Scott Berg: Hi, everyone. Nice quarter. Thanks for taking my questions here. I just wanted to touch on the guidance for 2024 a little bit. I think, as you all noted, your service fee revenue has been growing meaningfully faster than the rest of the revenues. But it’s been growing even faster recently than historical trends. Do you still see the breakdown in growth between the two revenue segments? Kind of having that, I guess, growth difference there? Or as was just noted a moment ago with some of the larger merchants that you have in the pipelines, do you expect that to maybe moderate the growth rates more balanced between the two lines?
Amir Schlachet: Sure. Thank you for the question. We do expect to see a more balanced growth in 2024. As I mentioned, 2023 was characterized by strong multi-local growth, which had an impact on the mix. We typically don’t have any fulfillment revenue or very little fulfillment revenue and will be local and we expect that 2024 to be much more balanced. As I mentioned the larger merchants that we’ve seen that it’s fine though we’ve seen the pipeline are not multi-local merchants and we also have a fewer new initiatives around fulfilment services, so we do expect this year to be much more balanced in terms of revenue pillars growth.
Scott Berg: Got it, helpful. And then from a follow-up perspective congrats on fulfilling into 200 countries by [Indiscernible] that probably means you’re only not fulfilling in the end article right now maybe that’s a future goal. But as I think about the investments required for you to expand your distribution capabilities given the number of countries that you and that you are already in, are those investments largely kind of done at this point do you think and the I guess the additional needs there are very more incremental based on volumes or will there be any sort of step up in investments maybe in the next couple years to help you kind of penetrate some of those markets?
Amir Schlachet: Well Antarctica does not have any citizens in it, so probably not going to ship there anytime soon, but who knows maybe. But to you question, in terms of the outbound, in terms of the inbound markets, those doesn’t, those don’t requiring any specific investments from us it’s the outbound markets that sometimes require some investment in them, but I would say it’s by now with as we mentioned thirty one different outbound markets. The marginal investment that is required from us for opening an additional market is already quite low. We are well-trained and well-seasoned in doing it and it just as a reminder in any case we’re not talking about any capital investments. This is very capitalized and it mostly has to do with, sometimes we need a local entity, it requires some local contracts, but it’s not a lot more than that. So we don’t expect any massive investments in terms of the additional outbound markets that will be opening in the future.
Scott Berg: Thanks for taking my questions.
Amir Schlachet: Thanks, Scott.
Operator: Our next question comes from Koji Ikeda from Bank of America. Please proceed.
Koji Ikeda: Hey guys thanks for taking the questions. I wanted to ask a question on the first quarter GMV, just digging into that a little bit more. Considering it’s a much heavier sequential growth step down assumption this year versus last year looks like it’s about down 25% versus down 21% when first guiding the 1Q 2023. So can you dig into a little bit about what’s causing that higher level of GMV’s step down. Is that all uncertainty with the macro and the consumer, are there any customers that you now have that have outsized 4Q holiday seasonality that is driving this outlook I mean any sort of color that would be fine amazing? Thank you.
Amir Schlachet: Sure thank you for the question. Well I’ll start from the top for the full year of 2024, we expect to see continued momentum of high growth of over 30% for both GMV and revenue and that’ll be supported by our strong pipeline of large merchants that are expected to launch in the back half of the year as well as the ramp up of Shopify Markets Pro over the course of the year. Specifically for Q1, indeed the growth we expect is lower and that is, there are a few drivers behind that the first one is less contribution from new merchants as the large merchants signed or the ones that are towards the end of the pipeline are expected to launch later in the year mainly in the second half of the year. So we see, we are expecting and planning very nice launches but the large ones in the second half of the year.
As we mentioned we see some adverse effect from some border free legacy retail clients mainly the department stores and we expect this to gradually improve once we complete the migration of these clients to the Global-e platform. And three, as we mentioned, we continue to see high volatility in consumer sentiment, as we’ve seen between Q2 and Q3 last year and then Q3 and Q4. And now again in February, as we mentioned, we saw a decline in consumer demand. So this will impact Q1 as well. So those are the main drivers.
Operator: Our next question comes from Brent Bracelin from Piper Sandler. Please proceed.
Brent Bracelin: Good morning. Great to see a strong close to the year. Amir, 97% gross retention model here suggests the product remains sticky, low churn. I get you can’t control consumer spending. That clearly is impacting the growth outgrown this year. What are the growth levers that are in your control that you can kind of lean more into this year outside of the macro?
