Shopify(NYSE:SHOP) 
Shopify Inc., a commerce company, provides a commerce platform and services in Canada, the United States, the United Kingdom, Australia, Latin America, and internationally. The company's platform provides merchants to run their business in various sales channels, including web and mobile storefronts...
Website: https://www.shopify.com/
Founded: 2006
IPO Price: $17 (May 21, 2015)
Full Time Employees: 8,300 (Dec 2023)
CEO / Founder: Tobias Lütke
Sector: Technology
Industry: Software-Application
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At a glance:
- Comprehensive E-commerce Platform: Shopify provides a full suite of tools and services, enabling businesses of all sizes to build, operate, market, and manage their online stores across multiple sales channels, simplifying complex e-commerce operations.
- Dual Revenue Model: Revenue is primarily generated through subscription solutions (monthly recurring fees for platform access) and merchant solutions (transaction fees from Shopify Payments, shipping, and other value-added services), driving a scalable business model.
- Expanding Merchant Ecosystem: Beyond its core platform, Shopify continuously expands its offerings with services like Shopify Capital for merchant financing, logistics solutions, and a vast app store, enhancing merchant capabilities and fostering growth.
- Global Reach & Innovation Focus: Shopify is actively pursuing international market penetration and consistently innovates its platform, introducing new features and tools to empower entrepreneurs and adapt to evolving e-commerce trends.
Bull Thesis:
- Continued E-commerce Market Share Expansion: Shopify is well-positioned to capture a larger share of the growing global e-commerce market, attracting new merchants and upgrading existing ones to higher-tier plans (Shopify Plus), leveraging its comprehensive platform and ecosystem.
- Diversification and Growth of Merchant Solutions: Beyond subscriptions, Shopify's high-growth merchant solutions (Payments, Shipping, Capital, Fulfillment) are increasing its take rate on Gross Merchandise Volume (GMV), providing higher-margin revenue streams and enhancing merchant stickiness.
- AI-Powered Product Innovation and Merchant Productivity: Shopify's aggressive integration of AI across its platform (e.g., AI tools for marketing, customer service, product descriptions) will enhance merchant efficiency, lower operational costs, and drive further adoption and engagement with its services.
- Strong Global Expansion Potential: Shopify has significant untapped potential in international markets, where e-commerce penetration is still growing, allowing the company to expand its merchant base and GMV outside of its core North American market.
Bear Thesis:
- Intensifying Competition and Market Saturation: Shopify faces increasing competition from other e-commerce platforms (e.g., BigCommerce, Wix), marketplaces (Amazon), and custom solutions, potentially leading to pricing pressure, higher customer acquisition costs, and slower merchant growth.
- Macroeconomic Headwinds Impacting Consumer Spending: A slowdown in global economic growth or consumer discretionary spending could directly impact merchant sales (GMV), subsequently reducing Shopify's transaction-based revenues and the overall health of its merchant ecosystem.
- Path to Consistent Profitability and Free Cash Flow: While Shopify has shown improving profitability, sustained high growth often requires significant investment. Investors may demand a clearer and more consistent trajectory towards strong free cash flow generation, especially after recent efficiency drives.
- Merchant Churn and Dependence on SMBs: A significant portion of Shopify's merchant base consists of small and medium-sized businesses (SMBs), which can have higher churn rates and are more vulnerable to economic downturns, potentially impacting subscription and solutions revenue stability.
Main Competitors:
- BigCommerce ($BIGC) (BigCommerce Platform), Offers a competing SaaS e-commerce platform for businesses of all sizes, providing similar features for store setup, management, and sales channels. It often appeals to larger businesses with more complex needs due to its robust API and enterprise-grade features, directly challenging Shopify's mid-market and enterprise offerings.
- Automattic (WooCommerce), An open-source e-commerce plugin for WordPress, offering high customization and control over the store's design and functionality. It competes by providing a more flexible, self-hosted solution, often chosen by businesses with existing WordPress sites or those seeking lower ongoing SaaS fees and greater technical freedom, contrasting with Shopify's managed SaaS model.
- Wix.com Ltd. ($WIX) (Wix eCommerce), Provides an all-in-one website builder with integrated e-commerce capabilities. Wix competes for small businesses and individuals who prioritize ease of website design and management alongside basic online selling features, often offering a simpler, more visual drag-and-drop experience compared to Shopify's more commerce-centric approach.
- Adobe Inc. ($ADBE) (Adobe Commerce (formerly Magento)), Offers a powerful, scalable e-commerce platform, including both open-source and cloud-hosted enterprise versions. Adobe Commerce primarily competes for larger businesses and complex B2B or B2C operations requiring extensive customization, integration capabilities, and high transaction volumes, positioning itself as a more robust, albeit more complex and expensive, solution than Shopify Plus.
Moat:
Shopify's primary moat stems from its comprehensive, user-friendly platform that significantly lowers the barrier to entry for online selling, coupled with a vast ecosystem of apps, partners, and services. Its strong brand recognition, continuous innovation in merchant tools (payments, shipping, POS), and a focus on empowering entrepreneurs further solidify its position. However, the e-commerce platform market is highly competitive and fragmented. Shopify faces direct competition from SaaS platforms like BigCommerce, open-source solutions like WooCommerce offering greater control, and all-in-one website builders like Wix targeting ease of use. Additionally, enterprise-level platforms like Adobe Commerce compete for larger businesses, while marketplaces like Amazon offer alternative sales channels. Shopify must continuously innovate and expand its offerings to maintain its leadership and defend against competitors vying for merchants across all segments.
Income Statements:
Quarterly
Annual
| Unit: USD | 2025-12-31 | 2025-09-30 | 2025-06-30 | 2025-03-31 | 2024-12-31 | 2024-09-30 | 2024-06-30 | 2024-03-31 | 2023-12-31 | 2023-09-30 | 2023-06-30 | 2023-03-31 | 2022-12-31 | 2022-09-30 | 2022-06-30 | 2022-03-31 | 2021-12-31 | 2021-09-30 | 2021-06-30 | 2021-03-31 | 2020-12-31 | 2020-09-30 | 2020-06-30 | 2020-03-31 | 2019-12-31 | 2019-09-30 | 2019-06-30 | 2019-03-31 | 2018-12-31 | 2018-09-30 | 2018-06-30 | 2018-03-31 | 2017-12-31 | 2017-09-30 | 2017-06-30 | 2017-03-31 | 2016-12-31 | 2016-09-30 | 2016-06-30 | 2016-03-31 | 2015-12-31 | 2015-09-30 | 2015-07-30 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
revenues | |||||||||||||||||||||||||||||||||||||||||||
subscription solutions | 777,000,000 | 699,000,000 | 656,000,000 | 620,000,000 | 666,000,000 | 610,000,000 | 563,000,000 | 511,000,000 | 525,000,000 | 486,000,000 | 444,000,000 | 382,000,000 | -687,251,000 | 376,301,000 | 366,443,000 | 344,761,000 | 351,208,000 | 336,208,000 | 334,237,000 | 320,681,000 | 279,440,000 | 245,274,000 | 196,434,000 | 187,609,000 | 183,166,000 | 165,577,000 | 153,047,000 | 140,451,000 | 133,560,000 | 120,517,000 | 110,721,000 | 100,198,000 | 93,918,000 | 82,435,000 | 71,598,000 | 62,080,000 | 56,387,000 | 49,839,000 | 43,674,000 | 38,706,000 | 34,608,000 | 29,560,000 | 25,459,000 |
merchant solutions | 2,895,000,000 | 2,145,000,000 | 2,024,000,000 | 1,740,000,000 | 2,146,000,000 | 1,552,000,000 | 1,482,000,000 | 1,350,000,000 | 1,619,000,000 | 1,228,000,000 | 1,250,000,000 | 1,126,000,000 | -1,442,657,000 | 989,899,000 | 928,620,000 | 858,862,000 | 1,028,816,000 | 787,532,000 | 785,208,000 | 667,966,000 | 698,304,000 | 522,131,000 | 517,907,000 | 282,392,000 | 321,994,000 | 224,975,000 | 208,932,000 | 180,031,000 | 210,302,000 | 149,547,000 | 134,242,000 | 114,142,000 | 128,896,000 | 89,021,000 | 80,057,000 | 65,299,000 | 73,996,000 | 49,739,000 | 42,973,000 | 34,016,000 | 35,565,000 | 23,226,000 | 19,467,000 |
revenues - sum | 3,672,000,000 | 2,844,000,000 | 2,680,000,000 | 2,360,000,000 | 2,812,000,000 | 2,162,000,000 | 2,045,000,000 | 1,861,000,000 | 2,144,000,000 | 1,714,000,000 | 1,694,000,000 | 1,508,000,000 | -2,129,908,000 | 1,366,200,000 | 1,295,063,000 | 1,203,623,000 | 1,380,024,000 | 1,123,740,000 | 1,119,445,000 | 988,647,000 | 977,744,000 | 767,405,000 | 714,341,000 | 470,001,000 | 505,160,000 | 390,552,000 | 361,979,000 | 320,482,000 | 343,862,000 | 270,064,000 | 244,963,000 | 214,340,000 | 222,814,000 | 171,456,000 | 151,655,000 | 127,379,000 | 130,383,000 | 99,578,000 | 86,647,000 | 72,722,000 | 33,765,000 | 52,786,000 | 44,926,000 |
