Shopify Inc - Ordinary Shares - Class A

Strong Financial Performance: Shopify achieved significant growth in Q4 2024, with revenue rising 31% year-over-year to $2.8 billion, and annual revenue hitting $8.9 billion, marking a 26% increase. The platform processed $61 billion in GMV through Shopify Payments, a 35% increase from the previous year, contributing to a free cash flow margin of 22% in Q4 and 18% for the year.

Expansion and Market Share: Shopify's global reach is expanding, with U.S. market share surpassing 12% and international revenue growth of 33% year-over-year. Notable new merchants include major brands like Reebok and FC Barcelona, enhancing Shopify's position in both online and offline commerce and validating its ability to support large-scale enterprises.

Focus on Product Innovation: The company is committed to continued product innovation, having launched several upgrades in 2024 to improve merchant usability and experience. Enhancements include Shopify Balance for Plus, expanded Shopify Tax capabilities, and further development of Shop Pay, which processed $27 billion in GMV, doubling the next competitor’s performance.