GMV for the third quarter was $30.9 billion, an increase of $16.1 billion, or 109% over the third quarter of 2019. This has made us potentially more careful but I also think just more realistic.”, Lutke didn’t rule out strategic deals and said the company is constantly rethinking its strategy, but added: “I’m not a huge fan of M&A for acquiring revenue.”. 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) uncertainty around the duration and scope of the COVID-19 pandemic and the impact of the pandemic and actions taken in response on global and regional economies and economic activity; (ii) shifting our operations to be “digital-by-default”; (iii) merchant acquisition and retention; (iv) managing our growth; (v) our history of losses; (vi) our limited operating history; (vii) our ability to innovate; (viii) the security of personal information we store relating to merchants and their customers and consumers with whom we have a direct relationship; (ix) a disruption of service or security breach; (x) our potential inability to compete successfully against current and future competitors; (xi) international sales and the use of our platform in various countries; (xii) the reliance of our growth in part on the success of our strategic relationships with third parties; (xiii) our potential failure to effectively maintain, promote and enhance our brand; (xiv) our use of a single cloud-based platform to deliver our services; (xv) our potential inability to achieve or maintain data transmission capacity; (xvi) our reliance on a single supplier to provide the technology we offer through Shopify Payments; (xvii) payments processed through Shopify Payments; (xviii) our potential inability to hire, retain and motivate qualified personnel; (xix) serious errors or defects in our software or hardware or issues with our hardware supply chain; (xx) evolving privacy laws and regulations, cross-border data transfer restrictions, data localization requirements and other domestic or foreign regulations may limit the use and adoption of our services; and (xxi) 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. Shopify launched Shopify Payments in Belgium, enabling iDEAL as a local payment method and supporting Bancontact debit payments, expanding the availability of Shopify Payments to 17 countries. Shopify said 51% of eligible merchants in the U.S. and Canada used Shopify Shipping in the third quarter of 2020, versus 45% in the third quarter of 2019. Merchants in the U.S., Canada, and the U.K. received $252.1 million in merchant cash advances and loans from Shopify Capital in the third quarter of 2020, an increase of 79% versus the $141.0 million received by U.S. merchants in the third quarter of last year. When it comes to market share, Shopify stands in third place, behind WooCommerce and Squarespace, making it one of the major players in the continually expanding market. Shopify and TikTok will also collaborate to test new commerce features over the coming months that will further empower merchants to expand their paid and organic reach in video and on profiles. But it has expanded to offer an ever-widening suite of services, including lending, payments and shipping solutions. This has made us potentially more careful but I also think just more realistic.”. Please refer to "Non-GAAP Financial Measures" in this press release for more information. Shopify intends to provide up to $130 million of resources to support Operation HOPE’s efforts to reduce systemic barriers to entry to entrepreneurship historically faced by the Black community. Adjusted net income and adjusted net income per share also exclude an unrealized gain on an equity investment, amortization of the debt discount related to Shopify’s convertible senior notes, and tax effects related to non-GAAP adjustments. You can revoke cookies at anytime at the bottom of the page. Shopify Inc. defied market expectations in the third quarter, posting stronger-than-expected results as the global pandemic continued to push shoppers and companies onto online platforms. Shopify Capital has grown to approximately $1.4 billion in cumulative capital advanced since its launch in April 2016, with approximately $248.0 million of which was outstanding on September 30, 2020. Shopify began rolling out to a select number of merchants early access to Shop Pay Installments, a ‘buy now, pay later’ product that lets merchants offer their customers more payment choice and flexibility at checkout, helping merchants boost sales through increased cart size and higher conversion. 6 River Systems held its second annual user conference, FLOW 2020, a fully interactive online event where several enhancements to its wall-to-wall fulfillment solution were announced, including The Bridge, an overarching tool that connects the data from what’s happening in a physical warehouse operation to an intuitive cloud-based control center, providing more visibility into operations and increasing efficiency. 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. Net income for the third quarter of 2020 was $191.1 million, or $1.54 per diluted share, compared with a net loss of $72.8 million, or $0.64 per basic and diluted share, for the third quarter of 2019. Non-GAAP financial measures exclude the effect of stock-based compensation expenses and related payroll taxes, amortization of acquired intangibles and related taxes, an unrealized gain on an equity investment and related taxes, and amortization of the debt discount related to convertible senior notes and related taxes. https://investors.shopify.com/news-and-events/default.aspx#upcoming-events. Shopify launched the TikTok channel, enabling merchants to market their products using TikTok for Business. For more information, visit www.shopify.com. “These include unemployment, fiscal stimulus, and the magnitude and duration of the Covid-19 pandemic, all of which may impact new shop creation on our platform and consumer spending”: Shopify, Chief Executive Officer Tobi Lutke said in a conference call with analysts that he remains skeptical about acquisitions. Shopify reports in U.S. dollars and in accordance with U.S. GAAP. We continue to evolve our global commerce operating system to make it easier for merchants to get online and start selling, get discovered, and get their goods to buyers, while providing a delightful shopping experience.”. Total revenue in the third quarter was $767.4 million, a 96% increase from the comparable quarter in 2019. Apple to Replace Some AirPods Pro Earbuds After Sound Proble... Twitter Clears the N.Y. Post to Tweet Again After Policy Cha... Trump TikTok Restrictions Blocked by Judge in Win for Users, Ipsy Buys Makeup Box Rival BoxyCharm in $500 Million Deal, ‘I’m not a huge fan of M&A for acquiring revenue,’ Lutke says, Company soars past estimates with $767 million in revenue. Its Canadian-listed shares are up about 160% this year. Have a confidential tip for our reporters? With strong demand for Shopify Fulfillment Network’s services expected heading into the holiday selling season in Q4 2020, we intend to continue to enroll merchants and build volume at a rate where we can maintain high quality standards to achieve product-market fit at this early stage of our fulfillment network’s development. The founder of Shopify Inc. says the company is focused on expanding market share as more companies move their businesses online, but will take a cautious approach to mergers or acquisitions. Adjusted gross profit, adjusted operating income, non-GAAP operating expenses, adjusted net income (loss) and adjusted net income (loss) per share are non-GAAP financial measures that exclude the effect of stock-based compensation expenses and related payroll taxes and amortization of acquired intangibles.
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