yoy | 30.58% | 31.54% | 31.05% | 26.81% | 31.16% | 26.14% | 20.72% | 23.41% | -200.66% | 25.46% | 30.80% | 25.29% | -254.34% | 21.58% | 15.69% | 21.74% | 41.14% | 46.43% | 56.71% | 110.35% | 93.55% | 96.49% | 97.34% | 46.65% | 46.91% | 44.61% | 47.77% | 49.52% | 54.33% | 57.51% | 61.53% | 68.27% | 70.89% | 72.18% | 75.03% | 75.16% | 286.15% | 88.64% | 92.87% | ||||
qoq | 29.11% | 6.12% | 13.56% | -16.07% | 30.06% | 5.72% | 9.89% | -13.20% | 25.09% | 1.18% | 12.33% | -170.80% | -255.90% | 5.49% | 7.60% | -12.78% | 22.81% | 0.38% | 13.23% | 1.12% | 27.41% | 7.43% | 51.99% | -6.96% | 29.35% | 7.89% | 12.95% | -6.80% | 27.33% | 10.25% | 14.29% | -3.80% | 29.95% | 13.06% | 19.06% | -2.30% | 30.94% | 14.92% | 19.15% | 115.38% | -36.03% | 17.50% | |
cost of revenues | |||||||||||||||||||||||||||||||||||||||||||
cost of revenues - sum | 1,979,000,000 | 1,453,000,000 | 1,378,000,000 | 1,191,000,000 | 1,460,000,000 | 1,044,000,000 | 1,000,000,000 | 904,000,000 | 1,082,000,000 | 813,000,000 | 859,000,000 | 791,000,000 | -972,805,000 | 703,868,000 | 639,421,000 | 565,986,000 | 687,365,000 | 514,831,000 | 498,585,000 | 429,931,000 | 473,356,000 | 362,257,000 | 339,307,000 | 213,051,000 | 241,269,000 | 173,856,000 | 157,214,000 | 140,191,000 | 158,119,000 | 120,337,000 | 108,008,000 | 90,498,000 | 101,669,000 | 71,429,000 | 64,815,000 | 55,138,000 | 62,248,000 | 47,123,000 | 40,481,000 | 33,451,000 | 14,874,750 | 24,043,000 | 19,674,000 |
gross profit | 1,693,000,000 | 1,391,000,000 | 1,302,000,000 | 1,169,000,000 | 1,352,000,000 | 1,118,000,000 | 1,045,000,000 | 957,000,000 | 1,062,000,000 | 901,000,000 | 835,000,000 | 717,000,000 | -1,157,103,000 | 662,332,000 | 655,642,000 | 637,637,000 | 692,659,000 | 608,909,000 | 620,860,000 | 558,716,000 | 504,388,000 | 405,148,000 | 375,034,000 | 256,950,000 | 263,891,000 | 216,696,000 | 204,765,000 | 180,291,000 | 185,743,000 | 149,727,000 | 136,955,000 | 123,842,000 | 121,145,000 | 100,027,000 | 86,840,000 | 72,241,000 | 68,135,000 | 52,455,000 | 46,166,000 | 39,271,000 | 35,510,000 | 28,743,000 | 25,252,000 |
yoy | 25.22% | 24.42% | 24.59% | 22.15% | 27.31% | 24.08% | 25.15% | 33.47% | -191.78% | 36.03% | 27.36% | 12.45% | -267.05% | 8.77% | 5.60% | 14.13% | 37.33% | 50.29% | 65.55% | 117.44% | 91.13% | 86.97% | 83.15% | 42.52% | 42.07% | 44.73% | 49.51% | 45.58% | 53.32% | 49.69% | 57.71% | 71.43% | 77.80% | 90.69% | 88.10% | 83.96% | 91.88% | 82.50% | 82.82% | ||||
qoq | 21.71% | 6.84% | 11.38% | -13.54% | 20.93% | 6.99% | 9.20% | -9.89% | 17.87% | 7.90% | 16.46% | -161.97% | -274.70% | 1.02% | 2.82% | -7.94% | 13.75% | -1.92% | 11.12% | 10.77% | 24.49% | 8.03% | 45.96% | -2.63% | 21.78% | 5.83% | 13.57% | -2.94% | 24.05% | 9.33% | 10.59% | 2.23% | 21.11% | 15.19% | 20.21% | 6.03% | 29.89% | 13.62% | 17.56% | 10.59% | 23.54% | 13.82% | |
gross margin % | 46.11% | 48.91% | 48.58% | 49.53% | 48.08% | 51.71% | 51.10% | 51.42% | 49.53% | 52.57% | 49.29% | 47.55% | 54.33% | 48.48% | 50.63% | 52.98% | 50.19% | 54.19% | 55.46% | 56.51% | 51.59% | 52.79% | 52.50% | 54.67% | 52.24% | 55.48% | 56.57% | 56.26% | 54.02% | 55.44% | 55.91% | 57.78% | 54.37% | 58.34% | 57.26% | 56.71% | 52.26% | 52.68% | 53.28% | 54.00% | 105.17% | 54.45% | 56.21% |
operating expenses | |||||||||||||||||||||||||||||||||||||||||||
sales and marketing | 433,000,000 | 410,000,000 | 415,000,000 | 405,000,000 | 348,000,000 | 331,000,000 | 353,000,000 | 361,000,000 | 317,000,000 | 295,000,000 | 321,000,000 | 287,000,000 | -635,008,000 | 302,476,000 | 326,902,000 | 303,371,000 | 275,475,000 | 237,949,000 | 201,910,000 | 186,223,000 | 154,728,000 | 147,608,000 | 144,850,000 | 154,862,000 | 132,063,000 | 116,546,000 | 119,210,000 | 105,022,000 | 95,163,000 | 91,635,000 | 87,487,000 | 75,784,000 | 67,174,000 | 58,314,000 | 54,872,000 | 45,334,000 | 39,016,000 | 32,777,000 | 29,413,000 | 28,008,000 | 22,527,000 | 18,216,000 | 16,091,000 |
research and development | 390,000,000 | 375,000,000 | 394,000,000 | 377,000,000 | 351,000,000 | 332,000,000 | 349,000,000 | 335,000,000 | 311,000,000 | 313,000,000 | 648,000,000 | 458,000,000 | -622,140,000 | 412,359,000 | 346,667,000 | 303,661,000 | 273,912,000 | 221,028,000 | 183,557,000 | 175,886,000 | 159,077,000 | 143,427,000 | 133,227,000 | 116,396,000 | 102,753,000 | 90,387,000 | 85,520,000 | 76,355,000 | 67,024,000 | 61,629,000 | 54,305,000 | 47,716,000 | 40,339,000 | 36,350,000 | 32,714,000 | 26,594,000 | 24,472,000 | 19,462,000 | 16,732,000 | 13,670,000 | |||
general and administrative | 125,000,000 | 115,000,000 | 122,000,000 | 109,000,000 | 112,000,000 | 114,000,000 | 60,000,000 | 124,000,000 | 100,000,000 | 137,000,000 | 131,000,000 | 123,000,000 | -278,463,000 | 255,125,000 | 129,901,000 | 108,088,000 | 101,054,000 | 128,722,000 | 77,966,000 | 67,102,000 | 65,395,000 | 51,799,000 | 83,307,000 | 44,842,000 | 59,154,000 | 45,421,000 | 39,655,000 | 34,704,000 | 33,014,000 | 27,831,000 | 25,924,000 | 20,675,000 | 19,745,000 | 18,039,000 | 15,161,000 | 14,774,000 | 13,952,000 | 9,705,000 | 8,680,000 | 7,305,000 | 5,961,000 | 4,759,000 | 3,822,000 |
transaction and loan losses | 114,000,000 | 148,000,000 | 80,000,000 | 75,000,000 | 76,000,000 | 58,000,000 | 42,000,000 | 51,000,000 | 45,000,000 | 34,000,000 | 31,000,000 | 42,000,000 | -66,293,000 | 37,738,000 | 42,380,000 | 20,493,000 | 27,814,000 | 25,311,000 | 17,986,000 | 10,606,000 | 12,647,000 | 11,753,000 | 13,366,000 | 14,083,000 | |||||||||||||||||||
total operating expenses | 1,062,000,000 | 1,048,000,000 | 1,011,000,000 | 966,000,000 | 887,000,000 | 835,000,000 | 804,000,000 | 871,000,000 | 773,000,000 | 779,000,000 | 2,471,000,000 | 910,000,000 | -1,601,904,000 | 1,007,698,000 | 845,850,000 | 735,613,000 | 678,255,000 | 613,010,000 | 481,419,000 | 439,817,000 | 391,847,000 | 354,587,000 | 374,750,000 | 330,183,000 | 293,970,000 | 252,354,000 | 244,385,000 | 216,081,000 | 195,201,000 | 181,095,000 | 167,716,000 | 144,175,000 | 127,258,000 | 112,703,000 | 102,747,000 | 86,702,000 | 77,440,000 | 61,944,000 | 54,825,000 | 48,983,000 | 21,699,500 | 33,043,000 | 28,713,000 |
income from operations | 631,000,000 | 343,000,000 | 291,000,000 | 203,000,000 | 465,000,000 | 283,000,000 | 241,000,000 | 86,000,000 | 289,000,000 | 122,000,000 | -1,636,000,000 | -193,000,000 | 444,801,000 | -345,366,000 | -190,208,000 | -97,976,000 | 14,404,000 | -4,101,000 | 139,441,000 | 118,899,000 | 112,541,000 | 50,561,000 | 284,000 | -73,233,000 | -30,079,000 | -35,658,000 | -39,620,000 | -35,790,000 | -9,458,000 | -31,368,000 | -30,761,000 | -20,333,000 | -6,113,000 | -12,676,000 | -15,907,000 | -14,461,000 | -9,305,000 | -9,489,000 | -8,659,000 | -9,712,000 | -6,519,000 | -4,300,000 | -3,461,000 |
yoy | 35.70% | 21.20% | 20.75% | 136.05% | 60.90% | 131.97% | -114.73% | -144.56% | -35.03% | -135.32% | 760.11% | 96.99% | 2988.04% | 8321.51% | -236.41% | -182.40% | -87.20% | -108.11% | 48998.94% | -262.36% | -474.15% | -241.79% | -100.72% | 104.62% | 218.03% | 13.68% | 28.80% | 76.02% | 54.72% | 147.46% | 93.38% | 40.61% | -34.30% | 33.59% | 83.70% | 48.90% | 42.74% | 120.67% | 150.19% | ||||
qoq | 83.97% | 17.87% | 43.35% | -56.34% | 64.31% | 17.43% | 180.23% | -70.24% | 136.89% | -107.46% | 747.67% | -143.39% | -228.79% | 81.57% | 94.14% | -780.20% | -451.23% | -102.94% | 17.28% | 5.65% | 122.58% | 17703.17% | -100.39% | 143.47% | -15.65% | -10.00% | 10.70% | 278.41% | -69.85% | 1.97% | 51.29% | 232.62% | -51.78% | -20.31% | 10.00% | 55.41% | -1.94% | 9.59% | -10.84% | 48.98% | 51.60% | 24.24% | |
operating margin % | 17.18% | 12.06% | 10.86% | 8.60% | 16.54% | 13.09% | 11.78% | 4.62% | 13.48% | 7.12% | -96.58% | -12.80% | -20.88% | -25.28% | -14.69% | -8.14% | 1.04% | -0.36% | 12.46% | 12.03% | 11.51% | 6.59% | 0.04% | -15.58% | -5.95% | -9.13% | -10.95% | -11.17% | -2.75% | -11.62% | -12.56% | -9.49% | -2.74% | -7.39% | -10.49% | -11.35% | -7.14% | -9.53% | -9.99% | -13.35% | -19.31% | -8.15% | -7.70% |
other income | 393,000,000 | 335,000,000 | 269,000,000 | 1,948,831,000 | 188,233,000 | -1,554,881,000 | -503,123,000 | 1,344,553,000 | 4,084,000 | 11,539,000 | 11,639,000 | 7,944,000 | 3,126,000 | 3,296,000 | 1,877,000 | 438,000 | 783,000 | ||||||||||||||||||||||||||
interest income | 79,000,000 | 81,000,000 | 106,000,000 | 65,000,000 | 72,000,000 | 77,000,000 | 80,000,000 | 79,000,000 | 63,000,000 | 12,505,000 | 3,092,000 | 2,830,000 | 3,788,000 | 10,467,000 | 11,644,000 | 12,174,000 | 8,078,000 | 7,444,000 | 4,649,000 | 715,000 | 404,000 | 231,000 | 24,500 | 57,000 | 30,000 | ||||||||||||||||||
net realized gain on equity and other investments | 32,000,000 | 1,000,000 | 1,461,000 | ||||||||||||||||||||||||||||||||||||||||
net unrealized gain on equity and other investments | 216,000,000 | -62,000,000 | 681,000,000 | 928,000,000 | 512,000,000 | -373,000,000 | 555,000,000 | -1,018,478,000 | 777,749,000 | ||||||||||||||||||||||||||||||||||
