Posted on Wednesday, Feb 24th 2021
Ontario-based Shopify (NYSE:SHOP) recently announced its fourth-quarter results that surpassed all market expectations. Nothing seems to be stopping Shopify as it continues to invest in its platform and business.
Shopify’s fourth-quarter revenues grew 94% to $977.7 million, significantly ahead of the market’s forecast of $910.2 million. Net income was $123.9 million, compared with a net income of $0.8 million a year ago. On an adjusted basis, earnings grew to $1.58 per share, surpassing the market’s forecast of $1.28 per share.
By segment, subscription revenues grew 53% to $279.4 million, ahead of the estimates of $265 million. Merchant solutions revenue rose 117% to $698.3 million.
Among other metrics, gross merchandise volume (GMV) rose 99% to $41.1 billion and Gross Payments Volume (GPV) grew 115% to $19.1 billion.
Revenue for the full year grew 86% to $292.5 million and adjusted net income was $3.98 per share compared with $0.30 per share a year ago.
Shopify did not provide a forecast for the first quarter.
Shopify’s Growth Focus
During the quarter, Shopify made its product,
Shopify Balance, available for early access. Shopify Balance lets US-based sellers open no-fee business accounts, allowing them to assess the health of their business by being able to separate their business finances from their personal finances.
Recently, it expanded its accelerated checkout service,
Shop Pay. Keeping the growing importance of social networks in mind, Shop Pay has been integrated with Instagram and Facebook. With the expansion, Shopify Payments will process all transactions by Shopify merchants on Facebook and Instagram upon full implementation of the integration later this year. This will be the first time that Shop Pay will be offered outside of Shopify. It will provide buyers on Facebook and Instagram a fast and secure way to checkout. Shop Pay is currently available on Instagram in the US and will be rolled out to merchants on Facebook in the US in the coming weeks.
For the current fiscal, Shopify plans to invest in five key areas of growth. First,
Shopify Fulfillment Network will continue to be a growth area. Shopify plans to invest in building the software that will fully integrate fulfillment into Shopify’s tech stack, optimize its distributed network of nodes, and improve the overall merchant experience to deliver fast and affordable fulfillment to end consumers.
Second, it plans to continue to develop the
Shop App to transform it into a must-have shopping companion that promotes buyer loyalty and retention. It is looking at investing in building features that will help manage discovery to delivery for the buyer throughout the purchase process. Third, it plans to encourage international adoption by continuing to localize the platform in several non-English speaking geographies.
Fourth, it will invest in growing the adoption of Retail POS and POS Pro offering by investing in foundational technologies to make it easier for merchants to onboard and will be expanding its POS products to more countries. And, finally, it plans to invest in bringing Shopify Plus’s enterprise-level capabilities to more brands both in North America and internationally.
Meanwhile, Shopify has built a PaaS ecosystem through API integrations. The Shopify App Store allows developers to leverage API keys to publish apps on its platform. Shopify claims that it has delivered over 11.6 million app installs so far. 84% of the apps on its App Store have earned revenues for the developers and nearly half of its top 25 grossing apps were published in the last two years. Shopify allows developers to use its Billing API to charge for their app in three different ways: one-time, usage-based, or recurring charges. And, in return, the developer keeps 80% of all revenue. You can read more about my view on the
Platform vs API Ecosystems here.
Shopify’s stock is trading at $1,300.24 with a market capitalization of $151.4 billion. It had touched a 52-week high of $1,499.75 earlier this month. The stock hit a 52-week low of $305.30 in March last year.
BigCommerce’s revenue in the fourth quarter grew 39% to $43.1 million. GAAP net loss was ($14.2) million, compared to ($10.3) million fourth quarter of 2019. Non-GAAP net loss per share was ($0.12). Analysts had expected a loss of ($0.15) per share on revenue of $38.5 million.
