Investor News Details

Shopify Announces Second-Quarter 2019 Financial Results

August 01, 2019

Second-Quarter Revenue Grows 48% Year on Year
Second-Quarter GMV Grows 51% Year on Year 

Shopify reports in U.S. dollars and in accordance with U.S. GAAP

OTTAWA, Ontario--(BUSINESS WIRE)-- Shopify Inc. (NYSE:SHOP)(TSX:SHOP), the leading multi-channel commerce platform, today announced strong financial results for the quarter ended June 30, 2019.

“It should be easier than ever to start a business, but entrepreneurship is still too hard,” said Tobi Lütke, Shopify’s CEO. “Our job is to keep innovating on behalf of entrepreneurs so they can compete in an ever-changing retail landscape. Every announcement we made at Unite, especially the Shopify Fulfillment Network, is designed to democratize commerce and make it easier for our merchants to reach for independence.”

"Our strong performance in the second quarter reflects the success of our ongoing activities and investments to help merchants start selling, sell more, and sell globally," said Amy Shapero, Shopify’s CFO. "The appeal of entrepreneurship is universal, which is why more entrepreneurs everywhere are attracted to Shopify. Our powerful yet easy-to-use retail operating system helps level the playing field, providing expansive opportunities for our merchants and Shopify around the world."

Second-Quarter Financial Highlights

  • Total revenue in the second quarter was $362.0 million, a 48% increase from the comparable quarter in 2018.
  • Subscription Solutions revenue grew 38% to $153.0 million. This increase was driven primarily by growth in Monthly Recurring Revenue1 ("MRR"), largely due to an increase in the number of merchants joining the Shopify platform.
  • Merchant Solutions revenue grew 56%, to $208.9 million, driven primarily by the growth of Gross Merchandise Volume2 ("GMV"), as well as by growth in Shopify Capital and Shopify Shipping.
  • MRR as of June 30, 2019 was $47.1 million, up 34% compared with $35.3 million as of June 30, 2018. Shopify Plus contributed $12.4 million, or 26%, of MRR compared with 23% of MRR as of June 30, 2018.
  • GMV for the second quarter was $13.8 billion, an increase of $4.6 billion, or 51%, over the second quarter of 2018. Gross Payments Volume3 ("GPV") grew to $5.8 billion, which accounted for 42% of GMV processed in the quarter, versus $3.6 billion, or 40%, for the second quarter of 2018.
  • Gross profit dollars were $204.8 million, or 50% growth compared with $137.0 million recorded for the comparable quarter last year, a faster rate than year-over-year revenue growth principally due to new partner pricing terms, which included a one-time benefit.
  • Operating loss for the second quarter of 2019 was $39.6 million, or 11% of revenue, versus a loss of $30.8 million, or 13% of revenue, for the comparable period a year ago.
  • Adjusted operating income4 for the second quarter of 2019 was 1.3% of revenue, or $4.8 million; adjusted operating loss for the second quarter of 2018 was 1.7% of revenue, or $4.3 million.
  • Net loss for the second quarter of 2019 was $28.7 million, or $0.26 per share, compared with $24.0 million, or $0.23 per share, for the second quarter of 2018.
  • Adjusted net income4 for the second quarter of 2019 was $15.8 million, or $0.14 per share, compared with adjusted net income of $2.5 million, or $0.02 per share, for the second quarter of 2018.
  • At June 30, 2019, Shopify had $2.01 billion in cash, cash equivalents and marketable securities, compared with $1.97 billion on December 31, 2018.

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.

