SHOP FY 2021 Earnings Report — Shopify Inc. Revenue & Financial Results | Market Cap Arena

Shopify Inc.SHOP

FY 2021 Earnings

Reported February 16, 2022

Quarter Comparison

Revenue

Operating Income

Gross Margin

Net Margin

EPS (Diluted)

Free Cash Flow

Metric	FY 2021	Prior Q	FY 2020	QoQ Change	YoY Change
Revenue	$4.6B	—	$2.9B	—	57.4%
Op. Income	$269M	—	$90M	—	198.0%
Gross Margin	53.8%	—	52.6%	—	1.2pp
Net Margin	63.2%	—	10.9%	—	52.3pp
EPS (Diluted)	$2.27	—	$0.26	—	773.1%
Free Cash Flow	$485M	—	$383M	—	26.6%

Revenue Flow

Item	Amount
REVENUE	$4.6B
Cost of Revenue	$2.1B
GROSS PROFIT	$2.5B
R&D Expenses	$854M
Selling & Marketing	$902M
General & Administrative	$375M
SG&A Expenses	$1.3B
Other Expenses	$82M
Operating Expenses	$2.2B
Cost & Expenses	$4.3B
OPERATING INCOME	$269M
Interest Income	$15M
Interest Expense	$3M
Other Income/Expenses	$2.9B
INCOME BEFORE TAX	$3.1B
Income Tax Expense	$226M
Net Income from Continuing Ops	$2.9B
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$2.9B
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$2.9B
D&A	$66M
EBIT	$3.1B
EBITDA	$3.2B
EPS	$2
EPS Diluted	$2

Income Statement

Item	Amount
REVENUE	$4.6B
Cost of Revenue	$2.1B
GROSS PROFIT	$2.5B
R&D Expenses	$854M
Selling & Marketing	$902M
General & Administrative	$375M
SG&A Expenses	$1.3B
Other Expenses	$82M
Operating Expenses	$2.2B
Cost & Expenses	$4.3B
OPERATING INCOME	$269M
Interest Income	$15M
Interest Expense	$3M
Other Income/Expenses	$2.9B
INCOME BEFORE TAX	$3.1B
Income Tax Expense	$226M
Net Income from Continuing Ops	$2.9B
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$2.9B
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$2.9B
D&A	$66M
EBIT	$3.1B
EBITDA	$3.2B
EPS	$2
EPS Diluted	$2

Cash Flow Statement

Item	Amount
Net Income	$2.9B
Depreciation & Amortization	$66M
Stock-Based Compensation	$331M
Deferred Income Tax	$191M
Other Non-Cash Items	-$2.8B
Change in Working Capital	-$130M
OPERATING CASH FLOW	$536M
Capital Expenditure	-$51M
Acquisitions (Net)	-$710M
Purchases of Investments	-$7.3B
Sales/Maturities of Investments	$5.8B
Other Investing Activities	-$31M
NET CASH FROM INVESTING	-$2.4B
Net Debt Issuance	$0
Common Stock Repurchased	$0
Common Dividends Paid	$0
Other Financing Activities	$109M
NET CASH FROM FINANCING	$1.6B
FREE CASH FLOW	$485M
Net Change in Cash	-$201M

Balance Sheet

Item	Amount
Cash & Equivalents	$2.5B
Short-Term Investments	$5.3B
Net Receivables	$667M
Inventory	$0
Other Current Assets	$13M
TOTAL CURRENT ASSETS	$8.5B
PP&E (Net)	$302M
Goodwill	$357M
Intangible Assets	$138M
Long-Term Investments	$4.0B
Tax Assets	$48M
Other Non-Current Assets	$0
TOTAL NON-CURRENT ASSETS	$4.8B
TOTAL ASSETS	$13.3B
Account Payables	$284M
Short-Term Debt	$0
Deferred Revenue	$217M
Other Current Liabilities	$78M
TOTAL CURRENT LIABILITIES	$703M
Long-Term Debt	$911M
Deferred Revenue NC	$163M
Deferred Tax Liabilities	$183M
Other Non-Current Liabilities	$0
TOTAL NON-CURRENT LIABILITIES	$1.5B
TOTAL LIABILITIES	$2.2B
Common Stock	$8.0B
Additional Paid-In Capital	$161M
Retained Earnings	$2.9B
Treasury Stock	$0
Accum. Other Comp. Income	-$6M
Other Equity	$0
TOTAL STOCKHOLDERS' EQUITY	$11.1B
Minority Interest	$0
TOTAL EQUITY	$11.1B
TOTAL LIABILITIES & EQUITY	$13.3B
Total Debt	$1.2B
Net Debt	-$1.3B