By segment, subscription solutions revenue increased 33% to $29.7 million. Partner and services revenue (PSR) grew 54% to $13.5 million and accounted for 31% of its Q4 revenue. Among other business metrics, ARR from Enterprise accounts was up 56% to $100.8 million. Number of accounts greater than $2,000 in annual contract value (ACV) was up 82%. Average revenue per account (ARPA) of accounts greater than $2,000 in ACV was up 32% to $14,615.
For the year, revenues grew 36% to $152.4 million with a non-GAAP net loss of ($0.79).
For the first quarter of 2021, BigCommerce expects total revenue between $41.8 million and $42.3 million and non-GAAP operating loss between ($8.2) million and ($7.9) million. For the full year 2021, it expects total revenue between $189 million and $191 million and non-GAAP operating loss between ($34.5) million and ($33.3) million.
BigCommerce’s New Offerings and Partnerships
During the quarter, BigCommerce launched Open Checkout, an open-source extension of its native checkout. The solution has been created to enable merchants, developers, and partners to create fully-customized checkout experiences. The extension has been built on BigCommerce’s Checkout SDK and accelerates the process of adding features such as including branded checkout pages to create a cohesive brand experience throughout the customer’s journey. It optimizes checkout pages to make modern delivery options such as buying online and picking up in-store, scheduling delivery dates, and picking up from shared locations easier. Additionally, it presents a one-of-a-kind front-end interface with customer group rules to provide specific pricing, payment, and shipping methods on the checkout page.
Recently, it also announced a new partnership with EPAM Systems, a leading global provider of digital platform engineering and software development services. Through this partnership, BigCommerce merchants will be able to access EPAM’s expertise in crafting customer-centric experiences across digital touchpoints. Together, the companies will be able to help address e-commerce issues faced by organizations and help them expand their digital presence.
Like Shopify, BigCommerce also operates an API-focused platform. It allows developers to build an app, theme, or custom integration with BigCommerce using its API codes. It does not disclose statistics on the apps and developers leveraging its platform.
BigCommerce went public in August of 2020 at a list price of $24 and raised $216 million. Its stock is currently trading at $63.33 with a market cap of $4.06 billion. It hit a high of $162.50 in August.
Disclosure: All investors should make their own assessments based on their own research, informed interpretations, and risk appetite. This article expresses my own opinions based on my own research of product-market fit, channel execution, and other factors. My primary interest is in product strategy. While this may have bearing on stock movements, my writings tend to focus on long-term implications. The information presented is illustrative and educational, but should not be regarded as a complete analysis nor recommendation to buy or sell the securities mentioned herein. I am not a registered investment adviser and I am not receiving compensation for this article. This segment is a part in the series : Cloud Stocks . Smartsheet Acquiring Bootstrapped Startups to Drive Growth . Bootstrapped Unicorn Atlassian is Acquiring Capital Efficient Startups . Netflix Price Hike Ruffles Competition . How Will Carbon Black Differentiate? . 