Analysis and interpretation of Shopify financial reports.

Study the financial reports of Shopify ( one quarterly and one annual report for comparison), using the concepts/logic/methods to interpret and evaluate the company's performance for these fiscal periods.

The interpretation of the financial reports should be focused on solvency/liquidity/profitability of the company as well as its trend in the future - including detailed calculation of financial ratios and interpretation of them (both vertical and horizontal), and rank the importance of those ratios.