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 cloud-based,
multi-channel commerce platform designed for small and medium-sized
businesses, today announced strong financial results for the quarter
ended September 30, 2016.
“Our accomplishments over the last few months support the strategy we
have made clear from the beginning, which is to do the things that help
merchants succeed,” said Tobi Lütke, founder and CEO of Shopify. “We
launched Apple Pay, Sell on Messenger and a brand new mobile Shopify app
that lets a merchant set up and run their entire business from their
mobile phone. Each of these is already making a difference for
merchants, and we expect to enjoy the full benefits of these investments
over the next several years.”
“We are pleased with our third-quarter results,” stated Russ Jones, CFO
of Shopify. “We continued to expand revenue at an exceptional pace and
once again delivered operating leverage. With the expansive
opportunities that exist right now for multi-channel commerce,
prioritizing investments to support future growth, while improving
financial results today, is especially important for Shopify.”
Third-Quarter Financial Highlights
-
Total revenue in the third quarter was $99.6 million an 89% increase
from the comparable quarter in 2015. Within this, Subscription
Solutions revenue grew 69% to $49.8 million. This increase was driven
primarily by the continued rapid growth in Monthly Recurring Revenue1
(“MRR”). Growth in the number of merchants using our platform, which
grew to exceed 325,000 in the quarter, was the primary driver of the
increase in MRR in the quarter. Merchant Solutions revenue grew 114%
to $49.7 million. This increase resulted from both an increase in the
number of merchants using Shopify Payments as well as from an increase
in the amount of GMV per merchant.
-
MRR as of September 30, 2016 was $16.3 million, up 67% compared with
$9.8 million on September 30, 2015.
-
Gross Merchandise Volume2 (“GMV”) for the third quarter was
$3.8 billion, an increase of 100% over the third quarter of 2015. GMV
processed through Shopify Payments grew to $1.5 billion, which
accounted for 39% of GMV processed in the quarter.
-
Gross profit dollars grew 82% to $52.5 million over the third quarter
of 2015. Growth of gross profit dollars has accelerated from the
comparable period last year due to improvements in gross margin
percentages within both Subscription Solutions and Merchant Solutions.
-
Operating loss for the third quarter of 2016 was $9.5 million, or 10%
of revenue, versus $4.3 million, or 8% of revenue, for the comparable
period a year ago.
-
Adjusted operating loss3 for the third quarter of 2016 was
2% of revenue, or $2.2 million; adjusted operating loss for the third
quarter of 2015 was 4% of revenue, or $2.0 million.
-
Net loss was $9.1 million, or $0.11 per share, compared with $4.7
million, or $0.06 per share, for the third quarter of 2015.
-
Adjusted net loss3 for the third quarter of 2016 was $1.8
million, or $0.02 per share, compared with an adjusted net loss of
$2.4 million, or $0.03 per share, for the third quarter of 2015.
-
At September 30, 2016, Shopify had $400 million in cash, cash
equivalents and marketable securities, compared with $190 million on
December 31, 2015. This balance reflects the addition of $224 million
in cash raised in the Company’s follow-on offering in August.
Third-Quarter Business Highlights
-
In August, Shopify completed a follow-on offering of 8,625,000 Class A
subordinate voting shares, of which 6,125,000 were sold by the
Company. The aggregate net proceeds of $224 million strengthen
Shopify’s balance sheet and provide flexibility to fund our growth
strategies.
-
Shopify launched Apple Pay for the web, and already tens of thousands
of Shopify’s merchants have elected to offer Apple Pay as a means for
checkout. Stores supporting Apple Pay have seen an increase in
checkout conversion rate of up to 2x on mobile, and customers are able
to checkout up to 60% faster with Apple Pay than with a credit card
alone.
-
Shopify released its new mobile Shopify app. The new mobile Shopify
app introduces a number of new features merchants can use to manage
their stores, including the ability to sign up, launch and run a store
entirely on mobile. It also provides a framework that makes the
addition of new features and devices to the Shopify platform faster
and simpler.
-
Shopify entered into an agreement with Export Development Canada to
help insure merchant cash advances offered by Shopify Capital. This
agreement supports the continued growth of Shopify Capital, which was
launched earlier this year to help merchants secure financing and
accelerate their business growth. To date, Shopify Capital has
advanced more than $20 million to merchants, with $15.5 million having
been advanced as of September 30. This compares with over $5 million
in cumulative cash advances at June 30.
-
Shopify expanded Shopify Shipping beyond USPS by integrating Canada
Post. With this new partnership, Canada-based Shopify merchants can
now quickly buy and print discounted Canada Post shipping labels at
rates up to 40% off retail Canada Post rates. Simplifying and
improving shipping allows merchants to save both time and money, and
spend more of their resources growing their businesses.
