SEDAR Interim Financial Statements

[
  {
    "metadata": {
      "companyName": "Shopify Inc.",
      "reportingPeriodEnd": "2025-09-30",
      "reportStatus": "Unaudited",
      "auditorName": null,
      "auditorKeyMatters": []
    },
    "balanceSheet": {
      "cashAndCashEquivalents": 2414,
      "marketableSecurities": 3935,
      "tradeAndOtherReceivablesNet": 396,
      "loansAndMerchantCashAdvancesNet": 1733,
      "otherCurrentAssets": 227,
      "totalCurrentAssets": 8705,
      "propertyAndEquipmentNet": 51,
      "operatingLeaseRightOfUseAssetsNet": 94,
      "intangibleAssetsNet": 33,
      "deferredTaxAssets": 29,
      "otherLongTermAssets": 23,
      "longTermInvestments": 676,
      "equityAndOtherInvestments": 4363,
      "equityMethodInvestment": 574,
      "goodwill": 491,
      "totalAssets": 15039,
      "accountsPayableAndAccruedLiabilities": 974,
      "deferredRevenueCurrent": 300,
      "operatingLeaseLiabilitiesCurrent": 19,
      "convertibleSeniorNotesCurrent": 920,
      "totalCurrentLiabilities": 2213,
      "deferredRevenueLongTerm": 110,
      "operatingLeaseLiabilitiesLongTerm": 176,
      "deferredTaxLiabilities": 29,
      "totalLiabilities": 2528,
      "commonStock": 10123,
      "additionalPaidInCapital": 272,
      "accumulatedOtherComprehensiveLoss": -1,
      "accumulatedSurplus": 2117,
      "totalShareholdersEquity": 12511,
      "cashPerShare": 1.8568,
      "workingCapitalPerShare": 4.9936
    },
    "incomeStatement": {
      "subscriptionSolutionsRevenue": 699,
      "merchantSolutionsRevenue": 2145,
      "totalRevenue": 2844,
      "costOfSubscriptionSolutions": 128,
      "costOfMerchantSolutions": 1325,
      "totalCostOfRevenue": 1453,
      "grossProfit": 1391,
      "salesAndMarketing": 410,
      "researchAndDevelopment": 375,
      "generalAndAdministrative": 115,
      "transactionAndLoanLosses": 148,
      "totalOperatingExpenses": 1048,
      "incomeFromOperations": 343,
      "interestIncome": 81,
      "netRealizedGainOnEquityAndOtherInvestments": null,
      "netUnrealizedLossGainOnEquityAndOtherInvestments": -62,
      "netLossOnEquityMethodInvestment": -21,
      "unrealizedLossOnEmbeddedDerivative": -29,
      "foreignExchangeLossGain": -4,
      "totalOtherExpenseIncomeNet": -35,
      "incomeBeforeIncomeTaxes": 308,
      "provisionForIncomeTaxes": -44,
      "netIncome": 264,
      "basicEarningsPerShare": 0.2,
      "dilutedEarningsPerShare": 0.2,
      "weightedAverageSharesBasic": 1300069685,
      "weightedAverageSharesDiluted": 1312872709
    },
    "cashFlowStatement": {
      "netIncome": 264,
      "adjustmentsForAmortizationAndDepreciation": 8,
      "stockBasedCompensation": 107,
      "impairmentOfRightOfUseAssetsAndLeaseholdImprovements": 3,
      "provisionForTransactionAndLoanLosses": 102,
      "deferredIncomeTaxRecoveryExpense": -5,
      "revenueRelatedToNonCashConsideration": -12,
      "unrealizedLossOnEmbeddedDerivative": 29,
      "netLossGainOnEquityAndOtherInvestments": 62,
      "netLossOnEquityMethodInvestment": 21,
      "unrealizedForeignExchangeLossGain": 4,
      "changesInOperatingAssetsAndLiabilities": -70,
      "netCashProvidedByOperatingActivities": 513,
      "purchasesOfPropertyAndEquipment": -6,
      "purchasesOfMarketableSecurities": -1460,
      "maturitiesOfMarketableSecurities": 1956,
      "purchasesAndOriginationsOfLoans": -996,
      "repaymentsAndSalesOfLoans": 849,
      "purchasesOfEquityAndOtherInvestments": -8,
      "acquisitionOfBusinessNetOfCashAcquired": null,
      "otherInvestingActivities": null,
      "netCashProvidedByUsedInInvestingActivities": 335,