Second-Quarter Business Highlights

  • Shopify hosted partners from around the world in Toronto at its 4th annual Shopify Unite conference, where we unveiled new innovations to transform commerce for merchants and consumers globally, including:
    • Shopify Fulfillment Network, available now for early access, which will provide merchants with a network of distributed fulfillment centers and utilize machine learning to ensure timely deliveries and lower shipping costs, putting their brand and customer experience front and center. Since the announcement, both merchants and partners have expressed very strong interest in participating.
    • The new Shopify Plus platform, which helps enterprise merchants manage their businesses at the organizational level, with greater control and wider visibility across multiple stores, through a single view.
    • The next-generation Shopify POS software, which is a faster, more intuitive, and more scalable point- of-sale software for retailers to grow their brick-and-mortar businesses.
    • New ways for merchants to reach international shoppers, including a Translations API to store translated buyer-facing content such as products, collections, and blog posts, and enabling merchants to sell in multiple currencies with Shopify Payments.
    • An upgraded online store design experience, which enables merchants to better customize the look and feel of their store without having to edit the code.
  • Shopify launched native language capabilities in eleven more languages (Traditional Chinese, Simplified Chinese, Danish, Dutch, Finnish, Hindi, Malay, Norwegian, Swedish, Korean and Thai), bringing the total number of languages in which the Shopify Admin is available to 18.
  • Shopify launched Shopify Payments in the Netherlands enabling iDEAL as a local online banking payment method in addition to credit card payments, and in Denmark, Shopify Payments will support Visa Dankort’s debit payments expanding the availability of Shopify Payments to 13 countries.
  • Shopify launched a new integration for Shopify Ping with Apple Business Chat as a new way for merchants to talk to, support, and create a personal connection with customers, increasing trust and conversion to sales.
  • Shopify Shipping adoption continued to climb, with more than 42% of eligible merchants in the United States and Canada using Shopify Shipping in the quarter.
  • Purchases from merchants’ stores coming from mobile devices versus desktop continued to climb in the quarter, accounting for nearly 80% of traffic and 70% of orders for the three months ended June 30, 2019, versus 76% and 66%, respectively, for the second quarter of 2018.
  • Shopify Capital issued $93.0 million in merchant cash advances and loans in the second quarter of 2019, an increase of 36% versus the $68.5 million issued in the second quarter of last year. Shopify Capital has grown to approximately $638 million in cumulative cash advanced since its launch in April 2016 through the second quarter of 2019, approximately $115.6 million of which was outstanding on June 30, 2019.

Subsequent to the close of our second quarter, Shopify expanded Shopify Capital to merchants not on Shopify Payments, providing access to simple, fast, and convenient working capital to accelerate the growth of their business.

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.

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 2019, Shopify currently expects:

  • Revenues in the range of $1.51 billion to $1.53 billion
  • GAAP operating loss in the range of $145 million to $155 million
  • Adjusted operating income4 in the range of $20 to $30 million, which excludes stock-based compensation expenses and related payroll taxes of $175 million

For the third quarter of 2019, Shopify currently expects:

  • Revenues in the range of $377 million to $382 million
  • GAAP operating loss in the range of $44 million to $47 million
  • Adjusted operating income4 in the range of $0 to $3 million, which excludes stock-based compensation expenses and related payroll taxes of $47 million

Quarterly Conference Call

Shopify’s management team will hold a conference call to discuss our second-quarter results today, August 1, 2019, 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 Second-Quarter 2019 Interim Unaudited Condensed Consolidated Financial Statements and Notes and its Second-Quarter 2019 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 multi-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 800,000 businesses in approximately 175 countries and is trusted by brands such as Unilever, Kylie Cosmetics, Allbirds, MVMT, and many more.

Non-GAAP Financial Measures

To supplement our 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 our financial and operating performance.

Adjusted operating income (loss), non-GAAP operating expenses, adjusted net income and adjusted net 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) the security of personal information we store relating to merchants and their customers, and consumers with whom we have a direct relationship; (x) evolving privacy laws and regulations, cross-border data transfer restrictions, data localization requirements and other domestic or foreign regulations; (xi) our potential inability to hire, retain and motivate qualified personnel; (xii) international sales and the use of our platform in various countries; 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

 

Six months ended

 

June 30, 2019

 

June 30, 2018

 

June 30, 2019

 

June 30, 2018

 

$

 

$

 

$

 

$

Revenues

 

 

 

 

 

 

 

 

Subscription solutions

153,047

 

 

110,721

 

 

293,498

 

 

210,919

 

Merchant solutions

208,932

 

 

134,242

 

 

388,963

 

 

248,384

 

 

361,979

 

 

244,963

 

 