net loss on equity method investment | 28,000,000 | -21,000,000 | -24,000,000 | -23,000,000 | -22,000,000 | -28,000,000 | -44,000,000 | -10,000,000 | |||||||||||||||||||||||||||||||||||
unrealized loss on embedded derivative | -7,250,000 | -29,000,000 | |||||||||||||||||||||||||||||||||||||||||
foreign exchange gain | -4,000,000 | 24,000,000 | 6,000,000 | -22,000,000 | 16,000,000 | 2,000,000 | -97,000 | -2,256,000 | 17,000 | 2,642,000 | -432,000 | 106,000 | -636,000 | -218,000 | 148,000 | -35,000 | -11,000 | 135,000 | |||||||||||||||||||||||||
total other income | 261,000,000 | -35,000,000 | 788,000,000 | 956,000,000 | 577,000,000 | -38,000,000 | -342,000,000 | 606,000,000 | -1,008,042,000 | 779,874,000 | 1,250,645,000 | ||||||||||||||||||||||||||||||||
income before income taxes | 892,000,000 | 308,000,000 | 1,079,000,000 | -770,000,000 | 1,421,000,000 | 860,000,000 | 203,000,000 | -256,000,000 | 682,000,000 | 728,000,000 | -1,301,000,000 | 76,000,000 | 2,393,632,000 | -157,133,000 | -1,198,250,000 | -1,652,857,000 | -488,719,000 | 1,340,452,000 | 919,315,000 | 1,369,544,000 | 109,753,000 | 186,367,000 | 4,368,000 | -60,124,000 | -18,540,000 | -24,446,000 | |||||||||||||||||
provision for income taxes | -149,000,000 | -44,000,000 | -173,000,000 | -20,250,000 | -32,000,000 | -32,000,000 | -17,000,000 | 48,338,000 | |||||||||||||||||||||||||||||||||||
net income | 743,000,000 | 264,000,000 | 906,000,000 | -682,000,000 | 1,293,000,000 | 828,000,000 | 171,000,000 | -273,000,000 | 657,000,000 | 718,000,000 | -1,311,000,000 | 68,000,000 | 2,213,030,000 | -158,409,000 | -1,203,907,000 | -1,474,408,000 | -371,311,000 | 1,148,432,000 | 879,093,000 | 1,258,445,000 | 123,872,000 | 191,068,000 | 35,998,000 | -31,429,000 | 771,000 | -72,784,000 | -28,678,000 | -24,151,000 | -1,514,000 | -23,184,000 | -23,953,000 | -15,902,000 | -2,987,000 | -9,380,000 | -14,030,000 | -13,598,000 | -8,867,000 | -9,120,000 | -8,439,000 | -8,929,000 | |||
yoy | -42.54% | -68.12% | 429.82% | 149.82% | 96.80% | 15.32% | -113.04% | -501.47% | -70.31% | -553.26% | 8.90% | -104.61% | -696.00% | -113.79% | -236.95% | -217.16% | -399.75% | 501.06% | 2342.06% | -4104.09% | 15966.41% | -362.51% | -225.52% | 30.14% | -150.92% | 213.94% | 19.73% | 51.87% | -49.31% | 147.16% | 70.73% | 16.94% | -66.31% | 2.85% | 66.25% | 52.29% | |||||||
qoq | 181.44% | -70.86% | -232.84% | -152.75% | 56.16% | 384.21% | -162.64% | -141.55% | -8.50% | -154.77% | -2027.94% | -96.93% | -1497.04% | -86.84% | -18.35% | 297.08% | -132.33% | 30.64% | -30.14% | 915.92% | -35.17% | 430.77% | -214.54% | -4176.39% | -101.06% | 153.80% | 18.74% | 1495.18% | -93.47% | -3.21% | 50.63% | 432.37% | -68.16% | -33.14% | 3.18% | 53.36% | -2.77% | 8.07% | -5.49% | ||||
net income margin % | 20.23% | 9.28% | 33.81% | -28.90% | 45.98% | 38.30% | 8.36% | -14.67% | 30.64% | 41.89% | -77.39% | 4.51% | -103.90% | -11.59% | -92.96% | -122.50% | -26.91% | 102.20% | 78.53% | 127.29% | 12.67% | 24.90% | 5.04% | -6.69% | 0.15% | -18.64% | -7.92% | -7.54% | -0.44% | -8.58% | -9.78% | -7.42% | -1.34% | -5.47% | -9.25% | -10.68% | -6.80% | -9.16% | -9.74% | -12.28% | 0% | 0% | 0% |
net income per share | |||||||||||||||||||||||||||||||||||||||||||
basic | 0.57 | 0.2 | 0.7 | -0.53 | 1.01 | 0.64 | 0.13 | -0.21 | 0.51 | 0.56 | -1.02 | 0.05 | 1.75 | -0.12 | -0.95 | -11.7 | -2.95 | 9.18 | 7.06 | 10.21 | 1.01 | 1.59 | 0.3 | ||||||||||||||||||||
diluted | 0.57 | 0.2 | 0.69 | -0.53 | 0.99 | 0.64 | 0.13 | -0.21 | 0.51 | 0.55 | -1.02 | 0.05 | 1.75 | -0.12 | -0.95 | -11.7 | -2.95 | 9 | 6.9 | 9.94 | 0.99 | 1.54 | 0.29 | ||||||||||||||||||||
weighted-average shares used for eps calculation | 116,806,549 | 116,027,240 | 113,086,997 | 112,013,409 | 110,921,276 | 107,734,499 | 106,647,222 | 105,978,076 | 102,256,644 | 99,551,791 | 98,777,975 | 94,290,538 | 90,242,889 | 89,137,155 | 84,912,757 | 81,349,248 | 80,488,495 | 61,716,065 | 75,901,840 | 53,040,539 | |||||||||||||||||||||||
basic | 1,298,955,860 | 1,300,069,685 | 1,297,746,050 | 1,295,377,376 | 1,289,812,124 | 1,290,585,426 | 1,288,900,183 | 1,287,376,719 | 1,285,498,532 | 1,283,329,213 | 1,280,407,642 | 1,276,884,726 | 1,273,338,804 | 1,269,425,226 | 1,262,011,665 | ||||||||||||||||||||||||||||
diluted | 1,304,953,255 | 1,312,872,709 | 1,308,993,838 | 1,295,377,376 | 1,301,509,980 | 1,301,600,656 | 1,299,913,079 | 1,287,376,719 | 1,297,295,576 | 1,295,830,188 | 1,280,407,642 | 1,291,682,051 | 1,273,338,804 | 1,269,425,226 | 1,262,011,665 | ||||||||||||||||||||||||||||
other comprehensive income | 10,000,000 | 11,000,000 | 9,000,000 | 6,387,000 | -84,000 | -9,193,000 | 9,514,000 | 10,653,000 | 3,339,000 | ||||||||||||||||||||||||||||||||||
unrealized gain on cash flow hedges | 3 | -9 | 16 | 5 | 4 | -10 | -3,733 | 6,346,000 | -22,631,000 | -2,518,000 | 6,746,000 | 6,101,000 | -4,398,000 | -6,834,000 | 1,437,000 | ||||||||||||||||||||||||||||
tax effect on unrealized gain on cash flow hedges | -1 | 3 | -5 | 990 | -2,156,000 | 5,998,000 | |||||||||||||||||||||||||||||||||||||
total other comprehensive income | 2 | -6 | 11 | 4 | 4 | ||||||||||||||||||||||||||||||||||||||
comprehensive income | 745 | 258 | 917 | 1,284 | 832 | 170,000,000 | -281 | 667,000,000 | 708 | 77,000,000 | 2,266,607,000 | -187,304,000 | -1,213,437 | -1,468,021,000 | -371,395,000 | 1,139,239,000 | 876,350 | 1,255,721 | 133,386,000 | 195,258,000 | 46,651,000 | 4,110,000 | |||||||||||||||||||||
other expense | |||||||||||||||||||||||||||||||||||||||||||
net unrealized loss on equity and other investments | -1,021,000,000 | ||||||||||||||||||||||||||||||||||||||||||
total other expense | -973,000,000 | ||||||||||||||||||||||||||||||||||||||||||
recovery of (provision for) income taxes | 88,000,000 | 178,449,000 | 117,408,000 | 14,119,000 | 4,701,000 | ||||||||||||||||||||||||||||||||||||||
tax effect on unrealized loss on cash flow hedges | -1 | 2,244 | 982 | ||||||||||||||||||||||||||||||||||||||||
comprehensive loss | -678 | -1,300,000,000 | -48,062,000 | -78,881,000 | -21,932,000 | -14,877,000 | -12,034,000 | -17,083,000 | -28,351,000 | -22,736,000 | -6,406,000 | -6,776,000 | -9,399,000 | -12,161,000 | -10,209,000 | -9,737,000 | -8,519,000 | -8,708,000 | |||||||||||||||||||||||||
impairment on sales of shopify's logistics businesses | 1,340,000,000 | ||||||||||||||||||||||||||||||||||||||||||
net gain on investments | -120,000,000 | ||||||||||||||||||||||||||||||||||||||||||
(provision for) recovery of income taxes | -25,000,000 | -10,000,000 | -10,000,000 | -180,602,000 | -1,276,000 | -5,657,000 | -192,020,000 | -40,222,000 | -111,099,000 | ||||||||||||||||||||||||||||||||||
foreign exchange loss | -2,661,000 | -1,232,000 | -336,000 | -414,000 | |||||||||||||||||||||||||||||||||||||||
total comprehensive income | -10 | ||||||||||||||||||||||||||||||||||||||||||
other comprehensive loss | -8,009,500 | -28,895,000 | |||||||||||||||||||||||||||||||||||||||||
note | |||||||||||||||||||||||||||||||||||||||||||
interest expense | -869,000 | -870,000 | -873,000 | -1,238,000 | |||||||||||||||||||||||||||||||||||||||
unrealized loss on cash flow hedges | -11,774 | -3,706 | |||||||||||||||||||||||||||||||||||||||||
total other comprehensive loss | -9,530 | ||||||||||||||||||||||||||||||||||||||||||
shares used to compute net income per share attributable to shareholders: | |||||||||||||||||||||||||||||||||||||||||||
basic | 126,013,066 | 125,734,755 | 125,071,460 | 124,547,501 | 123,243,650 | 122,181,067 | 120,511,484 | 118,740,645 | |||||||||||||||||||||||||||||||||||
diluted | 126,013,066 | 125,734,755 | 127,619,188 | 127,475,063 | 126,674,388 | 125,454,919 | 124,908,279 | 122,749,980 | |||||||||||||||||||||||||||||||||||
unrealized gain on equity and other investments | 1,250,944,000 | 133,239,000 | |||||||||||||||||||||||||||||||||||||||||
other (expenses) income | -2,788,000 | ||||||||||||||||||||||||||||||||||||||||||
recovery of income taxes | 31,630,000 | 28,695,000 | |||||||||||||||||||||||||||||||||||||||||
other income - sum | 13,109,000 | 11,212,000 | 10,942,000 | 8,184,000 | 6,808,000 | 4,431,000 | 863,000 | 369,000 | 220,000 | ||||||||||||||||||||||||||||||||||
basic and diluted net loss per share attributable to shareholders | -0.27 | -0.64 | -0.26 | -0.22 | -0.01 | -0.22 | -0.23 | -0.16 | -0.03 | -0.09 | -0.15 | -0.15 | -0.1 | -0.11 | -0.1 | -0.11 | -0.08 | -0.06 | -0.06 | ||||||||||||||||||||||||
weighted-average shares used for eps calculation | 116,806,549 | 116,027,240 | 113,086,997 | 112,013,409 | 110,921,276 | 107,734,499 | 106,647,222 | 105,978,076 | 102,256,644 | 99,551,791 | 98,777,975 | 94,290,538 | 90,242,889 | 89,137,155 | 84,912,757 | 81,349,248 | 80,488,495 | 61,716,065 | 75,901,840 | 53,040,539 | |||||||||||||||||||||||
provision for (recovery of) income taxes | -19,311,000 | ||||||||||||||||||||||||||||||||||||||||||
basic and diluted net income per share attributable to shareholders | 0.01 | ||||||||||||||||||||||||||||||||||||||||||
tax expense on unrealized gain on cash flow hedges | -3,579,000 | ||||||||||||||||||||||||||||||||||||||||||