      "proceedsFromExerciseOfStockOptions": 24,
      "netCashProvidedByFinancingActivities": 24,
      "effectOfForeignExchangeOnCash": null,
      "netIncreaseDecreaseInCash": 872,
      "cashBeginningOfPeriod": 1542,
      "cashEndOfPeriod": 2414
    },
    "investmentsAndOtherAssets": [
      {
        "type": "Marketable Securities",
        "description": "U.S. term deposits, U.S. federal bonds and agency securities, corporate bonds and commercial paper",
        "ownershipPercentage": null,
        "value": 3935,
        "notes": "Current portion; Level 1 and Level 2 fair value hierarchy"
      },
      {
        "type": "Marketable Securities",
        "description": "Corporate bonds and commercial paper",
        "ownershipPercentage": null,
        "value": 676,
        "notes": "Long-term portion; Level 2 fair value hierarchy"
      },
      {
        "type": "Equity Investment",
        "description": "Affirm Holdings, Inc.",
        "ownershipPercentage": null,
        "value": 1483,
        "notes": "Public company; Level 1 fair value"
      },
      {
        "type": "Equity Investment",
        "description": "Global-E Online Ltd.",
        "ownershipPercentage": null,
        "value": 791,
        "notes": "Public company; Level 1 fair value"
      },
      {
        "type": "Equity Investment",
        "description": "Klaviyo, Inc.",
        "ownershipPercentage": null,
        "value": 509,
        "notes": "Includes unvested warrants; Level 1 and Level 3 fair value"
      },
      {
        "type": "Equity Investment",
        "description": "Private companies without readily determinable fair values",
        "ownershipPercentage": null,
        "value": 974,
        "notes": "Carried under measurement alternative; includes observable price changes and impairments"
      },
      {
        "type": "Equity Method Investment",
        "description": "Flexport",
        "ownershipPercentage": null,
        "value": 574,
        "notes": "Equity method investment; share of loss recognized"
      },
      {
        "type": "Convertible Notes",
        "description": "Convertible notes in private companies",
        "ownershipPercentage": null,
        "value": 549,
        "notes": "Level 3 fair value; classified as available-for-sale"
      }
    ],
    "shareStructure": {
      "authorizedShares": "Unlimited Class A subordinate voting shares, unlimited Class B restricted voting shares, 1 Founder share",
      "issuedShares": 1301282052,
      "classesOfShares": ["Class A Subordinate Voting Shares", "Class B Restricted Voting Shares", "Founder Share"],
      "warrants": [
        {
          "number": 15743174,
          "exercisePrice": 88.93,
          "expiryDate": "2030-07-28"
        }
      ],
      "options": [],
      "rightsConvertibleInstruments": "0.125% Convertible Senior Notes due 2025, principal $920 million, conversion price $144.01, settled on November 3, 2025."
    },
    "managementCompensation": {
      "currency": "USD",
      "periods": {},
      "namedIndividuals": [],
      "otherRelatedPartyTransactions": [
        {
          "counterparty": "Flexport",
          "description": "Co-marketing services agreement",
          "amount": 2,
          "period": "Three months ended September 30, 2025"
        }
      ]
    },
    "subsequentEvents": [
      {
        "eventDate": "2025-11-03",
        "description": "Settled outstanding Convertible Senior Notes and embedded derivative for $1.0 billion in cash and a nominal amount of Class A subordinate voting shares.",
        "impactValue": -123
      }
    ]
  }
]