Since the close of the third quarter, Shopify has made several key
announcements:
-
Shopify completed the acquisition of Boltmade to help accelerate the
development of the Shopify Plus product offering. Based in Waterloo,
Boltmade brings deep software design and engineering talent to the
Shopify Plus product development team.
-
Shopify expanded on its Facebook Messenger integration by enabling
merchants to sell within Facebook Messenger. In the second quarter,
Shopify made it possible for merchants to leverage Facebook Messenger
as a means to engage in conversational commerce directly with their
customers, and already, over 30,000 merchants have installed Facebook
Messenger for their shops.
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
regarding 2016 financial outlook. All numbers provided in this section
are approximate.
For the full year 2016, Shopify currently expects:
-
Revenues in the range of $379 million to $381 million
-
GAAP operating loss in the range of $38 million to $40 million
-
Adjusted operating loss3 in the range of $12 million to $14
million, which excludes stock-based compensation expenses and related
payroll taxes of $26 million
For the fourth quarter of 2016, Shopify currently expects:
-
Revenues in the range of $120 million to $122 million
-
GAAP operating loss in the range of $10 million to $12 million
-
Adjusted operating loss3 in the range of $1 million to $3
million, which excludes stock-based compensation expenses and related
payroll taxes of $9 million
Quarterly Conference Call
Shopify’s management team will hold a conference call to discuss its
third-quarter results today, November 2, 2016, 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 2016 Interim Unaudited Condensed Consolidated
Financial Statements and Notes and its Third-Quarter 2016 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 cloud-based, multi-channel commerce platform
designed for small and medium-sized businesses. Merchants can use the
software to design, set up, and manage their stores across multiple
sales channels, including web, mobile, 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. The Shopify platform was engineered for reliability and scale,
making enterprise-level technology available to businesses of all sizes.
Shopify currently powers over 325,000 businesses in approximately 150
countries and is trusted by brands such as Tesla Motors, Red Bull,
Nestle, GE, Kylie Cosmetics, 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, adjusted net loss and adjusted net loss per
share are non-GAAP financial measures that exclude the effect of
share-based compensation expenses and related payroll taxes as well as
sales and use tax.
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”, “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.
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.
Please refer to "Non-GAAP Financial Measures" in this press release.
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
|
|
|
Three months ended
|
|
|
Nine months ended
|
|
|
Nine months ended
|
|
|
|
|
September 30, 2016
|
|
|
|
September 30, 2015
|
|
|
|
September 30, 2016
|
|
|
|
September 30, 2015
|
|
|
|
|
$
|
|
|
|
$
|
|
|
|
$
|
|
|
|
$
|
|
Revenues
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Subscription solutions
|
|
|
49,839
|
|
|
|
29,560
|
|
|
|
132,219
|
|
|
|
77,371
|
|
Merchant solutions
|
|
|
49,739
|
|
|
|
23,226
|
|
|
|
126,728
|
|
|
|
57,689
|
|
|
|
|
99,578
|
|
|
|
52,786
|
|
|
|
258,947
|
|
|
|
135,060
|
|
Cost of revenues
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Subscription solutions
|
|
|
10,555
|
|
|
|
6,414
|
|
|
|
27,885
|
|
|
|
16,869
|
|
Merchant solutions
|
|
|
36,568
|
|
|
|
17,629
|
|
|
|
93,170
|
|
|
|
42,630
|
|
|
|
|
47,123
|
|
|
|
24,043
|
|
|
|
121,055
|
|
|
|
59,499
|
|
Gross profit
|
|
|
52,455
|
|
|
|
28,743
|
|
|
|
137,892
|
|
|
|
75,561
|
|
Operating expenses
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sales and marketing
|
|
|
32,777
|
|
|
|
18,216
|
|
|
|
90,198
|
|
|
|
47,847
|
|
Research and development
|
|
|
19,462
|
|
|
|
10,068
|
|
|
|
49,864
|
|
|
|
26,181
|
|
General and administrative
|
|
|
9,705
|
|
|
|
4,759
|
|
|
|
25,690
|
|
|
|
12,770
|
|
Total operating expenses
|
|
|
61,944
|
|
|
|
33,043
|
|
|
|
165,752
|
|
|
|
86,798
|
|
Loss from operations
|
|
|
(9,489)
|
|
|
|
(4,300)
|
|
|
|
(27,860)
|
|
|
|
(11,237)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other income (expense)
|
|
|
369
|
|
|
|
(357)
|
|
|
|
1,372
|
|
|
|
(1,246)
|
|
Net loss
|
|
|
(9,120)
|
|
|
|
(4,657)
|
|
|
|
(26,488)
|
|
|
|
(12,483)
|
|
Other comprehensive income (loss), net of tax
|
|
|
(617)
|
|
|
|
—
|
|
|
|
(476)
|
|
|
|
—
|
|
Comprehensive loss
|
|
|
(9,737)
|
|
|
|
(4,657)
|
|
|
|
(26,964)
|
|
|
|
(12,483)
|
|
Basic and diluted net loss per share attributable to shareholders
|
|
|
$(0.11
|
)
|
|
|
$(0.06
|
)
|
|
|
$(0.32
|
)
|
|
|
$(0.22
|
)
|
Weighted average shares used to compute basic and diluted net loss
per share attributable to shareholders
|
|
|
84,912,757
|
|
|
|
75,901,840
|
|
|
|
82,259,884
|
|
|
|
56,229,575
|
|
Shopify Inc.
