Shopify reports 1Q financial results

First-Quarter Financial Highlights

• Total revenue in the first quarter grew 22% to $1.2 billion, which represents a two-year compound annual growth rate of 60%. The first quarter of 2021 marked the highest revenue growth in the company's history as a public company.

• Monthly Recurring Revenue (“MRR”) as of March 31, 2022 was $105.2 million. MRR increased 17% year over year, up from $89.9 million as of March 31, 2021 as more merchants joined the platform and the number of retail locations using POS Pro increased.

• Subscription Solutions revenue was $344.8 million, up 8% year over year, primarily due to more merchants joining the platform.

• Gross Merchandise Volume(“GMV”) for the first quarter was $43.2 billion, which represents a two-year compound annual growth rate of 57% and an increase of $5.9 billion, or 16% over the first quarter of 2021.

• Gross Payments Volume (“GPV”) grew to $22.0 billion, which accounted for 51% of GMV processed in the quarter, versus $17.3 billion, or 46%, for the first quarter of 2021.

• Merchant Solutions revenue was $858.9 million, up 29% year over year, driven primarily by the growth of GMV and the continued solid uptake of merchant solutions such as Shopify Payments, Shopify Capital, and Shopify Markets.

• Gross profit dollars grew 14% to $637.6 million in the first quarter of 2022, compared with $558.7 million for the first quarter of 2021, reflecting primarily a greater mix of lower-margin Merchant Solutions revenue, lower margins in Shopify Payments due to mix, increased investments in our cloud infrastructure, and the impact of the change in terms for our app and theme partners.

• Adjusted gross profit dollars grew 14% to $646.1 million in the first quarter of 2022, compared with $565.1 million for the first quarter of 2021.

• Operating loss for the first quarter of 2022 was $98.0 million, or 8% of revenue, versus income of $118.9 million, or 12% of revenue, for the comparable period a year ago.

• Adjusted operating income for the first quarter of 2022 was $31.9 million, or 3% of revenue, compared with adjusted operating income of $210.8 million or 21% of revenue in the first quarter of 2021. The difference primarily reflects the expansion of our R&D and sales and marketing teams as well as offline performance marketing initiatives.

• Net loss for the first quarter of 2022 was $1.5 billion, or $11.70 per basic and diluted share, compared with net income of $1.3 billion, or $9.94 per diluted share, for the first quarter of 2021. Q1 2022 net loss includes a $1.6 billion net unrealized and realized loss on our equity and other investments.

• Adjusted net income for the first quarter of 2022 was $25.1 million, or $0.20 per diluted share, compared with adjusted net income of $254.1 million, or $2.01 per diluted share, for the first quarter of 2021.

• At March 31, 2022, Shopify had $7.25 billion in cash, cash equivalents and marketable securities, compared with $7.77 billion at December 31, 2021.

• SHOP is down ~13.5% in pre-market trade.

https://finance.yahoo.com/news/shopify-reports-first-quarter-2022-110000301.html