.9 billion compared to 49.7 billion
**GPV is $13.4 billion up 131% from $5.8 billion this accounted for 45% of GMV
** Trading range between May 6th, 2020 and July 29th, 2020 was $669 to $1107.92 : PE ratio range NA: PS ratio range was 39.48 to 65.38
**The day of the report the stock went from $985 at the close on July 28th to a high of $1,107.92 to close at $1,053.59 an increase of 7 %.

Andy

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