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Okta's Widening Losses Worry Investors, But Growth Metrics Remain Strong . Nutanix Plans to Take on VMWare . Newly Public HashiCorp Focuses on a $73B Infrastructure-as-a-Code Market . Coupa Focuses on Key Products to Restart Decelerating Performance . Smartsheet's Product Line-up Fails to Accelerate Growth . DocuSign Targets a $50 Billion Market Opportunity . Pure Storage Takes on Dell in Top Tier Storage Market . Analysis of PagerDuty's Catalytic Acquisition . Splunk Impresses with Enterprise Customer Growth . Analysis of Qualtrics's Acquisition of SurveyVitals . Analysis of DigitalOcean's Nimbella Acquisition . Squarespace Eyes Video Offerings for SMBs . MongoDB is Leveraging Alliance with Amazon for Growth . Rapid7's Cross-Sell Capabilities Deliver Results . CrowdStrike Expands Partnerships to Address Cyber Attack Fears . Upstart Focuses on the Automobile Market for Growth . Zoom Adds Contact Center Capabilities to Enhance its UCaaS Stack . Tuya Struggles Amid Macro Economic Conditions . Analysis of Fastly's Fanout Acquisition . Analysis of BlackLine's FourQ Systems Acquisition . Analysis of IBM's Neudesic Acquisition . Analysis of Snowflake's Streamlit Acquisition . Google's Acquisition of Mandiant Fuels its Cloud Strategy . Microsoft Expands its Healthcare Cloud Offerings . Amazon Battles Margin Pressures . Atlassian Faces Stiff Competition . GoDaddy Targets a $126B TAM Opportunity . Bill.com Builds Value Added Services to Expand Wallet Share . Analysis of ON24's VIBBIO Acquisition . Twilio's Growth is Driven by Segment . Freshworks' Bots Make Customer Interactions Easier . Who Will Buy Zendesk? . Analysis of Shopify's Deliverr Acquisition . Wix Focuses on Profitability Amid Mounting Losses . Dynatrace Targets $50B Addressable Market . Analysis of Salesforce's Troop.Ai Acquisition . Analysis of Workday's VNDLY Acquisition . Nutanix Stumbles on Supply Chain Issues . Veeva Targets $13 Billion TAM . RingCentral Maintains UCaaS Leadership Through Partnerships and Innovation . Okta Bounces Back Stronger Despite Security Event . Adobe Strengthens its Creative Cloud Portfolio and Gets Ready for the Metaverse . Analysis of Zoom's Acquisition of Solvvy . Smartsheet Expands its Capabilities for Marketers . Toast Addresses Changing Restaurant Industry Dynamics . UiPath Simplifies Intelligent Automation . Informatica Focuses on Vertical Specific Offerings for Growth . Samsara Expands Farm-Focused Vertical Offerings . ForgeRock Leverages AI for Growth . Marqeta Struggles, Tries to Recover Through an API Strategy . Confluent Expands Ecosystem with Microsoft and AWS . Couchbase Focuses on Improving Efficiencies for Developers . Sprinklr's Deepening Integrations with TikTok and Amazon . Analysis of IBM's Randori Acquisition . Expensify Tests Other Services for Growth . monday.com Builds Capabilities for its App Marketplace . Snowflake Leverages the Streamlit Acquisition . Google Hones its Search Tech . Microsoft's Momentum in Commercial and Cloud Keeps it Steady . Amazon's Twin Engines of AWS and Prime Make it Resilient . Analysis of ServiceNow’s Hitch Works Acquisition . Twilio’s Strategy Post Segment Acquisition . HubSpot's Marketplace Strategy Continues to Thrive . Analysis of GoDaddy's Dan.com Acquisition . Freshworks Looks to Freshchat for Product Portfolio Expansion . Zendesk Agrees to be Bought Out . Tenable Provides Visibility into Internet-based Assets . Qualys Leverages Partner Network to Drive Go-to-Market Agenda . Bill.com Banks on its Organic Flywheel Amid Economic Turbulence . ON24 Targets $44 Billion Addressable Market . Palo Alto Network's Transformation Strategy Delivers Results . Atlassian’s Ecosystem Strategy Keeps it Steady . Okta Struggles with Auth0 Integration . Salesforce Targets Vertical Focused Offerings to Battle Economic Conditions . Workday Grows Strong Despite Recession . Nutanix's Subscription Model Delivers Results . Veeva Believes R&D Segment Will Deliver under Economic Uncertainty . RingCentral Focuses on Hardware Integration . MongoDB Addresses Economic Concerns Through Product Upgrades . Rapid7 Focuses on Simplifying View for Security Teams . Analysis of Smartsheet's Outfit Acquisition . HashiCorp Struggles to Maintain DecaCorn Valuation Amid Stock Conditions . Coupa Helps Maximize Savings Efficiency to Tackle Global Economic Conditions . DocuSign Focuses on Integrations . PagerDuty Focuses on Reducing Manual Intervention within DevOps . Pure Storage Focuses on Flexible Customer Offerings . Analysis of Adobe's $20B Figma Acquisition . Backblaze Builds out a Partner Program . Analysis of DigitalOcean's Acquisitions