682,461

 

 

459,303

 

Cost of revenues

 

 

 

 

 

 

 

 

Subscription solutions

29,538

 

 

24,524

 

 

57,523

 

 

47,684

 

Merchant solutions

127,676

 

 

83,484

 

 

239,882

 

 

150,822

 

 

157,214

 

 

108,008

 

 

297,405

 

 

198,506

 

Gross profit

204,765

 

 

136,955

 

 

385,056

 

 

260,797

 

Operating expenses

 

 

 

 

 

 

 

 

Sales and marketing

119,210

 

 

87,487

 

 

224,232

 

 

163,271

 

Research and development

85,520

 

 

54,305

 

 

161,875

 

 

102,021

 

General and administrative

39,655

 

 

25,924

 

 

74,359

 

 

46,599

 

Total operating expenses

244,385

 

 

167,716

 

 

460,466

 

 

311,891

 

Loss from operations

(39,620

)

 

(30,761

)

 

(75,410

)

 

(51,094)

 

 

 

 

 

 

 

 

 

 

Other income

10,942

 

 

6,808

 

 

22,581

 

 

11,239

 

Net loss

(28,678

)

 

(23,953

)

 

(52,829

)

 

(39,855)

 

Other comprehensive income (loss), net of tax

6,746

 

 

(4,398

)

 

16,020

 

 

(11,232

)

Comprehensive loss

(21,932

)

 

(28,351

)

 

(36,809

)

 

(51,087)

 

Basic and diluted net loss per share attributable to shareholders

(0.26

)

 

(0.23

)

 

(0.47

)

 

(0.38

)

Weighted average shares used to compute basic and diluted net loss per share attributable to shareholders

112,013,409

 

 

105,978,076

 

 

111,470,359

 

 

104,127,640

 

Shopify Inc.
Condensed Consolidated Balance Sheets
(Expressed in US $000’s except share amounts, unaudited)

 

As at

 

June 30, 2019

 

December 31, 2018

 

$

 

$

Assets

 

 

 

Current assets

 

 

 

Cash and cash equivalents

668,990

 

 

410,683

 

Marketable securities

1,344,341

 

 

1,558,987

 

Trade and other receivables, net

45,840

 

 

41,347

 

Merchant cash advances and loans receivable, net

115,556

 

 

91,873

 

Other current assets

36,438

 

 

26,192

 

 

2,211,165

 

 

2,129,082

 

Long-term assets

 

 

 

Property and equipment, net

84,159

 

 

61,612

 

Intangible assets, net

25,314

 

 

26,072

 

Right-of-use assets

98,285

 

 

 

Goodwill

48,375

 

 

38,019

 

 

256,133

 

 

125,703

 

Total assets

2,467,298

 

 

2,254,785

 

Liabilities and shareholders’ equity

 

 

 

Current liabilities

 

 

 

Accounts payable and accrued liabilities

142,000

 

 

96,956

 

Deferred revenue

45,707

 

 

39,180

 

Lease liabilities

5,644

 

 

2,552

 

 

193,351

 

 

138,688

 

Long-term liabilities

 

 

 

Deferred revenue

2,092

 

 

1,881

 

Lease liabilities

108,873

 

 

22,316

 

Deferred tax liability

1,798

 

 

1,132

 

 

112,763

 

 

25,329

 

Commitments and contingencies

 

 

 

Shareholders’ equity

 

 

 

Common stock, unlimited Class A subordinate voting shares authorized,
100,282,712 and 98,081,889 issued and outstanding; unlimited Class B
multiple voting shares authorized, 12,247,861 and 12,310,800 issued and outstanding

2,313,198

 

 

2,215,936

 

Additional paid-in capital

76,393

 

 

74,805

 

Accumulated other comprehensive income (loss)

3,804

 

 

(12,216

)

Accumulated deficit

(232,211

)

 

(187,757

)

Total shareholders’ equity

2,161,184

 

 

2,090,768

 

Total liabilities and shareholders’ equity

2,467,298

 

 

2,254,785

 

Shopify Inc.
Condensed Consolidated Statements of Cash Flows
(Expressed in US $000’s, unaudited)