Condensed Consolidated Balance Sheets
(Expressed
in US $000’s, except share and per share amounts, unaudited)
|
|
As at
|
|
|
|
September 30, 2016
|
|
|
December 31, 2015
|
|
|
|
$
|
|
|
$
|
|
Assets
|
|
|
|
|
|
|
Current assets
|
|
|
|
|
|
|
Cash and cash equivalents
|
|
187,360
|
|
|
110,070
|
|
Marketable securities
|
|
212,927
|
|
|
80,103
|
|
Trade and other receivables
|
|
7,684
|
|
|
6,089
|
|
Merchant cash advances receivable, net
|
|
9,099
|
|
|
—
|
|
Other current assets
|
|
10,305
|
|
|
6,203
|
|
|
|
427,375
|
|
|
202,465
|
|
Long term assets
|
|
|
|
|
|
|
Property and equipment
|
|
42,799
|
|
|
33,048
|
|
Intangible assets
|
|
6,867
|
|
|
5,826
|
|
Goodwill
|
|
9,302
|
|
|
2,373
|
|
|
|
58,968
|
|
|
41,247
|
|
Total assets
|
|
486,343
|
|
|
243,712
|
|
Liabilities and shareholders’ equity
|
|
|
|
|
|
|
Current liabilities
|
|
|
|
|
|
|
Accounts payable and accrued liabilities
|
|
42,334
|
|
|
23,689
|
|
Current portion of deferred revenue
|
|
18,293
|
|
|
12,726
|
|
Current portion of lease incentives
|
|
1,223
|
|
|
822
|
|
|
|
61,850
|
|
|
37,237
|
|
Long term liabilities
|
|
|
|
|
|
|
Deferred revenue
|
|
874
|
|
|
661
|
|
Lease incentives
|
|
12,097
|
|
|
10,497
|
|
|
|
12,971
|
|
|
11,158
|
|
Shareholders’ equity
|
|
|
|
|
|
|
Common stock, unlimited Class A subordinate voting shares authorized,
75,933,267 and 56,877,089 issued and outstanding; unlimited
Class B multiple voting shares authorized, 13,002,978 and
23,212,769 issued and outstanding
|
|
464,809
|
|
|
231,452
|
|
Additional paid-in capital
|
|
21,531
|
|
|
11,719
|
|
Accumulated other comprehensive loss
|
|
(476
|
)
|
|
—
|
|
Accumulated deficit
|
|
(74,342
|
)
|
|
(47,854
|
)
|
Total shareholders’ equity
|
|
411,522
|
|
|
195,317
|
|
Total liabilities and shareholders’ equity
|
|
486,343
|
|
|
243,712
|
|
Shopify Inc.
