We have initial comments posted here. On the conference call, the company discussed breaching $100B in GMV and its revenue and cash flow growth. SHOP discussed AI and how they are already 'living it', stressing that is 20 years of commerce data is an advantage. The Q1 saw strenght across all categories and geographies. Merchants with greater than $25M GMV are growing the fastest right now, and +$100M GMV merchants are also doing very well. Europe saw 48% growth in GMV (35% after currency adjustments). Spending was discussed (which seems the big concern for investors) but all indications are that this is short-term pain for longer term benefits, with expected improvement in merchant experience and retentions. Like with many other tech companies, it is a spend now, benefit later scenario and margins should benefit, eventually, from this spending.
5i Research Answer: