Shopify (SHOP) is up nearly 20% since reporting a Q2 beat, which brought 34% growth on the top line that management expects can continue…

… thanks to payments penetration, B2B GMV growth, and continued international momentum. That’s showing up in SHOP’s unit economics, with FCF margins expanding to >18% and tracking to ~20% in Q3…

… supporting its aggressive buyback program, with nearly $2B of its current $5B program chewed through in the first half of the year…

… as management takes advantage of its current valuation.

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