Amir Schlachet: Yes. So I think that, as you mentioned, on the one hand, we continue our growth with our enterprise clients and we continue to onboard them as we did in previous years. In parallel to it, we have seen a great adoption of Shopify Markets Pro with thousands of merchants launching on the platform. However, it’s a significantly smaller size than our average enterprise clients. We’ve seen initial traction launching Wix merchants on the platform as well with an average size also smaller than our regular enterprise. However, both from Wix and from Shopify, we expect to see large numbers of clients that would actually give another edge to our growth with a different profile of merchants between those smaller merchants and our enterprise platform clients.
Operator: Our next question comes from Matt O’Neill from FT Partners. Please proceed.
Matthew O’Neill: Yes. Hi. Thanks, everybody, for taking my question. Much has been asked and answered here, but maybe I’ll just dig in a little bit on the cost of revenue quickly. It came in a little bit higher than expected. I was just curious if you could remind us the more volatile components of the cost of revenue. I imagine the payment side is a little bit more predictable, but are there instances where you’ll have certain fulfillment costs agreed with a merchant and then underlying spot prices will increase and that’ll squeeze that margin a little bit here and there? If you could just remind us what you guys are looking at with respect to things like container prices, oil prices, etcetera, that may drive the more volatile components there. Thanks so much.
Amir Schlachet: Yes, sure. Thank you for the question. We don’t have, well, most of our cost of goods sold are obviously variable, but at the same time, the margin or the cost margin is pretty stable. We don’t have a lot of volatility. The main volatility is derived from merchant mix. For example, in Q4 as we mentioned, we had a relatively high share of a few large merchants and those typically have pricing that reflect their size. This is just an example, but this is a mixed impact that may have a certain impact on gross margins. But generally speaking, our pricing with the carriers are relatively stable. They do change from time to time, but typically we can pass through the cost and it’s not volatile over the year. It changes once in a long while, in a relatively long while.
Operator: Our final question comes from Matt Coad from Autonomous Research. Please proceed.
Matthew Coad: Hey, good afternoon, guys. Thanks for taking the question. Just wanted to ask one clarifying question. You talked about Shopify Markets Pro contribution earlier in the call. Is that included in your guidance?
Amir Schlachet: Yes, it is. Its part of the business and it is included in the guidance.
Operator: This concludes our question and answer session. I would like to turn the floor back over to Amir Schlachet for closing comments.
Amir Schlachet: As we conclude another successful year here at Global-e, I would like to thank all of you for joining us today, for your interest and for your questions, and for your ongoing support on our exciting journey to transform the world of global direct-to-consumer e-commerce. We’re incredibly eager and excited as we continue on our path to take advantage of the countless opportunities that lie ahead of us, and we invite you to continue taking an active part in this quest together with us. As such, we very much look forward to seeing all of you again on our future earnings calls. Until then, goodbye and take care.
Operator: This concludes today’s teleconference. You may disconnect your lines at this time. Thank you for your participation.