Condensed Consolidated Statements of Cash
Flows
(Expressed in US $000’s, except share and per share
amounts, unaudited)
|
|
Nine months ended
|
|
|
September 30, 2016
|
|
|
September 30, 2015
|
|
|
$
|
|
|
$
|
Cash flows from operating activities
|
|
|
|
|
|
Net loss for the period
|
|
(26,488)
|
|
|
(12,483)
|
Adjustments to reconcile net loss to net cash provided by operating
activities:
|
|
|
|
|
|
Amortization and depreciation
|
|
9,527
|
|
|
5,034
|
Stock-based compensation
|
|
14,834
|
|
|
5,012
|
Vesting of restricted shares
|
|
202
|
|
|
267
|
Unrealized foreign exchange (gain) loss
|
|
(1,087)
|
|
|
1,507
|
Change in lease incentives
|
|
2,002
|
|
|
2,232
|
Change in deferred revenue
|
|
5,781
|
|
|
4,442
|
Changes in non-cash working capital items
|
|
2,531
|
|
|
4,788
|
Net cash provided by operating activities
|
|
7,302
|
|
|
10,799
|
Cash flows from investing activities
|
|
|
|
|
|
Purchase of marketable securities
|
|
(223,650)
|
|
|
(82,812)
|
Maturity of marketable securities
|
|
90,083
|
|
|
23,975
|
Acquisitions of property and equipment
|
|
(15,286)
|
|
|
(11,367)
|
Acquisitions of intangible assets
|
|
(2,004)
|
|
|
(2,397)
|
Acquisition of business (net of cash acquired)
|
|
(7,969)
|
|
|
—
|
Net cash used in investing activities
|
|
(158,826)
|
|
|
(72,601)
|
Cash flows from financing activities
|
|
|
|
|
|
Proceeds from initial public offering, net of issuance costs
|
|
—
|
|
|
136,251
|
Proceeds from follow-on public offering, net of issuance costs
|
|
224,423
|
|
|
—
|
Proceeds from the exercise of stock options
|
|
3,230
|
|
|
241
|
Net cash provided by financing activities
|
|
227,653
|
|
|
136,492
|
Effect of foreign exchange on cash and cash equivalents
|
|
1,161
|
|
|
(1,328)
|
Net increase in cash and cash equivalents
|
|
77,290
|
|
|
73,362
|
Cash and cash equivalents – Beginning of Period
|
|
110,070
|
|
|
41,953
|
Cash and cash equivalents – End of Period
|
|
187,360
|
|
|
115,315
|
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, 2016
|
|
|
September 30, 2015
|
|
|
September 30, 2016
|
|
|
September 30, 2015
|
|
|
|
$
|
|
|
$
|
|
|
$
|
|
|
$
|
|
GAAP Gross profit
|
|
52,455
|
|
|
28,743
|
|
|
137,892
|
|
|
75,561
|
|
% of Revenue
|
|
53
|
%
|
|
54
|
%
|
|
53
|
%
|
|
56
|
%
|
add: stock-based compensation
|
|
188
|
|
|
67
|
|
|
423
|
|
|
198
|
|
add: payroll taxes related to stock-based compensation
|
|
46
|
|
|
—
|
|
|
79
|
|
|
—
|
|
Non-GAAP Gross profit
|
|
52,689
|
|
|
28,810
|
|
|
138,394
|
|
|
75,759
|
|
% of Revenue
|
|
53
|
%
|
|
55
|
%
|
|
53
|
%
|
|
56
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP Sales and marketing
|
|
32,777
|
|
|
18,216
|
|
|
90,198
|
|
|
47,847
|
|
% of Revenue
|
|
33
|
%
|
|
35
|
%
|
|
35
|
%
|
|
35
|
%
|
less: stock-based compensation
|
|
1,145
|
|
|
325
|
|
|
2,651
|
|
|
681
|
|
less: payroll taxes related to stock-based compensation
|
|
245
|
|
|
—
|
|
|
369
|
|
|
—
|
|
Non-GAAP Sales and marketing
|
|
31,387
|
|
|
17,891
|
|
|
87,178
|
|
|
47,166
|
|
% of Revenue
|
|
32
|
%
|
|
34
|
%
|
|
34
|
%
|
|
35
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP Research and development
|
|
19,462
|
|
|
10,068
|
|
|
49,864
|
|
|
26,181
|
|
% of Revenue
|
|
20
|
%
|
|
19
|
%
|
|
19
|
%
|
|
19
|
%
|
less: stock-based compensation
|
|
4,019
|
|
|
1,248
|
|
|
9,086
|
|
|
2,853
|
|
less: payroll taxes related to stock-based compensation
|
|
339
|
|
|
—
|
|
|
816
|
|
|
—
|
|
