SHOPIFY INC. (SHOP) [Rocket]

In millions, except per share items	Dec-31-21	Dec-31-20	Dec-31-19	Dec-31-18	Dec-31-17	Dec-31-16	Dec-31-15	Dec-31-14
	Source	Source	Source	Source	Source	Source	Source	20-F
Revenues:
EMEA	799.6	454.3
APAC	467.0	292.2
Latin America	54.6	36.2	20.7
EMEA, Other			121.1
Other	3,290.6	2,146.8	1,436.4
Total revenues [+]	4,611.9	2,929.5	1,578.2	1,073.2	673.3	389.3	205.2	105.0
Services						200.7	93.3	38.4
License and services						188.6	112.0	66.7
Revenue growth [+]	57.4%	85.6%	47.0%	59.4%	72.9%	89.7%	95.4%	109.0%
EMEA	76.0%
APAC	59.8%
Latin America	51.0%	74.8%
Cost of goods sold [+]	2,130.7	1,388.0	712.5	477.0	293.1	179.8	92.0	43.2
Cost of licenses and services						39.5	24.5	16.8
Gross profit	2,481.1	1,541.5	865.6	596.3	380.3	209.5	113.3	61.8
Gross margin	53.8%	52.6%	54.9%	55.6%	56.5%	53.8%	55.2%	58.8%
Selling, general and administrative [+]	1,276.4	847.4	626.6	457.5	293.4	172.3	91.3	57.5
Sales and marketing	901.6	602.0	472.8	350.1	225.7	129.2	70.4	45.9
General and administrative	374.8	245.3	153.8	107.4	67.7	43.1	20.9	11.6
Research and development	854.4	552.1	355.0	230.7	136.0	74.3	39.7	25.9
Other operating expenses	81.7	51.8	25.2
EBITDA [+]	335.0	160.2	-105.5	-64.9	-25.8	-23.2	-10.5	-16.9
EBITDA growth	109.1%	-251.9%	62.6%	151.7%	11.1%	120.5%	-37.9%	574.8%
EBITDA margin	7.3%	5.5%	-6.7%	-6.0%	-3.8%	-6.0%	-5.1%	-16.1%
Depreciation	41.8	38.2	16.8	16.9	16.6	10.4	5.7	4.0
EBITA	293.1	122.0	-122.3	-81.8	-42.4	-33.6	-16.2	-20.9
EBITA margin	6.4%	4.2%	-7.7%	-7.6%	-6.3%	-8.6%	-7.9%	-19.9%
Amortization of intangibles	24.5	31.9	18.9	10.1	6.8	3.6	1.5	0.7
EBIT [+]	268.6	90.2	-141.1	-91.9	-49.2	-37.2	-17.8	-21.6
EBIT growth	198.0%	-163.9%	53.6%	87.0%	32.3%	109.3%	-17.9%	406.3%
EBIT margin	5.8%	3.1%	-8.9%	-8.6%	-7.3%	-9.5%	-8.7%	-20.6%
Interest income, net [+]	-3.5	-9.1		29.4	7.9	1.5	0.2	0.1
Interest expense	3.5	9.1
Interest income				29.4	7.9	1.5	0.2	0.1
Other income (expense), net [+]	2,649.5	238.4	74.4	-2.1	1.3	0.3	-1.2	-0.8
Gain (loss) on sale of assets								-0.1
Gain (loss) on foreign currency transactions	0.3	0.7	-2.9	-2.1	1.3	0.3	-1.2	-0.7
Pre-tax income	2,914.7	319.5	-66.8	-64.6	-40.0	-35.4	-18.8	-22.3
Income taxes	-225.9	79.1	29.0	0.0	0.0	0.0	0.0	0.0
Tax rate		24.8%		0.0%	0.0%	0.0%	0.0%	0.0%
Net income	3,140.6	240.4	-95.8	-64.6	-40.0	-35.4	-18.8	-22.3
Net margin	68.1%	8.2%	-6.1%	-6.0%	-5.9%	-9.1%	-9.2%	-21.2%

Basic EPS [+]	$25.19	$2.01	($0.85)	($0.61)	($0.42)	($0.42)	($0.30)	($0.57)
Growth	1153.3%	-278.6%	38.8%	46.3%	-0.8%	38.3%	-46.9%	341.2%
Diluted EPS [+]	$24.66	$1.95	($0.85)	($0.61)	($0.42)	($0.42)	($0.30)	($0.57)
Growth	1166.6%	-273.0%	38.8%	46.3%	-0.8%	38.3%	-46.9%	341.2%

Shares outstanding (basic) [+]	124.7	119.6	113.0	105.7	95.8	84.0	61.7	38.9
Growth	4.3%	7.8%	7.0%	10.3%	14.0%	36.1%	58.5%	4.5%
Shares outstanding (diluted) [+]	127.4	123.5	113.0	105.7	95.8	84.0	61.7	38.9
Growth	3.2%	11.3%	7.0%	10.3%	14.0%	36.1%	58.5%	4.5%

EBIT is a non-GAAP figure that excludes all non-recurring expenses: restructuring costs, asset impairments, IPR&D writeoffs, and other unusual charges.