other comprehensive income, net of tax | 9,274,000 | -10,520,000 | -3,419,000 | 2,604,000 | 4,631,000 | 221,000 | |||||||||||||||||||||||||||||||||||||
other comprehensive loss, net of tax | -1,342,000 | ||||||||||||||||||||||||||||||||||||||||||
unrealized loss on foreign exchange | -617,000 | ||||||||||||||||||||||||||||||||||||||||||
unrealized gain on foreign exchange | -80,000 | ||||||||||||||||||||||||||||||||||||||||||
research and development, net of refundable tax credits of 223 and 523 | 6,545,250 | 10,068,000 | |||||||||||||||||||||||||||||||||||||||||
net loss and comprehensive loss | -6,307,000 | -4,657,000 | -3,296,000 | ||||||||||||||||||||||||||||||||||||||||
research and development, net of refundable tax credits of nil and 296 | 8,800,000 |
Balance Sheets:
Quarterly
Annual
| Unit: USD | 2025-12-31 | 2025-09-30 | 2025-06-30 | 2025-03-31 | 2024-12-31 | 2024-09-30 | 2024-06-30 | 2024-03-31 | 2023-12-31 | 2023-09-30 | 2023-06-30 | 2023-03-31 | 2022-12-31 | 2022-09-30 | 2022-06-30 | 2022-04-12 | 2022-03-31 | 2021-12-31 | 2021-09-30 | 2021-06-30 | 2021-04-22 | 2021-03-31 | 2020-12-31 | 2020-09-30 | 2020-06-30 | 2020-04-21 | 2020-03-31 | 2019-12-31 | 2019-09-30 | 2019-06-30 | 2019-04-17 | 2019-03-31 | 2018-12-31 | 2018-09-30 | 2018-06-30 | 2018-04-06 | 2018-03-31 | 2017-12-31 | 2017-09-30 | 2017-06-30 | 2017-03-31 | 2016-12-31 | 2016-09-30 | 2016-06-30 | 2016-03-31 | 2015-12-31 | 2015-09-30 | 2015-07-30 | 2015-06-30 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
assets | |||||||||||||||||||||||||||||||||||||||||||||||||
current assets | |||||||||||||||||||||||||||||||||||||||||||||||||
cash and cash equivalents | 1,545,000,000 | 2,414,000,000 | 1,542,000,000 | 1,309,000,000 | 1,498,000,000 | 1,507,000,000 | 1,541,000,000 | 1,623,000,000 | 1,413,000,000 | 1,287,000,000 | 1,611,000,000 | 1,738,000,000 | 1,649,328,000 | 1,378,251,000 | 3,350,781,000 | 2,502,992,000 | 2,451,545,000 | 2,502,992,000 | 2,189,613,000 | 2,364,670,000 | 2,703,597,000 | 2,785,571,000 | 2,703,597,000 | 3,089,884,000 | 1,882,362,000 | 649,916,000 | 969,363,000 | 649,916,000 | 1,124,529,000 | 668,990,000 | 410,683,000 | 410,446,000 | 410,683,000 | 243,421,000 | 219,801,000 | 141,677,000 | 196,578,000 | 141,677,000 | 119,849,000 | 199,397,000 | 101,268,000 | 84,013,000 | 187,360,000 | 68,140,000 | 83,864,000 | 110,070,000 | 115,315,000 | 146,668,000 | 146,668 |
marketable securities | 4,233,000,000 | 3,935,000,000 | 4,278,000,000 | 4,205,000,000 | 3,981,000,000 | 3,388,000,000 | 3,480,000,000 | 3,554,000,000 | 3,595,000,000 | 3,631,000,000 | 3,169,000,000 | 3,125,000,000 | 3,403,622,000 | 3,563,181,000 | 3,604,010,000 | 5,265,101,000 | 4,795,145,000 | 5,265,101,000 | 5,329,081,000 | 5,390,717,000 | 3,684,370,000 | 5,086,877,000 | 3,684,370,000 | 3,031,277,000 | 2,118,593,000 | 1,805,278,000 | 1,391,209,000 | 1,805,278,000 | 1,542,653,000 | 1,344,341,000 | 1,558,987,000 | 1,586,568,000 | 1,558,987,000 | 1,334,804,000 | 1,354,367,000 | 796,362,000 | 1,383,455,000 | 796,362,000 | 806,710,000 | 733,020,000 | 294,422,000 | 308,401,000 | 212,927,000 | 111,506,000 | 105,600,000 | 80,103,000 | 71,621,000 | ||
trade and other receivables | 500,000,000 | 396,000,000 | 350,000,000 | 297,000,000 | 342,000,000 | 281,000,000 | 275,000,000 | 265,000,000 | 282,000,000 | 248,000,000 | 262,000,000 | 276,000,000 | 273,055,000 | 241,183,000 | 238,723,000 | 192,209,000 | 225,252,000 | 192,209,000 | 151,773,000 | 153,400,000 | 120,752,000 | 163,461,000 | 120,752,000 | 109,700,000 | 106,409,000 | 90,529,000 | 88,139,000 | 90,529,000 | 46,691,000 | 45,840,000 | 41,347,000 | 40,413,000 | 41,347,000 | 35,799,000 | 32,510,000 | 21,939,000 | 28,365,000 | 21,939,000 | 17,789,000 | 12,599,000 | 9,161,000 | 9,599,000 | 7,684,000 | 9,092,000 | 6,548,000 | 6,089,000 | 3,836,000 | 3,293,000 | 3,293 |
loans and merchant cash advances | 1,784,000,000 | 1,733,000,000 | 1,597,000,000 | 1,392,000,000 | 1,224,000,000 | 1,154,000,000 | 918,000,000 | 815,000,000 | 816,000,000 | 833,000,000 | |||||||||||||||||||||||||||||||||||||||
other current assets | 234,000,000 | 227,000,000 | 234,000,000 | 242,000,000 | 209,000,000 | 211,000,000 | 188,000,000 | 183,000,000 | 169,000,000 | 162,000,000 | 148,000,000 | 159,000,000 | 139,659,000 | 152,322,000 | 113,247,000 | 103,273,000 | 113,063,000 | 103,273,000 | 80,892,000 | 79,082,000 | 68,247,000 | 77,854,000 | 68,247,000 | 63,076,000 | 66,162,000 | 48,833,000 | 58,912,000 | 48,833,000 | 31,184,000 | 36,438,000 | 26,192,000 | 29,701,000 | 26,192,000 | 23,444,000 | 20,041,000 | 18,598,000 | 17,551,000 | 18,598,000 | 20,302,000 | 16,382,000 | 12,113,000 | 8,989,000 | 10,305,000 | 7,135,000 | 7,149,000 | 6,203,000 | 4,704,000 | 2,954,000 | 2,954 |
current assets - sum | 8,296,000,000 | 8,705,000,000 | 8,001,000,000 | 7,445,000,000 | 7,254,000,000 | 6,541,000,000 | 6,402,000,000 | 6,440,000,000 | 6,275,000,000 | 6,161,000,000 | 5,909,000,000 | 5,927,000,000 | 6,050,473,000 | 6,012,986,000 | 7,857,764,000 | 8,539,320,000 | 8,074,881,000 | 8,539,320,000 | 8,332,751,000 | 8,460,166,000 | 6,877,756,000 | 8,483,106,000 | 6,877,756,000 | 6,613,217,000 | 4,389,194,000 | 2,744,728,000 | 2,727,888,000 | 2,744,728,000 | 2,910,832,000 | 2,211,165,000 | 2,129,082,000 | 2,173,962,000 | 2,129,082,000 | 1,736,986,000 | 1,706,700,000 | 1,025,677,000 | 1,689,477,000 | 1,025,677,000 | 1,014,926,000 | 994,237,000 | 434,301,000 | 422,898,000 | 427,375,000 | 195,873,000 | 203,161,000 | 202,465,000 | 195,476,000 | 205,076,000 | |
long-term assets | |||||||||||||||||||||||||||||||||||||||||||||||||
property and equipment | 53,000,000 | 51,000,000 | 46,000,000 | 46,000,000 | 47,000,000 | 47,000,000 | 51,000,000 | 52,000,000 | 49,000,000 | 52,000,000 | 69,000,000 | 137,000,000 | 130,821,000 | 128,461,000 | 114,207,000 | 105,526,000 | 109,570,000 | 105,526,000 | 91,787,000 | 86,671,000 | 92,104,000 | 87,152,000 | 92,104,000 | 94,698,000 | 95,506,000 | 111,398,000 | 116,832,000 | 111,398,000 | 92,141,000 | 84,159,000 | 61,612,000 | 70,833,000 | 61,612,000 | 55,754,000 | 54,807,000 | 50,360,000 | 51,654,000 | 50,360,000 | 48,605,000 | 44,235,000 | 44,811,000 | 45,719,000 | 42,799,000 | 39,145,000 | 34,558,000 | 33,048,000 | 29,105,000 | 25,600,000 | 25,600 |
operating lease right-of-use assets | 88,000,000 | 94,000,000 | 97,000,000 | 105,000,000 | 93,000,000 | 96,000,000 | 93,000,000 | 96,000,000 | 98,000,000 | ||||||||||||||||||||||||||||||||||||||||
intangible assets | 30,000,000 | 33,000,000 | 36,000,000 | 39,000,000 | 22,000,000 | 24,000,000 | 26,000,000 | 25,000,000 | 29,000,000 | 33,000,000 | 26,000,000 | 372,000,000 | 390,148,000 | 410,819,000 | 133,129,000 | 138,496,000 | 131,608,000 | 138,496,000 | 141,929,000 | 124,203,000 | 135,676,000 | 129,692,000 | 135,676,000 | 143,925,000 | 151,254,000 | 167,282,000 | 159,004,000 | 167,282,000 | 24,759,000 | 25,314,000 | 26,072,000 | 24,156,000 | 26,072,000 | 26,060,000 | 24,656,000 | 17,210,000 | 21,088,000 | 17,210,000 | 17,560,000 | 18,444,000 | 6,722,000 | 6,437,000 | 6,867,000 | 6,789,000 | 5,182,000 | 5,826,000 | 4,140,000 | 3,831,000 | 3,831 |
deferred tax assets | 33,000,000 | 29,000,000 | 31,000,000 | 98,000,000 | 37,000,000 | 39,000,000 | 44,000,000 | 43,000,000 | 44,000,000 | 39,000,000 | 39,000,000 | 41,000,000 | 40,822,000 | 43,250,000 | 44,763,000 | 48,369,000 | 47,064,000 | 48,369,000 | 52,073,000 | 52,110,000 | 52,677,000 | 54,097,000 | 52,677,000 | 5,116,000 | 24,407,000 | 19,432,000 | 21,541,000 | 19,432,000 | 16,040,000 | ||||||||||||||||||||
other long-term assets | 39,000,000 | 23,000,000 | 28,000,000 | 23,000,000 | 21,000,000 | ||||||||||||||||||||||||||||||||||||||||||||
long-term investments | 975,000,000 | 676,000,000 | 831,000,000 | 894,000,000 | 709,000,000 | 782,000,000 | |||||||||||||||||||||||||||||||||||||||||||
equity and other investments | 4,582,000,000 | 4,363,000,000 | 4,405,000,000 | 3,640,000,000 | 4,647,000,000 | 3,684,000,000 | 3,590,000,000 | 3,294,000,000 | 3,597,000,000 | 2,852,000,000 | 2,294,000,000 | 2,277,000,000 | 1,953,460,000 | 2,421,747,000 | 1,993,867,000 | 3,955,545,000 | 2,894,601,000 | 3,955,545,000 | 4,445,132,000 | 2,796,321,000 | 173,454,000 | 1,630,950,000 | 173,454,000 | 170,500,000 | |||||||||||||||||||||||||
equity method investment | 602,000,000 | 574,000,000 | 595,000,000 | 619,000,000 | 642,000,000 | 664,000,000 | 691,000,000 | 735,000,000 | 780,000,000 | 828,000,000 | 838,000,000 | ||||||||||||||||||||||||||||||||||||||
goodwill | 491,000,000 | 491,000,000 | 491,000,000 | 491,000,000 | 452,000,000 | 452,000,000 | 449,000,000 | 427,000,000 | 427,000,000 | 427,000,000 | 427,000,000 | 1,865,000,000 | 1,836,282,000 | 1,836,282,000 | 379,345,000 | 356,528,000 | 356,528,000 | 356,528,000 | 349,432,000 | 311,865,000 | 311,865,000 | 311,865,000 | 311,865,000 | 311,865,000 | 311,865,000 | 311,865,000 | 311,865,000 | 311,865,000 | 48,375,000 | 48,375,000 | 38,019,000 | 43,672,000 | 38,019,000 | 22,894,000 | 22,894,000 | 20,317,000 | 20,317,000 | 20,317,000 | 20,317,000 | 20,317,000 | 15,504,000 | 15,504,000 | 9,302,000 | 9,302,000 | 2,373,000 | 2,373,000 | 2,373,000 | 2,373,000 | 2,373 |