 

 

Six months ended

 

 

 

June 30, 2019

 

 

June 30, 2018

 

 

 

$

 

 

$

 

Cash flows from operating activities

 

 

 

 

 

 

Net loss for the period

 

(52,829)

 

 

(39,855)

 

Adjustments to reconcile net loss to net cash provided (used) by operating activities:

 

 

 

 

 

 

Amortization and depreciation

 

14,207

 

 

15,008

 

Stock-based compensation

 

70,432

 

 

42,116

 

Provision for uncollectible receivables related to merchant cash advances and loans receivable

 

7,539

 

 

4,072

 

Unrealized foreign exchange loss

 

1,917

 

 

369

 

Changes in operating assets and liabilities:

 

 

 

 

 

 

Trade and other receivables

 

(20,540)

 

 

(16,426)

 

Merchant cash advances and loans receivable

 

(31,222)

 

 

(36,952)

 

Other current assets

 

(5,910)

 

 

(5,532)

 

Accounts payable and accrued liabilities

 

55,908

 

 

27,285

 

Deferred revenue

 

6,345

 

 

4,617

 

Lease assets and liabilities

 

1,555

 

 

2,501

 

Net cash provided (used) by operating activities

 

47,402

 

 

(2,797)

 

Cash flows from investing activities

 

 

 

 

 

 

Purchase of marketable securities

 

(1,022,814)

 

 

(1,297,346)

 

Maturity of marketable securities

 

1,249,319

 

 

744,406

 

Acquisitions of property and equipment

 

(30,437)

 

 

(15,107)

 

Acquisitions of intangible assets

 

(1,935)

 

 

(9,353)

 

Acquisition of businesses, net of cash acquired

 

(12,476)

 

 

(3,718

)

Net cash provided (used) by investing activities

 

181,657

 

 

(581,118)

 

Cash flows from financing activities

 

 

 

 

 

 

Proceeds from the exercise of stock options

 

27,624

 

 

16,140

 

Proceeds from public offering, net of issuance costs

 

 

 

646,984

 

Net cash provided by financing activities

 

27,624

 

 

663,124

 

Effect of foreign exchange on cash and cash equivalents

 

1,624

 

 

(1,085)

 

Net increase in cash and cash equivalents

 

258,307

 

 

78,124

 

Cash and cash equivalents – Beginning of Period

 

410,683

 

 

141,677

 

Cash and cash equivalents – End of Period

 

668,990

 

 

219,801

 

Shopify Inc.
Reconciliation from GAAP to Non-GAAP Results
(Expressed in US $000’s, except share and per share amounts, unaudited)

 

Three months ended

 

Six months ended

 

June 30, 2019

 

June 30, 2018

 

June 30, 2019

 

June 30, 2018

 

$

 

$

 

$

 

$

GAAP Gross profit

204,765

 

 

136,955

 

 

385,056

 

 

260,797

 

% of Revenue

57

%

 

56

%

 

56

%

 

57

%

add: stock-based compensation

894

 

 

584

 

 

1,608

 

 

1,010

 

add: payroll taxes related to stock-based compensation

132

 

 

53

 

 

232

 

 

116

 

Non-GAAP Gross profit

205,791

 

 

137,592

 

 

386,896

 

 

261,923

 

% of Revenue

57

%

 

56

%

 

57

%

 

57

%

 

 

 

 

 

 

 

 

GAAP Sales and marketing

119,210

 

 

87,487

 

 

224,232

 

 

163,271

 

% of Revenue

33

%

 

36

%

 

33

%

 

36

%

less: stock-based compensation

8,409

 

 

5,722

 

 

15,244

 

 

9,760

 

less: payroll taxes related to stock-based compensation

1,102

 

 

527

 

 

1,912

 

 

1,258

 

Non-GAAP Sales and marketing

109,699

 

 

81,238

 

 

207,076

 

 

152,253

 

% of Revenue

30

%

 

33

%

 

30

%

 

33

%

 

 

 

 

 

 

 

 

GAAP Research and development

85,520

 

 

54,305

 

 

161,875

 

 