Non-GAAP Research and development
|
|
15,104
|
|
|
8,820
|
|
|
39,962
|
|
|
23,328
|
|
% of Revenue
|
|
15
|
%
|
|
17
|
%
|
|
15
|
%
|
|
17
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP General and administrative
|
|
9,705
|
|
|
4,759
|
|
|
25,690
|
|
|
12,770
|
|
% of Revenue
|
|
10
|
%
|
|
9
|
%
|
|
10
|
%
|
|
9
|
%
|
less: stock-based compensation
|
|
1,135
|
|
|
628
|
|
|
2,876
|
|
|
1,547
|
|
less: payroll taxes related to stock-based compensation
|
|
166
|
|
|
—
|
|
|
223
|
|
|
—
|
|
less: sales and use tax
|
|
—
|
|
|
—
|
|
|
—
|
|
|
566
|
|
Non-GAAP General and administrative
|
|
8,404
|
|
|
4,131
|
|
|
22,591
|
|
|
10,657
|
|
% of Revenue
|
|
8
|
%
|
|
8
|
%
|
|
9
|
%
|
|
8
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP Operating expenses
|
|
61,944
|
|
|
33,043
|
|
|
165,752
|
|
|
86,798
|
|
% of Revenue
|
|
62
|
%
|
|
63
|
%
|
|
64
|
%
|
|
64
|
%
|
less: stock-based compensation
|
|
6,299
|
|
|
2,201
|
|
|
14,613
|
|
|
5,081
|
|
less: payroll taxes related to stock-based compensation
|
|
750
|
|
|
—
|
|
|
1,408
|
|
|
—
|
|
less: sales and use tax
|
|
—
|
|
|
—
|
|
|
—
|
|
|
566
|
|
Non-GAAP Operating Expenses
|
|
54,895
|
|
|
30,842
|
|
|
149,731
|
|
|
81,151
|
|
% of Revenue
|
|
55
|
%
|
|
58
|
%
|
|
58
|
%
|
|
60
|
%
|
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, 2016
|
|
|
September 30, 2015
|
|
|
September 30, 2016
|
|
|
September 30, 2015
|
|
|
|
$
|
|
|
$
|
|
|
$
|
|
|
$
|
|
GAAP Operating loss
|
|
(9,489
|
)
|
|
(4,300
|
)
|
|
(27,860
|
)
|
|
(11,237
|
)
|
% of Revenue
|
|
(10
|
)%
|
|
(8
|
)%
|
|
(11
|
)%
|
|
(8
|
)%
|
add: stock-based compensation
|
|
6,487
|
|
|
2,268
|
|
|
15,036
|
|
|
5,279
|
|
add: payroll taxes related to stock-based compensation
|
|
796
|
|
|
—
|
|
|
1,487
|
|
|
—
|
|
add: sales and use tax
|
|
—
|
|
|
—
|
|
|
—
|
|
|
566
|
|
Non-GAAP Operating loss
|
|
(2,206
|
)
|
|
(2,032
|
)
|
|
(11,337
|
)
|
|
(5,392
|
)
|
% of Revenue
|
|
(2
|
)%
|
|
(4
|
)%
|
|
(4
|
)%
|
|
(4
|
)%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP Net loss
|
|
(9,120
|
)
|
|
(4,657
|
)
|
|
(26,488
|
)
|
|
(12,483
|
)
|
% of Revenue
|
|
(9
|
)%
|
|
(9
|
)%
|
|
(10
|
)%
|
|
(9
|
)%
|
add: stock-based compensation
|
|
6,487
|
|
|
2,268
|
|
|
15,036
|
|
|
5,279
|
|
add: payroll taxes related to stock-based compensation
|
|
796
|
|
|
—
|
|
|
1,487
|
|
|
—
|
|
add: sales and use tax
|
|
—
|
|
|
—
|
|
|
—
|
|
|
566
|
|
Non-GAAP Net loss and comprehensive loss
|
|
(1,837
|
)
|
|
(2,389
|
)
|
|
(9,965
|
)
|
|
(6,638
|
)
|
% of Revenue
|
|
(2
|
)%
|
|
(5
|
)%
|
|
(4
|
)%
|
|
(5
|
)%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP net loss per share attributable to shareholders
|
|
(0.11
|
)
|
|
(0.06
|
)
|
|
(0.32
|
)
|
|
(0.22
|
)
|
add: stock-based compensation
|
|
0.08
|
|
|
0.03
|
|
|
0.18
|
|
|
0.09
|
|
add: payroll taxes related to stock-based compensation
|
|
0.01
|
|
|
—
|
|
|
0.02
|
|
|
—
|
|
add: sales and use tax
|
|
—
|
|
|
—
|
|
|
—
|
|
|
0.01
|
|
Non-GAAP net loss per share attributable to shareholders(1)
|
|
(0.02
|
)
|
|
(0.03
|
)
|
|
(0.12
|
)
|
|
(0.12
|
)
|
Weighted average shares used to compute GAAP and non-GAAP net
loss per share attributable to shareholders
|
|
84,912,757
|
|
|
75,901,840
|
|
|
82,259,884
|
|
|
56,229,575
|
|
(1) Totals may not foot due to rounding differences.
View source version on businesswire.com: http://www.businesswire.com/news/home/20161102005291/en/
Source: Shopify Inc.