long-term assets - sum | 6,893,000,000 | 6,334,000,000 | 6,560,000,000 | 5,955,000,000 | 6,670,000,000 | 5,788,000,000 | 4,944,000,000 | 4,672,000,000 | 5,024,000,000 | 4,303,000,000 | 3,794,000,000 | 5,037,000,000 | 4,706,678,000 | 5,190,299,000 | 2,889,866,000 | 4,800,852,000 | 3,759,576,000 | 4,800,852,000 | 5,203,767,000 | 3,495,512,000 | 885,149,000 | 2,341,782,000 | 885,149,000 | 848,814,000 | 709,245,000 | 744,751,000 | 743,028,000 | 744,751,000 | 278,103,000 | 256,133,000 | 125,703,000 | 228,789,000 | 125,703,000 | 104,708,000 | 102,357,000 | 87,887,000 | 93,059,000 | 87,887,000 | 86,482,000 | 82,996,000 | 67,037,000 | ||||||||
total assets | 15,189,000,000 | 15,039,000,000 | 14,561,000,000 | 13,400,000,000 | 13,924,000,000 | 12,329,000,000 | 11,346,000,000 | 11,112,000,000 | 11,299,000,000 | 10,464,000,000 | 9,703,000,000 | 10,964,000,000 | 10,757,151,000 | 11,203,285,000 | 10,747,630,000 | 13,340,172,000 | 11,834,457,000 | 13,340,172,000 | 13,536,518,000 | 11,955,678,000 | 7,762,905,000 | 10,824,888,000 | 7,762,905,000 | 7,462,031,000 | 5,098,439,000 | 3,489,479,000 | 3,470,916,000 | 3,489,479,000 | 3,188,935,000 | 2,467,298,000 | 2,254,785,000 | 2,402,751,000 | 2,254,785,000 | 1,841,694,000 | 1,809,057,000 | 1,113,564,000 | 1,782,536,000 | 1,113,564,000 | 1,101,408,000 | 1,077,233,000 | 501,338,000 | 490,558,000 | 486,343,000 | 251,109,000 | 245,274,000 | 243,712,000 | 235,639,000 | 236,880,000 | 236,880 |
liabilities and shareholders’ equity | |||||||||||||||||||||||||||||||||||||||||||||||||
current liabilities | |||||||||||||||||||||||||||||||||||||||||||||||||
accounts payable and accrued liabilities | 1,075,000,000 | 974,000,000 | 841,000,000 | 776,000,000 | 737,000,000 | 613,000,000 | 559,000,000 | 589,000,000 | 579,000,000 | 533,000,000 | 554,000,000 | 535,000,000 | 532,569,000 | 596,114,000 | 419,408,000 | 456,688,000 | 406,647,000 | 456,688,000 | 350,588,000 | 289,537,000 | 300,795,000 | 338,876,000 | 300,795,000 | 261,561,000 | 240,996,000 | 181,193,000 | 214,431,000 | 181,193,000 | 139,330,000 | 142,000,000 | 96,956,000 | 125,025,000 | 96,956,000 | 107,839,000 | 95,729,000 | 62,576,000 | 79,053,000 | 62,576,000 | 65,246,000 | 57,118,000 | 52,310,000 | 45,057,000 | 42,334,000 | 32,258,000 | 27,070,000 | 23,689,000 | 16,713,000 | 17,800,000 | 17,800 |
deferred revenue | 300,000,000 | 300,000,000 | 298,000,000 | 295,000,000 | 283,000,000 | 290,000,000 | 298,000,000 | 296,000,000 | 302,000,000 | 304,000,000 | 310,000,000 | 324,000,000 | 295,888,000 | 287,625,000 | 254,007,000 | 216,792,000 | 247,647,000 | 216,792,000 | 203,853,000 | 183,160,000 | 107,809,000 | 114,725,000 | 107,809,000 | 96,777,000 | 67,455,000 | 56,691,000 | 62,884,000 | 56,691,000 | 48,368,000 | 45,707,000 | 1,881,000 | 42,746,000 | 1,881,000 | 1,744,000 | 1,634,000 | 1,352,000 | 1,480,000 | 1,352,000 | 1,218,000 | 1,125,000 | 1,014,000 | 922,000 | 874,000 | 836,000 | 777,000 | 661,000 | 597,000 | 550,000 | 550 |
operating lease liabilities | 17,000,000 | 19,000,000 | 20,000,000 | 19,000,000 | 18,000,000 | 18,000,000 | 17,000,000 | 17,000,000 | 17,000,000 | ||||||||||||||||||||||||||||||||||||||||
convertible senior notes | 920,000,000 | 919,000,000 | 919,000,000 | 918,000,000 | 917,000,000 | 917,000,000 | 916,000,000 | 916,000,000 | 915,000,000 | 914,000,000 | 914,000,000 | 913,312,000 | 912,724,000 | 912,137,000 | 910,963,000 | 911,549,000 | 910,963,000 | 910,376,000 | 909,791,000 | 758,008,000 | 909,205,000 | 758,008,000 | 750,452,000 | ||||||||||||||||||||||||||
current liabilities - sum | 1,392,000,000 | 2,213,000,000 | 2,078,000,000 | 2,009,000,000 | 1,956,000,000 | 921,000,000 | 874,000,000 | 902,000,000 | 898,000,000 | 852,000,000 | 880,000,000 | 883,000,000 | 856,008,000 | 905,221,000 | 703,208,000 | 702,733,000 | 681,932,000 | 702,733,000 | 596,557,000 | 511,083,000 | 438,332,000 | 495,103,000 | 438,332,000 | 370,131,000 | 320,506,000 | 316,382,000 | 288,557,000 | 316,382,000 | 259,741,000 | 193,351,000 | 138,688,000 | 173,014,000 | 138,688,000 | 146,947,000 | 132,380,000 | 94,754,000 | 113,576,000 | 94,754,000 | 95,410,000 | 84,243,000 | 76,837,000 | 66,532,000 | 61,850,000 | 49,777,000 | 42,527,000 | 37,237,000 | 28,510,000 | 28,175,000 | |
long-term liabilities | |||||||||||||||||||||||||||||||||||||||||||||||||
deferred tax liabilities | 55,000,000 | 29,000,000 | 36,000,000 | 5,000,000 | 73,000,000 | 8,000,000 | 10,000,000 | 6,000,000 | 6,000,000 | 5,000,000 | 6,000,000 | 17,000,000 | 16,294,000 | 23,576,000 | 1,335,000 | 183,427,000 | 211,000 | 183,427,000 | 310,635,000 | 127,777,000 | 102,374,000 | 8,753,000 | 4,219,000 | 8,753,000 | |||||||||||||||||||||||||
long-term liabilities - sum | 324,000,000 | 315,000,000 | 359,000,000 | 340,000,000 | 410,000,000 | 1,290,000,000 | 1,300,000,000 | 1,317,000,000 | 1,335,000,000 | 1,328,000,000 | 1,360,000,000 | 1,624,000,000 | 1,662,254,000 | 1,605,056,000 | 1,327,294,000 | 1,504,098,000 | 1,362,930,000 | 1,504,098,000 | 1,569,684,000 | 1,324,051,000 | 923,850,000 | 1,187,914,000 | 923,850,000 | 915,071,000 | 148,994,000 | 157,363,000 | 141,508,000 | 157,363,000 | 109,135,000 | 112,763,000 | 25,329,000 | 101,819,000 | 25,329,000 | 22,669,000 | 20,476,000 | 17,710,000 | 19,071,000 | 17,710,000 | 18,076,000 | 15,546,000 | 13,637,000 | ||||||||
contingencies | |||||||||||||||||||||||||||||||||||||||||||||||||
shareholders’ equity | |||||||||||||||||||||||||||||||||||||||||||||||||
common stock | 10,376,000,000 | 10,123,000,000 | 9,985,000,000 | 9,831,000,000 | 9,634,000,000 | 9,474,000,000 | 9,368,000,000 | 9,283,000,000 | 9,201,000,000 | 9,098,000,000 | 9,019,000,000 | 8,886,000,000 | 8,747,432,000 | 8,653,011,000 | 8,244,560,000 | 8,040,099,000 | 8,150,878,000 | 8,040,099,000 | 7,930,690,000 | 7,837,824,000 | 6,115,232,000 | 7,760,984,000 | 6,115,232,000 | 6,035,099,000 | 4,859,950,000 | 3,256,284,000 | 3,333,407,000 | 3,256,284,000 | 3,042,555,000 | 2,313,198,000 | 2,215,936,000 | 2,265,240,000 | 2,215,936,000 | 1,794,013,000 | 1,771,304,000 | 1,077,477,000 | 1,745,300,000 | 1,077,477,000 | 1,064,214,000 | 1,051,490,000 | 478,841,000 | 468,494,000 | 464,809,000 | 235,645,000 | 233,411,000 | 231,452,000 | 228,197,000 | 227,964,000 | 227,964 |
additional paid-in capital | 236,000,000 | 272,000,000 | 281,000,000 | 279,000,000 | 305,000,000 | 309,000,000 | 301,000,000 | 277,000,000 | 251,000,000 | 239,000,000 | 205,000,000 | 32,000,000 | 30,206,000 | -23,409,000 | 221,858,000 | 161,074,000 | 174,570,000 | 161,074,000 | 136,024,000 | 118,396,000 | 261,436,000 | 92,913,000 | 261,436,000 | 251,061,000 | 73,578,000 | 62,628,000 | 58,684,000 | 62,628,000 | 84,792,000 | 76,393,000 | 74,805,000 | 69,153,000 | 74,805,000 | 66,004,000 | 55,753,000 | 43,392,000 | 47,094,000 | 43,392,000 | 37,071,000 | 32,541,000 | 29,211,000 | 27,009,000 | 21,531,000 | 18,187,000 | 14,128,000 | 11,719,000 | 10,656,000 | 8,477,000 | 8,477 |
accumulated other comprehensive income | 1,000,000 | 5,000,000 | -10,000,000 | 4,000,000 | 4,000,000 | -5,974,000 | 413,000 | -5,974,000 | -5,890,000 | 3,303,000 | 8,770,000 | 6,046,000 | 8,770,000 | -744,000 | -4,934,000 | 1,046,000 | -15,587,000 | 1,046,000 | -2,293,000 | 3,804,000 | -12,216,000 | -12,216,000 | -1,696,000 | -7,797,000 | 3,435,000 | -3,399,000 | 3,435,000 | 6,854,000 | 4,250,000 | 141,000 | 221,000 | ||||||||||||||||||
accumulated surplus | 2,860,000,000 | 2,117,000,000 | 1,853,000,000 | 947,000,000 | 1,629,000,000 | 336,000,000 | |||||||||||||||||||||||||||||||||||||||||||
total shareholders’ equity | 13,473,000,000 | 12,511,000,000 | 12,124,000,000 | 11,051,000,000 | 11,558,000,000 | 10,118,000,000 | 9,172,000,000 | 8,893,000,000 | 9,066,000,000 | 8,284,000,000 | 7,463,000,000 | 8,457,000,000 | 8,238,889,000 | 8,693,008,000 | 8,717,128,000 | 11,133,341,000 | 9,789,595,000 | 11,133,341,000 | 11,370,277,000 | 10,120,544,000 | 6,400,723,000 | 9,141,871,000 | 6,400,723,000 | 6,176,829,000 | 4,628,939,000 | 3,015,734,000 | 3,040,851,000 | 3,015,734,000 | 2,820,059,000 | 2,161,184,000 | 2,090,768,000 | 2,127,918,000 | 2,090,768,000 | 1,672,078,000 | 1,656,201,000 | 1,001,100,000 | 1,649,889,000 | 1,001,100,000 | 987,922,000 | 977,444,000 | 410,864,000 | 410,476,000 | 411,522,000 | 188,751,000 | 190,977,000 | 195,317,000 | 197,306,000 | 199,551,000 | 199,551 |
total liabilities and shareholders’ equity | 15,189,000,000 | 15,039,000,000 | 14,561,000,000 | 13,400,000,000 | 13,924,000,000 | 12,329,000,000 | 11,346,000,000 | 11,112,000,000 | 11,299,000,000 | 10,464,000,000 | 9,703,000,000 | 10,964,000,000 | 10,757,151,000 | 11,203,285,000 | 10,747,630,000 | 13,340,172,000 | 11,834,457,000 | 13,340,172,000 | 13,536,518,000 | 11,955,678,000 | 7,762,905,000 | 10,824,888,000 | 7,762,905,000 | 7,462,031,000 | 5,098,439,000 | 3,489,479,000 | 3,470,916,000 | 3,489,479,000 | 3,188,935,000 | 2,467,298,000 | 2,254,785,000 | 2,402,751,000 | 2,254,785,000 | 1,841,694,000 | 1,809,057,000 | 1,113,564,000 | 1,782,536,000 | 1,113,564,000 | 1,101,408,000 | 1,077,233,000 | 501,338,000 | 490,558,000 | 486,343,000 | 251,109,000 | 245,274,000 | 243,712,000 | 235,639,000 | 236,880,000 | 236,880 |
