Harley Finkelstein

Hey, gents.

Good to be here.

I love coming on the show.

You know, we had our first $100 billion GMB quarter ever in the history of the company last quarter, Q4.

We just had a second, a consecutive quarter of GMV growth of above $101 billion.

Obviously, the reason I always start with GMV is, as you guys know, it's a proxy for how merchants are doing.

Revenue was $3.2 billion.

That was up 34%.

And we had free cash flow of $476 million.

So across all the metrics, we beat, which we're really excited about.

I think the big story here is that

And this sort of came up a bunch on the call, but the way that merchants are coming to Shopify now is really quite remarkable.

Like we're seeing some of the largest brands on the planet come on.

We sign LVMH and Ballman and BevMo and Orvis and Land's End.

And in fact, the number of merchants selling more than $100 million annually on Shopify has nearly doubled in the last decade.

the last two years.

So that's really amazing.

Uh, we're now like 14% of all us e-comm.

So we are the second largest online retailer in North America right now, which is, uh, which is amazing.

But then on the other side of the spectrum from like the big brands, I think one thing that I didn't get a chance to mention on the call today, but this is why I do your show here is that I actually think one thing that people are missing is that, uh,