102,021

 

% of Revenue

24

%

 

22

%

 

24

%

 

22

%

less: stock-based compensation

22,983

 

 

13,639

 

 

41,098

 

 

24,504

 

less: payroll taxes related to stock-based compensation

3,465

 

 

1,582

 

 

5,273

 

 

2,633

 

Non-GAAP Research and development

59,072

 

 

39,084

 

 

115,504

 

 

74,884

 

% of Revenue

16

%

 

16

%

 

17

%

 

16

%

 

 

 

 

 

 

 

 

GAAP General and administrative

39,655

 

 

25,924

 

 

74,359

 

 

46,599

 

% of Revenue

11

%

 

11

%

 

11

%

 

10

%

less: stock-based compensation

6,982

 

 

4,246

 

 

12,482

 

 

6,842

 

less: payroll taxes related to stock-based compensation

462

 

 

140

 

 

993

 

 

485

 

Non-GAAP General and administrative

32,211

 

 

21,538

 

 

60,884

 

 

39,272

 

% of Revenue

9

%

 

9

%

 

9

%

 

9

%

 

 

 

 

 

 

 

 

GAAP Operating expenses

244,385

 

 

167,716

 

 

460,466

 

 

311,891

 

% of Revenue

68

%

 

68

%

 

67

%

 

68

%

less: stock-based compensation

38,374

 

 

23,607

 

 

68,824

 

 

41,106

 

less: payroll taxes related to stock-based compensation

5,029

 

 

2,249

 

 

8,178

 

 

4,376

 

Non-GAAP Operating Expenses

200,982

 

 

141,860

 

 

383,464

 

 

266,409

 

% of Revenue

56

%

 

58

%

 

56

%

 

58

%

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

 

Six months ended

 

June 30, 2019

 

June 30, 2018

 

June 30, 2019

 

June 30, 2018

 

$

 

$

 

$

 

$

GAAP Operating loss

(39,620

)

 

(30,761

)

 

(75,410

)

 

(51,094

)

% of Revenue

(11

)%

 

(13

)%

 

(11

)%

 

(11

)%

add: stock-based compensation

39,268

 

 

24,191

 

 

70,432

 

 

42,116

 

add: payroll taxes related to stock-based compensation

5,161

 

 

2,302

 

 

8,410

 

 

4,492

 

Adjusted Operating income (loss)

4,809

 

 

(4,268

)

 

3,432

 

 

(4,486

)

% of Revenue

1

%

 

(2

)%

 

1

%

 

(1

)%

 

 

 

 

 

 

 

 

GAAP Net loss

(28,678

)

 

(23,953

)

 

(52,829

)

 

(39,855

)

% of Revenue

(8

)%

 

(10

)%

 

(8

)%

 

(9

)%

add: stock-based compensation

39,268

 

 

24,191

 

 

70,432

 

 

42,116

 

add: payroll taxes related to stock-based compensation

5,161

 

 

2,302

 

 

8,410

 

 

4,492

 

Adjusted Net income

15,751

 

 

2,540

 

 

26,013

 

 

6,753

 

% of Revenue

4

%

 

1

%

 

4

%

 

1

%

 

 

 

 

 

 

 

 

GAAP net loss per share attributable to shareholders

(0.26

)

 

(0.23

)

 

(0.47

)

 

(0.38

)

add: stock-based compensation

0.35

 

 

0.23

 

 

0.63

 

 

0.40

 

add: payroll taxes related to stock-based compensation

0.05

 

 

0.02

 

 

0.08

 

 

0.04

 

Adjusted net income per share attributable to shareholders

0.14

 

 

0.02

 

 

0.24

 

 

0.06

 

Weighted average shares used to compute GAAP and non-GAAP net income (loss) per share attributable to shareholders

112,013,409

 

 

105,978,076

 

 

111,470,359

 

 

104,127,640

 

 

INVESTORS:
Katie Keita
Senior Director, Investor Relations
613-241-2828 x 1024
IR@shopify.com
MEDIA:
Julie Nicholson
Director of Communications
416-238-6705 x 302
press@shopify.com

Source: Shopify Inc.