accumulated other comprehensive loss | -1,000,000 | -6,000,000 | -16,473,000 | -38,012,000 | -9,117,000 | -2,942,000 | -381,000 | -1,818,000 | -476,000 | ||||||||||||||||||||||||||||||||||||||||
commitments and contingencies | |||||||||||||||||||||||||||||||||||||||||||||||||
accumulated deficit | -492,000,000 | -663,000,000 | -390,000,000 | -1,047,000,000 | -1,765,000,000 | -454,000,000 | -108,587,000 | -299,655,000 | -304,224,000 | -335,653,000 | -304,224,000 | -304,995,000 | -232,211,000 | -187,757,000 | -203,533,000 | -187,757,000 | -186,243,000 | -163,059,000 | -123,204,000 | -139,106,000 | -123,204,000 | -120,217,000 | -110,837,000 | -96,807,000 | -83,209,000 | -74,342,000 | -65,222,000 | -56,783,000 | -47,854,000 | -41,547,000 | -36,890,000 | -36,890 | |||||||||||||||||
right-of-use assets | 72,000,000 | 101,000,000 | 345,000,000 | 355,145,000 | 349,740,000 | 224,555,000 | 196,388,000 | 220,205,000 | 196,388,000 | 123,414,000 | 124,342,000 | 119,373,000 | 128,026,000 | 119,373,000 | 122,710,000 | 126,213,000 | 134,774,000 | 133,786,000 | 134,774,000 | 96,788,000 | 98,285,000 | 90,128,000 | |||||||||||||||||||||||||||
lease liabilities | 15,000,000 | 16,000,000 | 24,000,000 | 18,161,000 | 17,024,000 | 25,668,000 | 15,748,000 | 19,344,000 | 15,748,000 | 15,618,000 | 15,842,000 | 10,051,000 | 15,567,000 | 10,051,000 | 10,994,000 | 10,993,000 | 9,066,000 | 9,781,000 | 9,066,000 | 5,426,000 | 5,644,000 | 5,243,000 | |||||||||||||||||||||||||||
loans, merchant cash advances and related receivables | 719,000,000 | 629,000,000 | |||||||||||||||||||||||||||||||||||||||||||||||
merchant cash advances, loans and related receivables | 580,114,000 | 666,053,000 | 537,790,000 | 470,722,000 | 486,507,000 | 470,722,000 | 524,020,000 | 415,354,000 | 244,723,000 | 312,771,000 | 244,723,000 | 247,977,000 | 166,495,000 | 191,863,000 | |||||||||||||||||||||||||||||||||||
income taxes receivable | 4,695,000 | 11,996,000 | 13,213,000 | 5,023,000 | 3,369,000 | 5,023,000 | 57,372,000 | 56,943,000 | 56,067,000 | 56,572,000 | 56,067,000 | 71,303,000 | 49,173,000 | 28,402,000 | |||||||||||||||||||||||||||||||||||
income taxes payable | 9,390,000 | 4,458,000 | 4,125,000 | 13,505,000 | 8,294,000 | 13,505,000 | 26,498,000 | 22,544,000 | 19,677,000 | 25,935,000 | 19,677,000 | 799,000 | 1,062,000 | 69,432,000 | 1,461,000 | 69,432,000 | 66,617,000 | ||||||||||||||||||||||||||||||||
(accumulated deficit) retained earnings | -522,276,000 | ||||||||||||||||||||||||||||||||||||||||||||||||
retained earnings | 101,418,000 | 259,827,000 | 2,938,142,000 | 1,463,734,000 | 2,938,142,000 | 3,309,453,000 | 2,161,021,000 | 15,285,000 | 1,281,928,000 | 15,285,000 | |||||||||||||||||||||||||||||||||||||||
note | |||||||||||||||||||||||||||||||||||||||||||||||||
merchant cash advances and loans receivable | 150,172,000 | 150,172,000 | 165,775,000 | 115,556,000 | 91,873,000 | 106,834,000 | 91,873,000 | ||||||||||||||||||||||||||||||||||||||||||
deferred tax liability | 1,425,000 | 1,798,000 | 1,132,000 | 945,000 | 1,132,000 | 1,320,000 | 1,509,000 | 1,388,000 | 1,236,000 | 1,388,000 | 1,541,000 | 1,693,000 | |||||||||||||||||||||||||||||||||||||
current portion of deferred revenue | 39,180,000 | 39,180,000 | 36,987,000 | 35,029,000 | 30,694,000 | 32,993,000 | 30,694,000 | 28,730,000 | 25,771,000 | 23,194,000 | 20,164,000 | 18,293,000 | 16,464,000 | 14,522,000 | 12,726,000 | 11,013,000 | 9,601,000 | 9,601 | |||||||||||||||||||||||||||||||
current portion of lease incentives | 2,552,000 | 2,552,000 | 2,121,000 | 1,622,000 | 1,484,000 | 1,530,000 | 1,484,000 | 1,434,000 | 1,354,000 | 1,333,000 | 1,311,000 | 1,223,000 | 1,055,000 | 935,000 | 822,000 | 784,000 | 774,000 | 774 | |||||||||||||||||||||||||||||||
lease incentives | 22,316,000 | 22,316,000 | 19,605,000 | 17,333,000 | 14,970,000 | 16,355,000 | 14,970,000 | 15,317,000 | 12,728,000 | 12,623,000 | 12,628,000 | 12,097,000 | 11,745,000 | 10,993,000 | 10,497,000 | 9,226,000 | 8,604,000 | 8,604 | |||||||||||||||||||||||||||||||
merchant cash advances receivable | 99,518,000 | 79,981,000 | 47,101,000 | 63,528,000 | 47,101,000 | 50,276,000 | 32,839,000 | 17,337,000 | 11,896,000 | 9,099,000 | |||||||||||||||||||||||||||||||||||||||
long term assets | |||||||||||||||||||||||||||||||||||||||||||||||||
long term assets - sum | 67,660,000 | 58,968,000 | 55,236,000 | 42,113,000 | 41,247,000 | 40,163,000 | 31,804,000 | ||||||||||||||||||||||||||||||||||||||||||
long term liabilities | |||||||||||||||||||||||||||||||||||||||||||||||||
long term liabilities - sum | 13,550,000 | 12,971,000 | 12,581,000 | 11,770,000 | 11,158,000 | 9,823,000 | 9,154,000 | ||||||||||||||||||||||||||||||||||||||||||
convertible preferred shares; nil and 27,159,277 shares authorized, issued and outstanding | |||||||||||||||||||||||||||||||||||||||||||||||||
long-term marketable securities | 4,545,000 | ||||||||||||||||||||||||||||||||||||||||||||||||
common shares – unlimited shares authorized; nil and 39,310,446 issued and outstanding | |||||||||||||||||||||||||||||||||||||||||||||||||
short-term investments | 52,161,000 | 52,161 | |||||||||||||||||||||||||||||||||||||||||||||||
convertible preferred shares | |||||||||||||||||||||||||||||||||||||||||||||||||
common shares |
Cashflow Statements:
Quarterly
Annual
| Unit: USD | 2025-12-31 | 2025-09-30 | 2025-06-30 | 2025-03-31 | 2024-12-31 | 2024-09-30 | 2024-06-30 | 2024-03-31 | 2023-12-31 | 2023-09-30 | 2023-06-30 | 2023-03-31 | 2022-12-31 | 2022-09-30 | 2022-03-31 | 2021-12-31 | 2021-09-30 | 2021-03-31 | 2020-12-31 | 2020-09-30 | 2020-03-31 | 2019-12-31 | 2019-09-30 | 2019-03-31 | 2018-12-31 | 2018-09-30 | 2018-03-31 | 2017-12-31 | 2017-09-30 | 2017-06-30 | 2017-03-31 | 2016-12-31 | 2016-09-30 | 2016-06-30 | 2016-03-31 | 2015-12-31 | 2015-09-30 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
cash flows from operating activities | |||||||||||||||||||||||||||||||||||||
net income for the year | |||||||||||||||||||||||||||||||||||||
adjustments to reconcile net income to net cash from operating activities: | |||||||||||||||||||||||||||||||||||||
amortization and depreciation | 23,000,000 | 0 | 0 | 8,000,000 | 28,000,000 | -2,000,000 | 0 | 10,000,000 | -3,000,000 | -4,000,000 | -12,000,000 | 29,000,000 | 29,822,000 | 27,625,000 | 16,670,000 | 22,241,000 | 13,604,000 | 15,800,000 | 17,893,000 | 17,870,000 | 14,366,000 | 12,701,000 | 8,743,000 | 6,832,000 | 5,848,000 | 6,196,000 | 7,582,000 | 7,758,000 | 5,737,000 | 5,353,000 | 4,534,000 | 4,440,000 | 3,693,000 | 2,776,000 | 3,058,000 | 2,202,000 | 1,909,000 |
stock-based compensation | 342,000,000 | -6,000,000 | -1,000,000 | 114,000,000 | 320,000,000 | 4,000,000 | 1,000,000 | 105,000,000 | -4,000,000 | -178,000,000 | 145,000,000 | 135,000,000 | 141,744,000 | 149,990,000 | 117,989,000 | 98,309,000 | 81,340,000 | 69,156,000 | 67,057,000 | 63,807,000 | 53,752,000 | 47,992,000 | 40,032,000 | 31,164,000 | 27,419,000 | 26,185,000 | 17,925,000 | 14,978,000 | 13,377,000 | 11,601,000 | 9,207,000 | 8,062,000 | 6,459,000 | 5,001,000 | 3,374,000 | 2,793,000 | 2,182,000 |
impairment of right-of-use assets and leasehold improvements | 10,000,000 | -7,000,000 | 0 | 0 | 0 | ||||||||||||||||||||||||||||||||
provision for transaction and loan losses | 128,000,000 | 58,000,000 | 1,000,000 | 43,000,000 | 106,000,000 | 16,000,000 | -2,000,000 | 28,000,000 | 21,000,000 | -7,000,000 | -13,000,000 | 28,000,000 | 20,042,000 | 21,489,000 | 9,805,000 | 18,058,000 | 10,868,000 | 4,236,000 | 7,328,000 | 7,914,000 | 6,103,000 | ||||||||||||||||
deferred income tax (recovery) expense | -9,000,000 | -129,000,000 | -5,341,000 | -825,000 | -184,214,000 | ||||||||||||||||||||||||||||||||
revenue related to non-cash consideration | -37,000,000 | 0 | 1,000,000 | -13,000,000 | -75,000,000 | 2,000,000 | 14,000,000 | -35,000,000 | 1,000,000 | 3,000,000 | 9,000,000 | -48,000,000 | -34,956,000 | -32,882,000 | -26,081,000 | -20,955,000 | -19,304,000 | ||||||||||||||||||||
impairment on sales of shopify's logistics businesses | |||||||||||||||||||||||||||||||||||||
net loss on equity and other investments | 91,000,000 | 744,000,000 | -1,703,000,000 | 1,021,000,000 | -297,000,000 | 373,000,000 | 187,000,000 | -274,000,000 | -66,000,000 | -215,000,000 | 475,389,000 | -168,838,000 | 1,593,655,000 | ||||||||||||||||||||||||
net loss on equity method investment | 19,000,000 | -3,000,000 | 1,000,000 | 23,000,000 | 110,000,000 | -16,000,000 | 0 | 44,000,000 | 38,000,000 | ||||||||||||||||||||||||||||
realized loss on embedded derivative | |||||||||||||||||||||||||||||||||||||
unrealized foreign exchange loss | -61,000,000 | 50,000,000 | -34,000,000 | -12,000,000 | 38,000,000 | 6,000,000 | -20,000,000 | 7,000,000 | -14,246,000 | 10,008,000 | 6,322,000 | 829,000 | 2,290,000 | 1,734,000 | -503,000 | 45,000 | -3,779,000 | 777,000 | 487,000 | 60,000 | 635,000 | 268,000 | 118,000 | 74,000 | -183,000 | -978,000 | 321,000 | 471,000 | |||||||||
