Harley Finkelstein: There’s €“ the part of Shopify business model that I think you know at this point is that there are these on-ramps into the company into using Shopify. And historically, the main on-ramp was small businesses in English-speaking countries. What we’ve seen over the last couple of years, and I think what the results provide for the last few years is that we now have multiple on-ramps in. We have new merchants coming in, just use Shopify Plus now with CCS, that will be a new on-ramp. We have now merchants coming to us primarily for point-of-sale, I mean, now that point-of-sale can now power 1,000 retail stores, our merchants that come first and foremost for point-of-sale and then expand to online store as well.
Whether it’s international markets or it’s new verticals, the idea is to simply be the best product out there, the best value and the best thing you can use to get up and running and then to scale. So just in terms of where these merchants are coming from, it isn’t just one single vertical or one single type of merchant anymore. All these on-ramps continue to expand. And every time we add a new type of service or product, that creates a new healthy on-ramp for us. So I mentioned in my prepared remarks, in the last two years, we’ve seen a record number, at least in the U.S., of new business registrations, and we think that’s going to be good for Shopify. But beyond just simply the U.S., we also are targeting merchants across a whole different bunch of geographies and in different sizes.
And that will lead to more merchants. But the important nuance here also is that if you think about just merchant count on its own, it doesn’t really reflect the growth of the company. If you think about Supreme or think about Mattel or Black and Decker, these are single merchants, of course, but they bring obviously a lot of GMV with them. They take a lot of services with them. They take a lot more of our products and solutions than simply a small business. So I encourage you to think about the company’s growth, not just simply in merchant count, but merchant count and GMV and especially our attach rate, which really does reflect the amount of value that our merchants are taking and their usage of those products.
Amy Feng: And our last question today will come from Ken Wong at Oppenheimer. Please go ahead with your question.
Ken Wong: Great. Thank you Amy for squeezing me in. Just a quick question for you, Jeff. As we think about OpEx, I guess, first, how much of the risk impacted the 4Q operating expenses? And then you mentioned low single digits up in Q1. Is that the right way to think about the pace of spend in Q3 through Q4?
Jeff Hoffmeister: Well, you alluded to the reduction in force that we had earlier in the year, but also keep in mind that in the latter half of last year, we added the employees from Deliverr. For me, when you think about putting it in context, the operating expenses, we mentioned in the prepared remarks that Q4 versus Q3, when you look at it, was essentially flat when you pull out the onetime charges related to real estate and the legal and the severance. It grew barely from Q3 to Q4. And as we talked about in the guidance, it grew just €“ we anticipate to grow just a little bit from Q4 to Q1. And so from our vantage point €“ and this is on top of, obviously, we delivered very strong growth €“ and Harley alluded to this earlier.
We delivered very strong growth in Q4, and we obviously see growth in Q1 on a revenue basis as well. So you’ll have two successive quarters where you’re growing the top line and keeping operating expenses essentially in line. So we’re trying to be very mindful of what we’re doing to some of the comments that we’ve all made on this call. But that being said, we’re going to continue to invest where we should, but we’re being careful on OpEx.
Amy Feng: Thank you to all of you who have joined us this evening and for your questions. This now concludes our conference call for the fourth quarter and fiscal year of 2022. Thank you, and goodbye.
