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SHOPIFY INC.
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| USD ($) $ in Thousands | LTM | Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | Dec 31, 2017 | Dec 31, 2016 | Dec 31, 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
Cash flows from operating activities | ||||||||||||
Net income for the year | $ 1,928,000 | $ 1,231,000 | $ 2,019,000 | $ 132,000 | ||||||||
Adjustments to reconcile net income to net cash provided by operating activities: | ||||||||||||
Amortization and depreciation | 29,000 | 31,000 | 36,000 | 70,000 | ||||||||
Stock-based compensation | 482,000 | 449,000 | 430,000 | 615,000 | ||||||||
Amortization of debt offering costs | - | - | - | - | ||||||||
Impairment of right-of-use assets and leasehold improvements | 3,000 | 13,000 | 0 | 38,000 | ||||||||
Provision for transaction and loan losses | 285,000 | 230,000 | 148,000 | 80,000 | ||||||||
Deferred income tax (recovery) expense | 43,000 | (14,000) | 78,000 | (1,000) | ||||||||
Revenue related to non-cash consideration | (49,000) | (49,000) | (94,000) | (158,000) | ||||||||
Impairment on sales of Shopify's logistics businesses | 0 | 0 | 0 | 1,340,000 | ||||||||
Net loss (gain) on equity and other investments | (375,000) | 153,000 | (992,000) | (1,419,000) | ||||||||
Net loss on equity method investment | 36,000 | 40,000 | 138,000 | 58,000 | ||||||||
Realized loss on embedded derivative | 123,000 | 123,000 | - | - | ||||||||
Vesting of restricted shares | - | - | - | - | ||||||||
Unrealized foreign exchange (gain) loss | 19,000 | (57,000) | 19,000 | (6,000) | ||||||||
Changes in operating assets and liabilities | ||||||||||||
Trade and other receivables | (219,000) | (219,000) | (148,000) | (98,000) | ||||||||
Merchant cash advances and related receivables, net | (141,000) | (141,000) | (82,000) | 214,000 | ||||||||
Other current and long-term assets | (38,000) | (38,000) | (72,000) | - | ||||||||
Other current assets | - | - | - | (50,000) | ||||||||
Non-cash consideration received in exchange for services | - | - | - | - | ||||||||
Accounts payable and accrued liabilities | 262,000 | 262,000 | 110,000 | 69,000 | ||||||||
Income taxes receivable and payable | - | - | - | - | ||||||||
Deferred revenue | 19,000 | 19,000 | 26,000 | 60,000 | ||||||||
Loss on asset disposal | - | - | - | - | ||||||||
Unrealized foreign exchange loss | - | - | - | - | ||||||||
Lease assets and liabilities | - | - | - | - | ||||||||
Changes in non-cash working capital items | - | - | - | - | ||||||||
Net cash provided by operating activities | 2,377,000 | 2,033,000 | 1,616,000 | 944,000 | ||||||||
Cash flows from investing activities | ||||||||||||
Purchase of equity and other investments | - | - | - | - | ||||||||
Purchases of property and equipment | (25,000) | (26,000) | (19,000) | (39,000) | ||||||||
Purchases of marketable securities | (5,355,000) | (7,040,000) | (8,396,000) | (5,841,000) | ||||||||
Maturities of marketable securities | 6,670,000 | 6,552,000 | 7,457,000 | 5,590,000 | ||||||||
Purchases and originations of loans | (5,198,000) | (4,014,000) | (3,006,000) | (1,861,000) | ||||||||
Repayments and sales of loans | 4,491,000 | 3,435,000 | 2,542,000 | 1,338,000 | ||||||||
Purchases of equity and other investments | (80,000) | (99,000) | (137,000) | (364,000) | ||||||||
Acquisition of businesses, net of cash acquired | (0) | (56,000) | (30,000) | (31,000) | ||||||||
Other | 59,000 | 58,000 | 3,000 | (36,000) | ||||||||
Proceeds from disposal of property and equipment | - | - | - | - | ||||||||
Acquisitions of intangible assets | - | - | - | - | ||||||||
Net cash used in investing activities | 562,000 | (1,190,000) | (1,586,000) | (1,244,000) | ||||||||
Cash flows from financing activities | ||||||||||||
Proceeds from public equity offerings, net of issuance costs | - | - | - | - | ||||||||
Proceeds from initial public offering, net of issuance costs | - | - | - | - | ||||||||
Proceeds from the exercise of stock options | 138,000 | 232,000 | 61,000 | 60,000 | ||||||||
Maturities of convertible senior notes | (1,043,000) | (1,043,000) | - | - | ||||||||
Net cash (used in) provided by financing activities | (2,816,000) | (811,000) | 61,000 | 60,000 | ||||||||
Effect of foreign exchange on cash, cash equivalents and restricted cash | (9,000) | 15,000 | (6,000) | 4,000 | ||||||||
Net increase (decrease) in cash, cash equivalents and restricted cash | 114,000 | 47,000 | 85,000 | (236,000) | ||||||||
Effect of foreign exchange on cash and cash equivalents | - | - | - | - | ||||||||
Net increase in cash and cash equivalents | - | - | - | - | ||||||||
Supplemental cash flow information: | ||||||||||||
Cash paid for amounts included in the measurement of lease liabilities included in cash flows from operating activities | - | - | - | - | ||||||||
Lease liabilities arising from obtaining right-of-use assets | - | - | - | - | ||||||||
Acquired property and equipment remaining unpaid | - | - | - | - | ||||||||
Acquired intangible assets remaining unpaid | - | - | - | - | ||||||||
Capitalized stock-based compensation | - | - | - | - | ||||||||
Cash paid for income taxes, net | 347,000 | 194,000 | 116,000 | 50,000 | ||||||||
Cash paid for interest | $ 1,000 | $ 1,000 | $ 1,000 | $ 1,000 |