changes in operating assets and liabilities | -35,000,000 | -29,000,000 | -6,000,000 | 26,000,000 | -51,000,000 | -21,000,000 | 51,000,000 | -121,000,000 | -10,000,000 | 104,000,000 | |||||||||||||||||||||||||||
trade and other receivables | -29,135,000 | -19,731,000 | -31,291,000 | -42,033,000 | -2,861,000 | -39,063,000 | -8,093,000 | -2,073,000 | -2,378,000 | -31,028,000 | -4,613,000 | -10,551,000 | -10,125,000 | -6,098,000 | -8,161,000 | -4,336,000 | -5,723,000 | -3,535,000 | 557,000 | ||||||||||||||||||
merchant cash advances and related receivables | |||||||||||||||||||||||||||||||||||||
other current and long-term assets | |||||||||||||||||||||||||||||||||||||
accounts payable and accrued liabilities | -60,406,000 | 136,042,000 | -44,024,000 | 98,783,000 | 49,554,000 | 39,756,000 | 32,521,000 | 24,408,000 | 30,621,000 | 30,678,000 | -2,023,000 | 33,912,000 | -23,562,000 | 16,918,000 | 11,571,000 | 235,000 | 4,598,000 | 1,759,000 | 8,836,000 | ||||||||||||||||||
deferred revenue | 11,107,000 | 206,720,000 | 80,640,000 | 22,343,000 | 79,159,000 | 8,327,000 | 8,958,000 | 45,536,000 | 5,804,000 | 3,276,000 | 2,684,000 | 3,696,000 | 2,330,000 | 2,068,000 | 2,427,000 | 2,098,000 | 3,052,000 | 2,688,000 | 3,122,000 | ||||||||||||||||||
net cash from operating activities | 1,520,000,000 | 85,000,000 | 61,000,000 | 367,000,000 | 1,193,000,000 | 83,000,000 | 102,000,000 | 238,000,000 | 170,000,000 | 160,000,000 | 18,000,000 | 100,000,000 | 255,385,000 | -214,106,000 | -53,560,000 | 260,458,000 | 41,866,000 | 245,366,000 | 99,357,000 | 52,888,000 | 9,257,000 | 18,995,000 | -6,235,000 | -8,858,000 | 3,999,000 | 6,715,000 | 1,097,000 | 5,550,000 | 655,000 | 4,957,000 | 158,000 | ||||||
capital expenditures | -20,000,000 | 0 | -2,000,000 | -4,000,000 | 0 | 0 | 0 | 0 | 0 | 0 | -7,000,000 | -14,000,000 | -7,624,000 | -13,905,000 | -15,940,000 | -25,975,000 | -11,362,000 | -6,356,000 | -10,048,000 | -13,402,000 | -7,518,000 | -10,785,000 | -3,968,000 | -2,657,000 | -2,633,000 | -8,487,000 | -5,229,000 | -7,342,000 | -2,715,000 | -5,158,000 | 0 | ||||||
free cash flows | 1,500,000,000 | 85,000,000 | 59,000,000 | 363,000,000 | 1,193,000,000 | 83,000,000 | 102,000,000 | 238,000,000 | 170,000,000 | 160,000,000 | 11,000,000 | 86,000,000 | 247,761,000 | -228,011,000 | -69,500,000 | 234,483,000 | 30,504,000 | 239,010,000 | 89,309,000 | 39,486,000 | 1,739,000 | 8,210,000 | -10,203,000 | -11,515,000 | 1,366,000 | -1,772,000 | -4,132,000 | -1,792,000 | -2,060,000 | -201,000 | 158,000 | ||||||
cash flows from investing activities | |||||||||||||||||||||||||||||||||||||
purchases of property and equipment | -20,000,000 | 0 | -2,000,000 | -4,000,000 | |||||||||||||||||||||||||||||||||
purchases of marketable securities | -5,580,000,000 | 4,000,000 | 254,000,000 | -1,718,000,000 | -6,310,000,000 | -252,000,000 | 303,000,000 | -2,137,000,000 | |||||||||||||||||||||||||||||
maturities of marketable securities | 4,596,000,000 | 492,000,000 | 133,000,000 | 1,331,000,000 | 5,620,000,000 | 174,000,000 | -484,000,000 | 2,147,000,000 | |||||||||||||||||||||||||||||
purchases and originations of loans | -3,018,000,000 | -52,000,000 | -139,000,000 | -805,000,000 | -2,162,000,000 | -134,000,000 | -135,000,000 | -575,000,000 | 1,000,000 | -71,000,000 | -108,000,000 | -349,000,000 | |||||||||||||||||||||||||
repayments and sales of loans | 2,586,000,000 | 82,000,000 | 130,000,000 | 637,000,000 | 1,914,000,000 | 34,000,000 | 49,000,000 | 545,000,000 | |||||||||||||||||||||||||||||
purchases of equity and other investments | -91,000,000 | 63,000,000 | -67,000,000 | -4,000,000 | |||||||||||||||||||||||||||||||||
acquisition of businesses, net of cash acquired | -31,000,000 | 0 | -1,723,740,000 | -9,827,000 | -253,036,000 | 0 | -5,715,000 | -15,679,000 | 0 | 0 | 0 | ||||||||||||||||||||||||||
other | 2,000,000 | -1,000,000 | 16,000,000 | ||||||||||||||||||||||||||||||||||
net cash from investing activities | -1,525,000,000 | 587,000,000 | 367,000,000 | -619,000,000 | -1,112,000,000 | -50,000,000 | -397,000,000 | -27,000,000 | 260,000,000 | -333,000,000 | -254,000,000 | -19,000,000 | 1,995,000 | -1,748,881,000 | -4,195,000 | 20,113,000 | -240,672,000 | -661,282,000 | -933,441,000 | -1,619,000 | -77,916,000 | -457,938,000 | 10,303,000 | -110,860,000 | -107,608,000 | -22,434,000 | -28,784,000 | -11,239,000 | -31,079,000 | ||||||||
cash flows from financing activities | |||||||||||||||||||||||||||||||||||||
proceeds from the exercise of stock options | 208,000,000 | -20,000,000 | -15,000,000 | 59,000,000 | 55,000,000 | 3,000,000 | 0 | 3,000,000 | 6,000,000 | -15,000,000 | 20,000,000 | 6,000,000 | 6,292,000 | 3,420,000 | 6,286,000 | 36,150,000 | 29,154,000 | 22,925,000 | 20,733,000 | 12,481,000 | 19,427,000 | 11,036,000 | 9,677,000 | 12,056,000 | 8,221,000 | 6,133,000 | 6,294,000 | 4,274,000 | 3,568,000 | 3,952,000 | 2,980,000 | 932,000 | 1,398,000 | 988,000 | 844,000 | 1,363,000 | 77,000 |
maturities of convertible senior notes | |||||||||||||||||||||||||||||||||||||
net cash from financing activities | -835,000,000 | -20,000,000 | -15,000,000 | 59,000,000 | 55,000,000 | 3,000,000 | 0 | 3,000,000 | 6,000,000 | -15,000,000 | 20,000,000 | 6,000,000 | 6,292,000 | 3,420,000 | 6,286,000 | 36,150,000 | 29,154,000 | 1,564,093,000 | 20,733,000 | 2,038,077,000 | 19,427,000 | 11,036,000 | 697,691,000 | 12,056,000 | 402,925,000 | 6,133,000 | 653,278,000 | 4,274,000 | 3,568,000 | 564,009,000 | 2,980,000 | 932,000 | 225,821,000 | 988,000 | 844,000 | 1,363,000 | 52,000 |
effect of foreign exchange on cash, cash equivalents and restricted cash | 9,000,000 | 4,000,000 | |||||||||||||||||||||||||||||||||||
net increase in cash, cash equivalents and restricted cash | -825,000,000 | 639,000,000 | 422,000,000 | -189,000,000 | |||||||||||||||||||||||||||||||||
cash, cash equivalents and restricted cash – beginning of year | |||||||||||||||||||||||||||||||||||||
cash, cash equivalents and restricted cash – end of year | |||||||||||||||||||||||||||||||||||||
supplemental cash flow information: | |||||||||||||||||||||||||||||||||||||
cash paid for income taxes | 171,000,000 | -38,000,000 | 34,000,000 | 27,000,000 | 102,000,000 | 9,000,000 | |||||||||||||||||||||||||||||||
cash paid for interest | |||||||||||||||||||||||||||||||||||||
net income for the period | 657,000,000 | 444,000,000 | -273,000,000 | -61,000,000 | 68,000,000 | -158,409,000 | -1,474,408,000 | 1,148,432,000 | 1,258,445,000 | 191,068,000 | |||||||||||||||||||||||||||
unrealized loss on embedded derivative | |||||||||||||||||||||||||||||||||||||
acquisition of business, net of cash acquired | -56,000,000 | ||||||||||||||||||||||||||||||||||||
cash, cash equivalents and restricted cash – beginning of period | 233,000,000 | -189,000,000 | 1,498,000,000 | ||||||||||||||||||||||||||||||||||
cash, cash equivalents and restricted cash – end of period | 872,000,000 | 233,000,000 | 1,309,000,000 | ||||||||||||||||||||||||||||||||||
net income the period | |||||||||||||||||||||||||||||||||||||
deferred income tax expense | 75,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | -115,886,000 | 178,505,000 | 100,954,000 | ||||||||||||||||||||||||||||
net loss for the period | -682,000,000 | -31,429,000 | -72,784,000 | -24,151,000 | -23,184,000 | -15,902,000 | -9,380,000 | -14,030,000 | -13,598,000 | -9,120,000 | -8,439,000 | -8,929,000 | -4,657,000 | ||||||||||||||||||||||||
adjustments to reconcile net loss to net cash from operating activities: | |||||||||||||||||||||||||||||||||||||
changes in operating assets and liabilities: | |||||||||||||||||||||||||||||||||||||
net gain on equity and other investments | |||||||||||||||||||||||||||||||||||||
effect of foreign exchange on cash and cash equivalents | 0 | 2,000,000 | 7,405,000 | -12,963,000 | 22,000 | -3,342,000 | -5,405,000 | 577,000 | 8,896,000 | 3,529,000 | -15,020,000 | 1,452,000 | -1,334,000 | 655,000 | -315,000 | -467,000 | -245,000 | 178,000 | 1,035,000 | 916,000 | -27,000 | -134,000 | -90,000 | 172,000 | 1,079,000 | -326,000 | -484,000 | ||||||||||
net increase in cash and cash equivalents | 48,000,000 | -292,000,000 | 210,000,000 | -216,000,000 | 89,000,000 | -51,447,000 | 313,379,000 | -175,057,000 | 81,974,000 | -386,287,000 | 1,207,522,000 | 319,447,000 | -474,613,000 | 455,539,000 | -237,000 | 167,262,000 | 23,620,000 | 54,901,000 | 21,828,000 | -79,548,000 | 98,129,000 | 17,255,000 | -103,347,000 | 119,220,000 | -15,724,000 | -26,206,000 | -5,245,000 | -31,353,000 | |||||||||
cash and cash equivalents – beginning of period | -82,000,000 | 210,000,000 | 1,413,000,000 | -324,000,000 | -127,000,000 | 89,000,000 | 1,649,000,000 | 0 | 2,502,992,000 | 0 | 2,703,597,000 | 0 | 649,916,000 | 0 | 410,683,000 | 0 | 141,677,000 | 0 | 0 | 84,013,000 | 0 | 0 | 110,070,000 | ||||||||||||||
cash and cash equivalents – end of period | -34,000,000 | -82,000,000 | 1,623,000,000 | 126,000,000 | -324,000,000 | -127,000,000 | 1,738,000,000 | -1,972,530,000 | 2,451,545,000 | -175,057,000 | 2,785,571,000 | 1,207,522,000 | 969,363,000 | 455,539,000 | 410,446,000 | 23,620,000 | 196,578,000 | -79,548,000 | 98,129,000 | 101,268,000 | 119,220,000 | -15,724,000 | 83,864,000 | ||||||||||||||
