Just talk to us about the growth trajectory here and how you're seeing a shift in particular to enterprise clients. Can you talk us through it? Yeah, absolutely. I mean, it was a great quarter. Certainly, GMV was up 24% to 69 billion, revenue was up 26% to 2.2 billion, and free cash flow margin expanded in 19%. So I think what you're seeing is you're seeing us grow both the topline but also the bottom line. And I think the other thing that's, as you sort of point out, which we're really excited about, is that more merchants are coming to Shopify across verticals, across geographies, and even across sizes of merchants. And one area that I'm especially proud of is the headway we're making bringing the biggest brands on the planet onto Shopify. In fact, this quarter alone we saw 16 Enterprise launches on Shopify, companies like Hanes and On Running, and Off-white.

and Victoria's Secret are coming to us as well. And so I think we're really substantial in that we're not just an e-commerce company for a domestic type of merchant, but we can handle the largest businesses that want to sell globally. And as you said, companies that are globally based as well, Europe really shining a light where many would perhaps feel that the European economy might not vindicate that. Tell us about the growth in Germany and France and the like. Yeah, it's remarkable. I mean, you know, we think about international from two sort of vectors. The first is when you set up for Shopify, how can we make it really easy to be default global as opposed to just think about your home country as your total addressable market. On Shopify, using things like managed markets, you can immediately sell everywhere. But the other vector is also merchants that come to Shopify. And if you look at international GMV,

that outpaced North America at over 30% year on year in Q3. European specific GMV grew over 35% in Q3, year on year. That was led by UK, Germany, France, and the Netherlands. And if you look at the merchant base itself, international merchants increased by 36% year over year. So we're seeing success, certainly North America and the English-speaking world, but we're seeing a lot of success right now in Europe. A lot of that has been perhaps you've been enticing these new clients because you in particular have been willing to spend on sales marketing. How much does that remain? A more than $300 million endeavor on a quarter? Yeah. I mean, the way we think about it, first of all, up until very recently, you know, the focus on Shopify was product, and we only started building our go-to-market engine specifically for the enterprise in the last two years or so. And it's really starting to work.

When you combine really good strong execution on go to market with really great marketing, you know, the results speak for themselves. The way that we think about marketing though, is very scientific. We have very strong guardrails and 18 month payback is what we look for. And when we see opportunities to spend to get a proper return in a proper, you know, payback period we spend. And if we don't, we do pull back. But the entire philosophy around marketing is ROI driven. We experiment. If we see results, we double down and many singling out the operating margin, 19% liking that. So sticking to that particular focus, I'm interested in the expansion. Basically, you've always been known as this provider of tools for mom and pop shops and now clearly it is growing, The enterprise size is growing, the international focus is growing and also wholesale is growing. What about this B2B element? It's pretty remarkable.

I mean, you know, this all started because of existing merchants on Shopify who were very, very strong in direct-to-consumer. You know, so and direct to the end, consumer began to ask us if we can also help them sell wholesale, sell to their on the B2B side of things. And as we started probably two and a half years ago, putting together a very compelling product to a lot of existing merchants to also sell, to also sell to you, to in a B2B fashion. The end result is that a lot of B2B-only exclusive merchants began to come to Shopify, companies like Carrier that are using Shopify to sell industrial heating and cooling, you know, pieces, technology, and engines. And the result is that B2B GMV grew over 145% year over year in Q3. That's five consecutive quarters of triple-digit B2B GMV growth. And so, you know, you use a great term.

before you said, you know, we started as SMB in specific, but now we're also seeing a lot of success around B2B international, as we talked about, but also offline. We are now powering many more large, complex, multi-location merchants. In fact, offline GMV was up 27% year on year. And what you're seeing when you sort of bring this all together is we are creating this unified single retail operating system so that large brands and small brands come to us and sell across every single service area. We've got very little time, Holly, but what do you put in place if we are going to see more tariffs, how will that affect your business? I mean, we've been operating for 20 years. I've been at Shopify for more than a third of my life and we've seen a lot of administrations come in. Our job is not to try to predict exactly what's going to happen, what every

administration could do. Our job is to arm our merchants with everything they need to be successful, no matter what comes out. And like I said, we've been doing that for more than two decades. We will continue to do that.

Shopify's Enterprise Growth Momentum

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