Shopify(US:SHOP)2024-05-08 10:00Revenue Growth - Revenue increased 23% to $1.9 billion, or 29% when adjusting for the sale of logistics businesses[1][3] - Revenue grew 23% year-over-year to $1.861 billion in Q1 2024, up from $1.508 billion in Q1 2023[25] - Q2 2024 revenue expected to grow at a high-teens percentage rate, or low-to-mid-twenties adjusting for logistics sale impact[6] Gross Merchandise Volume (GMV) and Gross Payments Volume (GPV) - Gross Merchandise Volume (GMV) increased 23% to $60.9 billion, up $11.3 billion from Q1 2023[3] - GMV increased 23% year-over-year to $60.855 billion in Q1 2024, compared to $49.568 billion in Q1 2023[28] - Gross Payments Volume (GPV) grew to $36.2 billion, representing 60% of GMV, up from 56% in Q1 2023[3] - GPV grew 32% year-over-year to $36.238 billion in Q1 2024, up from $27.521 billion in Q1 2023[28] Subscription Solutions and Monthly Recurring Revenue (MRR) - Subscription Solutions revenue increased 34% to $511 million, driven by growth in merchants and pricing increases[4] - Monthly Recurring Revenue (MRR) increased 32% to $151 million, with Shopify Plus contributing $48 million[4] - MRR increased 32% year-over-year to $151 million in Q1 2024, compared to $114 million in Q1 2023[28] - Subscription Revenue grew 34% year-over-year to $511 million in Q1 2024, up from $382 million in Q1 2023[27] Gross Profit and Margin - Gross profit grew 33% to $957 million, with a gross margin of 51.4%, up from 47.5% in Q1 2023[4] - Gross profit rose 33% year-over-year to $957 million in Q1 2024, up from $717 million in Q1 2023[27] - Adjusted gross profit for Q1 2024 was $962 million, representing 52% of revenue, up from $738 million (49% of revenue) in Q1 2023[21] Free Cash Flow and Cash Position - Free cash flow margin doubled year-over-year to 12%, with free cash flow of $232 million[1][4] - Free cash flow margin for Q2 2024 expected to remain similar to Q1 2024 at 12%[6] - Cash and marketable securities totaled $5.2 billion, with a net cash position of $4.3 billion[4] - Cash and cash equivalents increased to $1,623 million as of March 31, 2024, up from $1,413 million at the end of 2023[16] - Free cash flow increased to $232 million in Q1 2024, up from $86 million in Q1 2023, with a free cash flow margin of 12% compared to 6%[25] Operating and Net Income - Adjusted operating income for Q1 2024 was $201 million (11% of revenue), a significant improvement from a loss of $31 million (2% of revenue) in Q1 2023[22] - Adjusted net income for Q1 2024 was $256 million (14% of revenue), compared to $12 million (1% of revenue) in Q1 2023[22] - Income from operations improved to $86 million in Q1 2024, compared to a loss of $(193) million in Q1 2023[27] - GAAP net loss for Q1 2024 was $273 million (15% of revenue), compared to a net income of $68 million (5% of revenue) in Q1 2023[22] Stock-Based Compensation and Marketable Securities - Stock-based compensation and related payroll taxes totaled $111 million in Q1 2024, down from $141 million in Q1 2023[22] - Purchases of marketable securities in Q1 2024 were $2,137 million, nearly double the $1,098 million in Q1 2023[17] Shareholders' Equity and Net Loss per Share - Total shareholders' equity decreased to $8,893 million as of March 31, 2024, from $9,066 million at the end of 2023[16] - Basic GAAP Net loss per share attributable to shareholders was $(0.21) for Q1 2024, compared to $0.05 in Q1 2023[23] - Diluted Adjusted Net income per share attributable to shareholders was $0.20 for Q1 2024, compared to $0.01 in Q1 2023[23] Total Assets and Operating Activities - Total assets decreased slightly to $11,112 million from $11,299 million at the end of 2023[16] - Net cash provided by operating activities was $238 million for Q1 2024, compared to $100 million in Q1 2023[17]