deferred income tax recovery | |||||||||||||||||||||||||||||||||||||
repayments of loans | 135,000,000 | 100,000,000 | 113,000,000 | 166,000,000 | |||||||||||||||||||||||||||||||||
acquisitions of property and equipment | -7,000,000 | -14,000,000 | -7,624,000 | -13,905,000 | -15,940,000 | -25,975,000 | -11,362,000 | -5,188,000 | -6,356,000 | -10,048,000 | -16,740,000 | -13,402,000 | -12,920,000 | -9,552,000 | -7,518,000 | -5,325,000 | -5,405,000 | -10,785,000 | -3,968,000 | -2,657,000 | -2,633,000 | -8,487,000 | -5,229,000 | -7,342,000 | -2,715,000 | -5,158,000 | |||||||||||
purchase of marketable securities | -502,000,000 | -181,000,000 | -1,098,000,000 | -1,442,900,000 | -1,535,130,000 | -1,463,705,000 | -1,720,887,000 | -1,466,622,000 | -2,444,955,000 | -1,939,115,000 | -1,690,399,000 | -496,224,000 | -715,502,000 | -980,288,000 | -700,052,000 | -758,402,000 | -392,207,000 | -933,307,000 | -180,061,000 | -310,990,000 | -540,537,000 | -97,675,000 | -145,558,000 | -142,257,000 | -34,954,000 | -46,439,000 | -28,342,000 | ||||||||||
maturity of marketable securities | 91,000,000 | -152,000,000 | 1,397,000,000 | 1,616,223,000 | 1,584,380,000 | 1,929,395,000 | 1,784,469,000 | 1,527,804,000 | 1,038,316,000 | 1,285,189,000 | 777,057,000 | 913,178,000 | 442,105,000 | 785,614,000 | 679,467,000 | 538,261,000 | 415,597,000 | 347,902,000 | 190,564,000 | 237,900,000 | 102,074,000 | 111,535,000 | 49,789,000 | 40,626,000 | 28,757,000 | 20,700,000 | |||||||||||
purchase of equity and other investments | 76,000,000 | -90,000,000 | -5,021,000 | -60,486,000 | -453,945,000 | -7,667,000 | -240,692,000 | -206,552,000 | |||||||||||||||||||||||||||||
net decrease in cash and cash equivalents | 271,077,000 | ||||||||||||||||||||||||||||||||||||
cash paid for amounts included in the measurement of lease liabilities included in cash flows from operating activities | 6,674,000 | 4,742,000 | 4,079,000 | ||||||||||||||||||||||||||||||||||
lease liabilities arising from obtaining right-of-use assets | 12,207,000 | 2,718,000 | |||||||||||||||||||||||||||||||||||
acquired property and equipment remaining unpaid | 1,557,000 | 2,441,000 | -332,000 | -613,000 | 3,044,000 | 619,000 | |||||||||||||||||||||||||||||||
amortization of debt offering costs | 1,000,000 | 588,000 | 587,000 | 586,000 | 587,000 | 585,000 | 585,000 | ||||||||||||||||||||||||||||||
other current assets | 13,852,000 | -33,728,000 | -4,782,000 | -22,850,000 | -10,804,000 | -13,205,000 | 6,037,000 | 3,374,000 | -15,349,000 | -9,262,000 | 2,771,000 | -2,917,000 | -2,561,000 | -2,723,000 | -2,193,000 | -1,527,000 | -2,527,000 | 3,472,000 | -3,124,000 | ||||||||||||||||||
non-cash consideration received in exchange for services | 0 | -196,475,000 | -76,726,000 | -10,481,000 | -65,277,000 | ||||||||||||||||||||||||||||||||
income taxes receivable and payable | 13,730,000 | 1,378,000 | -4,898,000 | ||||||||||||||||||||||||||||||||||
lease assets and liabilities | 7,984,000 | -6,371,000 | -5,520,000 | 251,000 | -1,206,000 | 4,938,000 | -1,482,000 | -522,000 | 830,000 | 840,000 | -943,000 | 1,260,000 | |||||||||||||||||||||||||
proceeds from public equity offerings, net of issuance costs | 0 | 0 | 1,541,168,000 | 0 | |||||||||||||||||||||||||||||||||
cash and cash equivalents – beginning of year | |||||||||||||||||||||||||||||||||||||
cash and cash equivalents – end of year | |||||||||||||||||||||||||||||||||||||
merchant cash advances, loans and related receivables | -150,686,000 | -27,283,000 | 41,168,000 | -119,162,000 | -74,561,000 | -274,000 | -90,098,000 | -46,478,000 | |||||||||||||||||||||||||||||
note | |||||||||||||||||||||||||||||||||||||
net unrealized gain on equity and other investments | 509,735,000 | -1,340,842,000 | |||||||||||||||||||||||||||||||||||
acquisitions of intangible assets | 0 | 0 | -219,000 | -154,000 | -3,549,000 | -1,440,000 | -1,267,000 | -2,975,000 | -5,447,000 | -1,337,000 | -858,000 | -1,100,000 | -924,000 | -459,000 | -748,000 | -926,000 | -330,000 | -2,114,000 | |||||||||||||||||||
proceeds from convertible senior notes, net of underwriting fees and offering costs | 0 | ||||||||||||||||||||||||||||||||||||
cash (recovered from) paid for income taxes | |||||||||||||||||||||||||||||||||||||
income tax assets and liabilities | 6,840,000 | 9,525,000 | 34,046,000 | -24,549,000 | -90,375,000 | 3,163,000 | |||||||||||||||||||||||||||||||
amortization of debt discount and offering costs | 7,556,000 | ||||||||||||||||||||||||||||||||||||
deferred income taxes | -47,596,000 | 19,326,000 | -6,643,000 | -22,623,000 | |||||||||||||||||||||||||||||||||
unrealized gain on equity and other investments | -1,250,944,000 | -1,954,000 | |||||||||||||||||||||||||||||||||||
adjustments to reconcile net income to net cash provided (used) by operating activities: | |||||||||||||||||||||||||||||||||||||
net cash provided (used) by operating activities | 135,683,000 | 24,344,000 | -1,875,000 | ||||||||||||||||||||||||||||||||||
net cash (used) provided by investing activities | -1,618,379,000 | ||||||||||||||||||||||||||||||||||||
equity and other investments | |||||||||||||||||||||||||||||||||||||
proceeds from public offering, net of issuance costs | 0 | 394,704,000 | 0 | 646,984,000 | 0 | 0 | |||||||||||||||||||||||||||||||
net loss for the year | |||||||||||||||||||||||||||||||||||||
provision for uncollectible receivables related to merchant cash advances and loans receivable | 4,945,000 | 3,428,000 | 3,156,000 | ||||||||||||||||||||||||||||||||||
merchant cash advances and loans receivable | 10,658,000 | -53,647,000 | -18,117,000 | ||||||||||||||||||||||||||||||||||
net cash used by investing activities | -539,989,000 | -37,292,000 | -244,605,000 | 15,090,000 | |||||||||||||||||||||||||||||||||
acquired intangible assets remaining unpaid | 300,000 | ||||||||||||||||||||||||||||||||||||
capitalized stock-based compensation | 33,000 | 642,000 | 322,000 | 362,000 | |||||||||||||||||||||||||||||||||
adjustments to reconcile net loss to net cash (used) provided by operating activities: | |||||||||||||||||||||||||||||||||||||
net cash (used) provided by operating activities | -84,955,000 | ||||||||||||||||||||||||||||||||||||
net cash provided (used) by investing activities | 399,995,000 | -596,257,000 | |||||||||||||||||||||||||||||||||||
opening lease liabilities arising from obtaining right-of-use assets | 0 | ||||||||||||||||||||||||||||||||||||
adjustments to reconcile net loss to net cash provided (used) by operating activities: | |||||||||||||||||||||||||||||||||||||
lease incentives | 3,142,000 | 2,771,000 | 1,431,000 | -297,000 | 2,669,000 | 126,000 | 17,000 | ||||||||||||||||||||||||||||||
non-cash investing activities: | |||||||||||||||||||||||||||||||||||||
provision for uncollectible receivables related to merchant cash advances | 971,000 | 1,582,000 | 133,000 | 551,000 | 1,330,000 | 592,000 | |||||||||||||||||||||||||||||||
merchant cash advances receivable | -20,508,000 | -18,009,000 | 3,042,000 | -17,988,000 | -16,832,000 | -6,033,000 | |||||||||||||||||||||||||||||||
net cash used by operating activities | |||||||||||||||||||||||||||||||||||||
vesting of restricted shares | 0 | 30,000 | 86,000 | 86,000 | 86,000 | 86,000 | |||||||||||||||||||||||||||||||
unrealized foreign exchange gain | -128,000 | -102,000 | -601,000 | -790,000 | -111,000 | ||||||||||||||||||||||||||||||||
acquisition of business | -6,145,000 | 0 | |||||||||||||||||||||||||||||||||||
proceeds from initial public offering, net of issuance costs | 0 | -25,000 | |||||||||||||||||||||||||||||||||||
proceeds from follow-on public offering, net of issuance costs | 0 | ||||||||||||||||||||||||||||||||||||
change in lease incentives | 521,000 | 872,000 | 609,000 | ||||||||||||||||||||||||||||||||||
change in deferred revenue | 1,868,000 | 2,001,000 | 1,912,000 | 1,776,000 | |||||||||||||||||||||||||||||||||
changes in non-cash working capital items | -2,428,000 | 3,436,000 | 1,523,000 | 2,777,000 | -1,925,000 | ||||||||||||||||||||||||||||||||
supplemental non-cash items | |||||||||||||||||||||||||||||||||||||
loss on asset disposal | |||||||||||||||||||||||||||||||||||||
changes in lease incentives | 1,309,000 | 632,000 | |||||||||||||||||||||||||||||||||||
proceeds from disposal of property and equipment | |||||||||||||||||||||||||||||||||||||
issuance of series c convertible preferred shares, net of issuance costs | |||||||||||||||||||||||||||||||||||||
sale of marketable securities | |||||||||||||||||||||||||||||||||||||
changes in deferred revenue | |||||||||||||||||||||||||||||||||||||
purchase of short-term investments | |||||||||||||||||||||||||||||||||||||
sale of short-term investments | |||||||||||||||||||||||||||||||||||||
acquisition of property and equipment | |||||||||||||||||||||||||||||||||||||
acquisition of intangible assets | |||||||||||||||||||||||||||||||||||||
cash and cash equivalents - beginning of the period | |||||||||||||||||||||||||||||||||||||
cash and cash equivalents - end of the period |